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)) Exposure to foreign currency risk A 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 (5.476.945) (5.476.945) 122.993.902 122.993.902 Euro 17.299.003 17.299.003 (6.405.005) (6.405.005) Others 60.222.881 60.222.881 5.951.625 5.951.625 Total, net 72.044.939 72.044.939 122.540.522 122.540.522 (*) Equity effect also includes profit or loss effect of 20% depreciation of TL against related currencies (December 31, 2020: 20% depreciation of TL). 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 at reporting date; the interest rate profile of the Group’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: 11.852.882.496 8.338.748.369 Cash at banks (Note 14) (*) 3.868.387.140 4.007.128.416 Available for sale financial assets - Private sector bonds (Note 11) 3.416.179.119 1.915.793.014 Available for sale financial assets - Government bonds (Note 11) 1.985.467.702 926.457.441 Cash deposited to insurance and reinsurance companies (Note 12) 631.657.233 397.198.168 F.V. held to maturity - government debt securities (Note 11) 329.943.241 322.276.101 Held for trading financial assets - other (Note 11) 479.673.282 54.114.245 Held-to-maturity financial assets - private sector debt securities (Note 11) 1.141.574.778 715.780.984 Financial assets with variable interest rate: 906.451.254 363.728.340 Available for sale financial assets - Private sector bonds (Note 11) 882.362.938 340.231.872 Available for sale financial assets - Government bonds (Note 11) 24.088.316 23.496.468 Financial liabilities: Financial liabilities with fixed interest rate: 389.506.210 58.754.871 Expense Accruals From Derivative Contracts (Note 20) 326.794.945 - Payables from operating leases (Note 34) 62.711.265 58.754.871 (*) Demand deposits amounting to TL 144.016.023 are not included (December 31, 2020: TL 90.349.000). 219 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