MILLI RE 2023 ANNUAL REPORT

Türkiye’s country rating by international rating agencies. Accordingly, there have been marked decreases in the CDS risk premium. While foreign investors showed increased interest in Turkish assets in the reporting period, foreign capital inflow and CBRT reserves increased. In 2023, current deficit narrowed partially on an annual basis due to the decreased energy imports on the basis of amount despite the evident rise in gold imports. The main factors that restrained the current deficit were the record high levels reached in services revenues with the contribution of tourism and transportation revenues and the decline in foreign trade deficit. In 2023, the current deficit shrank by 8% and went down to USD 45.2 billion. Current surplus excluding energy and gold, on the other hand, slid down from USD 50.4 billion in 2022 to USD 33.2 billion in 2023. The ratio of current deficit to GDP improved from 5.4% at year-end 2022 to 4% at year-end 2023. Tourism revenues will most likely be telling upon harnessing the current deficit also in the coming period. In addition, the recuperation in current deficit might possibly become more visible provided that normalization of gold imports and decline in energy imports persist. Sources: TurkStat, CBRT, Ministry of Treasury and Finance 42.5% CBRT RAISED THE POLICY RATE BY A TOTAL OF 34 PERCENTAGE POINTS TO 42.5% IN SEVEN MEETINGS FROM JUNE 2023 UNTIL THE YEAR-END. January February March April May June July August September October November December 100 90 80 70 60 50 40 30 20 10 0 86.46 57.68 76.61 55.18 62.45 50.51 43.68 39.59 38.21 47.83 58.94 61.53 61.36 61.98 64.77 52.11 40.76 40.42 44.5 49.41 47.44 39.39 42.25 44.22 INFLATION IN 2023 - ANNUAL CHANGE (YOY) (%) CPI PPI 47 GENERAL INFORMATION FINANCIAL RIGHTS PROVIDEDTOTHE MEMBERS OF THE GOVERNING BODY AND SENIOR EXECUTIVES ACTIVITIES AND MAJOR DEVELOPMENTS RELATED TO ACTIVITIES RESEARCH & DEVELOPMENT ACTIVITIES FINANCIAL STATUS FINANCIAL INFORMATION 2023 Annual Report RISKS AND ASSESSMENT OF THE GOVERNING BODY