Anadolu Hayat Emeklilik A.Ş. - Leading Personal Financial Planning Company in Turkey

1. ANADOLU HAYAT EMEKLİLİK A.Ş.COMPANY PRESENTATION November 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 27.10.2003 • The only Life & Pension company publicly traded (since 2000)

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

6. TOTAL NUMBER OF COMPANIES AS OF 30.06.2009 Source: Treasury

7. TURKEY INSURANCE SECTOR Premium Productions as of 2008 Source: Treasury 7

8. TURKEY PENSION SYSTEMContributions as of 2008 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 1085 branches 334 branches 330 branches 84 branches 4 branches • 258 Licensed Salesperson 3 branches Direct Sales • 306 Exclusive Agencies • 47 Brokers Agents & Brokers Other • Internet • Call Centre 10 10

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

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

13. 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

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. 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 30.10.2009 16

17. Private Pension System Outlook 17

18. Private Pension SystemSectoral Expectations for 2013 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 30.10.2009 21

22. Private Pension Funds & Mutual Funds 22

23. 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 58% 29% 13% 23

24. 31.12.2008-30.10.2009 WeightedAverageReturn 24 * As of 30.10.2009

25. PensionProduction by Channel 67,7 % 25 25

26. Pension Products Charging Structure & Minimum Contribution

27. Life Insurance in Turkey Market Shares (Premium Production) 27 27 27

28. Life Insurance in Turkey Market Shares (Mathematical Reserves) Source: Treasury 28 28

29. Life Products/ Profit Sharing Rates

30. Life PortfolioTotal Number of Policies 30 30

31. Life Portfolio Total Premium Production(TL) 31 31

32. Life Portfolio Premium Production - New Business (TL) 32 32

33. Life Production by Channel 31% 33 33

34. Life Products Charging Structure

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

36. Financial Highlights 36 36

37. Financial Highlights 37 37

38. Allocation of Period Profit 38

39. Capital Adequacy 39

40. FinancialsIncome Statement 40 40

41. FinancialsIncome Statement 41 41

42. FinancialsBalance Sheet 42 42

43. FinancialsBalance Sheet 43 43

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

45. ANADOLU HAYAT EMEKLİLİKStock Data

46. THANK YOU…