MILLI_RE_ANNUAL REPORT 2022

Foreign currency risk The Company is exposed to foreign currency risk through insurance and reinsurance transactions in foreign currencies. Foreign exchange gains and losses arising from foreign currency transactions are recorded at transaction dates. At the end of the reporting periods, foreign currency assets and liabilities evaluated by the Central Bank of Republic of Turkey’s spot purchase rates and the differences arising from foreign currency rates are recorded as foreign exchange gain or loss in the statement of income. The Company’s exposure to foreign currency risk is as follows: December 31, 2022 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 326.071.395 223.994.639 127.729.115 677.795.149 Financial assets and financial investments of risky insurers 1.382.273.843 674.529.707 - 2.056.803.550 Receivables from main operations 203.646.909 133.858.587 387.019.218 724.524.714 Total foreign currency assets 1.911.992.147 1.032.382.933 514.748.333 3.459.123.413 Liabilities: Payables arising from main operations (43.236.838) (7.597.046) (70.278.620) (121.112.504) Insurance technical reserves (*) (1.025.603.423) (589.720.575) (389.410.875) (2.004.734.873) Financial liabilities - - (126.259) (126.259) Total foreign currency liabilities (1.068.840.261) (597.317.621) (459.815.754) (2.125.973.636) Net financial position 843.151.886 435.065.312 54.932.579 1.333.149.777 December 31, 2021 US Dollar Euro Other currencies Total Assets: Cash and cash equivalents 208.041.899 5.287.510 82.016.209 295.345.618 Financial assets and financial investments of risky insurers 778.479.183 270.388.959 - 1.048.868.142 Receivables from main operations 164.898.876 70.688.653 287.351.740 522.939.269 Total foreign currency assets 1.151.419.958 346.365.122 369.367.950 1.867.153.028 Liabilities: Payables arising from main operations (21.137.455) (4.556.502) (71.197.246) (96.891.203) Insurance technical reserves (*) (597.712.006) (263.913.694) (279.939.610) (1.141.565.310) Financial liabilities - - (3.234.894) (3.234.894) Total foreign currency liabilities (618.849.461) (268.470.196) (354.371.750) (1.241.691.407) Net financial position 532.570.497 77.894.926 14.996.198 625.461.621 According to the “Communiqué on Amendments to Communiqué on Technical Reserves for Insurance, Reinsurance and Pension Companies and the Related Assets That Should Be Invested Against Those Technical Reserves” published in Official Gazette no 27655 dated July 28, 2010; foreign currency denominated claims provisions evaluated by the Central Bank of Republic of Turkey’s spot sales rates. For the purpose of evaluation of the above table, TL equivalents of the relevant foreign currency amounts have been shown. December 31, 2022 While evaluating the CBRT with the exchange rate of the CBRT, other daily transactions are evaluated with accounting based on the temporary exchange rates on the date of the transaction, at the end of the reporting period, active items denominated in foreign currencies are evaluated with the CBRT exchange rates of December 31, 2022 and passive items are evaluated with the CBRT sales rates. 140 MİLLİ RE 2022 ANNUAL REPORT Notes to the Unconsolidated Financial Statements As of December 31, 2022 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 GENERAL INFORMATION FINANCIAL RIGHTS PROVIDED TO THE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES RESEARCH & DEVELOPMENT ACTIVITIES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES