1. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION
April 2009

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.
Fortis Bank A.Ş.
20%
Anadolu Anonim Türk Sigorta Şirketi
62%
Türkiye İş Bankası A.Ş.

6. 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

7. 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

8. TURKEY PENSION SYSTEM Contributions as of 2008
Total Pension Fund System Contributions Per Capita (USD) 50
Total Pension Fund System Contributions (Billion USD)
3,6
Total Pension Fund System Contributions / GDP
0,58 %
Source: Treasury

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 244 Licensed Salesperson Direct Sales
1049 branches
337 branches
334 branches
78 branches
4 branches
244 Licensed Salesperson
10 branches
Direct Sales
311 Exclusive Agencies
44 Brokers
Agents & Brokers
Other
Internet
Call Centre 10

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

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

13. Private Pension System in Turkey Basic Features
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

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. 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

16. Private Pension System in Turkey Overview as of 24.04.2009

17. Private Pension System Outlook

18. 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

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 24.04.2009
Number Of Participants
Market
Share
Funds
(mio TL)
AHE
390,772
21.8%
1,520
21.2%
XXX
344,952
19.3%
1,027
14.4%
287,043
16.0%
1,576
22.0%
253,302
14.1%
1,060
14.8%
153,343
8.6%
396
5.5%
Other 7
361,904
20.2%
1,577
22.1%
Total
1,791,316
100.0%
7,156

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
376
6,369
7.83
69.73
15.56
0.01
0.53
6.34
374
7,091
7.70
72.33
15.58
0.46
3.92
MUTUAL FUNDS 53
23,692
1.51
43.46
50.24
4.30
0.04
0.45 76
30,664
1.34
42.38
52.12
3.40
0.72

23. 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%

24. 31.12.2008-24.04.2009 Weighted Average Return
Private Pension Firm
Net Asset Value
(mio TL)
Weighted Average Return (%)
XXX
396
9.52
Anadolu Hayat Emeklilik
1,520
8.35 8
7.99 76
7.82
1,060
7.54
1,576
7.47
362
7.20 3
6.92
423
6.75
1,027
6.65
266
6.44
439
6.02
TOTAL
7,156
7.39

25. Pension Production by Channel
2007
2008
2009 / 4
Direct to Customer +
Direct Sales
2,1 %
3,4 %
5,7 %
Broker
1,0 %
Agency
4,4 %
6,2 %
8,2 %
BANCASSURANCE
Is Bank
5,5 %
2,5 %
5,6 %
Is Bank + Direct Sales
37,8 %
43,9 %
42,6 %
Is Bank + Agency
18,3 %
19,0 %
15,7 %
HSBC
23,4 %
17,8 %
16,8 %
TEB + Agency
7,0 %
4,9 %
3,7 %
Anadolubank
0,5%
1,3 %
0,7 %
Total
100 %
100%
63,9 % 25

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. -
66 TL
42 TL

27. 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% 27 27 27

28. 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 28

29. 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

30. Life Portfolio Total Number of Policies
2007
2008
2008 / 3
2009 / 3
Endowment
98.878
Annuity
39.394
39.223
39.210
38.739
Term Life
Total 30 30

31. Life Portfolio Total Premium Production(TL)
2007
2008
2008 / 3
2009 / 3
Endowment
Annuity
Term Life
Total 31 31

32. Life Portfolio Premium Production - New Business (TL)
2008
2008 / 3
2009 / 3
Endowment
Annuity
Term Life
Total 32 32

33. Life Production by Channel
2007
2008
2009 / 3
Agency & Broker
40 %
43 %
33 %
Direct to Customer & Direct Sales
23 %
30 %
41 %
Isbank
27 %
16 %
20 %
Isbank & Direct Sales & Agency
9 %
10 %
5 %
HSBC
1 %
Total
100 %
100%
25% 33 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
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

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

36. 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 36 36

37. Financial Highlights (Mio TL) 2008/3 2009/3 Written Premium 93 99
General Technical Profit
0,2 8
Total Assets
2.881
3.586
Paid-In Capital
175
250
Shareholders’ Equity
292
340
Math.& Profit Sharing Provisions
1.486
1.657
Net Profit 9 23 37

38. Financials Income Statement38 38

39. Financials Income Statement39

40. Financials Balance Sheet40 40

41. Financials Balance Sheet41

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

43. ANADOLU HAYAT EMEKLİLİK Stock Data
Year
Year-end
Price ($)
MCAP($)
2003
0,56
2004
0,98
2005
1,80
2006
2,05
2007
2,55
2008
0,83
2009/3
0,80

44. THANK YOU…