INVESTOR PRESENTATION

2015Q4

Contents

Non-life Sector Profile 3

Outline of the Company 11

Financial Highlights 23

Appendix 33

2

Non-life Sector Profile

Outline of the company

Financial highlights

3

4

Non Life 38

Life 24

Reinsurance 1

Total 63

Number of Companies (12.15)

Premium Production of the Sector (mn TRY) (12.15)

Premium Share

Non Life 27.264 87,9%

Life 3.761 12,1%

Total 31.026 100%

Non Life 26

Life 18

Reinsurance -

Total 44

Number of Foreign Shared Companies

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

* 39 of 44 company has more than50% foreign shares.

7,3%

19,4%

9,0% 20,1%

20.834

22.710

27.264

3.395 3.280 3.761

24.230

25.990

31.026

12.13 12.14 12.15

Premium Production (mn TL)

Non Life

Life

Total

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

20 million of vehicles and 10,6million automobiles in Turkey.

41,1% of houses had a mandatory earthquake policy in 2015

20,5% of all vehicles do not have mandatory MTPL policy

10,64

0,45 0,22

3,26

0,801,70

2,94

8,5%

18,4%23,4%

12,5%

20,0%

39,6%

62,0%

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

3,73

4,79

6,03

6,817,23

2011 2012 2013 2014 2015

Number of Mandatory Earthquake Policies (million)

36,842,5

52,6

64,3

81

2010 2011 2012 2013 2014

Total Assets of Insurance Sector (bn TRY)

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

10893

106 114 123143 133

165

138163

215 219

305 308

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

0

50

100

150

200

250

300

350

2008 2009 2010 2011 2012 2013 2014

Top Ten Companies in the Sector (2015)

9

Non - Life Companies GWP (mn TRY) Market Share

Allianz 4.050,9 14,9%

Anadolu 3.610,7 13,2%

Axa 3.065,7 11,2%

Mapfre 2.110,6 7,7%

Aksigorta 1.622,2 5,9%

Groupama 1.288,4 4,7%

Güneş 1.114,6 4,1%

Ziraat 1.063,5 3,9%

Eureko 1.002,6 3,7%

Sompo 932,4 3,4%

Top 10 Companies 19.861,3 72,8%

Other 7.403,2 27,2%

TOTAL 27.264,5 100,0%

SOURCE: Association of Insurance Companies,

Allianz; 14,9%

Anadolu; 13,2%

Axa; 11,2%

Mapfre; 7,7%

Aksigorta; 5,9%Güneş; 4,7%

Groupama; 4,1%

Sompo; 3,9%

Eureko; 3,7%

Ziraat; 3,4%

Other; 27,2%

Non Life Companies Premium Production (mn TRY)

10 SOURCE: Association of Insurance Companies,

Type of Coverage 2015 2014 YoY (%) Share (2015) (%)

MTPL 7.486,4 5.528,3 35,4 27,5

MOD 5.551,4 5.085,1 9,2 20,4

Fire and natural disaster 4.391,2 3.844,6 14,2 16,1

Health 3.436,5 2.930,3 17,3 12,6

General losses 2.978,1 2.429,3 22,6 10,9

Accident 1.196,6 1.035,7 15,5 4,4

General liability 758,0 634,4 19,5 2,8

Other 1.466,2 1.221,9 20,0 5,4

Total 27.264,5 22.709,5 20,1 100,0

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 12.15;

• Paid-in capital 500 million TRY

• MCap 795 million TRY

• Free Float Ratio ~48%

Distribution Channels (2015)

14

• İstanbulHeadquarter

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

Turkey

• North CyprusOverseas

• ~25% working exclusively with Anadolu2468 Professional Agencies

• Working exclusively with Anadolu

• 278 MSU (direct sales staff) working1373 Işbank Branches

Bancassurance (2015)

15

Agencies; 71,3%

Broker; 10,1%

İşbank; 11,7%Indirect; 4,9%

Direct; 1,9%

FY14 FY15

Bancassurance GPW 22 39

Total GPW (mnTRY) 80 110

Premium per policy(TRY) 60 105

Bancassur.GPW / Total GPW 27,90% 35,70%

Share in bancassurance prod. 6,90% 9,50%

74%

Personal Accident

Company FY14 FY15 Growth

Ziraat 651 860 32,1%

Eureko 421 498 18,3%

Anadolu 325 423 30,2%

Allianz 301 352 16,9%

Aksigorta 269 280 4,1%

Sector Bancassurance Premiums

while total productionincreased 20% YoY

Premium Distribution By Regions (2015)

16

Aegean; 8,8%

Middle Anatolia;14,3%

Mediterranean; 7,5%

South East Anatolia; 2,6%

East Anatolia; 2,3%

Black Sea; 5,9%

Marmara; 58,2%

Premium Production (2015) (mn TRY)

17

Mtpl29%

Mod23%

Fire and natural disaster

18%

Sickness \Health

9%

Other21%

2015 2014 YoY%

Mtpl 1.042.780 780.421 33,6

Mod 845.727 824.143 2,6

Fire and natural disaster 637.516 503.259 26,7

Sickness \ Health 328.097 279.983 17,2

Other 756.308 617.024 22,6

Total 3.610.430 3.004.830 20,2

18

50,61%56,08% 54,88% 55,10% 53,40% 52,30%

47,39% 46,70% 49,49% 49,86% 46,74% 47,82%

2010 2011 2012 2013 2014 2015

ANSGR (MOD+MTPL)/(GPW)

NON LIFE (MOD+MTPL)/(GPW)

YEARMOD+MTPL

ANSGR (mn TRY)MOD+MTPL

SECTOR (mn TRY) 2010 719 5.662

2011 1.080 6.7622012 1.226 8.471

2013 1.515 10.4092014 1.604 10.6132015 1.889 13.038

19

Market Rank (1st)

• Accident(9,2%)

• Water vehicles (48,0%)

• General liability (16,2%)

• Fire and natural disaster(14,5%)

• MOD (15,2%)

• Marine (13,3%)

Market Rank (Other)

• Health (9,6%)

• General losses (10,0%)

• Credit (0,7%)

• Financial loss (6,0%)

• Legal protection (9,0%)

• MTPL (13,9%)

Market Rank (2nd)

• Air vehicles (24,6%)

• Air vehicles liabillity(21,2%)

Total Market Share for Anadolu in 2015Q1 is; 13,2% in 2nd rank

20

IBNR Reserve Development

658,7 m

127,1 m123,5 m

186,1

436,7

309,6

2013 2014 2015

*Min. 222 mn TRY of IBNR will be added on to reserves gradually until the end of 2019

222*

Combined Ratio

21

~ 105%

12.15Claims Ratio 82,9%

Net Commission Ratio 15,1%

Expense Ratio 8,9%

Combined Ratio 106,9%

107%103%

101%

111%

85%

76%80%

83%

17%

15%14%

15%

9%

10% 9%9%

2012 2013 2014 2015 2016

Expense Ratio

Net Comm. Ratio

Claims Ratio

Q115 Q215 Q315 Q415 FY15

106,2% 109,7% 108,1% 103,7% 106,9%

Profitability (ROE – ROA)

22

19,35

5,974,42

0,58

-8,46

7,39 6,825,31

2008 2009 2010 2011 2012 2013 2014 2015

ROE

7,67

2,761,92

0,18

-2,56

2,07 1,901,31

2008 2009 2010 2011 2012 2013 2014 2015

ROA

Non-life Sector Profile

Outline of the company

Financial highlights

23

24

Growth Performance

139%

33%

70%

87%

20%

30%

121%

29%

18%

1.248 1.324

1.785

2.250

2.986

2011 2012 2013 2014 2015

Cash and Marketable Sec. (mn TRY)

1.2151.398

1.851

2.282

2.934

2011 2012 2013 2014 2015

Tech. Reserves (mn TRY)

141%

2.2092.498

3.2533.773

4.888

2011 2012 2013 2014 2015

Total Assets (mn TRY)

1.9262.235

2.7503.005

3.610

2011 2012 2013 2014 2015

Gross Premium Written (mn TRY)

705 756913

1.020

1.202

2011 2012 2013 2014 2015

Shareholders' Equity (mn TRY)

Balance Sheet (Assets)

25

Assets (mn TRY) 2015 2014 YoY%

Cash + Marketable Sec. 2.985,7 2.250,1 32,7

Receivables 928,3 797,5 16,4

Equity Participations 495,3 391,4 26,5

Fixed Assets 142,9 94,6 51,1

Other Assets 335,4 239,9 39,8

TOTAL 4.887,5 3.773,4 29,5

Liabilities (mn TRY) 2015 2014 YoY%

Payables 610,4 349,6 74,6

Technical Provisions 2.933,6 2.282,5 28,5

Shareholders' Equity 1.201,9 1.019,8 17,9

Other Liabilities 141,6 121,5 16,6

TOTAL 4.887,5 3.773,4 29,5

26

Balance Sheet (Liabilities)

Income Statement (mn TRY)

27

2015 2014 YoY(%)

Total Technical Income 2.860,3 2.441,2 17,2

Total Technical Expenses -2.756,6 -2.320,0 18,8

Technical Profit / Loss 103,6 121,3 -14,5

Financial Income 368,0 258,9 42,1

Financial Expenses -382,4 -275,7 38,7

Other Income / Expenses -23,7 -11,7 101,6

Financial Profit / Loss -38,1 -28,5 33,6

Gross Profit / Loss 65,6 92,8 -29,3

Tax Provisions -1,8 -21,1 -91,6

Net Profit / Loss 63,8 71,7 -11,0

Major Affiliates (2015)

28

410

778

19,5%

2.476

20%

495

746

2.791

4,4%

1.313

4,8%

63

Equity (mn TRY)

Shareholders’ Equity (mn TRY)

Market Share

Market Cap (mn TRY)

Share Owned

Share Value (mn TRY)

Is ReitAnadolu Life

2015

MCap 795 million

P / BV 0,66

2015

MCap 237 million

P / BV 0,31

After deductingaffiliates

29

Stock Performance

Change

01.2014 12.2014 12.201501.15-12.15

ANSGR 1,33 1,38 1,59 15,51%

IMKB-100 67.802 85.721 71.727 -16,07%

12.2014 12.2015

ANSGR 1,42 1,59

EPS (net profit / capital) 0,14 0,13

P / E (Mcap / net profit) 12,46 12,46

P / BV (Mcap / Book value) 0,70 0,66

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

Bank deposit’s average maturity date is 60 days while bonds’ are 874 days.

20% of funds are related to stocks.

Investment Portfolio (2015)

DEPOSITS71,3%

FUNDS5,7%

STOCKS4,9%

BONDS17,1%

OTHER0,9%

TOTAL: TRY 2,41 Billion*

(*) 210 m financial loans netted-off

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