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)) Movement in tangible assets in the period from January 1 to December 31, 2020 is presented below: January 1, 2020 Addition Foreign currency translation effect (*) Disposals Transfers Valuation Differences December 31, 2020 Cost: Investment properties (Note 7) 482.776.000 - - - - 50.142.500 532.918.500 Buildings for own use 195.012.000 823.740 - (208.000) - 2.798.500 198.426.240 Machinery and equipment 91.841.231 4.842.705 - (4.534.617) - - 92.149.319 Furniture and fixtures 22.434.892 4.744.853 333.799 (296.070) - - 27.217.474 Land Vehicles 6.919.173 974.897 202.973 (1.064.007) - 7.033.036 Other tangible assets (including leasehold improvements) 28.826.269 1.627.487 - (1.837) - - 30.451.919 Leased tangible assets 3.858.074 - - - - - 3.858.074 Operating Lease Buildings 61.499.995 4.342.511 692.803 - - - 66.535.309 893.167.634 17.356.193 1.229.575 (6.104.531) - 52.941.000 958.589.871 Accumulated depreciation: Buildings for own use 726.874 881.207 - (13.915) - (309.520) 1.284.646 Machinery and equipment 59.615.955 12.669.645 - (4.506.356) - - 67.779.244 Furniture and fixtures 17.763.834 1.781.762 324.416 (293.185) - - 19.576.827 Land Vehiclesss 2.165.780 1.391.360 164.772 (868.940) - - 2.852.972 Other tangible assets (including leasehold improvements) 22.399.857 1.744.078 - (1.837) - - 24.142.098 Leased tangible assets 3.858.074 - - - - - 3.858.074 Operating Lease Buildings 7.266.342 7.935.326 441.229 - - - 15.642.897 113.796.716 26.403.378 930.417 (5.684.233) - (309.520) 135.136.758 Net book value 779.370.918 823.453.113 (*) Foreign currency translation effect resulted from Singapore Branch. As of 31 December 2021 and 31 December 2020, the Group’s real estates, some of which are for investment purposes and some for use, are valued at their fair value and are valued in this context. The appraisal reports for these real estates were prepared by the CMB licensed real estate appraisal company in December 2021 for Anadolu Sigorta and in September 2021 for Milli Reasürans. There is no mortgage on the Group’s real estate for use. Milli Re’s real estate for use was revalued as of September 2021, and the appraisal reports for these real estates were prepared in September 2021 by a real estate appraisal company licensed by the CMB.. 225 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