ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION February 2009

Index Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

Corporate Vision To be the leading company in Turkey in all aspects of personal financial planning concerning the future of Turkey and the Turkish people

Corporate Profile First life insurance company in Turkey Established in 1990 as a subsidiary of Türkiye İş Bankası Market leader in life insurance sector since establishment Has been operating in pension business since 27.10.2003 The only Life & Pension company publicly traded (since 2000)

Ownership Structure 16% Free Float 1% Milli Reasürans A.Ş. Fortis Bank A.Ş. 20% Anadolu Anonim Türk Sigorta Şirketi 62% Türkiye İş Bankası A.Ş.

TOTAL NUMBER OF COMPANIES AS OF 2007 Insurance Companies (Insurance) 50 - Non-Life 28 - Life 11 - Life & Pension 10 - Pension 1 Reinsurance Companies Source: Treasury

TURKEY INSURANCE SECTOR Premium Productions as of 2007 Total Premium Per Capita (USD) 133 Non-Life Premium Per Capita (USD) 117 Life Premium Per Capita (USD) 16 Total Premium Production (Billion USD) 9,4 Total Premium Production / GDP 1,28 % Source: Treasury

Growth Strategy Shift Distribution Channel Strategy Focus on Bancassurance New Strategic Partnerships with Banks Expanding Direct Sales Team Improve agency profile Improve Customer Service Quality Improve HR quality and thus productivity Focus on Corporate Pension Business

Network Bancassurance 246 Licensed Salesperson Direct Sales 1044 branches 336 branches 334 branches 78 branches 4 branches 246 Licensed Salesperson 10 branches Direct Sales 304 Exclusive Agencies 44 Brokers Agents & Brokers Other Internet Call Centre

Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

Pensions Life Insurance Lines of Business Pensions Life Insurance Individual Corporate Endowment Term Life Annuities

Private Pension System in Turkey Basic Features Started on 27.10.2003 12 Licensed pension companies Third pillar system Defined contribution Voluntary participation Tax incentives for both participant & employer Fully funded system Minimum retirement age is 56 Funds are managed by asset management companies Separate pension accounts for each participant Participants have the right to; Switch funds or pension plan Transfer accounts between pension companies once a year Merge their separate pension accounts Cease contribution payments Leave at anytime

Private Pension System in Turkey Tax Incentives Contribution Stage Contributions are tax deductible up to %10 of income with a cap of annual minimum wage. Employer contributions are also tax deductible subject to the same limits Investment Stage Investment income of pension funds are tax exempt No stamp tax in setting up pension funds No tax on transactions in pension system Benefits payments %25 of retirement payments are exempt from income tax Residual is subject to a witholding tax of 5 % Early surrenders are subject to 15% or 10% (in case of completion of 10 yrs within the system) witholding tax with no exemption

PENSION MONITORING CENTRE Private Pension System in Turkey TREASURY PENSION MONITORING CENTRE MONEY AND CAPITAL MARKETS ASSET MANAGEMENT ** Reporting of Pension Accounts PARTICIPANT & SPONSOR PENSION ACCOUNT ADMINISTRATION * FUND ADMINISTRATION *** Reporting of Funds Reporting of Pension Accounts CUSTODIAN BANK CAPITAL MARKETS BOARD * Anadolu Hayat Emeklilik ** İş Asset Management, HSBC Asset Management, TEB Asset Management *** Isbank

Private Pension System in Turkey Overview as of 19.02.2009

Private Pension System Outlook

Private Pension System Sectoral Expectations for 2013 Consolidated Expectations of Pension Companies for 2013 Median Total Number of Participants (Individual) 2,300,000 Total Number of Participants (Group) 953,941 Total Number of Participants (Total) 3,250,000 Total Number of Contracts (Individual) 2,500,000 Total Number of Contracts (Group) 985,495 Total Number of Contracts (Total) 3,475,000 Total Amount to be Invested (mio YTL) 23,000 Total Amount of Participant's Funds (mio YTL) 28,355 Total Number of Participants to Opt Out 650,000 Total Number of Contracts to be Transferred 105,000 Total Number of Authorized Intermediaries 15,000 Source: Pension Monitoring Center

KEY DRIVERS FOR GROWTH IN PENSION BUSINESS Economic Improvements in Turkey Structural reforms Extended maturities Purchasing power Lack of confidence in the social security system Advantages of Pension System Tax incentives Transparent system Participating to the investment process New Regulations Vesting Right of transfers to the pension system

KEY DRIVERS FOR OUR MARKET LEADERSHIP Distribution network Diversified products Fund performance Charging structure Service quality

Private Pension System in Turkey Overview as of 19.02.2009 Number Of Participants Market Share Funds (mio TL) AHE 376,330 21.6% 1,323 20.7% XXX 336,500 19.3% 898 14.1% 278,776 16.0% 1,440 22.6% 252,418 14.5% 951 14.9% 149,234 8.6% 351 5.5% Other 7 348,294 20.0% 1,415 22.2% Total 1,741,552 100.0% 6,384

Private Pension Funds & Mutual Funds Fund Type Average Maturity Net Asset Value (mio TL) Equity (%) Turkish Treasury Bonds (%) Reverse Repo (%) Money Market Inst. (%) Foreign Currency Sec.(%) Other (%) PRIVATE PENSION FUNDS 31.12.2008 376 6,369 7.83 69.73 15.56 0.01 0.53 6.34 19.02.2009 408 6,565 7.12 71.07 16.61 0.00 0.56 4.62 MUTUAL FUNDS 53 23,692 1.51 43.46 50.24 4.30 0.04 0.45 75 27,583 1.16 32.68 61.87 3.60 0.64

Conservative Balanced Aggressive Pension Products Fund Menu Conservative Balanced Aggressive Intnl. Mixed Fund Eurobond $ Fund Eurobond € Fund Balanced Fund Cash Fund Conservative Fund Bond Fund Equity Fund Aggressive Fund 64% 27% 9%

31.12.2007-31.12.2008 Weighted Average Return Private Pension Firm Net Asset Value (mio TL) Weighted Average Return (%) XXX 228 14.89 324 13.31 363 12.98 932 12.80 898 12.64 399 11.59 Anadolu Hayat Emeklilik 1,323 10.19 1,440 8.97 317 7.59 77 4.70 TOTAL 6,302 10.97

Pension Production by Channel 2006 2007 2008 Direct to Customer + Direct Sales 6 % 2,1 % 3,4 % Broker 0,4 % 1,0 % Agency 15 % 4,4 % 6,2 % BANCASSURANCE Is Bank 5 % 5,5 % 2,5 % Is Bank + Direct Sales 34 % 37,8 % 43,9 % Is Bank + Agency 18,3 % 19,0 % HSBC 24 % 23,4 % 17,8 % TEB + Agency 0,3 % 7,0 % 4,9 % Anadolubank 1 % 0,5% 1,3 % Total 100 % 100% 65,4 %

Pension Products Charging Structure & Minimum Contribution   ENTRANCE FEE MANAGEMENT FEE FUND MANAGEMENT FEE MIN. CONTRIBUTION Explanation Charging Method Limit Individual Pension Plans (#3) Group Pension Plans (#117) At the phase of entrance to the System for each pension account Can be deferred till the leaving date or can be collected by installments ½ of Minimum Wage ½ of minimum wage Deferred till leaving within 5 yrs. After 5 yrs completion 0 0 to ½ of minimum wage Deferred till leaving within 5 yrs. for some plans After 5 yrs completion 0 for all plans To cover administrative expenses On contributions 8% 0% to 8% (depending on the contribution amount & payment method) %0 to %5 To cover fund management expenses On NAV of each fund 1/10,000 (daily) 3,72% (annual) 2.4% (annual average) %1 to %2,6 (annual) Min. monthly amount to be paid regularly for at least 10 yrs. - 66 TL 42 TL

Life Insurance in Turkey Market Shares (Premium Production) PENSION COMPANY 2006 2007 2008 AHE 25 % 24 % 22% XXX 13 % 15 % 19% 9 % 11 % 9% 7 % 8 % 8% 7% 6 % 5% Others 31 % 29% 30% TOTAL 100 % 100% 26 26 26

Life Insurance in Turkey Market Shares (Mathematical Reserves) PENSION COMPANY 2006 2007 % ( Mio TL) AHE 34 1.302 35,0 1.420 XXX 13 511 12 476 11 425 460 10 375 406 7 266 277 6 229 5 221 Others 20 759 795 TOTAL 100 3.867 4.054 Source: Treasury 27

Life Products / Profit Sharing Rates YEAR PROFIT SHARE(%) USD(%) CPI(%) 1999 119 73 69 2000 43 24 39 2001 76 114 2002 62 14 30 2003 47 -15 18 2004 29 -4 9 2005 23 8 2006 16 5 10 2007 20 -17 2008 17 AVERAGE 45 22 27

Life Portfolio Total Number of Policies 2006 2007 2008 Endowment 159.263 125.697 103.724 Annuity 40.001 39.394 39.223 Term Life 552.223 711.556 667.734 Total 751.487 876.647 810.681 29 29

Life Portfolio Total Premium Production(TL) 2006 2007 2008 Endowment 198.640.493 177.682.069 176.014.174 Annuity 101.341.276 111.279.994 134.910.683 Term Life 40.492.234 49.930.404 33.989.420 Total 340.474.003 338.892.467 344.914.277 30 30

Life Portfolio Premium Production - New Business (TL) 2006 2007 2008 Endowment 8.020.030 5.303.844 6.980.140 Annuity 101.413.253 111.279.994 134.910.683 Term Life 39.750.798 48.737.273 33.491.012 Total 149.184.081 165.321.111 175.381.835 31 31

Life Production by Channel 2006 2007 2008 Agency & Broker 47 % 41 % 43 % Direct to Customer & Direct Sales 22 % 24 % 30 % Isbank 27 % 16 % Isbank & Direct Sales & Agency 7 % 10 % HSBC 1 % Total 100 % 100% 26% 32 32

Life Products Charging Structure   AGENCY COMMISSION MANAGEMENT FEE FUND CHARGE RISK PREMIUM Explanation Charging Method Limit Individual Life Products Group Life Products - On premiums For term life products total of commission rates cannot exceed 25%. For other products total of commission rates cannot exceed 50%. Annual max.limit is 10% TRL - $/€ 1.Year 30%-20% 2. Year 5%-2% 3. Year+ 3%-2% Varies according to the group To cover administrative expenses None 1.Year 5%-3% 2. Year 4%-3% 3. Year+ 3%-3% To cover fund management expenses On current year’s revenues Max. 15% of the revenues 5% 10% for early surrenders Depends on the age and sex of the insured No minimum or maximum limits

Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

Financial Highlights ( Mio TL) 2007 2008 Written Premium 337 345 General Technical Profit 8 18 Total Assets 2.825 3.400 Paid-In Capital 175 250 Shareholders’ Equity 344 350 Math.& Profit Sharing Provisions 1.453 1.608 Net Profit 45 53 35 35

Financials Income Statement 36 36

Financials Balance Sheet 37 37

Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

ANADOLU HAYAT EMEKLİLİK Stock Data Year Year-end Price ($) MCAP($) 2003 0,63 157.500.000 2004 1,10 275.000.000 2005 2,03 507.500.000 2006 2,32 580.000.000 2007 2,88 720.000.000 2008 0,94 235.000.000

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