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) 35 Income tax Income tax expense in the accompanying consolidated financial statements is as follows: December 31, 2023 December 31, 2022 Current tax expense provision: Corporate tax provision (1.664.485.864) (276.782.469) Deferred taxes: Origination and reversal of temporary differences 263.997.271 143.342.143 Total income tax expense/(income) (1.400.488.593) (133.440.326) 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, 2023 and 2022 is as follows: 2023 2022 Profit before taxes 7.755.915.413 Tax rate (%) 1.559.834.289 Tax rate (%) Taxes on income per statutory tax rate 2.326.774.624 30,00 389.958.572 25,00 Tax exempt income (1.236.907.482) (15,95) (520.281.585) (33,35) Non-deductible expenses 210.432.083 2,71 269.734.648 17,29 Effect of change in tax rate 100.189.368 1,29 (5.971.309) (0,38) Total tax expense recognized in consolidated profit or loss 1.400.488.593 18,06 133.440.326 8,55 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. December 31, 2023 December 31, 2022 Net profit/loss for the period 3.631.736.624 861.369.752 Weighted average number of shares 66.000.000.000 66.000.000.000 Earnings/losses per share (TL) 0,05503 0,01305 245 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