MILLIRE 2021 ANNUAL REPORT

NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) Exposure to foreign currency risk 20 percent depreciation of the TL against the following currencies As of December 31, 2021 would have increased or decreased equity and profit or loss (excluding tax effects) by the amounts shown below (December 31, 2020: 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, 2021 December 31, 2020 Profit or loss Equity (*) Profit or loss Equity (*) US Dollar 106.514.099 106.514.099 64.277.067 64.277.067 Euro 15.578.985 15.578.985 (5.490.550) (5.490.550) Others 2.999.240 2.999.240 1.310.357 1.310.357 Total, net 125.092.324 125.092.324 60.096.874 60.096.874 (*) Equity effect also includes profit or loss effect of 20% depreciation of TL against related currencies (December 31, 2020: 20% depreciation of TL). Exposure to interest rate risk 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 of reporting date; the interest rate profile of the Company’s interest earning financial assets and interest-bearing financial liabilities are detailed as below: December 31, 2021 December 31, 2020 Financial assets Financial assets with fixed interest rates : 3.225.623.967 2.207.520.461 Cash at banks (Note 14) 1.868.075.565 1.554.163.504 Available for sale financial assets - Government bonds - FC (Note 11) 524.966.173 201.272.717 Available for sale financial assets - Government bonds - TL (Note 11) 67.895.225 - Available for sale financial assets - Private sector bonds - FC (Note 11) 439.525.214 194.846.716 Available for sale financial assets - Private sector bonds - TL (Note 11) 325.161.790 257.237.524 Financial assets with variable interest rate: 186.561.430 87.447.351 Available for sale financial assets - Private sector bonds - TL (Note 11) 186.561.430 87.447.351 Fair value information The estimated fair values of financial instruments have been determined using available market information, and where it exists, appropriate valuation methodologies. The Company has classified its financial assets as held for trading or available for sale. As of the reporting date, available for sale financial assets and financial assets held for trading are measured at their fair values based on their quoted prices or fair value information obtained from brokers in the accompanying unconsolidated financial statements. Management estimates that the fair value of other financial assets and liabilities are not materially different than their carrying values. 132 MİLLÎ REASÜRANS ANNUAL REPORT 2021 ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES