1. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION
July 2010

2. Disclaimer
The information in this document has been obtained by Anadolu Hayat Emeklilik A.Ş. from sources believed to be reliable, however, Anadolu Hayat Emeklilik A.Ş. can not guarantee the accuracy, completeness or correctness of such information. This document has been issued for information purposes only. The financial reports and statements announced by Anadolu Hayat Emeklilik A.Ş. to the public and relevant corporations are accepted to be the sole material. Anadolu Hayat Emeklilik A.Ş. does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents due to the misleading information in this document. All estimations contained in this document are opinions of Anadolu Hayat Emeklilik A.Ş. and can be subject to change without notice. This document can not be interpreted as an advice to the investors and Anadolu Hayat Emeklilik A.Ş. can not be held responsible for the results of investment decisions made on account of this document. This document has been issued specially to the person, whom the document is concerned and may not be reproduced,distributed or shared with third parties for any purpose.

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

4. Corporate Profile First life insurance company in Turkey
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
Market leader in life insurance sector since establishment

5. Ownership Structure Türkiye İş Bankası A.Ş. 62%
Anadolu Anonim Türk Sigorta Şirketi
20%
Milli Reasürans A.Ş. 1%
Free Float
17%

6. Total Number of Companies 31.12.2009
Insurance Companies 54
- Non-Life 32
- Life 9
- Life & Pension 12
- Pension 1
Reinsurance Companies
Source: Treasury

7. TURKEY INSURANCE SECTOR Premium Productions
2009
Total Premium Per Capita (USD)
109
Non-Life Premium Per Capita (USD) 93
Life Premium Per Capita (USD) 16
Total Premium Production (Billion USD)
7,9
Total Premium Production / GDP
1,29 %
Source: Treasury

8. TURKEY PENSION SYSTEM Contributions as of 31.12.2009
Total Pension Fund System Contributions Per Capita (USD) 68
Total Pension Fund System Contributions (Billion USD)
4,75
Total Pension Fund System Contributions / GDP
0,77 %
Source: Treasury

9. Growth Strategy Distribution Channel Strategy Focus on Bancassurance
Expanding Direct Sales Team
Improve agency profile
Improve Customer Service Quality
Improve HR quality
Focus on Corporate Pension Business

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

11. Lines of Business Private Pension Life Insurance Individual Endowment
Corporate
Endowment
Term Life
Annuities
Unemployment
Critical Illness

12. PRIVATE PENSION SYSTEM IN TURKEY Basic Features
Started on
13 Licensed pension companies
Third pillar system
Defined contribution
Voluntary participation
Tax incentives for both participant & employer
Fully funded system
Minimum 10 years of contribution payment
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 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
Benefit 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. Distribution Network Bancassurance Direct Sales Agents & Brokers Other
1117 branches
335 branches
334 branches
86 branches
3 branches
3 branches
Direct Sales
277 Licensed Salesperson
297 Exclusive Agencies
49 Brokers
Agents & Brokers
Other
Internet
Call Centre

16. Pension Production By Channel
2008
2009
2010 / 6
Direct to Customer +
Direct Sales
3,4 %
5,0 %
11,3%
Broker
1,0 %
1,5 %
Agency
6,2 %
7,0 %
10,4%
BANCASSURANCE
Is Bank
2,5 %
3,8%
Is Bank + Direct Sales
43,9 %
45,0 %
41,0 %
Is Bank + Agency
19,0 %
16,0 %
14,1 %
HSBC
17,8 %
17,0 %
15,9 %
TEB + Agency
4,9 %
3,0 %
1,6 %
Anadolubank
1,3 %
0,4 %
Total
100 %
58,9%

17. 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

18. Key Drivers For Our Market Leadership
Distribution network
Diversified products
Fund performance
Charging structure
Service quality

19. Private Pension System InTurkey Overview as of 20.07.2010

20. Pension System Outlook

21. Private Pension System Sectoral Expectations
Consolidated Expectations of Pension Companies
2015
2020
Number of Participants
Net Asset Value (Billion TL)
48,00
115,00
Source: Pension Monitoring Center

22. Private Pension System In Turkey Overview as of 20.07.2010
Pension Company
Number Of Participants
Market Share
Funds
(mio TL)
AHE
477,325
22.1 %
2,286
XXX
430,200
20.0 %
1,568
328,025
15.2 %
2,264
278,796
12.9 %
1,653
163,672
7.6 %
572
478,907
22.2 %
2,217
Total
2,156,925
100.0 %
10,560

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
54 %
30 %
16 %

24. Private Pension Funds & Mutual Funds
Type
Average Maturity
Net Asset Value (mio TL)
Equity (%)
Turkish Treasury Bonds (%)
Reverse Repo (%)
Money Market Inst. (%)
Foreign Currency Sec.(%)
Other (%)
PRIVATE PENSION FUNDS
340
9,049
9.55
69.76
14.74
0.21
0.37
5.36
380
10,554
8.92
62.27
10.66
0.28
0.12
17.75
MUTUAL FUNDS 57
29,584
2.72
32.11
58.59
5.08
1.38 88
30,092
2.70
30.08
56.83
8.14
1.97

25. 31.12.2009-30.06.2010 Weighted Average Return
Private Pension Firm
* Net Asset Value
(mio TL)
Weighted Average
Return (%)
XXX 32
4.64
Anadolu Hayat Emeklilik
2,333
4.35
564
4.29 31
4.17 93
3.97
1,619
3.92
576
3.44
2,228
3.29
469
3.27
351
2.98
604
2.96
1,534
2.88 25
2.51
TOTAL
10,360
3.60
As of

26. Anadolu Hayat Emeklilik Weighted Average Return Performance
Year
Weighted Average Return (%)
Anadolu Hayat Emeklilik
Sector Average
2010/6
4,35
3,60
2009
25,48
21,24
2008
10,19
10,97
2007
21,01
18,46
2006
11,59
10,24

27. Pension Products Charging Structure & Minimum Contribution
Explanation
Charging Method
Limit
Individual Pension Plans
Group Pension Plans
ENTRANCE FEE
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
MANAGEMENT FEE
To cover administrative expenses
On contributions 8%
0% to 8% (depending on the contribution amount & payment method)
%0 to %5
FUND MANAGEMENT
FEE
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. CONTRIBUTION
Min. monthly amount to be paid regularly for at least 10 yrs. -
70 TL
44 TL

28. Life Insurance In Turkey Market Shares (Premium Production)
COMPANY
2007
2008
2009
AHE
24 %
22%
27%
XXX
15 %
19%
11 % 9% 7%
8 % 8%
10%
7 % 5%
6 % 4%
Others
29%
30%
28%
TOTAL
100%

29. Life Insurance In Turkey Market Shares (Mathematical Reserves)
COMPANY
2008
2009 %
(Mio TL)
AHE
35%
1.618
1.884
XXX
12%
550
N/A
11%
497
10%
444 6%
269
270
Others
21%
972
TOTAL
100%
4.620

30. Life Products Profit Sharing Rates
YEAR
PROFIT SHARE(%)
USD(%)
CPI(%)
2000 43 24 39
2001 76
114 69
2002 62 14 30
2003 47
-15 18
2004 29 -4 9
2005 23 8
2006 16 5 10
2007 20
-17
2008 17
2009 15
-0,4 7
AVERAGE 35 21

31. Life Portfolio Total Number of Policies
2008
2009
2009 / 6
2010 / 6
Endowment
88.426
95.030
82.590
Annuity
39.223
40.706
38.959
39.154
Term Life
Total

32. Life Portfolio Total Premium Production (TL)
2008
2009
2009 / 6
2010 / 6
Endowment
Annuity
Term Life
Total

33. Life Portfolio Premium Production – New Business (TL)
2009
2009 / 6
2010 / 6
Endowment
Annuity
Term Life
Total

34. Life Production By Channel
2008
2009
2010 / 6
Agency & Broker
43 %
34 %
36 %
Direct to Customer & Direct Sales
30 %
BANCASSURANCE
Is Bank
16 %
15 %
21 %
Is Bank & Direct Sales & Agency
10 %
14 %
8 %
HSBC
1 %
Total
100 %
29 %

35. Life Products Charging Structure
Explanation
Charging Method
Limit
Individual Life
Products
Group Life
AGENCY COMMISSION -
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
MANAGEMENT FEE
To cover administrative expenses
None
1.Year 5%-3%
2. Year 4%-3%
3. Year+ 3%-3%
FUND CHARGE
To cover fund management expenses
On current year’s revenues
Max. 15% of the revenues 5%
10% for early surrenders
RISK PREMIUM
Depends on the age and sex of the insured
No minimum or maximum limits

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

37. Financial Highlights Mio TL 2008 2009 Written Premium 345 500
General Technical Profit 18 19
Total Assets
3.400
4.438
Paid-In Capital
250
Shareholders’ Equity
350
430
Math.& Profit Sharing Provisions
1.608
1.934
Net Profit 53 79

38. Financial Highlights Mio TL 2009 / 6 2010 / 6 Written Premium 221 186
General Technical Profit 8 18
Total Assets
3.865
4.728
Paid-In Capital
250
Shareholders’ Equity
362
403
Math.& Profit Sharing Provisions
1.742
1.960
Net Profit 38 40

39. Dividend Payout 2009 2008 2007 Net Profit (TL) 79.284.428 52.905.238
2009
2008
2007
Net Profit (TL)
Net Distributable Profit (TL)
Dividend to Shareholders (TL)
- Cash
- Bonus Share -
Cash / Net Profit (%)
69,37
79,39
32,98
Cash / Net Distributable Profit (%)
72,69
83,65
34,50
Bonus Share / Net Profit (%)
43,97
Bonus Share / Net Distributable Profit (%)
46,00
Dividend to Shareholders / Net Profit (%)
76,95
Dividend to Shareholders / Net Distributable Profit (%)
80,51

40. Capital Adequacy
(TL)
Capital required for Non-Life Branch
28.753
37.191
41.903
Capital required for Life Branch
Capital Required for Pension Branch
TOTAL CAPITAL REQUIRED
TOTAL CAPITAL
EXCESS CAPITAL

41. Financials Income Statement
(mio TL)
2008
2009
TECHNICAL PART A-
NON-LIFE TECHNICAL INCOME
0,5
0,3 B-
NON-LIFE TECHNICAL EXPENSES
-0,4
-0,2
I -
NON-LIFE TECHNICAL PROFIT / LOSS
0,1 C-
LIFE TECHNICAL INCOME
629,5
724,7 D-
LIFE TECHNICAL EXPENSES
-618,2
-717,4
II-
LIFE TECHNICAL PROFIT / LOSS
11,3
7,3 E-
PENSION FUND TECHNICAL INCOME
58,5
79,4 F-
PENSION FUND TECHNICAL EXPENSES
-51,6
-67,9
III-
PENSION FUND TECHNICAL PROFIT / LOSS
6,9
11,5
IV-
GENERAL TECHNICAL PROFIT / LOSS
18,3
18,9 G-
INVESTMENT INCOME
58,9
87,8 H-
INVESTMENT EXPENSES
-8,9
-8,0 I-
PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES
-0,9
-0,7 V-
COMPANY ASSETS PROFIT / LOSS
49,1
79,1
VI-
PERIOD PROFIT / LOSS (IV+V)
67,4
98,0
VII-
PROVISION FOR TAX & OTHER LEGAL LIABILITIES
-14,4
-18,7
IX-
PERIOD NET PROFIT / LOSS (VII - VIII)
53,0
79,3

42. Financials Income Statement
(mio TL)
2009 / 6
2010 / 6
TECHNICAL PART A-
NON-LIFE TECHNICAL INCOME
0,15
0,08 B-
NON-LIFE TECHNICAL EXPENSES
-0,13
-0,25
I -
NON-LIFE TECHNICAL PROFIT / LOSS
0,02
-0,17 C-
LIFE TECHNICAL INCOME
343,3
282,4 D-
LIFE TECHNICAL EXPENSES
-341,4
-270,1
II-
LIFE TECHNICAL PROFIT / LOSS
1,9
12,3 E-
PENSION FUND TECHNICAL INCOME
37,4
45,6 F-
PENSION FUND TECHNICAL EXPENSES
-31,3
-40,0
III-
PENSION FUND TECHNICAL PROFIT / LOSS
6,1
5,60
IV-
GENERAL TECHNICAL PROFIT / LOSS
8,0
17,7 G-
INVESTMENT INCOME
43,4
36,6 H-
INVESTMENT EXPENSES
-3,6
-4,2 I-
PROFIT FROM OTHER & EXTRAORDINARY ACTIVITIES
-0,3
-3,4 V-
COMPANY ASSETS PROFIT / LOSS
39,5
29,0
VI-
PERIOD PROFIT / LOSS (IV+V)
47,5
46,7
VII-
PROVISION FOR TAX & OTHER LEGAL LIABILITIES
-9,3
-6,8
IX-
PERIOD NET PROFIT / LOSS (VII - VIII)
38,2
39,9

43. Financials Balance Sheet
(mio TL)
2008
2009
ASSETS I-
LIQUID ASSETS
75,3
121,5
II-
MARKETABLE SECURITIES
1.948,9
2.316,4
IIII-
RECEIVABLES
1.334,7
1.965,8
IV-
INVESTMENTS 4
5,8 V-
FIXED ASSETS
24,4 24
VI-
OTHER ASSETS (NET)
12,7
4,5
TOTAL ASSETS
3.400
4.438
LIABILITIES AND SHAREHOLDERS’ EQUITY
PAYABLES
1.360,2
2.003,8
TECHNICAL PROVISIONS
1.669,8
1.994,5
OTHER PROVISIONS
4,7
5,1
TAX PROVISIONS
15,3
4,6
SHAREHOLDERS' EQUITY
350
430
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

44. Financials Balance Sheet
(mio TL)
2009 / 6
2010 / 6
ASSETS I-
LIQUID ASSETS 92
114
II-
MARKETABLE SECURITIES
2.081
2.333
IIII-
RECEIVABLES
1.657
2.247
IV-
INVESTMENTS 4 6 V-
FIXED ASSETS 24 23
VI-
OTHER ASSETS (NET) 7 5
TOTAL ASSETS
3.865
4.728
LIABILITIES AND SHAREHOLDERS’ EQUITY
PAYABLES
1.688
2.292
TECHNICAL PROVISIONS
1.805
2.025
OTHER PROVISIONS
TAX PROVISIONS 3
SHAREHOLDERS' EQUITY
362
403
TOTAL LIAB. AND SHAREHOLDERS’ EQUITY

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

46. Anadolu Hayat Emeklilik Stock Data
Year
Year-end
Price ($)
MCAP($)
2003
0,53
2004
0,93
2005
1,71
2006
1,96
2007
2,43
2008
0,79
2009
3,16
2010 / 06
2,59

47. THANK YOU…