1. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION Decem ber 2009

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

3. 3 Corporate Profile   Established in 1990 as a subsidiary of Türkiye İş Bankası   First life insurance company in Turkey   The only Life & Pension company publicly traded (since 2000)   Has been operating in pension business since 27.10.2003   Market leader in life insurance sector since establishment

4. 4 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.

5. 5 TOTAL NUMBER OF COMPANIES AS OF 30.06.2009 Source: Source: Treasury Insurance Companies (Insurance)5 - Non-Life 3232 - Life 10 - Life & Pension 12 - Pension 1 Reinsurance Companies 1

6. 6 TURKEY INSURANCE SECTOR Premium Productions as of 2008 Source: Treasury Total Premium Per Capita (USD)123 Non-Life Premium Per Capita (USD)107 Life Premium Per Capita (USD)16 Total Premium Production (Billion USD)8,8 Total Premium Production / GDP1,20 %

7. 7 TURKEY PENSION SYSTEM Contributions as of 30.06.2009 Source: Treasury Total Pension Fund System Contributions Per Capita (USD)56 Total Pension Fund System Contributions (Billion USD) 4,02 Total Pension Fund System Contributions / GDP1,40 %

8. 8 Growth Strategy  Distribution Channel Strategy  Focus on Bancassurance  Expanding Direct Sales Team  Improve agency profile  Improve Customer Service Quality  Improve HR quality and thus productivity  Focus on Corporate Pension Business

9. 9 Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

10. 10 Lines of Business  Endowment  Term Life  Annuities  Individual  Corporate Life Insurance Pensions

11. 11  Started on 27.10.2003  13 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

12. 12 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

13. 13 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

14. 14 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

15. 15 KEY DRIVERS FOR OUR MARKET LEADERSHIP   Distribution network   Diversified products   Fund performance   Charging structure   Service quality

16. 16 Network Bancassurance Direct Sales Agents & Brokers Other  282 Licensed Salesperson  286 Exclusive Agencies  50 Brokers  Internet  Call Centre 1098 branches336 branches334 branches86 branches 3 branches

17. 17 Pension Production by Channel 200720082009 Direct to Customer + Direct Sales Direct Sales 2,1 % 3,4 % 5,0% Broker 1,0 % 1,0% Agency 4,4 % 6,2 % 7,0% BANCASSURANCE Is Bank 5,5 % 2,5 % 5,0% Is Bank + Direct Sales 37,8 % 43,9 % 45,0% Is Bank + Agency 18,3 % 19,0 % 16,0% HSBC 23,4 % 17,8 % 17,0% TEB + Agency 7,0 % 4,9 % 3,0% Anadolubank0,5% 1,3 % 1,0% Total 100 % 100%100% 66 %

18. 18 Life Production by Channel 200720082009 Agency & Broker 40 % 43 % 34 % Direct to Customer & Direct Sales 23 % 30 % 36 % Isbank 27 % 16 % 15 % Isbank & Direct Sales & Agency 9 % 10 % 14 % HSBC 1 % Total 100 % 100%100% 29%

19. 19 Private Pension System in Turkey Overview as of 18.03.2010

20. 20 Private Pension System Outlook

21. 21 Private Pension System Sectoral Expectations Source: Pension Monitoring Center Consolidated Expectations of Pension Companies 20152020 Number of Participants 4.000.000 5.500.000 Net Asset Value (Billion TL) 48,00 115,00

22. 22 Private Pension System in Turkey Overview as of 18.03.2010 Number Of Participants MarketShareFunds (mio TL) MarketShare AHE448,38222.1%2,06521.6% XXX406,96820.1%1,39614.6% XXX310,78415.3%2,08721.8% XXX268,56313.2%1,45215.1% XXX157,0857.7%5375.6% Other 8 436,64921.5%2,045 21.3% 21.3% Total2,028,431100.0%9,582100.0%

23. 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 56%30%14%

24. 24 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 31.12.20093409,0499.5569.7614.740.210.375.36 18.03.20103079,57810.2964.1618.000.230.117.21 MUTUAL FUNDS 31.12.20095729,5842.7232.1158.595.080.121.38 18.03.20106929,9252.9626.9562.586.000.211.30

25. 25 31.12.2008-31.12.2009 Weighted Average Return Private Pension Firm * Net Asset Value (mio TL) Weighted Average Return (%) XXX 51027.93 XXX 8727.85 Anadolu Hayat Emeklilik 1,95425.48 XXX 1,99322.65 XXX 1621.61 XXX 43320.48 XXX 1,37019.95 XXX 1719.64 XXX 1,32718.51 XXX 53617.25 XXX 52817.23 XXX 32416.23 TOTAL9,095 21.24 As of 31.12.2009.

26. 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 66 TL 42 TL

27. 27 Life Insurance in Turkey Market Shares (Premium Production) PENSION COMPANY 200720082009 AHE 24 % 22%27% XXX 15 % 19%19% XXX 11 % 9%7% XXX 8 % 8%10% XXX 7 % 7%5% XXX 6 % 5%4% Others29%30%28% TOTAL100%100%100%

28. 28 Life Insurance in Turkey Market Shares (Mathematical Reserves) PENSION COMPANY 20082009 % ( Mio TL) AHE35%1.6181.884 XXX12%550N/A XXX11%497N/A XXX10%444N/A XXX6%269N/A XXX6%270N/A Others21%972N/A TOTAL100%4.620N/A Source: Treasury

29. 29 Life Products / Profit Sharing Rates YEAR PROFIT SHARE(%) USD(%)CPI(%) 2000432439 200176 114 69 2002621430 200347-1518 2004 29 -4-4-4-49 2005 2308 2006 16510 200720-178 2008173010 200915-0,4 7 AVERAGE351521

30. 30 Life Portfolio Total Number of Policies 200720082009 Endowment125.697103.72488.426 Annuity39.39439.22340.706 Term Life 711.556667.734890.788 Total876.647810.6811.019.920

31. 31 Life Portfolio Total Premium Production(TL) 200720082009 Endowment177.682.069 176.014.174 177.088.512 Annuity111.279.994 134.910.683 289.244.293 Term Life 49.930.404 33.989.420 33.402.991 Total338.892.467344.914.277499.735.795

32. 32 Life Portfolio Premium Production - New Business (TL) 20082009 Endowment6.980.140 11.387.982 11.387.982 Annuity134.910.683289.244.293 Term Life 33.491.012 32.794.593 32.794.593 Total175.381.835333.426.868

33. 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 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 --

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

35. 35 ( Mio TL) 20082009 Written Premium 345500 General Technical Profit 1819 Total Assets 3.4004.438 Paid-In Capital 250 250 250 Shareholders’ Equity 350430 Math.& Profit Sharing Provisions 1.6081.934 Net Profit 5379 Financial Highlights

36. 36 Allocation of Period Profit 200920082007 Net Profit (TL)79.284.42852.905.23845.481.212 Net Distributable Profit (TL)75.661.86550.211.77943.472.277 Dividend to Shareholders (TL)55.000.00042.000.00035.000.000 - Cash55.000.00042.000.00015.000.000 - Bonus Share--20.000.000 Cash / Net Profit (%)69,3779,3932,98 Cash / Net Distributable Profit (%)72,6983,6534,50 Bonus Share / Net Profit (%)--43,97 Bonus Share / Net Distributable Profit (%)--46,00 Dividend to Shareholders / Net Profit (%)69,3779,3976,95 Dividend to Shareholders / Net Distributable Profit (%)72,6983,6580,51

37. 37 Capital Adequacy 31.12.2009 (TL) 31.12.2008 (TL) 31.12.2007 (TL) Capital required for Non-Life Branch 28.753 37.191 41.903 Capital required for Life Branch 96.160.222 78.870.306 71.856.085 Capital Required for Pension Branch 6.757.190 5.181.501 4.150.396 TOTAL CAPITAL REQUIRED 102.946.165 84.088.998 76.048.384 TOTAL CAPITAL 429.892.005 349.939.874 344.311.639 EXCESS CAPITAL 326.945.840 265.850.876 268.263.255

38. 38 Financials Income Statement

39. 39 Financials Balance Sheet

40. 40 Corporate Profile Lines of Business - Life & Pensions Financials Stock Data

41. 41 ANADOLU HAYAT EMEKLİLİK Stock Data YearYear-end Price ($) MCAP($) 20030,56 140.000.000 20040,98245.000.000 2005 1,80 450.000.000 20062,05512.500.000 20072,55637.500.000 20080,83207.500.000 20093,32830.000.000 2010/023,02755.000.000

42. 42 THANK YOU…