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) Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities As of December 31, 2023 and 2022 dates are as follows: End of the period (Buying) End of the period (Selling) Average US Dollar Euro US Dollar Euro US Dollar Euro December 31,2023 29,4382 32,5739 29,4913 32,6326 23,7482 25,6852 December 31, 2022 18,6983 19,9349 18,7320 19,9708 16,5512 17,3642 Exposure to foreign currency risk 20 percent depreciation of the TL against the following currencies As of December 31, 2023 would have increased or decreased equity and profit or loss (excluding tax effects) by the amounts shown below (December 31, 2022: 20 percent depreciation of the TL). This analysis assumes that all other variables, in particular interest rates, remain constant. In case of a 20 percent appreciation of the TL against the following currencies, the effect will be in opposite direction. December 31, 2023 December 31, 2022 Profit or loss Equity (*) Profit or loss Equity (*) US Dollar 99.047.717 99.047.717 168.630.377 168.630.377 Euro 1.452.378.687 1.452.378.687 87.013.062 87.013.062 Others 45.061.546 45.061.546 10.986.516 10.986.516 Total, net 1.596.487.950 1.596.487.950 266.629.955 266.629.955 (*) Equity effect also includes profit or loss effect of 20% depreciation of TL against related currencies (December 31, 2022: 20% depreciation of TL). Exposure to interest rate risk The principal risk to which non-trading portfolios are exposed is the risk of loss from fluctuations in the future cash flows or fair values of financial instrument because of a change in market interest rates. Interest rate risk is managed principally through monitoring interest rate gaps and by having pre- approved limits for repricing bands. As of reporting date; the interest rate profile of the Company’s interest earning financial assets and interest-bearing financial liabilities are detailed as below: December 31, 2023 December 31, 2022 Financial assets Financial assets with fixed interest rates : 4.646.941.079 3.968.287.641 Cash at banks (Note 14) 1.382.361.342 1.572.963.120 Available for sale financial assets - Government bonds - FC (Note 11) 1.919.827.571 1.208.025.622 Available for sale financial assets - Government bonds - TL (Note 11) 102.838.930 158.877.317 Available for sale financial assets - Private sector bonds - FC (Note 11) 1.219.079.061 734.123.636 Available for sale financial assets - Private sector bonds - TL (Note 11) 22.834.174 294.297.947 Financial assets with variable interest rate: 405.739.000 162.311.500 FX-protected deposits (Note 11) 325.739.000 96.430.000 Available for sale financial assets - Private sector bonds - TL (Note 11) 80.000.000 65.881.500 Fair value information The estimated fair values of financial instruments have been determined using available market information, and where it exists, appropriate valuation methodologies. The Company has classified its financial assets as held for trading or available for sale. As of the reporting date, available for sale financial assets and financial assets held for trading are measured at their fair values based on their quoted prices or fair value information obtained from brokers in the accompanying unconsolidated financial statements. Management estimates that the fair value of other financial assets and liabilities are not materially different than their carrying values. 133 2023 Annual Report GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RISKS AND ASSESSMENT OF THE GOVERNING BODY ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION