MILLIRE 2021 ANNUAL REPORT

The accompanying notes are an integral part of these consolidated financial statements. Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) LIABILITIES III- Short-Term Liabilities Note Audited Current Period December 31, 2021 Audited Prior Period December 31, 2020 A- Borrowings 19,20 334.063.065 3.029.771 1- Loans to Financial Institutions - - 2- Finance Lease Payables - - 3- Deferred Finance Lease Borrowing Costs (-) - - 4- Current Portion of Long Term Borrowings - - 5- Principal, Installments and Interests on Issued Bills (Bonds) - - 6- Other Financial Assets Issued - - 7- Value Differences on Issued Financial Assets (-) - - 8- Other Financial Borrowings (Liabilities) 19,20 334.063.065 3.029.771 B- Payables From Main Operations 19 1.730.933.368 967.576.888 1- Payables Due to Insurance Operations 19 1.227.691.234 634.689.122 2- Payables Due to Reinsurance Operations 19 116.512.437 65.746.892 3- Cash Deposited by Insurance & Reinsurance Companies 19 8.385.787 6.898.890 4- Payables Due to Pension Operations - - 5- Payables from Other Operations 19 390.301.209 267.527.913 6- Rediscount on Other Payables From Main Operations (-) 19 (11.957.299) (7.285.929) C- Due to Related Parties 19 583.728 224.447 1- Due to Shareholders 19 177.824 152.744 2- Due to Affiliates 19 - - 3- Due to Subsidiaries - - 4- Due to Joint Ventures - - 5- Due to Personnel 19 390.747 63.042 6- Due to Other Related Parties 19 15.157 8.661 D- Other Payables 19 196.778.372 136.517.896 1- Deposits and Guarantees Received 19 16.342.036 11.777.540 2- Due to SSI regarding Treatment Expenses 19 68.451.361 45.849.660 3- Other Payables 19 114.547.169 80.245.627 4- Discount on Other Payables (-) 19 (2.562.194) (1.354.931) E- Insurance Technical Reserves 17 14.159.877.830 10.059.955.305 1- Unearned Premiums Reserve - Net 17 5.069.360.240 3.552.398.412 2- Unexpired Risk Reserves - Net 17 443.068.357 118.215.672 3- Mathematical Reserves - Net 17 - 13.014 4- Outstanding Claims Reserve - Net 17 8.647.449.233 6.385.328.207 5- Provision for Bonus and Discounts - Net 17 - 4.000.000 6- Other Technical Reserves - Net - - F- Taxes and Other Liabilities and Relevant Provisions 19 212.288.501 78.146.382 1- Taxes and Dues Payable 19 125.845.998 71.071.290 2- Social Security Premiums Payable 19 9.013.711 7.075.092 3- Overdue, Deferred or By Installment Taxes and Other Liabilities - - 4- Other Taxes and Liabilities - - 5- Corporate Tax Liability Provision on Period Profit 19 306.101.998 129.065.521 6- Prepaid Taxes and Other Liabilities on Period Profit (-) 19 (228.673.206) (129.065.521) 7- Provisions for Other Taxes and Liabilities - - G- Provisions for Other Risks - - 1- Provision for Employment Termination Benefits - - 2- Pension Fund Deficit Provision - - 3- Provisions for Costs - - H- Deferred Income and Expense Accruals 19 333.738.596 231.208.040 1- Deferred Commission Income 10,19 202.730.004 135.727.041 2- Expense Accruals 19 130.772.049 95.019.565 3- Other Deferred Income 19 236.543 461.434 I- Other Short Term Liabilities 21,23 5.532.364 13.536.778 1- Deferred Tax Liability 21 - 9.539.732 2- Inventory Count Differences - - 3- Other Short Term Liabilities 23 5.532.364 3.997.046 III - Total Short Term Liabilities 16.973.795.824 11.490.195.507 CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 172 MİLLÎ REASÜRANS ANNUAL REPORT 2021 ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES