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) Equity share price risk Equity share price risk is defined as the risk of decreasing the market price of equity shares as a result of a decline in index. The effect of changes in fair values of the associates and the available-for-sale financial assets on equity that is resulted from the fluctuations on index (all of the other variables are assumed to be fixed) are as follows As of December 31, 2023 and 2022: Change in index December 31, 2023 December 31, 2022 Market price of equity 10% 42.418.001 31.040.332 Gain and losses from financial assets Gains and losses recognized in the statement of income, net: December 31, 2023 December 31, 2022 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) 10.668.838 (498.127) Interest income from bank deposits 194.209.697 267.603.923 Interest income from debt securities classified as available-for-sale financial assets 286.483.115 249.441.527 Income from equity shares classified as available-for-sale financial assets - 55.360 Income from equity shares classified as held for trading financial assets 691.754 5.950.406 Foreign exchange gains 1.593.897.170 407.982.385 Income from mutual funds classified as available for sale financial assets 5.392.611 56.339.583 Income from mutual funds classified as trading financial assets 292.928.136 142.978.076 Interest income from repos 356 136.744 Income from subsidiaries 3.367.901.023 598.440.531 Income from affiliates 355.585.374 173.412.281 Income from derivative products 113.940.001 25.351.060 Investment income 6.221.698.075 1.927.193.749 Losses from derivatives transactions (6.884.346) (7.060.875) Foreign exchange losses (39.581.334) (17.582.999) Loss from disposal of financial assets (13.345.686) (196.394) Investment management expenses (including interest) (577.324) (303.487) Investment expenses (60.388.690) (25.143.755) Investment income, net 6.161.309.385 1.902.049.994 Gains and losses recognized in the statement of equity, net: December 31, 2023 December 31, 2022 Fair value changes in available for sale financial assets (Note 15) 811.010.817 744.443.090 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) (10.668.838) 498.127 Total 800.341.979 747.941.217 135 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