INVESTOR PRESENTATION

2014Q1

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

4

Non Life 38

Life 26

Reinsurance 1

Total 65

Number of Companies (03.14)

Premium Production of the Sector (mn TRY) (03.14)

Premium Share

Non Life 6.203 %89

Life 795 %11

Total 6.998 %100

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 than 50% foreign shares. 14.487

17.116

20.834

2.686 2.711 3.396

17.173

19.827

24.230

12.11 12.12 12.13

Premium Production (mn TL)

Non Life

Life

Total 15,5%

22,2%

18,1% 21,7%

5 SOURCE: Association of Insurance Companies, turkstat

2011 2012 2013

Inflation Rates (%) 10,5 6,2 7,4

GDP Change (%) 8,8 2,1 4,0

GDP (Per Person) ($) 10.444 10.459 10.782

GDP (Per Person) (TRY) 17.510 18.927 23.012

Premium Increase (%) (non life)

21,3 18,1 21,7

Premium Increase (%) (Anadolu)

35,6 16,0 23,0

Remarks About the Sector

8,8

2,1

4,0

21,3

18,1

21,7

2011 2012 2013

Change in GDP and GWP

GDP Change Non Life Premium Production Change

Mandatory Policies in Turkey

6 SOURCE: turkstat, State Planning Organization, Association of

Insurance Companies, bkm, tramer, TCIP

18,1 million of vehicles and 9,4 million automobiles in Turkey.

36,7% of houses had a mandatory earthquake policy in 2013

22% of all vehicles do not have mandatory MTPL policy

3,43 3,31 3,73

4,79

6,03

2009 2010 2011 2012 2013

Number of Mandatory Earthquake Policies (million)

9,47

0,42 0,22

2,97

0,76

1,58

2,74

8,0%

21,6%

13,0% 12,1%

20,3%

54,1%

62,5%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

0,00

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

10,00

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 Year

Başak Sigorta 5,1% Groupama

56,7% 268 Million USD 2006

Başak Emeklilik 13,3% 41,0%

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 80,0% 285 Million Euro 2007

Genel Yaşam 1,7% Mapfre

Axa Oyak Sigorta 12,2% Axa

35,5% 525 Million USD 2008

Axa Oyak Hayat 4,7% 50,0%

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% Groupama

99,0% 180 Million Euro 2008

Güven Hayat 1,2% 99,0%

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

Non Life Premium Figures (2012)

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

World 2,8 283

USA 4,5 2.239

UK 2,8 1.094

Switzerland 4,3 3.401

Central and Eastern Europe 2,0 223

Turkey 1,2 123

8 SOURCE: Treasury, Association of Insurance Companies, Swiss Re Sigma 3,2013

102 108 93

106 114

123 118

165

138

163

215 219

6%

-14%

14%

8% 8%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

50

100

150

200

250

2007 2008 2009 2010 2011 2012

Premium Per Person

Premium($)

Premium(TRY)

Change ($)

Top Ten Companies in the Sector (03.2014)

9

Non - Life Companies Premium Production

(mn TRY) Market Share

Anadolu 787,0 12,7%

Axa 740,8 11,9%

Allianz 594,9 9,6%

Ak 476,3 7,7%

Mapfre Genel 452,5 7,3%

Gunes 337,2 5,4%

Groupama 336,4 5,4%

Yapı Kredi 307,9 5,0%

Ziraat 244,6 3,9%

Eureko 223,3 3,6%

Top 10 Companies 4.501,0 73,9%

Other 1.702,3 26,1%

TOTAL 6.203,2 100,0%

SOURCE: Association of Insurance Companies,

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

Anadolu; 12,7%

Axa ; 11,9%

Allianz; 9,6%

Ak ; 7,7%

Mapfre Genel ; 7,3%

Gunes; 5,4%

Groupama; 5,4%

Yapı Kredi; 5,0%

Ziraat ; 3,9%

Eureko; 3,6%

Other; 26,1%

Non Life Companies Premium Production (mn TRY)

10 SOURCE: Association of Insurance Companies,

Type of Coverage 03.2014 03.2013 Change (%) Share (03.2014) (%)

MOD 1.333,2 1.227,3 8,6 21,5

MTPL 1.202,2 1.214,9 -1,0 19,4

Fire and natural disaster 1.068,2 899,4 18,8 17,2

Health 1.006,3 880,0 14,4 16,2

General losses 868,9 807,5 7,6 14,0

Accident 236,4 197,7 19,6 3,8

General liability 164,8 136,5 20,8 2,7

Other 323,2 259,2 24,7 5,2

Total 6.203,2 5.622,5 10,3 100,0

• Non-life Sector Profile

• Outline of the company

• Financial highlights

11

Bancassurance

Sound pricing

Lower combined

ratios

Profitability

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 (89’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%

Other 43%

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

As of 03.14;

• Paid-in capital 500 million TRY

• MCap 705 million TRY

• Free Floating Ratio ~48%

Distribution Channels (03.2014)

14

• Moved to new building in Kavacık in 2013 December Headquarter

• İstanbul (2), Ankara, Antalya, İzmir, Adana, Bursa, Samsun, Trabzon

9 regional branches around Turkey

• North Cyprus Overseas

• ~25% working exclusively with Anadolu

2574 Professional Agencies

• Working exclusively with Anadolu

• 167 MSU (direct sales staff) working 1309 Işbank

Branches

Distribution Channels – Bancassurance

15

2011 167m

2012 204m

2013 269m

22%

32% Işbank Premium Production

2011 1.926m

2012 2.234m

2013 2.749m

Total Premium Production 23%

16%

Agencies; 72,0%

Broker; 10,6%

İşbank; 8,1%

Indirect; 7,4%

Direct; 1,9%

03.2014

According to May-2014 results bancassurance premium increased %13 when one-off engineering policy deducted from may-2013

Premium Distribution By Regions (03.2014)

16

Aegean; 7,9%

Middle Anatolia;13,8%

Mediterranean; 6,9%

South East Anatolia; 3,3%

East Anatolia; 2,3%

Black Sea; 5,0%

Marmara; 60,8%

Premium Production (03.2014) (mn TRY)

17

Branch 03.14 03.13 Change (%)

Mod 215.549 214.477 0,5

Mtpl 204.303 156.390 30,6

Fire and natural disaster 116.567 99.137 17,6

Health 91.188 67.721 34,7

Other 159.410 175.050 -8,9

Total 787.017 712.776 10,4

Motor 53%

Fire and natural disaster

15%

Health 12%

Other 20%

By Branches

MOD 51%

MTPL 49%

Motor

18

Market Rank (1st)

• Land vehicles (17,9%)

• Water vehicles (46,4%)

• Marine (13,4%)

• General liability (15,9%)

• Air vehicles (37,5%)

• Air vehicles liability (48,2%)

Market Rank (Other)

• Health (9,1%)

• General losses (7,3%)

• Legal protection (11,3%)

• Financial loss (7,5%)

• Accident (5,6%)

• Credit (1%)

Market Rank (2nd)

• Land vehicles liability (15,3%)

• Fire and natural disaster (10,9%)

• Air vehicles (38,8%)

• General losses (11,4%)

Total Market Share for Anadolu in 1Q14 is; 12,7% in 1st rank

19

Premium Per Policy (1Q13-1Q14) – Sound Pricing

# of Policy increase

5%

(1Q13 =>157.000; 1Q14=>165.000)

GWP increase

0%

(1Q13 =>214m; 1Q14=>216m)

Premium Per Policy

-4%

(1Q13=>1.364;1Q14=>1.303)

# of Policy decrease

13%

(1Q13 =>390.000; 1Q14=>339.000)

GWP increase

25%

(1Q13 =>138m; 1Q=>172m)

Premium Per Policy increase

43%

(1Q=>353;1Q14=>507)

MOD

MTPL

Premium per policy increased %32 in 2013 in MOD

No damage discounts for renewals

20

109%

117%

92%

2011 2012 2013 2014E

MOD

127% 125%

117%

2011 2012 2013 2014E

MTPL

81%

108%

88%

2011 2012 2013 2014E

Fire & Nat. D.

Combined Ratio - branches

MOD is short term business while MTPL is long tailed.

IBNR in MTPL has increased from 127m TRY to 184m TRY in 2013 however combined ratio decreased 8 percent in 2013.

Combined Ratio

21

76%

85%

76%

101%

18%

17%

15%

111%

13% 9%

10%

107%

2011 2012 2013 2014E

Expense Ratio

Net Comm. Ratio

Claims Ratio

Below 100%

Technical profitability

03.14

Claims Ratio 76,8%

Net Commission Ratio 15,7%

Expense Ratio 9,1%

Combined Ratio 101,6%

Profitability (ROE – ROA)

22

8,42

19,35

5,97 4,42

0,58

-8,46

7,39

2,27

2007 2008 2009 2010 2011 2012 2013 1Q14

ROE

3,87

7,67

2,76 1,92

0,18

-2,56

2,07

0,60

2007 2008 2009 2010 2011 2012 2013 1Q14

ROA

• Non-life Sector Profile

• Outline of the company

• Financial highlights

23

24

Growth Performance

94%

35%

13%

121%

130% 920 1.050 1.248 1.324

1.785

2009 2010 2011 2012 2013

Cash and Marketable Sec. (mn TRY)

1.744 1.951 2.209 2.498

3.253

2009 2010 2011 2012 2013

Total Assets (mn TRY)

806 849 705 756

913

2009 2010 2011 2012 2013

Shareholders' Equity (mn TRY)

806 933

1.215 1.398

1.851

2009 2010 2011 2012 2013

Tech. Reserves (mn TRY)

1.243 1.420

1.926 2.235

2.750

2009 2010 2011 2012 2013

Gross Premium Written (mn TRY)

23%

30%

87%

32%

21%

Balance Sheet (Assets)

Assets (mn TRY) 03.2014 12.2013 Change (%)

Cash + Marketable Sec. 1.863,8 1.784,7 4,4

Receivables 811,5 773,9 4,9

Equity Participations 326,9 368,2 -11,2

Fixed Assets 98,4 97,6 0,8

Other Assets 271,1 228,3 18,7

TOTAL 3.371,7 3.252,8 3,7

25

Liabilities (mn TRY) 03.2014 12.2013 Change(%)

Payables 376,6 383,6 -1,8

Technical Provisions 1.999,1 1.851,4 8,0

Shareholders' Equity 893,9 913,0 -2,1

Other Liabilities 102,2 104,8 -2,5

TOTAL 3.371,7 3.252,8 3,7

26

Balance Sheet (Liabilities)

Income Statement (mn TRY)

27

03.2014 03.2013 Change (%)

Total Technical Income 570,5 478,5 19,2

Total Technical Expenses -533,4 -463,5 15,1

Technical Profit / Loss 37,1 15,0 147,7

Financial Income 68,1 43,8 55,7

Financial Expenses -70,0 -41,8 67,3

Other Income / Expenses -11,1 -13,4 -17,0

Financial Profit / Loss -12,9 -11,4 13,3

Gross Profit / Loss 24,2 3,6 573,1

Tax Provisions -3,9 - -

Net Profit / Loss 20,3 3,6 464,7

Major Affiliates (03.2014)

28

350

502

20,0%

1.638

20%

328

630

1.143

4,1%

819

4,8%

39

Equity (mn TRY)

Shareholders’ Equity (mn TRY)

Market Share

Market Cap (mn TRY)

Share Owned

Share Value (mn TRY)

Is Reit Anadolu Hayat

1Q14

MCap 705 million

P / BV 0,79

1Q14

MCap 338 million

P / BV 0,53

After deducting affiliates

29

Stock Performance

Change

01.2013 12.2013 03.2014 01.13-12.13

01.14 03.14

ANSGR 1,15 1,33 1,41 15% 7%

IMKB-100 79.642 67.801 69.736 -15% 2%

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

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

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

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

Market Performance

bist100 ansgr

30

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.

Our aim is to diversify our portfolio and

gain more flexibility against possible fluctuations especially on crisis times.

Investment Portfolio (03.2014)

Stocks ; 0,4% Bonds; 30,1%

Deposits; 58,3%

Funds; 9,7%

Other; 1,5%

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

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