MILLI RE 2023 ANNUAL REPORT

Notes to the Consolidated 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 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 A 20 percent depreciation of the TL against the following currencies As of December 31, 2023 and 2022 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 819.072.972 819.072.972 615.546.938 615.546.938 Euro 1.404.721.210 1.404.721.210 26.037.852 26.037.852 Others (5.341.202) (5.341.202) (25.697.008) (25.697.008) Total, net 2.218.452.980 2.218.452.980 615.887.782 615.887.782 (*) Equity effect also includes profit or loss effect of 20% depreciation of TL against related currencies (December 31, 2022: 20% depreciation of TL). 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 at reporting date; the interest rate profile of the Group’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: 20.004.036.166 17.660.994.845 Cash at banks (Note 14) (*) 8.423.293.622 8.839.667.993 Available for sale financial assets - Private sector bonds (Note 11) 1.283.859.676 2.005.214.067 Available for sale financial assets - Government bonds (Note 11) 8.454.980.584 5.431.158.510 Cash deposited to insurance and reinsurance companies (Note 12) 1.512.369.005 1.005.162.022 F.V. held to maturity - government debt securities (Note 11) 329.439.781 379.792.253 Held for trading financial assets - other (Note 11) 93.498 - Held-to-maturity financial assets - private sector debt securities (Note 11) - - Financial assets with variable interest rate: 5.125.125.038 1.711.985.976 Available for sale financial assets - Private sector bonds (Note 11) 152.181.667 637.554.644 Available for sale financial assets - Government bonds (Note 11) 2.334.986.132 1.074.431.332 FX-protected deposits 2.637.957.239 - Financial liabilities: Financial liabilities with fixed interest rate: 144.295.014 99.915.061 Expense Accruals From Derivative Contracts (Note 20) - 18.749.281 Payables from operating leases (Note 34) 144.295.014 81.165.780 (*) Demand deposits amounting to TL 1.255.575.050 are not included (December 31, 2022: TL 316.724.311). 217 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