Presentation to Investors June 2015 (2015Q1) AvivaSA at a Glance: - PowerPoint PPT Presentation

Presentation to Investors June 2015 – (2015Q1)

AvivaSA at a Glance: Unique Positioning and Attractive Business Model 2

Blue- chip “Sponsoring” Shareholders: A Unique Blend of Expertise and Reputation Established in 2007 as a joint venture, after the merger of Ak Emeklilik and Aviva Hayat  Global diversified insurer with presence in  One of the largest 17 countries and over Turkish “multi -business 100 bancassurance company” with wide partners franchise of consumer brands and networks  Best practice policies based on UK  Unparalleled local trust international standards and reputation on governance / audit 3

Leading Life and Pension Player in Turkey Unique demographic profile: second largest country in Europe (76million) with almost 50% under 30 years old Turkey’s attractive #2 • 19% market share growth and Pension • ~761k participants; 7,6 billion TL AUM (Q1 2015) demographics #1 • 34% cagr in terms of AUM (2011-2014 / last 3 year) Corporate • #1 Corporate Pension: Market leader in corporate pensions Pension with %27 market share • 7% market share (2014) #6 • TL197m GWP (2014) and ~1.5m customers Life Protection • 33% GWP cagr (2011-2014 / last 3 year) • 19% market share (2014) #2 • TL45m GWP (2014) and ~0.5m customers Personal • 19% GWP cagr (2011-2014 / last 3 year) Accident Source: HAYMER, EGM, TBB. 4 Note: Data as of December 2014

Solid Sales Culture through a Multidistribution Platform to Expand Scale and Penetration in Pension and Life Distribution Platform At a Glance Fastest Exclusive 15-year Bancassurance growing Agencies distribution distribution # Branches Akbank: 973 agreement # Agencies: ~ 190 channel Akbank sales coaches: ~ 400 Total PVNBP: 192m (16%) Q1 2015 Total PVNBP: 637m (52%) Q1 2015 Corporate Direct sales force (DSF) # Corporate Sales Team: ~ 30 Key Distribution Channels # Total PVNBP: 179m (15%) Q1 2015 # FAs: ~ 620 (covering 17 cities) Total PVNBP: 201m (17%) Q1 2015 #1 in employer- sponsored group Largest direct sales pension contracts force in the sector Direct (web+call center) by market share (Developing) Total PVNBP: 2m (0.1%) Q1 2015 5 Source: Data as of 2014

Strategic Objectives Built on AvivaSA Strengths Solid financial and operational foundation: “Focus on Profitable Growth” Maintain Leadership and Improve Penetration of Profitability in Pension Akbank Deliver Customer Enhance Competitive Diversifying and Value Positioning & Market Strengthening Non-bank Share in Life Distribution Optimise Operational Excellence 6

Excellent Corporate Governance Overview Governance Structure Haluk Dincer David McMillan AvivaSA Board  Excellent corporate (Board Chairman) (Board Vice-Chairman) governance framework established at the creation of the JV in 2007 Board Advisory Corporate Board Level Audit Risk Operations Governance Committees Committee Committee Committee Committee  Top tier governance Operational principles Risk & Executive Management ALCO Reputation Committee Committees  Well-balanced and Committee experienced board with domestic and international expertise Functional Product Regulatory Disciplinary  2 INEDs have been Sub-Committees Committee Committee Committee appointed post-IPO 7

Solid Financial Foundations and Historical Track Record of Value Creation YOY /Δ 2015 Q1 Pension Contributions 437mTL 108% ● Top line volumes of both pension and life growing at rapid pace in the past 3 years ● Pension contributions driving business to profitable scale Total AUM 7.6bTL 41% ● Increasing penetration of life driven by Akbank partnership Total GWP (Life+PA) 54mTL 4% ● Steady increase thanks to pension scalability and life segments Total Technical Profit 67mTL 24% 5,2 pts Expense Ratio (1) 8.9% ● Steady fall in cost ratio from 14.1% in 2014Q1 to 8.9% as efficiency improves (yoy) Profit for the Period 29mTL 35% ● Track-record of profitable growth ● One of the leaders in sector ROE at 34% ( annualized) ROE 34% ● Strong solvency I position with capital-light product model Solvency 195% ● Consistent dividend payment VNB (Q1 2015) 50mTL 34% ● VNB has grown 34% in q1 2015 yoy basis ● MCEV has grown 26% in 2014 yoy basis MCEV (2014) TL1.204m 26% Note: Segmental reporting data (1) General expenses, as % of insurance GWP and pension net contributions. 8

Leading Fast Growing Pension and Life Franchise 9

Pension – Sustainable Growth and Scale Ambitions Underpenetrated Pension Market Fast Growing Pension AUM (TLbn) 408 Total pop.: 76m CAGR: +30% Working-age pop.: 52m CAGR: +38% Workforce: 25m 31 Social Sec.Participants: 16 21 11 15m 7 4 5 3 Pension 2011 2012 2013 2014 2023E participants: 5m AvivaSA AuM Industry AuM Drivers of Strong Government Support Strong Government Support for Pensions To support the Social Security System • %25 state contribution • To improve & deepen capital markets • Defered tax in terms of pension investment • To increase the saving rate (up to %19) • income To reduce Current Account Deficit • 10 Source: EGM, TSB vision 2023 report, Turkstat.

Pension – Sustainable Growth and Scale Ambitions Technical Profit (TLm) Pensions AUM including State Contribution (TLm) 7.607 CAGR: +13% 7.130 114,2 CAGR: +34% 98,8 91,8 5.386 5.019 78,5 4.049 41% 2.957 34,3 24,9 38 % 2011 2012 2013 2014 Q12014 Q12015 2011 2012 2013 2014 Q1 2014 Q1 2015 Number of Participants (x1000) Market Share Of AvivaSA % (in terms of AUM) 761 733 CAGR: +20% 2011 2012 2013 2014 Q1 2014 Q1 2015 649 617 20,6 19,9 19,1 18,8 19,0 19,0 492 421 Average Monthly Contribution Size / Policy (TL) 17% 2011 2012 2013 2014 Q1 2014 Q1 2015 210 219 237 256 241 266 2011 2012 2013 2014 Q12014 Q12015 11

Life Protection – Sustainable and Resilient Growth Model Fuelled by Bancassurance GWP (TLm) Technical Profit & Margin (1) (TLm, %) 103,4 CAGR: +32% 86,8 CAGR: +33% 196,6 178,3 -1% 3% 134,1 54,3 45,3 83,2 25,3 25,1 60,4% 64,3% 58,5% 43,3 44,4 55,0% 61,2% 68,2% 2011 2012 2013 2014 Q1 2014 Q1 2015 2011 2012 2013 2014 Q1 2014 Q1 2015 Claims and Commission Ratios (%) Sector LP (TLm) (Excluding state companies) CAGR: 20% 25,0% 1936 20,7% 19,8% 1755 18,6% 17,7% 18,0% 1421 22% 1129 11,1% 18,5% 17,1% 17,6% 17,7% 14,8% 5,1% 3,7% 4,2% 2,2% 346 282 0,5% 7,2% 2011 2012 2013 2014 Q1 2014 Q1 2015 2011 2012 2013 2014 2014 Feb 2015 Feb Claims Ratio* Commission Ratio Surrender Ratio * Exc. Surrender ratio Source: Company information. Note: (1) Technical Margin calculated as Technical Profit over NEP. 12

Personal Accident – A Complementary Profit Pool for the Group Technical Profit & Technical Margin (1) (TLm) GWP (TLm) CAGR: +10% 15,2 CAGR: +19% 45,4 13,9 58,1% 11,5 11,4 32,4 32,3 26,8 6,5 32,0% 43,4% 9% 38,7% 39,4% 41,5% 2,6 9,8 9,0 155% 2011 2012 2013 2014 Q1 2014 Q1 2015 2011 2012 2013 2014 Q1 2014 Q1 2015 Commission & Claims Ratio (%) Sector PA (TLm) (Excluding state companies) 0,9 0,8 CAGR: +28% 0,7 192 0,6 46,1% 46,2% 45,1% 44,7% 43,5% 0,5 46,8% 147 0,4 118 24% 22,9% 0,3 92 17,2% 16,6% 12,3% 10,0% 0,2 0,1 32 26 -4,9% 0 -0,1 2011 2012 2013 2014 2014 Feb 2015 Feb 2011 2012 2013 2014 Q1 2014 Q1 2015 Claims Ratio Commission Ratio Source: Company information. Note: (1) Calculated as % of NEP. 13

New Action Plan to Expand Life Protection + Personal Accident 2014 / 2013 Q1 2015 / Q1 YoY Total 2014 YoY Total Q1 2015 Premium Premium Growth Rate Growth Rate DSF + Agency 42% 41% 16 mTL (30%) 42% Non-Credit Linked 32% 6% 6% 12 mTL (22%) Bankasurance Non-Credit Linked 4% -13% 26 mTL (48%) Bankasurance 15% 3% 54 mTL (100%) Credit Linked (Total Company) (Total Company) (Total Company) 14

Production by Distribution Channel and by Products Life + PA Pension (by distribution channel) (by distribution channel) GWP AUM AUM GWP 242 mTL 54 mTL 3% 0% 0% 2% 2% 3% 7% 16% 16% (2014) (Q1 2015) 4% 7,1 bTL 7,6 bTL 10% (2014) (Q1 2015) 5% 5% 15% 30% 29% 50% 83% 71% 49% Bancassurance DSF Bancassurance DSF Bancassurance DSF Bancassurance DSF Agencies Corporate Agencies Corporate Agencies Corporate Agencies Corporate Direct Direct Direct Direct PVNBP PVNBP PVNBP PVNBP 0% 6% 2% 0%2% 2% 85 mTL 5% 0% 347 mTL 15% 3381 mTL (Q1 2015) (2014) 11% 1126 mTL 16% (2014) (Q1 2015) 28% 16% 52% 56% 68% 30% 22% 53% 16% Bancassurance DSF Bancassurance DSF Bancassurance DSF Bancassurance DSF Agencies Corporate Agencies Corporate Agencies Corporate Agencies Corporate Direct Direct Direct Direct 15 Source: Company information.

Robust Financial Performance 16