Comparative Balance Sheet



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MERKEZ SIGORTA A.S.
COMPARATIVE BALANCE SHEET ANALYSIS IN PERCENTAGE METHOD
                                         
(Currency in US Dollars)
ASSETS   1995 PERCENTAGE   1996 PERCENTAGE   1997 PERCENTAGE   1998 PERCENTAGE   1999 PERCENTAGE
      A B     A B     A B     A B     A B
                                         
A. CURRENT ASSETS                                        
I. LIQUID ASSETS   1.308.470 10,36 9,46   3.225.155 30,64 28,65   2.911.361 27,09 25,97   56.558 ,53 ,52   38.279 ,33 ,33
    A. Liquid Assets   101.770 ,81 ,74   45.588 ,43 ,40   15.660 ,15 ,14   10.141 ,10 ,09   19.004 ,17 ,16
    B. Banks   1.206.700 9,55 8,73   3.179.567 30,20 28,24   2.895.701 26,95 25,83   46.417 ,44 ,42   19.275 ,17 ,16
II.MARKETABLE SECURITIES   4.538.408 35,92 32,82   4.911.695 46,66 43,63   5.142.805 47,86 45,88   7.999.003 75,66 72,97   9.178.951 80,15 78,04
    A. Marketable Securities   4.538.408 35,92 32,82   4.911.695 46,66 43,63   5.142.805 47,86 45,88   8.133.041 76,93 74,19   9.178.951 80,15 78,04
    B. Provision for Marketable Securities' Loss (-)                     ,00 ,00   (134.038) (1,27) (1,22)     ,00 ,00
III. RECEIVABLES   6.786.817 53,72 49,07   2.390.551 22,71 21,23   2.692.070 25,05 24,02   2.516.239 23,80 22,95   2.234.505 19,51 19,00
    A. Insured Clients   902.645 7,14 6,53   431.420 4,10 3,83   567.066 5,28 5,06   588.177 5,56 5,37   510.106 4,45 4,34
    B. Agencies   6.108.023 48,35 44,17   1.860.193 17,67 16,52   1.838.115 17,10 16,40   1.785.989 16,89 16,29   1.564.315 13,66 13,30
    C. Insurance and Reinsurance Companies   20.875 ,17 ,15   15.919 ,15 ,14   (4.636) (,04) (,04)   27.156 ,26 ,25   23.041 ,20 ,20
    D. Reserves at Cedant and Retrocedant Companies   5.658 ,04 ,04   16.393 ,16 ,15   23.916 ,22 ,21   30.748 ,29 ,28   28.570 ,25 ,24
    E. Other Receivables   (250.383) (1,98) (1,81)   66.626 ,63 ,59   267.610 2,49 2,39   84.170 ,80 ,77   108.473 ,95 ,92
    F. Doubtful Receivables           911.694 8,66 8,10   475.001 4,42 4,24   252.483 2,39 2,30   139.328 1,22 1,18
    G. Provision for Doubtful Receivables (-)           (911.694) (8,66) (8,10)   (475.001) (4,42) (4,24)   (252.483) (2,39) (2,30)   (139.328) (1,22) (1,18)
TOTAL CURRENT ASSETS   12.633.695 100,00 91,35   10.527.401 100,00 93,51   10.746.236 100,00 95,87   10.571.800 100,00 96,43   11.451.735 100,00 97,36
B. LONG TERM ASSETS                                        
IV.PARTICIPATIONS                                        
    A. Participations                                        
    B. Provision for Participation Value Loss (-)                                        
V.FIXED ASSETS   727.131 60,79 5,26   685.877 93,92 6,09   462.624 100,00 4,13   390.935 100,00 3,57   310.578 100,00 2,64
    A. Movable Assets   444.379 37,15 3,21   364.996 49,98 3,24   253.750 54,85 2,26   172.518 44,13 1,57   117.217 37,74 1,00
    B. Immovable Assets   118.124 9,88 ,85   235.080 32,19 2,09   176.345 38,12 1,57   205.051 52,45 1,87   189.270 60,94 1,61
    C. Special Costs   164.628 13,76 1,19   85.801 11,75 ,76   32.529 7,03 ,29   13.366 3,42 ,12   4.091 1,32 ,03
VI.OTHER CURRENT ASSETS (NET)   469.045 39,21 3,39   44.425 6,08 ,39                        
TOTAL LONG TERM ASSETS   1.196.176 100,00 8,65   730.301 100,00 6,49   462.624 100,00 4,13   390.935 100,00 3,57   310.578 100,00 2,64
                                         
TOTAL ASSETS   13.829.871   100,00   11.257.702   100,00   11.208.860   100,00   10.962.735   100,00   11.762.313   100,00


A.) Percentages set on these columns are calculated by dividing each account to its group total.  
B.) Percentages set on these columns are calculated by dividing each account to total assets or total liabilities and owner's equity accounts accepted with a rate of 100% .  
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