MILLI_RE_ANNUAL REPORT 2022

Company’s capital adequacy is calculated in accordance with the principles set out in the “Regulation on the Measurement and Evaluation of Capital Adequacy of Insurance, Reinsurance and Pension Companies” published in the Official Gazette issue 29454 dated 23 August 2015. According to the calculation based on the principles specified by the Regulation, The calculation for 2022 yields a positive result of TL 3,481 million. The Company has sufficient shareholders’ equity to cover liabilities that might result from its existing and potential risks. Capital Adequacy (TL million) 2022 2021 2020* Required Capital 1,689 980 719 Available Capital 5,170 2,955 2,532 Capital Adequacy Result 3,481 1,975 1,813 *2020 was restated according to the “Circular (2021/2) on Reinsurance Companies Satisfying Fiscal and Technical Criteria”. Hence, it differs from Note 4.2 Financial Risk Management under Footnotes to the Consolidated and Unconsolidated Financial Statements as at year end 31 December 2020. Company Capital 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 74 MİLLİ RE 2022 ANNUAL REPORT