MILLI_RE_ANNUAL REPORT 2022

Investment Expenses Due to the higher realization of technical provisions and investment income compared to the previous period, there has been an increase in investment income transferred from the non-technical segment to the technical segment. As a result of the fluctuations in foreign exchange rates in the current period, foreign exchange loss amounting to TL 17,582,999 was recorded. (TL) 2022 2021 Change (%) Investment Expenses (2,251,785,865) (865,902,058) 160.05 Investment Management Expenses – (Incl. Interest) (303,487) (53,257) 469.85 Loss from Disposal of Financial Assets (196,394) (498,511) (60.60) Investment Income Transferred to Non-life Technical Account (2,170,788,002) (795,304,266) 172.95 Losses from Derivatives (7,060,875) - - Foreign Exchange Losses (17,582,999) (23,195,899) (24.20) Depreciation and Amortization Expenses (24,330,753) (19,469,027) 24.97 Other Investment Expenses (31,523,355) (27,381,098) 15.13 Income and Expenses From Other and Extraordinary Operations The increase in the value of the Company’s properties held for investment resulted in a “deferred tax liability expense” and the increase in the provision for pension fund deficits had a negative impact on the “reserve account”. Accordingly, there was an increase in the amount of loss recognized in “ income and expenses from other and extraordinary operations” item. (TL) 2022 2021 Change (%) Income and Expenses From Other and Extraordinary Operations (250,531,510) (30,947,807) 709.53 Provisions (150,438,548) (62,599,328) 140.32 Rediscounts (9,520,269) (1,091,600) 772.14 Deferred Taxation (Deferred Tax Assets) - 23,899,257 - Deferred Tax Liability Expense (103,908,015) - Other Income 13,516,934 8,945,526 51.10 Other Expenses and Losses (181,612) (101,662) 78.64 Gross Profit/Loss for the Period In the current period, there was no balance in the corporate tax liability provision and other legal liabilities items due to the Tax Procedure Law loss. As a result, the Company’s net profit for the year 2022 amounted to TL 888,619,766. (TL) 2022 2021 Change (%) Gross Profit/Loss for the Period 888,619,766 548,965,648 61.87 Profit/Loss for the Period 888,619,766 677,863,239 31.09 Profit for the Period Tax and Other Legal Liability Provisions 0 (128,897,591) - 2022 Financial Results 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 78 MİLLİ RE 2022 ANNUAL REPORT