MILLI_RE_ANNUAL REPORT 2022

Foreign currency rates used for the translation of foreign currency denominated monetary assets and liabilities As of December 31, 2022 and 2021 dates are as follows: End of the period (Buying) End of the period (Selling) Average US Dollar Euro US Dollar Euro US Dollar Euro December 31,2022 18,6983 19,9708 18,7320 19,9349 16,5512 17,3642 December 31,2021 13,3290 15,1139 13,3530 15,0867 8,8557 10,4408 Exposure to foreign currency risk 20 percent depreciation of the TL against the following currencies As of December 31, 2022 would have increased or decreased equity and profit or loss (excluding tax effects) by the amounts shown below (December 31, 2021: 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, 2022 December 31, 2021 Profit or loss Equity (*) Profit or loss Equity (*) US Dollar 168.630.377 168.630.377 106.514.099 106.514.099 Euro 87.013.062 87.013.062 15.578.985 15.578.985 Others 10.986.516 10.986.516 2.999.240 2.999.240 Total, net 266.629.955 266.629.955 125.092.324 125.092.324 (*) Equity effect also includes profit or loss effect of 20% depreciation of TL against related currencies (December 31, 2021: 20% depreciation of TL). Exposure to interest rate risk 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 of reporting date; the interest rate profile of the Company’s interest earning financial assets and interest-bearing financial liabilities are detailed as below: December 31, 2022 December 31, 2021 Financial assets Financial assets with fixed interest rates : 3.968.287.641 3.225.623.967 Cash at banks (Note 14) 1.572.963.120 1.868.075.565 Available for sale financial assets – Government bonds – FC (Note 11) 1.208.025.622 524.966.173 Available for sale financial assets – Government bonds – TL (Note 11) 158.877.317 67.895.225 Available for sale financial assets – Private sector bonds – FC (Note 11) 734.123.636 439.525.214 Available for sale financial assets – Private sector bonds – TL (Note 11) 294.297.947 325.161.790 Financial assets with variable interest rate: 65.881.500 186.561.430 Available for sale financial assets – Private sector bonds – TL (Note 11) 65.881.500 186.561.430 Fair value information The estimated fair values of financial instruments have been determined using available market information, and where it exists, appropriate valuation methodologies. The Company has classified its financial assets as held for trading or available for sale. As of the reporting date, available for sale financial assets and financial assets held for trading are measured at their fair values based on their quoted prices or fair value information obtained from brokers in the accompanying unconsolidated financial statements. Management estimates that the fair value of other financial assets and liabilities are not materially different than their carrying values. 141 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 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 FINANCIAL STATUS