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) Equity share price risk Equity share price risk is defined as the risk of decreasing the market price of equity shares as a result of a decline in index. The effect of changes in fair values of the associates and the available-for-sale financial assets on equity that is resulted from the fluctuations on index (all of the other variables are assumed to be fixed) are as follows As of December 31, 2021 and 2020: Change in index December 31, 2021 December 31,2020 Market price of equity 10% 10.437.458 15.757.084 Gain and losses from financial assets Gains and losses recognized in the statement of income, net: December 31, 2021 December 31, 2020 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) 7.489.833 20.321.227 Interest income from bank deposits 297.325.249 127.604.439 Interest income from debt securities classified as available-for-sale financial assets 105.706.767 48.832.056 Income from equity shares 1.395.274 - Foreign exchange gains 423.659.936 94.862.946 Income from mutual funds classified as trading financial assets 4.777.848 16.362.189 Income from investment funds 51.512.922 18.233.969 Interest income from repos 160.753 50 Income from derivative products - - Income from subsidiaries 257.964.520 231.971.961 Income from affiliates 87.218.513 65.656.632 Other - 216.110 Investment income 1.237.211.615 624.061.579 Foreign exchange losses (23.195.899) (20.493.502) Loss from disposal of financial assets (498.511) (1.586.173) Investment management expenses (including interest) (53.257) (78.988) Investment expenses (23.747.667) (22.158.663) Investment income, net 1.213.463.948 601.902.916 Gains and losses recognized in the statement of equity, net: December 31, 2021 December 31, 2020 Fair value changes in available for sale financial assets (Note 15) (248.564.546) 204.918.992 Gains transferred from the statement of equity to the statement of income on disposal of available for sale financial assets ( Note 15) (7.489.833) (20.321.227) Total (256.054.379) 184.597.765 134 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