MILLIRE 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 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) As of December 31, 2021, and 2020, movements of the insurance liabilities and related reinsurance assets are presented below: Unearned premiums reserve December 31, 2021 Gross Ceded SSI Share Net Unearned premiums reserve at the beginning of the period 4.737.678.185 (1.089.324.599) (94.034.856) 3.554.318.730 Written premiums during the period 12.972.968.425 (3.329.771.438) (209.441.766) 9.433.755.221 Earned premiums during the period (10.955.773.841) 2.855.764.074 183.648.753 (7.916.361.017) Unearned premiums reserve at the end of the period 6.754.872.769 (1.563.331.963) (119.827.869) 5.071.712.934 Unearned premiums reserve December 31, 2020 Gross Ceded SSI Share Net Unearned premiums reserve at the beginning of the period 3.899.597.423 (868.053.967) (74.462.604) 2.957.080.852 Written premiums during the period 9.636.641.512 (2.445.366.365) (170.100.697) 7.021.174.450 Earned premiums during the period (8.798.560.751) 2.224.095.734 150.528.445 (6.423.936.572) Unearned premiums reserve at the end of the period 4.737.678.184 (1.089.324.598) (94.034.856) 3.554.318.730 Outstanding claims reserves December 31, 2021 Gross Ceded Net Outstanding claims reserve at the beginning of the period 8.565.250.176 (2.179.921.969) 6.385.328.207 Claims reported during the period and changes in the estimations of outstanding claims reserves provided at the beginning of the period 9.619.250.798 (1.664.245.142) 7.955.005.656 Claims paid during the period (6.579.062.850) 886.178.220 (5.692.884.630) Outstanding claims reserve at the end of the period 11.605.438.124 (2.957.988.891) 8.647.449.233 Outstanding claims reserves December 31, 2020 Gross Ceded Net Outstanding claims reserve at the beginning of the period 6.595.436.311 (1.507.010.830) 5.088.425.481 Claims reported during the period and changes in the estimations of outstanding claims reserves provided at the beginning of the period 6.775.927.760 (1.445.123.094) 5.330.804.666 Claims paid during the period (4.806.113.895) 772.211.955 (4.033.901.940) Outstanding claims reserve at the end of the period 8.565.250.176 (2.179.921.969) 6.385.328.207 240 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