ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION

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

3 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

4 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   The only Life & Pension company publicly traded (since 2000)

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

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

7 TURKEY INSURANCE SECTOR Premium Productions as of 2007 Source: Treasury Total Premium Per Capita (USD)133 Non-Life Premium Per Capita (USD)117 Life Premium Per Capita (USD)16 Total Premium Production (Billion USD)9,49,4 Total Premium Production / GDP1,28 %

8 TURKEY PENSION SYSTEM Contributions as of 2008 Source: Treasury Total Pension Fund System Contributions Per Capita (USD)50 Total Pension Fund System Contributions (Billion USD)3,63,6 Total Pension Fund System Contributions / GDP0,58 %

9 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

10 Network Bancassurance Direct Sales Agents & Brokers Other  261 Licensed Salesperson  302 Exclusive Agencies  45 Brokers  Internet  Call Centre 1076 branches334 branches333branches79 branches 4 branches 10 branches

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

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

13  Started on  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 Basic Features

14 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

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

16 Private Pension System in Turkey Overview as of

17 Private Pension System Outlook

18 Private Pension System Sectoral Expectations for 2013 Consolidated Expectations of Pension Companies for 2013Median 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 Out650,000 Total Number of Contracts to be Transferred105,000 Total Number of Authorized Intermediaries15,000 Source: Pension Monitoring Center

19 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

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

21 Private Pension System in Turkey Overview as of Number Of Participants MarketShareFunds (mio TL) MarketShare AHE423, %1, % XXX385, %1, % XXX299, %1, % XXX265, %1, % XXX155,7578.1%4845.6% Other 7 401, %1, % 21.4% Total1,930, %8, %

22 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 , , MUTUAL FUNDS , ,

23 Pension Products Fund Menu Conservative Balanced Aggressive  Cash Fund  Conservative Fund  Bond Fund  Intnl. Mixed Fund  Eurobond $ Fund  Eurobond € Fund  Balanced Fund  Equity Fund  Aggressive Fund 58%29%13%

Weighted Average Return Private Pension Firm * Net Asset Value (mio TL) Weighted Average Return (%) XXX XXX Anadolu Hayat Emeklilik 1, XXX 1, XXX XXX XXX XXX 1, XXX 1, XXX XXX XXX TOTAL8, * As of

25 Pension Production by Channel / 8 Direct to Customer + Direct Sales Direct Sales 2,1 % 3,4 % Broker 1,0 % Agency 4,4 % 6,2 % 5,5 % BANCASSURANCE Is Bank 5,5 % 2,5 % 1,1 % Is Bank + Direct Sales 37,8 % 43,9 % 47,0 % Is Bank + Agency 18,3 % 19,0 % 19,1 % HSBC 23,4 % 17,8 % 18,9 % TEB + Agency 7,0 % 4,9 % 2,8 % Anadolubank0,5% 1,3 % 1,2 % Total 100 % 100%100% 67,2 %

26 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) 2.5% (annual average) %1 to %2,6 (annual) Min. monthly amount to be paid regularly for at least 10 yrs TL 66 TL 42 TL

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

28 Life Insurance in Turkey Market Shares (Mathematical Reserves) PENSION COMPANY % ( Mio TL) % AHE , XXX XXX XXX XXX XXX Others TOTAL Source: Treasury

29 Life Products / Profit Sharing Rates YEAR PROFIT SHARE(%) USD(%)CPI(%) AVERAGE452227

30 Life Portfolio Total Number of Policies / / 6 Endowment Annuity Term Life Total

31 Life Portfolio Total Premium Production(TL) / / 6 Endowment Annuity Term Life Total

32 Life Portfolio Premium Production - New Business (TL) / / 6 Endowment Annuity Term Life Total

33 Life Production by Channel / 6 Agency & Broker 40 % 43 % 32 % Direct to Customer & Direct Sales 23 % 30 % 34 % Isbank 27 % 16 % 22 % Isbank & Direct Sales & Agency 9 % 10 % 11 % HSBC 1 % Total 100 % 100%100% 33%

34 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 On premiums None TRL - $/€ 1.Year 5%-3% 2. Year 4%-3% 3. Year+ 3%-3% Varies according to the group To cover fund management expenses On current year’s revenues Max. 15% of the revenues  5%  10% for early surrenders  5%  10% for early surrenders Depends on the age and sex of the insured On premiums No minimum or maximum limits --

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

36 ( Mio TL) Written Premium General Technical Profit 818 Total Assets Paid-In Capital Shareholders’ Equity Math.& Profit Sharing Provisions Net Profit 4553 Financial Highlights

37 (Mio TL) 2008/62009/6 Written Premium General Technical Profit 18 Total Assets Paid-In Capital Shareholders’ Equity Math.& Profit Sharing Provisions Net Profit 1738 Financial Highlights

38 Allocation of Period Profit Net Profit (TL) Net Distributable Profit (TL) Dividend to Shareholders (TL) Cash Bonus Share Cash / Net Profit (%)79,3932,9847,4512,18 Cash / Net Distributable Profit (%)83,6534,5050,0514,61 Bonus Share / Net Profit (%)-43,97-24,37 Bonus Share / Net Distributable Profit (%)-46,00-29,22 Dividend to Shareholders / Net Profit (%)79,3976,9547,4536,55 Dividend to Shareholders / Net Distributable Profit (%)83,6580,5150,0543,83

39 Capital Adequacy

40 Financials Income Statement

41 Financials Income Statement

42 Financials Balance Sheet

43 Financials Balance Sheet

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

45 ANADOLU HAYAT EMEKLİLİK Stock Data YearYear-end Price ($) MCAP($) 20030, , , , , , /71,

46 THANK YOU…