MILLIRE 2021 ANNUAL REPORT

NOTES TO THE UNCONSOLIDATED 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)) As of December 31, 2021, inflation adjusted cost and fair value amounts of the Company’s investment properties are amounting to TL 549.896.000 (December 31, 2020: TL 458.821.000). The expertise (excluding VAT) and net book values of investment properties are as follows per real estate. Expertise reports regarding these properties are prepared by independent professional valuation specialists authorized by CMB in December 2021. There is no mortgage on the real estates. As of December 31, 2021, and 2020, details of investment properties and the fair values are as follows: December 31, 2021 Net book value December 31, 2020 Net book value Date of expertise report Value of expertise report Çifteler Land 6.000 6.000 September 2021 6.000 Villa Office Block 52.850.000 45.600.000 September 2021 52.850.000 Suadiye Fitness Center 48.770.000 45.840.000 September 2021 48.770.000 Tunaman Garage 182.925.000 155.075.000 September 2021 182.925.000 Operating Center Rental Offices 265.345.000 212.300.000 September 2021 265.345.000 Carrying amounts 549.896.000 458.821.000 549.896.000 Fair value measurement The fair values of investment properties were determined by market comparison technique. The fair value measurement of owner occupied land and buildings is classified as level 2. 8 Intangible assets Movement in intangible assets in the period from January 1 to December 31, 2021 is presented below: January 1, 2021 Additions Foreign currency translation effects (*) Disposal Transfers December 31, 2021 Cost: Rights 47.785.666 2.001.983 128.815 - - 49.916.464 Advances on intangible fixed assets (**) - 12.469.277 - - - 12.469.277 47.785.666 14.471.260 128.815 - - 62.385.741 Accumulated amortization: Rights 16.615.898 14.932.441 95.737 - - 31.644.076 16.615.898 14.932.441 95.737 - - 31.644.076 Carrying amounts 31.169.768 30.741.665 (*) Foreign currency translation effect resulted from Singapore Branch. (**) Given referring to IFRS 17 consultation. 137 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