MILLIRE 2021 ANNUAL REPORT

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 Millî Reasürans Türk Anonim Şirketi (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) 35 Income tax Income tax expense in the accompanying consolidated financial statements is as follows: December 31, 2021 December 31, 2020 Current tax expense provision: Corporate tax provision (306.101.998) (129.065.521) Deferred taxes: Origination and reversal of temporary differences 92.278.186 (6.193.250) Total income tax expense/(income) (213.823.812) (135.258.771) 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 Group’s effective income tax rate for the year ended December 31, 2021 and 2020 is as follows: 2021 2020 Profit before taxes 697.150.226 Tax rate (%) 634.616.315 Tax rate (%) Taxes on income per statutory tax rate 238.229.801 25 ,00 153.373.050 22,00 Tax exempt income (104.577.884) (10,97) (77.579.552) (11,13) Non-deductible expenses 80.171.895 8,41 59.465.273 8,53 Total tax expense recognized in consolidated profit or loss 213.823.812 22,44 135.258.771 19,40 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 Group’s net profit of the year to the weighted average number of shares. 2021 2020 Net profit/loss for the period 487.295.000 344.161.542 Weighted average number of shares 66.000.000.000 66.000.000.000 Earnings/losses per share (TL) 0,00738 0,00528 249 MİLLÎ REASÜRANS ANNUAL REPORT 2021 FINANCIAL STATUS RISKS AND ASSESSMENT OF THE GOVERNING BODY UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON