MILLI RE 2023 ANNUAL REPORT

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 was completed at Milli Re in 2022. Updates and new requirements within the scope of compliance are implemented by the Company’s business units. Within the scope of the project, investments were made in 2023 for the installation of the Information Security Management System and for necessary alignment with the Personal Data Protection Law. Moreover, consultancy were obtained for vulnerability and network security. Within the frame of activities for alignment with the TFRS 17 regulation that will enter into force in 2025, procurement of applications and peripheral systems that will be used for TFRS 17 calculations has been completed in 2021. Work on application development and provision of data from source systems continues with the consultant company and calculation outputs are checked on the application. The information about the projects on reinsurance applications and digitalization which continue during the related accounting period 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 2023, 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 2023. 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 28 March 2023. All of the resolutions by the General Assembly of Shareholders have been fulfilled during 2023 and the targets set in the prior period have been achieved. In accordance with the Extraordinary General Assembly Meeting of our Company held on December 11, 2023, the real estates owned by our Company were transferred to Miltaş Turizm İnşaat Ticaret A.Ş., in which our Company holds 100% of the shares, through partial spin-off. Expenses Incurred in the Reporting Period in Relation to Donations, Grants and Social Responsibility Projects In this context, our Company made donations amounting to TL 5,000,000 in 2023. 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 2023 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 34 MİLLİ RE