MILLIRE ENG2024

Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset includes: (a) initial direct costs incurred, (b) lease payments made at or before the commencement date less any lease incentives received, and (c) All initial costs incurred by the Company. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right- of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment. Right-of-use assets are subject to impairment Lease liabilities The Group measures the lease liability based on the present value of the lease payments that were not paid at the actual start of the lease. The lease payments, which are included in the measurement of the lease liability at the actual start of the lease, consist of the following payments to be made for the right of use of the underlying asset during the lease term and which were not paid at the actual start of the lease: (a) fixed payments, (b) variable lease payments based on an index or ratio, the first measurement of which was made using an index or ratio at the actual beginning of the lease, (c) amounts expected to be paid by the Company under residual value commitments (d) if the Company is reasonably confident that it will exercise the option to purchase, the price at which the option is used and (e) penalty payments for termination of the lease if the lease term indicates that the Company will exercise an option to terminate the lease. Variable lease payments that are not linked to an index or ratio are recorded as expenses in the period in which the event or condition that triggered the payment occurs. The revised discount rate for the remainder of the Group’s lease term, if the implied interest rate in the lease can be easily determined, as this rate; If it cannot be determined easily, it is determined as the alternative borrowing interest rate of the Group at the date of reassessment. After the actual start of the lease, the Group measures the lease liability as follows: (a) increases the book value to reflect the interest on the lease obligation, and (b) reduces the book value to reflect the lease payments made. In addition, a change in the fixed lease payments is essentially the lease or a change in the assessment of the option to purchase the underlying asset in case of a change in the value of finance lease liabilities is measured again. Right-of-use assets calculated regarding to lease liabilities are accounted in “Tangible Assets” located in balance sheet. Interest expense on lease liabilities and depreciation expense of right-of-use asset are accounted in “Investment Management Expenses (inc. interest)” and “Depreciation and Amortization Expenses” respectively. 210 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Notes to the Consolidated Financial Statements As of December 31, 2024 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish) MİLLİ RE