1. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION
February 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. 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

9. 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

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

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

12. 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

13. 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

14. 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

15. Private Pension System in Turkey Overview as of 19.02.2009

16. Private Pension System Outlook

17. 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

18. 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

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

20. 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

21. 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
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

22. 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%

23. 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

24. 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 %

25. 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

26. 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

27. 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

28. 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

29. Life Portfolio Total Number of Policies
2006
2007
2008
Endowment
Annuity
40.001
39.394
39.223
Term Life
Total 29 29

30. Life Portfolio Total Premium Production(TL)
2006
2007
2008
Endowment
Annuity
Term Life
Total 30 30

31. Life Portfolio Premium Production - New Business (TL)
2006
2007
2008
Endowment
Annuity
Term Life
Total 31 31

32. 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

33. 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

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

35. 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

36. Financials Income Statement36 36

37. Financials Balance Sheet37 37

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

39. ANADOLU HAYAT EMEKLİLİK Stock Data
Year
Year-end
Price ($)
MCAP($)
2003
0,63
2004
1,10
2005
2,03
2006
2,32
2007
2,88
2008
0,94

40. THANK YOU…