INVESTOR PRESENTATION 2014Q3

INVESTOR PRESENTATION 2014Q3

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

Premium Production (mn TL) Number of Companies (09.14) Number of Foreign Shared Companies Non Life 37 Life 26 Reinsurance 1 Total 64 Non Life 25 Life 18 Reinsurance - Total 43 Non Life Life Total 15,5% 17.173 17.116 19.827 22,2% 20.834 24.230 * 35 of 43 company has more than 50% foreign shares. 14.487 Premium Production of the Sector (mn TRY) (09.14) Premium Share Non Life 16.622 %88 Life 2.370 %12 2.686 2.711 3.396 Total 18.992 %100 12.11 12.12 12.13 18,1% 21,7% SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report 4

Remarks About the Sector 2011 2012 2013 Change in GDP and GWP Inflation Rates (%) 10,5 6,2 7,4 GDP Change (%) 8,8 2,1 4,0 21,3 18,1 21,7 GDP (Per Person) ($) 10.444 10.459 10.782 8,8 GDP (Per Person) (TRY) 17.510 18.927 23.012 4,0 Premium Increase (%) (non life) Premium Increase (%) (Anadolu) 21,3 18,1 21,7 35,6 16,0 23,0 2,1 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 9,59 55,1% 63,4% 60,0% 50,0% 18,4 million of vehicles and 9,6 million automobiles in Turkey. 6,00 4,00 2,00 0,00 21,5% 2,99 21,3% 2,78 16,9% 13,2% 1,59 8,9% 0,42 0,21 0,77 automobile mini-bus bus pick-up van truck tractor motorbike 40,0% 30,0% 20,0% 10,0% 0,0% 36,7% of houses had a mandatory earthquake policy in 2013 23% of all vehicles do not have mandatory MTPL policy Number of Mandatory Earthquake Policies (million) 6,03 4,79 3,43 3,31 3,73 2009 2010 2011 2012 2013 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 5,1% 56,7% Groupama Başak Emeklilik 13,3% 41,0% 268 Million USD 2006 Emek Hayat - Global Equities Management 100,0% 2 Million TRY 2006 İhlas Sigorta 1,4% HDI International 100,0% 17 Million Euro 2006 Şeker Sigorta 1,6% Liberty Mutual Group 63,9% - 2006 İsviçre Sigorta 6,9% Ergo Group 75,0% - 2006 İsviçre Hayat 1,8% Ergo Group 67,5% - 2006 Global Hayat 0,2% Denizbank-Dexia 99,6% 2,7 Million Euro 2007 Ray Sigorta 3,2% TBIH 58,2% 81 Million USD 2007 Garanti Sigorta 4,5% Eureko 80,0% 365 Million Euro 2007 Garanti Emeklilik 7,1% Eureko 15,0% 100 Million Euro 2007 Genel Sigorta 3,5% Mapfre Genel Yaşam 1,7% Mapfre 80,0% 285 Million Euro 2007 Axa Oyak Sigorta 12,2% 35,5% Axa Axa Oyak Hayat 4,7% 50,0% 525 Million USD 2008 Koç Allianz 9,1% Allianz SE 43,4% 248 Million Euro 2008 Koç Allianz Hayat 5,2% Allianz SE 49,0% 125 Million Euro 2008 Güven Sigota 2,4% 99,0% Groupama Güven Hayat 1,2% 99,0% 180 Million Euro 2008 Fiba Sigorta 2,6% NKSJ 93,4% 307 Million USD 2010 Ak Sigorta 7,4% Ageas 31,0% 220 Million USD 2011 Deniz Emeklilik 4,5% MetLife 99,9% 162 Million Euro 2011 Finans Emeklilik 5,2% Cigna Nederland 51,0% 85 Million Euro 2012 7

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 (09.2014) Non - Life Companies Premium Production (mn TRY) Market Share Anadolu 2.217,7 13,3% Axa 2.123,7 12,8% Allianz 1.495,1 9,0% Ak 1.353,8 8,1% Mapfre Genel 1.107,7 6,7% Gunes 882,9 5,3% Yapı Kredi 810,6 4,9% Groupama 808,5 4,9% Eureko 581,5 3,5% Ziraat 540,7 3,3% Top 10 Companies 11.922,3 71,7% Other 4.699,5 28,3% TOTAL 16.621,7 100,0% Other; 28,3% Ziraat ; 3,3% Eureko; 3,5% Groupama; 4,9% Yapı Kredi; 4,9% Gunes; 5,3% Anadolu; 13,3% Mapfre Genel ; 6,7% Axa ; 12,8% Allianz; 9,0% Ak ; 8,1% Company Market Share during M&A Foreign Capital Stake Transaction Price Yapı Kredi 7,2% Allianz 93,9% 684 mn Euro* * %19,9 share of YK Pension sold back to YK Bank for a fee of 80,5 mn Euro SOURCE: Association of Insurance Companies, 9

Non Life Companies Premium Production (mn TRY) Type of Coverage 09.2014 09.2013 Change (%) Share (09.2014) (%) MOD 4.051,8 3.945,7 2,7 24,4 MTPL 3.640,1 3.697,4-1,6 21,9 Fire and natural disaster 2.765,5 2.331,0 18,6 16,6 Health 2.141,6 1.826,0 17,3 12,9 General losses 1.914,7 1.698,9 12,7 11,5 Accident 751,1 633,3 18,6 4,5 General liability 481,0 390,2 23,3 2,9 Other 875,8 730,8 19,9 5,3 Total 16.621,7 15.253,2 9,0 100,0 SOURCE: Association of Insurance Companies, 10

Non-life Sector Profile Bancassurance Outline of the company Profitability Sound pricing Financial highlights Lower combined ratios 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% Milli Reasürans 57% Accident General losses Land vehicles liability Sickness\Health (MTPL) Land vehicles (MOD) Air vehicles liability Water vehicles Industrial vehicles liability Air vehicles General liability Water vehicles Credit Marine Financial loss Fire and natural Legal protection disaster %77 of Milli Reasürans is owned by T. İş Bankası A.Ş. As of 09.14; Paid-in capital 500 million TRY MCap 695 million TRY Free Floating Ratio ~48% 13

Distribution Channels (09.2014) 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 2544 Professional Agencies 1336 Işbank Branches ~25% working exclusively with Anadolu Working exclusively with Anadolu 194 MSU (direct sales staff) working 14

Distribution Channels Bancassurance 09.2014 Broker; 9,8% İşbank; 10,1% Indirect; 6,2% Direct; 1,4% According to September-2014 results bancassurance premium increased %32 when one-off engineering policy deducted from september-2013 Agencies; 72,5% Işbank Premium Production 32% Total Premium Production 23% 22% 2011 167m 2012 204m 2013 269m 16% 2011 1.926m 2012 2.234m 2013 2.749m 15

Premium Distribution By Regions (09.2014) Marmara; 58,7% Black Sea; 5,5% Middle Anatolia;14,9% East Anatolia; 2,5% Aegean; 8,0% South East Anatolia; 3,3% Mediterranean; 7,1% 16

Premium Production (09.2014) (mn TRY) Other 20% Mod 28% Sickness \ Health 9% Mtpl 28% Fire and natural disaster 15% Branch 09.14 09.13 Change (%) Mod 616.296 600.473 2,6 Mtpl 612.230 485.090 26,2 Fire and natural disaster 339.330 282.563 20,1 Health 197.050 148.978 32,3 Other 452.988 402.967 12,4 Total 2.217.894 1.920.070 15,5 17

Market Rank (1st) Mod (16,9%) Water vehicles (41,9%) Marine (12,1%) General liability (17,2%) Air vehicles (39,8%) Air vehicles liability (46,7%) Market Rank (2nd) Mtpl (15,1%) Fire and natural disaster (12,3%) Air vehicles (38,8%) General losses (11,4%) Market Rank (Other) Health (9,2%) General losses (9,4%) Legal protection (10,0%) Financial loss (6,5%) Accident (7,9%) Credit (1%) Total Market Share for Anadolu in 3Q14 is; 13,3% in 1st rank 18

Premium Per Policy (3Q13-3Q14) Sound Pricing MOD # of Policy increase 2% (3Q14 =>450.000; 3Q14=>458.000) GWP increase 3% (3Q13 =>600m; 3Q14=>616m) Premium Per Policy 1% (3Q13=>1.334;3Q14=>1.345) Premium per policy increased %32 in 2013 in MOD MTPL # of Policy decrease 5% (3Q13 =>1.145.000; 3Q14=>1.083.000) GWP increase 22% (3Q13 =>424m; 3Q14=>517m) Premium Per Policy increase 29% (3Q14=>370;3Q14=>477) 19

Combined Ratio - branches 109% 117% MOD 81% Fire & Nat. D. 108% 88% 92% 2011 2012 2013 2014E 2011 2012 2013 2014E 127% 125% MTPL MOD is short term business while MTPL is long tailed. 117% IBNR in MTPL has increased from 183m TRY to 221m TRY in 3Q14. 2011 2012 2013 2014E 20

Combined Ratio 107% 13% 18% 111% 9% 17% 85% 101% 10% 15% ~ 102% 76% 76% Expense Ratio Net Comm. Ratio Claims Ratio 2011 2012 2013 2014E 09.14 Claims Ratio 78,6% Net Commission Ratio 15,4% Expense Ratio 8,7% Combined Ratio 102,7% 21

Profitability (ROE ROA) ROE 19,35 8,42 5,97 4,42 7,39 5,51 0,58 2007 2008 2009 2010 2011 2012 2013 3Q14 ROA -8,46 7,67 3,87 2,76 1,92 0,18 2,07 1,44 2007 2008 2009 2010 2011 2012 2013 3Q14-2,56 22

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

Growth Performance Cash and Marketable Sec. (mn TRY) 94% 1.785 1.248 1.324 920 1.050 35% 2009 2010 2011 2012 2013 806 Tech. Reserves (mn TRY) 130% 1.398 1.215 933 32% 1.851 Total Assets (mn TRY) 87% 3.253 1.744 1.951 2.209 2.498 30% 2009 2010 2011 2012 2013 Shareholders' Equity (mn TRY) 13% 806 849 913 705 756 21% 2009 2010 2011 2012 2013 Gross Premium Written (mn TRY) 121% 2.750 2.235 1.926 1.420 23% 1.243 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 24

Balance Sheet (Assets) Assets (mn TRY) 09.2014 12.2013 Change (%) Cash + Marketable Sec. 2.212,4 1.784,7 24,0 Receivables 715,4 773,9-7,6 Equity Participations 348,8 368,2-5,3 Fixed Assets 94,6 97,6-3,1 Other Assets 247,9 228,3 8,6 TOTAL 3.619,1 3.252,8 11,3 25

Balance Sheet (Liabilities) Liabilities (mn TRY) 09.2014 12.2013 Change(%) Payables 328,4 383,6-14,4 Technical Provisions 2.233,1 1.851,4 20,6 Shareholders' Equity 947,2 913,0 3,7 Other Liabilities 110,4 104,8 5,4 TOTAL 3.619,1 3.252,8 11,3 26

Income Statement (mn TRY) 09.2014 09.2013 Change (%) Total Technical Income 1.796,6 1.442,8 24,5 Total Technical Expenses -1.702,5-1.371,9 24,1 Technical Profit / Loss 94,1 71,0 32,6 Financial Income 190,5 139,0 37,1 Financial Expenses -203,3-135,5 50,0 Other Income / Expenses -10,1-20,7-51,0 Financial Profit / Loss -22,9-17,2 32,7 Gross Profit / Loss 71,2 53,7 32,5 Tax Provisions -19,0 0,0 - Net Profit / Loss 52,2 53,7-2,8 27

Major Affiliates (09.2014) Anadolu Hayat Is Reit Equity (mn TRY) Shareholders Equity (mn TRY) Market Share Market Cap (mn TRY) Share Owned Share Value (mn TRY) 380 550 20,0% 1.744 20% 349 680 1.184 4,5% 864 4,8% 41 3Q14 3Q14 MCap 695 million P / BV 0,73 After deducting affiliates MCap 305 million P / BV 0,46 28

Stock Performance Market 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 01.13 02.13 03.13 04.13 05.13 06.13 07.13 08.13 09.13 10.13 11.13 12.13 01.14 02.14 03.14 04.14 05.14 06.14 07.14 08.14 09.14 1,60 1,40 1,20 1,00 0,80 0,60 0,40 0,20 0,00 bist100 ansgr Change 01.2013 12.2013 09.2014 01.13-09.14 ANSGR 1,15 1,33 1,39 21% IMKB-100 79.642 67.801 74.938-6% 12.2012 12.2013 ANSGR 1,15 1,33 EPS (net profit / capital) -0,13 0,13 P / E (Mcap / net profit) -8,99 9,86 P / BV (Mcap / Book value) 0,76 0,73 29

Investment Portfolio (09.2014) Funds; 8,6% Other; 2,4% Stocks ; 4,8% Bonds; 24,1% Almost all of our bank deposits mature in 1 to 3 months time and bonds generally in 3 years. 60% of funds are related to stocks. 31% of bonds are corporate bonds. Deposits; 60,1% 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