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)) December 31, 2020 Nominal value Cost Fair value Book Value Debt instruments: Government bonds - TL 591.504.806 567.215.973 578.550.705 578.550.705 Government bonds - USD 170.721.375 272.024.093 306.498.483 306.498.483 Private sector bonds - TL 14.537.742 50.277.544 64.904.721 64.904.721 Private sector bonds- USD 1.466.274.469 1.549.459.382 1.690.656.573 1.690.656.573 Private sector bonds - EUR 566.060.000 555.152.544 572.322.853 572.322.853 Impairment loss on private sector bonds (6.954.540) (6.954.540) 2.994.129.536 3.205.978.795 3.205.978.795 Non-fixed income financial assets: Investment funds 186.213.078 472.103.981 472.103.981 Equity shares 589.464.968 657.095.377 657.095.377 775.678.046 1.129.199.358 1.129.199.358 Total available for sale financial assets 3.769.807.582 4.335.178.153 4.335.178.153 All debt instruments presented above are traded in the capital markets, As of December 31, 2021, equity shares classified as available for sale financial assets with a carrying amount of TL 992.072 are not publicly traded (December 31, 2020: TL 1.031.948). There is no debt security issued during the period or issued before and paid during the period by the Group. Value increases in financial assets including equity shares classified as available for sale financial assets and subsidiaries for the last 3 years (including tax effects): Year Change in value increase Total increase in value 2021 (256.054.378) 28.018.183 2020 184.597.745 284.072.561 2019 137.867.758 99.474.816 As of December 31, 2021, and 2020 the Group’s held to maturity financial assets portfolio are detailed as follows: December 31, 2021 Nominal value Cost Fair value Net book value Debt instruments: Government bonds - USD 193.270.500 183.060.487 194.882.716 190.515.144 Government bonds - EUR 133.653.075 135.010.836 137.300.143 139.428.097 Private sector bonds - USD 1.149.892.830 1.087.955.022 1.143.972.754 1.141.574.778 Total held to maturity financial assets 1.406.026.345 1.476.155.613 1.471.518.019 December 31, 2020 Nominal value Cost Fair value Net book value Debt instruments: Government bonds - USD 106.437.250 100.814.428 113.170.388 103.096.481 Government bonds - EUR 214.919.486 215.932.705 221.860.155 219.179.621 Private sector bonds - USD 730.577.944 695.113.138 751.985.979 715.780.983 Total held to maturity financial assets 1.011.860.271 1.087.016.522 1.038.057.085 231 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