INVESTOR PRESENTATION 2014Q4

INVESTOR PRESENTATION 2014Q4

Contents Non-life Sector Profile 3 Outline of the Company 11 Financial Highlights 23 Appendix 31 2

Non-life Sector Profile Outline of the company Financial highlights 3

Number of Companies (12.14) Number of Foreign Shared Companies Premium Production (mn TL) Non Life 37 Non Life 25 7,3% Life 27 Reinsurance 1 Total 65 Life 18 Reinsurance - Total 43 19.827 22,2% 20.834 24.230 22.710 25.990 * 35 of 43 company has more than 50% foreign shares. Premium Production of the Sector (mn TRY) (12.14) 17.116 Non Life Life Total Premium Share Non Life 22.710 %87 Life 3.280 %13 Total 25.990 %100 2.711 3.395 3.280 12.12 12.13 12.14 SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report 21,7% 9,0% 4

Remarks About the Sector Change in GDP and GWP 2011 2012 2013 25,0 21,3 21,7 Inflation Rates (%) 10,5 6,2 7,4 20,0 18,1 GDP Change (%) 8,8 2,1 4,0 15,0 GDP (Per Person) ($) 10.444 10.459 10.782 GDP (Per Person) (TRY) 17.510 18.927 23.012 10,0 8,8 Premium Increase (%) (non life) 21,3 18,1 21,7 5,0 2,1 4,0 Premium Increase (%) (Anadolu) 35,6 16,0 23,0 0,0 2011 2012 2013 GDP Change Non Life Premium Production Change SOURCE: Association of Insurance Companies, turkstat 5

Mandatory Policies in Turkey 12,00 Non-insured ratio 70,0% 10,00 8,00 6,00 9,85 43,5% 61,8% 60,0% 50,0% 40,0% 30,0% 18,8 million of vehicles and 9,8 million automobiles in Turkey. 39,1% of houses had a mandatory earthquake policy in 2014 4,00 2,00 8,2% 19,1% 17,7% 0,43 0,21 3,05 11,8% 20,1% 0,78 1,62 2,83 20,0% 10,0% 21% of all vehicles do not have mandatory MTPL policy 0,00 automobile mini-bus bus pick-up van truck tractor motorbike 0,0% Number of Mandatory Earthquake Policies (million) 6,03 6,81 4,79 3,31 3,73 2010 2011 2012 2013 2014 SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP 6

Foreign Capital with M&A s Company Market Share Foreign Capital Stake Transaction Price Year Başak Sigorta 5,10% 56,70% Groupama Başak Emeklilik 13,30% 41,00% 268 Million USD 2006 Emek Hayat - Global Equities Management 100,00% 2 Million TRY 2006 İhlas Sigorta 1,40% HDI International 100,00% 17 Million Euro 2006 Şeker Sigorta 1,60% Liberty Mutual Group 63,90% - 2006 İsviçre Sigorta 6,90% Ergo Group 75,00% - 2006 İsviçre Hayat 1,80% Ergo Group 67,50% - 2006 Global Hayat 0,20% Denizbank-Dexia 99,60% 2,7 Million Euro 2007 Ray Sigorta 3,20% TBIH 58,20% 81 Million USD 2007 Garanti Sigorta 4,50% Eureko 80,00% 365 Million Euro 2007 Garanti Emeklilik 7,10% Eureko 15,00% 100 Million Euro 2007 Genel Sigorta 3,50% Mapfre Genel Yaşam 1,70% Mapfre 80,00% 285 Million Euro 2007 Axa Oyak Sigorta 12,20% 35,50% Axa Axa Oyak Hayat 4,70% 50,00% 525 Million USD 2008 Koç Allianz 9,10% Allianz SE 43,40% 248 Million Euro 2008 Koç Allianz Hayat 5,20% Allianz SE 49,00% 125 Million Euro 2008 Güven Sigota 2,40% 99,00% Groupama Güven Hayat 1,20% 99,00% 180 Million Euro 2008 Fiba Sigorta 2,60% NKSJ 93,40% 307 Million USD 2010 Ak Sigorta 7,40% Ageas 31,00% 220 Million USD 2011 Deniz Emeklilik 4,50% MetLife 99,90% 162 Million Euro 2011 Finans Emeklilik 5,20% Cigna Nederland 51,00% 85 Million Euro 2012 Yapı Kredi 7,20% 93,90% 2014 Allianz 603,5 Million Euro 7 Yapı Kredi Emeklilik - 80,00% 2014

Non Life Premium Figures (2013) Premium / GDP (%) Premium Per Person ($) World 2,8 285 USA 4,3 2.296 UK 2,8 1.087 Switzerland 4,4 3.490 Central and Eastern Europe 1,4 170 Turkey 1,3 143 350 300 250 200 150 100 118 102 108 6% 165 93 138 106 14% 163 114 8% 8% 215 219 123 16% 143 305 20% 15% 10% 5% 0% -5% -10% Premium($) Premium(TRY) Change ($) 50-14% -15% 0 2007 2008 2009 2010 2011 2012 2013 SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2014-20% 8

Top Ten Companies in the Sector (12.2014) Non - Life Companies Premium Production (mn TRY) Market Share Allianz 3.216,2 14,2% Axa 3.078,1 13,6% Other; 25,3% Allianz ; 14,2% Axa ; 13,6% Anadolu 3.004,8 13,2% Aksigorta 1.713,6 7,5% Mapfre 1.490,9 6,6% Güneş 1.212,6 5,3% Sompo Japan ; 3,0% Groupama 1.057,7 4,7% Eureko 801,2 3,5% Ziraat ; 3,1% Ziraat 703,2 3,1% Sompo 686,8 3,0% Eureko ; 3,5% Anadolu ; 13,2% Top 10 Companies 16.965,2 74,7% Other 5.744,4 25,3% TOTAL 22.709,5 100,0% Groupama ; 4,7% Güneş ; 5,3% Mapfre Genel ; 6,6% Ak; 7,5% SOURCE: Association of Insurance Companies, 9

Non Life Companies Premium Production (mn TRY) Type of Coverage 12.2014 12.2013 Change (%) Share (12.2014) (%) MOD 5.528,3 5.382,9 2,7 24,3 MTPL 5.085,1 5.025,8 1,2 22,4 Fire and natural disaster 3.844,6 3.324,5 15,6 16,9 Health 2.930,3 2.473,1 18,5 12,9 General losses 2.429,3 2.186,1 11,1 10,7 Accident 1.035,7 887,3 16,7 4,6 General liability 634,4 508,1 24,9 2,8 Other 1.221,9 1.046,4 16,8 5,4 Total 22.709,5 20.834,3 9,0 100,0 SOURCE: Association of Insurance Companies, 10

Non-life Sector Profile Outline of the company Financial highlights 11

Few Remarks About the Company VISION To make Anadolu Sigorta the insurance brand preferred by everyone who needs insurance. To achieve a strength that makes it a reference point in the worldwide insurance industry as well. MISSION To be a pioneer, to create a broad public awareness of insurance To implement a customer-focused approach, to increase the financial strength To enhance the value of the Company FACTS Founded by Türkiye İşbankası A.Ş. in 1925 (89 th anniversary) First National Insurance Company Main activity: Non-life insurance (until 1991, both life and non-life) 12

Shareholder Structure Area of activity Other 43% Accident General losses Sickness\Health Land vehicles liability (MTPL) Land vehicles (MOD) Air vehicles liability Industrial vehicles Water vehicles liability Milli Reasürans 57% Air vehicles General liability Water vehicles Credit Marine Financial loss Fire and natural disaster Legal protection %77 of Milli Reasürans is owned by T. İş Bankası A.Ş. As of 12.14; Paid-in capital 500 million TRY MCap 710 million TRY Free Floating Ratio ~48% 13

Distribution Channels (12.2014) Headquarter Moved to new building in Kavacık in 2013 December 9 regional branches around Turkey İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon Overseas North Cyprus 2576 Professional Agencies ~25% working exclusively with Anadolu 1349 Işbank Branches Working exclusively with Anadolu 244 MSU (direct sales staff) working 14

Bancassurance (12.2014) Broker; 10,0% İşbank; 10,8% Branch Premium Bank/gpw Comb. Ratio Fire and natural disaster 104m 21% 80% Indirect; 5,5% Direct; 1,8% MOD 86m 10% 96% Accident 22m 28% 49% Agencies; 71,9% Işbank Premium Production 20% Total Premium Production 9% 23% 32% 2012 204m 2013 269m 2014 324m 2012 2.234m 2013 2.749m 2014 3.004m 15

Premium Distribution By Regions (12.2014) Marmara; 57,5% Black Sea; 5,5% Middle Anatolia;15,5% East Anatolia; 2,4% Aegean; 8,6% South East Anatolia; 3,2% Mediterranean; 7,3% 16

Premium Production (2014) (mn TRY) Other 21% Mod 27% Sickness \ Health 9% Fire and natural disaster 17% Mtpl 26% Branch 12.14 12.13 Change (%) Mod 824.143 811.525 1,6 Mtpl 780.421 703.489 10,9 Fire and natural disaster 503.259 463.414 8,6 Health 279.983 229.008 22,3 Other 617.024 542.268 13,8 Total 3.004.830 2.749.704 9,3 17

Market Rank (1st) Mod (16,2%) Water vehicles (47,7%) Marine (13,5%) General liability (16,6%) Fire and natural disaster (13,1%) Market Rank (2nd) Mtpl (14,1%) Air vehicles (21,4%) Air vehicles liability(32,6%) Accident (7,9%) Market Rank (Other) Health (9,6%) General losses (9,9%) Legal protection (9,0%) Financial loss (4,8%) Credit (0,8%) Total Market Share for Anadolu in 2014 is; 13,2% in 3rd rank 18

Premium Per Policy (2013-2014) MOD # of Policy decrease 0,5% (2013 =>610.000; 2014=>607.000) GWP increase 2,5% (2013 =>804m; 2014=>824m) Premium Per Policy 1% (2013=>1.318;2014=>1.357) Premium per policy increased %32 in 2013 in MOD MTPL # of Policy decrease 10% (2013 =>1.555.000; 2014=>1.405.000) GWP increase 9% (2013 =>603m; 2014=>658m) Premium Per Policy increase 21% (2013=>388;2014=>468) 19

Combined Ratio - branches 109% 117% MOD 92% 96% 81% Fire & Nat. D. 108% 88% 80% 2011 2012 2013 2014 2011 2012 2013 2014 MTPL MOD is short term business while MTPL is long tailed. 127% 125% 117% 109% IBNR in MTPL has increased from 183m TRY to 238m TRY in 2014. 2011 2012 2013 2014 20

Combined Ratio 107% 13% 111% 9% 17% 101% 10% 103% 9% ~ 102% 18% 76% 85% 15% 76% 14% 80% 2011 2012 2013 2014 2015E Claims Ratio Net Comm. Ratio Expense Ratio 12.14 Claims Ratio 79,7% Net Commission Ratio 14,6% Expense Ratio 8,8% Combined Ratio 103,1% 21

Profitability (ROE ROA) ROE 19,35 8,42 5,97 4,42 7,39 7,02 2007 2008 2009 2010 2011 2012 2013 2014 0,58 ROA -8,46 7,67 3,87 2,76 1,92 2,07 1,90 0,18 2007 2008 2009 2010 2011 2012 2013 2014-2,56 22

Non-life Sector Profile Outline of the company Financial highlights 23

Growth Performance Cash and Marketable Sec. (mn TRY) 174% 1.785 2.250 Tech. Reserves (mn TRY) 1.050 1.248 1.324 28% 145% 1.851 2.282 2010 2011 2012 2013 2014 933 1.215 1.398 23% 1.951 Total Assets (mn TRY) 93% 2.498 2.209 3.253 16% 3.773 2010 2011 2012 2013 2014 Gross Premium Written (mn TRY) 2010 2011 2012 2013 2014 Shareholders' Equity (mn TRY) 20% 1.020 913 849 705 756 1.420 112% 1.926 2.235 2.750 9% 3.005 12% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 24

Balance Sheet (Assets) Assets (mn TRY) 12.2014 12.2013 Change (%) Cash + Marketable Sec. 2.250,1 1.784,7 26,1 Receivables 797,5 773,9 3,0 Equity Participations 391,4 368,2 6,3 Fixed Assets 94,6 97,6-3,1 Other Assets 239,9 228,3 5,1 TOTAL 3.773,4 3.252,8 16,0 25

Balance Sheet (Liabilities) Liabilities (mn TRY) 12.2014 12.2013 Change(%) Payables 349,6 383,6-8,9 Technical Provisions 2.282,5 1.851,4 23,3 Shareholders' Equity 1.019,8 913,0 11,7 Other Liabilities 121,5 104,8 16,0 TOTAL 3.773,4 3.252,8 16,0 26

Income Statement (mn TRY) 12.2014 12.2013 Change (%) Total Technical Income 2.441,2 1.966,9 24,1 Total Technical Expenses -2.320,0-1.866,1 24,3 Technical Profit / Loss 121,3 100,8 20,2 Financial Income 258,9 186,2 39,0 Financial Expenses -275,8-187,2 47,3 Other Income / Expenses -11,7-32,4-63,8 Financial Profit / Loss -28,6-33,4-14,4 Gross Profit / Loss 92,6 67,4 37,4 Tax Provisions -21,1 0,0 - Net Profit / Loss 71,6 67,4 6,1 27

Major Affiliates (2014) Anadolu Hayat Is Reit Equity (mn TRY) Shareholders Equity (mn TRY) Market Share Market Cap (mn TRY) Share Owned Share Value (mn TRY) 380 612 19,5% 1.957 20% 391 680 1.211 4,4% 966 4,8% 46 2014 2014 MCap 710 million P / BV 0,70 After deducting affiliates MCap 273 million P / BV 0,38 28

Stock Performance 100.000,00 90.000,00 80.000,00 70.000,00 60.000,00 50.000,00 40.000,00 30.000,00 20.000,00 10.000,00 0,00 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00.XU100 ANSGR 01.2013 12.2013 12.2014 Change 01.13-12.14 ANSGR 1,15 1,33 1,42 23% IMKB-100 79.642 67.801 85.721 8% 12.2013 12.2014 ANSGR 1,33 1,42 EPS (net profit / capital) 0,13 0,14 P / E (Mcap / net profit) 9,86 9,92 P / BV (Mcap / Book value) 0,73 0,70 29

Investment Portfolio (12.2014) Funds; 8,4% Other; 0,6% Stocks ; 5,2% Bonds; 18,3% Almost all of our bank deposits mature in 1 to 3 months time and bonds generally in 2 years. 40% of funds are related to stocks. Deposits; 67,5% 30

Disclaimer This presentation contains forward-looking statements and information on the business development of Anadolu Sigorta. These statements may be spoken or written and can be recognized by terms such as expects, anticipates, intends, plans, seeks or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the insurance industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecasts. Anadolu Sigorta does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its content due to misleading information in this document. 31

Thank you For further information please e-mail to: investor.relations@anadolusigorta.com.tr or call Anadolu Sigorta Investor Relations on (+9 0850 744 02 54), (+9 0850 744 01 64) 32