INVESTOR PRESENTATION

2015Q3

Contents

Non-life Sector Profile 3

Outline of the Company 11

Financial Highlights 24

Appendix 32

2

Non-life Sector Profile

Outline of the company

Financial highlights

3

4

Non Life 38

Life 25

Reinsurance 1

Total 64

Number of Companies (09.15)

Premium Production of the Sector (mn TRY) (09.15)

Premium Share

Non Life 19.275 87,4

Life 2.780 12,6

Total 22.055 100,0

Non Life 25

Life 18

Reinsurance -

Total 43

Number of Foreign Shared Companies

SOURCE: Association of Insurance Companies, Undersecretariat of treasury annual report

* 35 of 43 company has more than50% foreign shares.

17.116

20.834

22.710

2.7113.395 3.280

19.827

24.230

25.990

12.12 12.13 12.14

Premium Production (mn TL)

Non Life

Life

Total

22,2%

7,3%

21,7% 9,0%

5 SOURCE: Association of Insurance Companies, turkstat

2012 2013 2014

Inflation Rates (%) 6,2 7,4 8,2

GDP Change (%) 2,1 4,0 2,6

GDP (Per Person) ($) 10.459 10.782 10.404

GDP (Per Person) (TRY) 18.927 23.012 22.753

Premium Increase (%)non-life

18,1 21,7 9,0

Premium Increase (%)(Anadolu)

16 23 9,3

Remarks About the Sector

2,1

4,0

2,6

18,1

21,7

9,0

2012 2013 2014

CHANGE İN GDP AND GWP

GDP Change (%) Premium Increase (%)non-life

Mandatory Policies in Turkey

6 SOURCE: turkstat, State Planning Organization, Association of Insurance Companies, bkm, tramer, TCIP

19,6 million of vehicles and 10,4million automobiles in Turkey.

39,1% of houses had a mandatory earthquake policy in 2014

19,3% of all vehicles do not have mandatory MTPL policy

3,313,73

4,79

6,03

6,81

2010 2011 2012 2013 2014

Number of Mandatory Earthquake Policies (million)

10,41

0,44 0,22

3,19

0,801,67

2,92

7,8%

17,7%22,4%

11,5%

19,4%

32,3%

60,8%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

0,00

2,00

4,00

6,00

8,00

10,00

12,00

automobile mini-bus bus pick-up van truck tractor motorbike

Non-insured ratio

Foreign Capital with M&A’s

7

Company Market Share Foreign Capital Stake Transaction Price YearBaşak Sigorta 5,10%

Groupama56,70%

268 Million USD 2006Başak Emeklilik 13,30% 41,00%Emek Hayat - Global Equities Management 100,00% 2 Million TRY 2006İhlas Sigorta 1,40% HDI International 100,00% 17 Million Euro 2006Şeker Sigorta 1,60% Liberty Mutual Group 63,90% - 2006İsviçre Sigorta 6,90% Ergo Group 75,00% - 2006İsviçre Hayat 1,80% Ergo Group 67,50% - 2006Global Hayat 0,20% Denizbank-Dexia 99,60% 2,7 Million Euro 2007Ray Sigorta 3,20% TBIH 58,20% 81 Million USD 2007Garanti Sigorta 4,50% Eureko 80,00% 365 Million Euro 2007Garanti Emeklilik 7,10% Eureko 15,00% 100 Million Euro 2007Genel Sigorta 3,50% Mapfre

80,00% 285 Million Euro 2007Genel Yaşam 1,70% MapfreAxa Oyak Sigorta 12,20%

Axa 35,50%

525 Million USD 2008Axa Oyak Hayat 4,70% 50,00%Koç Allianz 9,10% Allianz SE 43,40% 248 Million Euro 2008Koç Allianz Hayat 5,20% Allianz SE 49,00% 125 Million Euro 2008Güven Sigota 2,40%

Groupama99,00%

180 Million Euro 2008Güven Hayat 1,20% 99,00%Fiba Sigorta 2,60% NKSJ 93,40% 307 Million USD 2010Ak Sigorta 7,40% Ageas 31,00% 220 Million USD 2011Deniz Emeklilik 4,50% MetLife 99,90% 162 Million Euro 2011Finans Emeklilik 5,20% Cigna Nederland 51,00% 85 Million Euro 2012Yapı Kredi 7,20%

Allianz93,90%

603,5 Million Euro2014

Yapı Kredi Emeklilik - 80,00% 2014

Non Life Premium Figures (2014)

Premium / GDP (%) Premium Per Person ($)

World 2,7 294

USA 4,3 2.360

UK 2,6 1.185

Switzerland 4,1 3.542

Poland 1,8 254

Central and Eastern Europe 1,4 156,5

Turkey 1,3 133

8 SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2014

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

50

100

150

200

250

300

350

2008 2009 2010 2011 2012 2013 2014

Premium($)

Premium(TRY)

Change ($)

Top Ten Companies in the Sector (09.2015)

9

Non - Life Companies GWP (mn TRY) Market Share

Allianz 2.714,3 14,1%

Anadolu 2.597,6 13,5%

Axa 2.093,7 10,9%

Mapfre 1.401,4 7,3%

Aksigorta 1.235,5 6,4%

Groupama 917,6 4,8%

Güneş 906,9 4,7%

Ziraat 726,8 3,8%

Eureko 707,1 3,7%

Sompo 678,6 3,5%

Top 10 Companies 13.979,5 72,5%

Other 5.295,3 27,5%

TOTAL 19.274,8 100,0%

SOURCE: Association of Insurance Companies,

Allianz; 14,1%

Anadolu; 13,5%

Axa; 10,9%

Mapfre; 7,3%Aksigorta; 6,4%Groupama; 4,8%

Güneş; 4,7%

Ziraat; 3,8%

Eureko; 3,7%

Sompo; 3,5%

Other; 27,5%

Non Life Companies Premium Production (mn TRY)

10 SOURCE: Association of Insurance Companies,

Type of Coverage 09.2015 09.2014 Change (%) Share (09.2015) (%)

MTPL 4.871,4 4.051,8 20,2 25,3

MOD 3.954,1 3.640,1 8,6 20,5

Fire and natural disaster 3.125,7 2.765,5 13,0 16,2

Health 2.512,0 2.141,6 17,3 13,0

General losses 2.375,6 1.914,7 24,1 12,3

Accident 846,5 751,1 12,7 4,4

General liability 574,3 481,0 19,4 3,0

Other 1.015,3 875,8 15,9 5,3

Total 19.274,8 16.621,7 16,0 100,0

Non-life Sector Profile

Outline of the company

Financial highlights

11

Few Remarks About the Company

12

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 (90’th anniversary)

First National Insurance Company

Main activity: Non-life insurance (until 1991, both life and non-life)

13

Accident General losses

Sickness\Health Land vehicles liability (MTPL)

Land vehicles (MOD) Air vehicles liability

Industrial vehicles Water vehicles liability

Air vehicles General liability

Water vehicles Credit

Marine Financial loss

Fire and natural disaster Legal protection

Area of activity Shareholder Structure

Milli Reasürans

57%

Other43%

%77 of Milli Reasürans is owned by T. İş Bankası A.Ş.

As of 09.15;

• Paid-in capital 500 million TRY

• MCap 750 million TRY

• Free Float Ratio ~48%

Rating Outlook

Fitch Ratings- International Insurer Financial Strength BBB- Sta

Fitch Ratings- National Insurer Financial StrengthAA+ (tur)

Sta

SAHA Corporate Governance Rating 9,16 -

Distribution Channels (09.2015)

14

• İstanbulHeadquarter

• İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon9 regional branches around

Turkey

• North CyprusOverseas

• ~25% working exclusively with Anadolu2571 Professional Agencies

• Working exclusively with Anadolu

• 267 MSU (direct sales staff) working1365 Işbank Branches

Bancassurance (09.2015)

15

BranchComb. Ratio

(Branch)Premium Bank/gpw

Fire and natural disaster 93,6% 86,9m 31,0%

MOD 100,0% 70,5m 25,2%

Accident 58,5% 28,2m 10,1%

Agencies; 70,7%

Broker; 10,1%İşbank; 10,8%

Indirect; 6,5%

Direct; 1,8%

Bancassurance (09.2015)

16

2014Q3223m

2015Q3280m

25,5%

Işbank Premium Production

2014Q32.217m

2015Q32.597m

Total Premium Production

17,1%

159 162

182

244

2011 2012 2013 2014

MSU #

Premium Distribution By Regions (09.2015)

17

Aegean; 8,1%

Middle Anatolia;13,4%

Mediterranean; 7,2%

South East Anatolia; 2,6%

East Anatolia; 2,5%

Black Sea; 5,5%

Marmara; 60,7%

Premium Production (09.2015) (mn TRY)

18

Branch 09.15 09.14 Change (%)

Mtpl 751.521 612.230 22,8

Mod 605.776 616.296 -1,7

Fire and natural disaster 455.201 339.330 34,1

Health 243.424 197.050 23,5

Other 541.712 452.988 19,6

Total 2.597.634 2.217.894 17,1

Mtpl29%

Mod23%

Fire and natural disaster

18%

Sickness \Health

9%

Other21%

19

Market Rank (1st)

• Accident(9,1%)

• Water vehicles (42,5%)

• Air vehicles liabillity(39,3%)

• General liability (16,3%)

• Fire and natural disaster (14,6%)

• MOD (15,3%)

• Air vehicles (51,0%)

• Marine (12,4%)

Total Market Share for Anadolu in 2015Q3 is; 13,5% in 2nd rank

20

Combined Ratio - branches

109%117%

92% 96%

2011 2012 2013 2014

MOD

127%125%

117%

109%

2011 2012 2013 2014

MTPL

81%

108%

88%80%

2011 2012 2013 2014

Fire & Nat. D.

Combined Ratio

21

09.15Claims Ratio 84,1%

Net Commission Ratio 14,7%

Expense Ratio 9,2%

Combined Ratio 108,0%

103%101%111%

85%

76%80%

17%

15%14%

9%

10% 9%

30%

40%

50%

60%

70%

80%

90%

100%

110%

120%

2012 2013 2014

Claims Ratio Net Comm. Ratio Expense Ratio

12.15 (E)

106,0%

Profitability (ROE – ROA)

22

8,42

19,35

5,974,42

0,58

-8,46

7,39 7,02

2007 2008 2009 2010 2011 2012 2013 2014

ROE

3,87

7,67

2,761,92

0,18

-2,56

2,07 1,90

2007 2008 2009 2010 2011 2012 2013 2014

ROA

Non-life Sector Profile

Outline of the company

Financial highlights

23

24

Growth Performance

174%

28%

20%

112%

9%

16%

93%

23%

12%

1.0501.248 1.324

1.785

2.250

2010 2011 2012 2013 2014

Cash and Marketable Sec. (mn TRY)

933

1.2151.398

1.851

2.282

2010 2011 2012 2013 2014

Tech. Reserves (mn TRY)

145%

1.9512.209

2.498

3.253

3.773

2010 2011 2012 2013 2014

Total Assets (mn TRY)

1.420

1.9262.235

2.7503.005

2010 2011 2012 2013 2014

Gross Premium Written (mn TRY)

849705 756

9131.020

2010 2011 2012 2013 2014

Shareholders' Equity (mn TRY)

Balance Sheet (Assets)

Assets (mn TRY) 09.2015 12.2014 Change (%)

Cash + Marketable Sec. 2.720,5 2.250,1 20,9

Receivables 817,3 797,5 2,5

Equity Participations 446,1 391,4 14,0

Fixed Assets 135,4 127,7 6,0

Other Assets 318,8 238,2 33,8

TOTAL 4.438,1 3.804,9 16,6

25

Liabilities (mn TRY) 09.2015 12.2014 Change(%)

Payables 389,2 349,6 11,3

Technical Provisions 2.822,9 2.282,5 23,7

Shareholders' Equity 1.117,5 1.051,3 6,3

Other Liabilities 108,5 121,5 -10,7

TOTAL 4.438,1 3.804,9 16,6

26

Balance Sheet (Liabilities)

Income Statement (mn TRY)

27

09.2015 09.2014 Change (%)

Total Technical Income 2.123,5 1.796,6 18,2

Total Technical Expenses -2.047,4 -1.702,5 20,3

Technical Profit / Loss 76,1 94,1 -19,1

Financial Income 296,9 190,5 55,8

Financial Expenses -311,4 -203,1 53,3

Other Income / Expenses -18,5 -10,1 82,0

Financial Profit / Loss -33,0 -22,8 45,0

Gross Profit / Loss 43,1 71,3 -39,6

Tax Provisions - -19,0 -100,0

Net Profit / Loss 43,1 52,3 -17,7

Major Affiliates (09.2015)

28

410

725

19,5%

2.246

20%

449

746

1.185

4,4%

1.044

4,8%

49

Equity (mn TRY)

Shareholders’ Equity (mn TRY)

Market Share

Market Cap (mn TRY)

Share Owned

Share Value (mn TRY)

Is ReitAnadolu Life

09.2015

MCap 750 million

P / BV 0,67

09.2015

MCap 252 million

P / BV 0,33

After deductingaffiliates

29

Stock Performance

Change

01.2014 12.2014 09.201501.15-09.15

ANSGR 1,33 1,38 1,50 8,7%

IMKB-100 67.802 85.721 74.205 -13,2%

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

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

1,80

0,00

10.000,00

20.000,00

30.000,00

40.000,00

50.000,00

60.000,00

70.000,00

80.000,00

90.000,00

100.000,00

.XU100 ANSGR

30

Almost all of our bank deposits mature in 3 month time and bonds generally in 2years.

30% of funds are related to stocks.

Investment Portfolio (09.2015)

Stocks ; 3,7%

Bonds; 14,3%

Deposits; 75,2%

Funds; 5,5%Other; 1,3%

This presentation contains forward-looking statements and information on the businessdevelopment of Anadolu Sigorta. These statements may be spoken or written and can berecognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “seeks” or words withsimilar meaning. These statements are based on assumptions relating to the development ofthe economies of individual countries, and in particular of the insurance industry, which wehave made on the basis of the information available to us and which we consider to be realisticat the time of going to press. The estimates given involve a degree of risk, and the actualdevelopments may differ from those forecasts.

Anadolu Sigorta does not accept any liability whatsoever for any direct or consequential lossarising from any use of this document or its content due to misleading information in thisdocument.

31

Disclaimer

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