MILLI RE 2023 ANNUAL REPORT

Notes to the Unconsolidated Financial Statements As of December 31, 2023 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) Market risk Market risk is the risk that changes in market prices, such as interest rate, foreign exchange rates and credit spreads will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. Foreign currency risk The Company is exposed to foreign currency risk through insurance and reinsurance transactions in foreign currencies. Foreign exchange gains and losses arising from foreign currency transactions are recorded at transaction dates. At the end of the reporting periods, foreign currency assets and liabilities evaluated by the Central Bank of Republic of Turkey’s spot purchase rates and the differences arising from foreign currency rates are recorded as foreign exchange gain or loss in the statement of income. The Company’s exposure to foreign currency risk is as follows: December 31, 2023 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 495.620.205 373.409.237 182.125.408 1.051.154.850 Financial assets and financial investments of risky insurers 1.940.744.419 1.198.162.213 - 3.138.906.632 Receivables from main operations 406.217.893 2.120.535.414 774.575.823 3.301.329.130 Total foreign currency assets 2.842.582.517 3.692.106.864 956.701.231 7.491.390.612 Liabilities: Payables arising from main operations (270.214.574) (203.010.276) (76.120.227) (549.345.077) Insurance technical reserves (*) (2.077.129.360) 3.772.796.849 (639.742.461) 1.055.925.028 Financial liabilities - - (15.530.811) (15.530.811) Total foreign currency liabilities (2.347.343.934) 3.569.786.573 (731.393.499) 491.049.140 Net financial position 495.238.583 7.261.893.437 225.307.732 7.982.439.752 December 31, 2022 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 326.071.395 223.994.639 127.729.115 677.795.149 Financial assets and financial investments of risky insurers 1.382.273.843 674.529.707 - 2.056.803.550 Receivables from main operations 203.646.909 133.858.587 387.019.218 724.524.714 Total foreign currency assets 1.911.992.147 1.032.382.933 514.748.333 3.459.123.413 Liabilities: Payables arising from main operations (43.236.838) (7.597.046) (70.278.620) (121.112.504) Insurance technical reserves (*) (1.025.603.423) (589.720.575) (389.410.875) (2.004.734.873) Financial liabilities - - (126.259) (126.259) Total foreign currency liabilities (1.068.840.261) (597.317.621) (459.815.754) (2.125.973.636) Net financial position 843.151.886 435.065.312 54.932.579 1.333.149.777 According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of Republic of Turkey’s spot sales rates. For the purpose of evaluation of the above table, TL equivalents of the relevant foreign currency amounts have been shown. December 31, 2023 While evaluating the CBRT with the exchange rate of the CBRT, other daily transactions are evaluated with accounting based on the temporary exchange rates on the date of the transaction, at the end of the reporting period, active items denominated in foreign currencies are evaluated with the CBRT exchange rates of December 31, 2023 and passive items are evaluated with the CBRT sales rates. 132 MİLLİ RE