MILLIRE ENG2024

Special funds (reserves) As of December 31, 2024, no additional funds have been allocated for the purchase of venture capital investment fund shares from the net profit of the year 2023, in accordance with Article 325/A of the Tax Procedure Law and Article 10 of the Corporate Tax Law. (December 31, 2023: 38.123.053 TL). The amount of special funds (reserves) from subsidiaries and associates is 241.519.108 TL (December 31, 2023: 95.887.615 TL). The movements of special funds are as follows: 31 December 2024 31 December 2023 Special funds at the beginning of the period 184.820.637 117.937.781 Transfer from profit venture capital investment fund - 38.123.053 Subsidiary and Associate Shares 145.631.493 28.759.803 Special funds at the end of the period 330.452.130 184.820.637 Other profit reserves In accordance with TMS 19, the actuarial gains and losses previously recognized in the income statement for the provision for severance pay have been accounted for in the financial statements of the current period under equity in the “Other Reserves” account. In the calculation of the severance pay provision as of December 31, 2024, negative actuarial calculations amounting to (29.284.720) TL (December 31, 2023: (21.271.539) TL) have been presented in the “Other Reserves” account. As of December 31, 2024, the amount of other reserves from subsidiaries and associates is (67.450.563) TL (December 31, 2023: 4.321.447 TL). Profit for the period that is extraneous from the distribution As of May 27, 2024, an amount of 6.572.222 TL resulting from the 25% exemption on the gain from the real estate sale conducted by the Company has been recorded under equity in the account titled “Undistributed Period Profit.” Statutory reserves After the allocation of first legal reserves and first dividend to shareholders, reserve for natural disasters and catastrophe might be allocated, if deemed necessary, based on the suggestion of the Board of Directors and decision of the General Assembly. As of December 31, 2024, there are no funds allocated in this manner (December 31, 2023: None) As of December 31, 2024, the amount of statutory reserves from subsidiaries and associates is 572.615.467 TL (December 31, 2023: 183.984.605 TL). Foreign currency translation differences Foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. As of December 31, 2024, foreign currency translation loss amounting to TL 358.446.598 (December 31, 2023: TL 254.517.245) stems from Singapore Branch whose functional currency is US Dollars. Valuation of financial assets As of December 31, 2024, and 2023, changes in fair values that stem from securities classified as available for sale financial assets that present share in capital and associates are detailed as below: 31 December 2024 31 December 2023 Fair value reserves at the beginning of the period 1.576.301.376 775.959.402 Change in the fair value during the period (Note 4.2) (418.012.740) 2.195.343.876 Deferred tax effect (Note 4.2) 185.728.711 (153.498.890) Net gains transferred to the statement of income (Note 4.2) 743.841.944 (1.773.575.731) Deferred tax effect (Note 4.2) (223.152.583) 532.072.719 Fair value reserves at the end of the period 1.864.706.708 1.576.301.376 The financial asset valuation item includes the share of the parent company’s stake in the financial asset valuation amount of the associate accounted for using the equity method. 248 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