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) 35 Income Taxes Income tax expense in the accompanying financial statements is as follows: December 31, 2023 December 31, 2022 Corporate tax expense: Corporate tax provision - - Deferred taxes: Origination and reversal of temporary differences (523.942.071) (103.908.015) Total income tax expense/(income) (523.942.071) (103.908.015) For the period then ended As of December 31, 2023 and 2022, a reconciliation of tax expense applicable to profit from operating activities before income tax at the statutory income tax rate to income tax expense at the Company’s effective income tax rate is as follows: December 31, 2023 December 31, 2022 Profit before taxes 4.152.950.124 Tax rate (%) 992.527.781 Tax rate (%) Taxes on income per statutory tax rate 1.245.885.037 30,00 248.131.945 25,00 Tax exempt income (1.168.135.751) (28,13) (217.070.740) (21,87) Tax rate change impact 210.208.668 5,06 1.214.466 0,12 Non-deductible expenses 235.984.117 5,68 71.632.344 7,22 Total tax expense recognized in profit or loss 523.942.071 12,62 103.908.015 10,47 36 Net foreign exchange gains Net foreign exchange gains are presented in Note 4.2 - Financial Risk Management above. 37 Earnings per share Earnings per share are calculated by dividing net profit of the year to the weighted average number of shares. December 31, 2023 December 31, 2022 Net profit for the period 3.629.008.053 888.619.766 Weighted average number of shares 66.000.000.000 66.000.000.000 Earnings per share (TL) 0,0550 0,0135 156 MİLLİ RE