1. ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION

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

3. 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. 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. 5 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.

6. 6 TOTAL NUMBER OF COMPANIES AS OF 2007 Source: Source: Treasury Insurance Companies ( Insurance ) 5050 - Non-Life 2828 - Life 11 - Life & Pension 10 - Pension 1 Reinsurance Companies 1

7. 7 TURKEY INSURANCE SECTOR Premium Productions as of 2007 Source: Treasury Total Premium Per Capita (USD)133 Non-Life Premium Per Capita (USD)117 Life Premium Per Capita (USD)16 Total Premium Production (Billion USD)9,49,4 Total Premium Production / GDP1,28 %

8. 8 TURKEY PENSION SYSTEM Contributions as of 2008 Source: Treasury Total Pension Fund System Contributions Per Capita (USD)50 Total Pension Fund System Contributions (Billion USD)3,63,6 Total Pension Fund System Contributions / GDP0,58 %

9. 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. 10 Network Bancassurance Direct Sales Agents & Brokers Other  261 Licensed Salesperson  302 Exclusive Agencies  45 Brokers  Internet  Call Centre 1076 branches334 branches333branches79 branches 4 branches 10 branches

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

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

13. 13  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 Private Pension System in Turkey Basic Features

14. 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. 15 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

16. 16 Private Pension System in Turkey Overview as of 12.10.2009

17. 17 Private Pension System Outlook

18. 18 Private Pension System Sectoral Expectations for 2013 Consolidated Expectations of Pension Companies for 2013Median 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 Out650,000 Total Number of Contracts to be Transferred105,000 Total Number of Authorized Intermediaries15,000 Source: Pension Monitoring Center

19. 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. 20 KEY DRIVERS FOR OUR MARKET LEADERSHIP   Distribution network   Diversified products   Fund performance   Charging structure   Service quality

21. 21 Private Pension System in Turkey Overview as of 12.10.2009 Number Of Participants MarketShareFunds (mio TL) MarketShare AHE423,45221.9%1,86721.7% XXX385,42720.0%1,24814.5% XXX299,59815.5%1,88321.8% XXX265,00413.7%1,29315.0% XXX155,7578.1%4845.6% Other 7 401,42620.8%1,848 21.4% 21.4% Total1,930,664100.0%8,623100.0%

22. 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 31.12.20083766,3697.8369.7315.560.010.536.346.34 12.10.20093998,64110.6969.6214.090.160.355.09 MUTUAL FUNDS 31.12.20085323,6921.5143.4650.244.300.040.45 12.10.200910731,6172.7338.1554.004.070.080.98

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 58%29%13%

24. 24 31.12.2008-30.09.2009 Weighted Average Return Private Pension Firm * Net Asset Value (mio TL) Weighted Average Return (%) XXX 48025.57 XXX 8423.90 Anadolu Hayat Emeklilik 1,84922.79 XXX 1,86220.13 XXX 1118.88 XXX 41317.97 XXX 1117.30 XXX 1,28017.15 XXX 1,23416.36 XXX 49715.32 XXX 50115.14 XXX 31114.44 TOTAL8,533 18.75 * As of 12.10.2009

25. 25 Pension Production by Channel 20072008 2009 / 8 Direct to Customer + Direct Sales Direct Sales 2,1 % 3,4 % Broker 1,0 % Agency 4,4 % 6,2 % 5,5 % BANCASSURANCE Is Bank 5,5 % 2,5 % 1,1 % Is Bank + Direct Sales 37,8 % 43,9 % 47,0 % Is Bank + Agency 18,3 % 19,0 % 19,1 % HSBC 23,4 % 17,8 % 18,9 % TEB + Agency 7,0 % 4,9 % 2,8 % Anadolubank0,5% 1,3 % 1,2 % Total 100 % 100%100% 67,2 %

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 200620072008 AHE 25 % 24 % 22% XXX 13 % 15 % 19% XXX 9 % 11 % 9% XXX 7 % 8 % 8% XXX 7 % 7% XXX 6 % 5% Others 31 % 29%30% TOTAL 100 % 100%100%

28. 28 Life Insurance in Turkey Market Shares (Mathematical Reserves) PENSION COMPANY 20062007 % ( Mio TL) % AHE341.30235,01.420 XXX1351112476 XXX1142511460 XXX1037510406 XXX72667277 XXX62295221 Others2075920795 TOTAL1003.8671004.054 Source: Treasury

29. 29 Life Products / Profit Sharing Rates YEAR PROFIT SHARE(%) USD(%)CPI(%) 1999119 73 73 73 7369 2000432439 200176 114 69 2002621430 200347-1518 2004 29 -4-4-4-49 2005 2308 2006 16510 200720-178 2008173010 AVERAGE452227

30. 30 Life Portfolio Total Number of Policies 20072008 2008 / 6 2009 / 6 Endowment125.697103.724113.35295.030 Annuity39.39439.22339.25038.959 Term Life 711.556667.734646.951850.284 Total876.647810.681799.553984.273

31. 31 Life Portfolio Total Premium Production(TL) 20072008 2008 / 6 2009 / 6 Endowment177.682.069 176.014.174 86.600.069 88.993.352 Annuity111.279.994 134.910.683 73.977.993 117.814.521 Term Life 49.930.404 33.989.420 19.103.810 14.534.886 Total338.892.467344.914.277179.681.872221.342.759

32. 32 Life Portfolio Premium Production - New Business (TL) 2008 2008 / 6 2009 / 6 Endowment6.980.140 2.800.263 2.800.263 5.625.878 5.625.878 Annuity134.910.68373.977.993117.814.521 Term Life 33.491.01218.655.815 14.780.485 14.780.485 Total175.381.83595.434.071138.220.884

33. 33 Life Production by Channel 20072008 2009 / 6 Agency & Broker 40 % 43 % 32 % Direct to Customer & Direct Sales 23 % 30 % 34 % Isbank 27 % 16 % 22 % Isbank & Direct Sales & Agency 9 % 10 % 11 % HSBC 1 % Total 100 % 100%100% 33%

34. 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 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 --

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

36. 36 ( Mio TL) 20072008 Written Premium 337345 General Technical Profit 818 Total Assets 2.825 2.8253.400 Paid-In Capital 175 175250 Shareholders’ Equity 344350 Math.& Profit Sharing Provisions 1.4531.608 Net Profit 4553 Financial Highlights

37. 37 (Mio TL) 2008/62009/6 Written Premium 180221 General Technical Profit 18 Total Assets 2.9733.865 Paid-In Capital 250250 Shareholders’ Equity 312362 Math.& Profit Sharing Provisions 1.5071.742 Net Profit 1738 Financial Highlights

38. 38 Allocation of Period Profit 2008200720062005 Net Profit (TL)52.905.23845.481.21225.285.43441.031.408 Net Distributable Profit (TL)50.211.77943.472.27723.973.67634.216.634 Dividend to Shareholders (TL)42.000.00035.000.00012.000.00015.000.000 - Cash42.000.00015.000.00012.000.0005.000.000 - Bonus Share-20.000.000-10.000.000 Cash / Net Profit (%)79,3932,9847,4512,18 Cash / Net Distributable Profit (%)83,6534,5050,0514,61 Bonus Share / Net Profit (%)-43,97-24,37 Bonus Share / Net Distributable Profit (%)-46,00-29,22 Dividend to Shareholders / Net Profit (%)79,3976,9547,4536,55 Dividend to Shareholders / Net Distributable Profit (%)83,6580,5150,0543,83

39. 39 Capital Adequacy

40. 40 Financials Income Statement

41. 41 Financials Income Statement

42. 42 Financials Balance Sheet

43. 43 Financials Balance Sheet

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

45. 45 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 2009/71,92480.000.000

46. 46 THANK YOU…