MILLIRE 2021 ANNUAL REPORT

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 34 MİLLİ RE ANNUAL REPORT 2021 Information on Investments Made by the Company During the Accounting Period Initiated in 2018 with the consultancy service and application purchases for regulatory compliance, the data management project continued at Milli Re in 2021. Within the scope of the project, investments were made for the installation of the Information Security Management System and for necessary alignment with the Personal Data Protection Law. Within the frame of activities for alignment with the TFRS 17 regulation that will enter into force in 2023, procurement of applications and peripheral systems that will be used for TFRS 17 calculations has been completed in 2021. On the other hand, conceptual work in relation to application development is being carried on jointly with a consultancy firm. The details of the projects on reinsurance applications and digitalization are provided under the section “Research & Development Activities”. Repurchased Own Shares by the Company None Disclosures Concerning Special Audit and Public Audit During the Reporting Period The Company is audited by independent auditing company Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi (Ernst&Young). A limited independent audit is carried out on half yearly basis while full independent auditing is done on yearly basis. İşbank consolidation audit is conducted for the first and third quarters. Being a bank subsidiary, information systems auditing made in subsidiaries subject to consolidation, is carried out annually. The Company is audited in accordance with the insurance legislation by Insurance and Private Pension Regulation and Supervision Authority. Lawsuits Filed Against the Company and Potential Results There are no lawsuits brought against the Company in 2021, which are of a nature that might affect the Company’s financial standing and its activities. Disclosures on Administrative or Judicial Sanctions Imposed on the Company and the Members of the Governing Body There are no administrative or judicial sanctions imposed against the Company or the members of the governing body on account of any practice violating the provisions of legislation in 2021. Assessments on Prior Period Targets and General Assembly Resolutions The announcement on the meeting including the venue, date, time, agenda, and a specimen of a proxy statement is published within the legal terms in the Turkish Trade Registry Gazette and on Company’s official website for notifying the public. Every year the Annual Report is prepared in alignment with the relevant legislation and presented for the information and analysis of shareholders preceding the General Assembly meeting. Annual General Assembly meeting was held on 30 March 2021. All of the resolutions by the General Assembly of Shareholders have been fulfilled during 2021 and the targets set in the prior period have been achieved. Expenses Incurred in the Reporting Period in Relation to Donations, Grants and Social Responsibility Projects Company’s donations under this heading amounted to TL 10,100 in 2021. Relations with the Controlling Company or an Affiliate Thereof Between our Company and our controlling shareholder İşbank and other Group Companies affiliated to İşbank, there is no: • Transfer of receivables, payables or assets, • Legal transaction creating liability such as providing suretyship, guarantee or endorsement, • Legal transaction that might result in transfer of profit. All commercial transactions the Company realized with its controlling shareholder and with the Group Companies affiliated thereto during 2021 were carried out on an arm’s length basis, according to the terms and conditions known to us, related counter performances have been carried out, and the Company did not register any loss on account of any such transaction. ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES