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) An actuarial report has been obtained from registered actuary regarding calculation of the amount to be paid to the Social Security Institution by the Company in accordance with the new law. The CSO 1980 mortality table for December 31,2020 and the TSI 2013 mortality table for December 31, 2021 9.8% of technical deficit interest rate are taken into account in the calculation of the said technical deficit. No real increase/decrease is anticipated in salary and health expenses. The health benefits to be paid will be considered by the Group management due to the changes in the Social Security Institution legislation and other regulations. As of December 31, 2021, and 2020, technical deficit from pension funds comprised the following. December 31, 2021 December 31, 2020 Net present value of total liabilities other than health (238.855.340) (176.277.838) Net present value of insurance premiums 64.386.463 42.294.833 Net present value of total liabilities other than health (174.468.877) (133.983.005) Net present value of health liabilities (28.428.461) (20.228.903) Net present value of health premiums 35.160.105 23.199.132 Net present value of health liabilities 6.731.644 2.970.229 Pension fund assets 64.738.722 61.451.721 Amount of actuarial and technical deficit (102.998.511) (69.561.055) Plan assets are comprised of the following items: December 31, 2021 December 31, 2020 Cash and cash equivalents 46.206.290 47.150.065 Associates 16.823.239 12.431.247 Other 1.709.193 1.870.409 Total plan assets 64.738.722 61.451.721 Up to date, as per the actuarial calculation performed, there has not been any deficit in Anadolu Anonim Türk Sigorta Şirketi Memurları Emekli Sandığı and Anadolu Sigorta has made no payment for this purpose. It is believed that the assets of this institution are adequate enough to cover its total obligations; therefore, this shall not constitute any additional liability on Anadolu Sigorta. 23 Provision for other liabilities and expense accruals As of December 31, 2021, and 2020, the provisions for other risks are disclosed as follows: December 31, 2021 December 31, 2020 Provision for pension fund deficits (Note 22) 102.998.511 69.561.055 Provision for employee termination benefits 58.186.518 45.465.115 Provision for unused vacation 5.532.364 3.997.046 Total provision for other risks 166.717.393 119.023.216 246 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