ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION

ANADOLU HAYAT EMEKLİLİK A.Ş.ANADOLU HAYAT EMEKLİLİK A.Ş.COMPANY PRESENTATIONCOMPANY PRESENTATION

February 2009February 2009

2

IndexIndex

Corporate ProfileCorporate Profile

Lines of Business - Life & Pensions Lines of Business - Life & Pensions

FinancialsFinancials

Stock DataStock Data

3

Corporate VisionCorporate Vision

To be the leading company in To be the leading company in Turkey in all aspects of Turkey in all aspects of

personal financial planning personal financial planning concerning the future of concerning the future of

Turkey and the Turkish peopleTurkey and the Turkish people

4


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

Ownership StructureOwnership Structure

16%16%Free FloatFree Float

1%1%Milli Reasürans A.Ş.Milli Reasürans A.Ş.

1%1%Fortis Bank A.Ş.Fortis Bank A.Ş.

20%20%Anadolu Anonim Türk Sigorta Şirketi Anadolu Anonim Türk Sigorta Şirketi

62%62%Türkiye İş Bankası A.Ş.Türkiye İş Bankası A.Ş.

6

TOTAL NUMBER OF COMPANIES AS OF 2007TOTAL NUMBER OF COMPANIES AS OF 2007

Source: Source: Treasury

Insurance Companies (Insurance) 50

- Non-Life 28

- Life 11

- Life & Pension 10

- Pension 1

Reinsurance Companies 1

7

TURKEY INSURANCE SECTOR TURKEY INSURANCE SECTOR Premium Productions as of 2007Premium 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) 9,4

Total Premium Production / GDP 1,28 %

8

Growth StrategyGrowth Strategy

Shift Distribution Channel StrategyShift Distribution Channel Strategy Focus on BancassuranceFocus on Bancassurance New Strategic Partnerships with BanksNew Strategic Partnerships with Banks Expanding Direct Sales TeamExpanding Direct Sales Team Improve agency profileImprove agency profile

Improve Customer Service QualityImprove Customer Service Quality

Improve HR quality and thus productivityImprove HR quality and thus productivity

Focus on Corporate Pension BusinessFocus on Corporate Pension Business

9

NetworkNetwork

BancassuranceBancassurance

Direct SalesDirect Sales

Agents & BrokersAgents & Brokers

OtherOther

246 Licensed Salesperson

304 Exclusive Agencies44 Brokers

InternetCall Centre

1044 branches 336 branches 334 branches 78 branches

4 branches 10 branches

10





11

Lines of BusinessLines of Business

EndowmentEndowment Term LifeTerm Life AnnuitiesAnnuities

IndividualIndividual CorporateCorporate

Life InsuranceLife InsurancePensionsPensions

12

Started Started on on 27.10.2003 27.10.2003 1122 Licensed Licensed ppension ension ccompaniesompanies Third Third ppillar illar ssystemystem Defined Defined ccontributionontribution Voluntary participationVoluntary participation Tax incentives for both participant & employerTax incentives for both participant & employer FFully funded ully funded system system Minimum retirement age is 56 Minimum retirement age is 56 Funds are managed by asset management companiesFunds are managed by asset management companies Separate pension accounts for each participantSeparate pension accounts for each participant Participants have the right to;Participants have the right to;

Switch funds or pension plan Switch funds or pension plan Transfer accounts between pension companies once a Transfer accounts between pension companies once a

yearyear Merge their separate pension accountsMerge their separate pension accounts Cease contribution paymentsCease contribution payments Leave at anytimeLeave at anytime

Private Pension System in Turkey Private Pension System in Turkey Basic FeaturesBasic Features

13

PPrivate Pension System in Turkey rivate Pension System in Turkey

Tax IncentivesTax Incentives

Contribution StageContribution Stage Contributions are tax deductible up to %10 of income Contributions are tax deductible up to %10 of income

with a cap of annual minimum wage.with a cap of annual minimum wage. Employer contributions are also tax deductible subject to Employer contributions are also tax deductible subject to

the same limitsthe same limits

Investment StageInvestment Stage Investment income of pension funds are tax exemptInvestment income of pension funds are tax exempt No stamp tax in setting up pension fundsNo stamp tax in setting up pension funds No tax on transactions in pension systemNo tax on transactions in pension system

Benefits paymentsBenefits payments %25 of retirement payments are exempt from income tax%25 of retirement payments are exempt from income tax Residual is subject to a witholding tax of 5 %Residual is subject to a witholding tax of 5 % Early surrenders are subject to 15% or 10%Early surrenders are subject to 15% or 10% (in case of (in case of

completion of 10 yrs within the system) witholding tax completion of 10 yrs within the system) witholding tax with no exemptionwith no exemption

14

TREASURY

PENSION MONITORING CENTRE

PARTICIPANT &SPONSOR

PENSION ACCOUNT

ADMINISTRATION*

ASSET MANAGEMENT **

FUND ADMINISTRATION

***

MONEY AND CAPITAL

MARKETS

CUSTODIAN BANK

CAPITAL MARKETS BOARD

Reporting of Reporting of Pension AccountPension Accountss

Reporting of Reporting of FundFundss

Reporting of Reporting of Pension AccountPension Accountss

Private Pension System in TurkeyPrivate Pension System in Turkey

* Anadolu Hayat Emeklilik * Anadolu Hayat Emeklilik

** İş Asset Management, HSBC Asset Management, TEB Asset ** İş Asset Management, HSBC Asset Management, TEB Asset ManagementManagement

*** Isbank*** Isbank

15

Private Pension System in Turkey Private Pension System in Turkey OverviewOverview as of 19.02.2009 as of 19.02.2009

-

2.000

4.000

6.000

8.000

2003 2004 2005 2006 2007 2008 2009/02

Fu

nd

Siz

e(T

L M

il)

0

500.000

1.000.000

1.500.000

2.000.000

Nu

mb

er o

f P

arti

cip

ants

Funds (TL Mil) Number Of Participants

16

Private Pension System OutlookPrivate Pension System Outlook

AHE 6 683% 47 272% 175 202% 529 72% 910 45% 1.323 3% 1.367

Sum of Sector 32 706% 258 313% 1.066 137% 2.527 81% 4.571 40% 6.384 3% 6.565

Market Share 18,8% 18,2% 16,4% 20,9% 19,9% 20,7% 20,8%

AHE 3.114 985% 33.798 190% 98.178 93% 189.567 57% 297.662 26% 376.330 1% 380.636

Sum of Sector 15.245 1961% 314.257 114% 672.696 60% 1.073.650 36% 1.457.704 19% 1.741.552 1% 1.752.672

Market Share 20,4% 10,8% 14,6% 17,7% 20,4% 21,6% 21,7%

2007 Change

As of 31.12.2003

2004 % Change

2006 Change

As of 31.12.2005

Net Asset Value (mio TL)

Number of Participants

2009 Change

As of 19.02.2009

As of 31.12.2004

2005 % Change

As of 31.12.2006

2008 Change

As of 31.12.2008

As of 31.12.2007

17

Private Pension SystemPrivate Pension SystemSectoral Expectations for 2013Sectoral 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 KEY DRIVERS FOR GROWTH IN PENSION BUSINESSPENSION 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 KEY DRIVERS FOR OUR MARKET LEADERSHIPLEADERSHIP

Distribution network

Diversified products

Fund performance

Charging structure

Service quality

20

Private Pension System in Turkey Private Pension System in Turkey OverviewOverview as of 19.02.2009 as of 19.02.2009

Number Of Number Of ParticipantParticipant

ss

Market Market

ShareShareFundsFunds

(mio TL)(mio TL)Market Market

ShareShare

AHEAHE 376,330376,330 21.6%21.6% 1,3231,323 20.7%20.7%

XXXXXX 336,500336,500 19.3%19.3% 898898 14.1%14.1%

XXXXXX 278,776278,776 16.0%16.0% 1,4401,440 22.6%22.6%

XXXXXX 252,418252,418 14.5%14.5% 951951 14.9%14.9%

XXXXXX 149,234149,234 8.6%8.6% 351351 5.5%5.5%

Other 7Other 7 348,294348,294 20.0%20.0% 1,4151,415 22.2%22.2%

TotalTotal 1,741,5521,741,552 100.0%100.0% 6,3846,384 100.0%100.0%

21

Private Pension Funds & Mutual Private Pension Funds & Mutual FundsFunds

Fund Type

Average Maturit

y

Net Asset Value

(mio TL)Equity

(%)

Turkish Treasury

Bonds(%)

Reverse Repo (%)

Money Market Inst.

(%)

Foreign Currency Sec.(%)

Other (%)

PRIVATE PENSION FUNDS

31.12.2008 376 6,369 7.83 69.73 15.56 0.01 0.53 6.34

19.02.2009 408 6,565 7.12 71.07 16.61 0.00 0.56 4.62

MUTUAL FUNDS

31.12.2008 53 23,692 1.51 43.46 50.24 4.30 0.04 0.45

19.02.2009 75 27,583 1.16 32.68 61.87 3.60 0.04 0.64

22

Pension Pension Products Products Fund MenuFund Menu

ConservativeConservative BalancedBalanced AggressiveAggressive Cash Fund

Conservative Fund

Bond Fund

Intnl. Mixed Fund

Eurobond $ Fund

Eurobond € Fund

Balanced Fund

Equity Fund

Aggressive Fund

64%64% 27%27% 9%9%

23

31.12.2007-31.12.2008 31.12.2007-31.12.2008 Weighted Average ReturnWeighted Average Return

Private Pension FirmNet Asset Value

(mio TL)

Weighted Average Return

(%)

XXX 228 14.89

XXX 324 13.31

XXX 363 12.98

XXX 932 12.80

XXX 898 12.64

XXX 399 11.59

Anadolu Hayat Emeklilik 1,323 10.19

XXX 1,440 8.97

XXX 317 7.59

XXX 77 4.70

TOTAL 6,302 10.97

24

PensionPension Production Production bby y ChannelChannel

20062006 20072007 20082008

Direct to Customer + Direct to Customer +

Direct SalesDirect Sales6 %6 % 2,1 %2,1 % 3,4 %3,4 %

BrokerBroker 0,4 %0,4 % 1,0 %1,0 % 1,0 %1,0 %

AgencyAgency 15 %15 % 4,4 %4,4 % 6,2 %6,2 %

BANCASSURANCEBANCASSURANCE

Is BankIs Bank 5 %5 % 5,5 %5,5 % 2,5 %2,5 %

Is Bank + Direct SalesIs Bank + Direct Sales 34 %34 % 37,8 %37,8 % 43,9 %43,9 %

Is Bank + AgencyIs Bank + Agency 115 %5 % 18,3 %18,3 % 19,0 %19,0 %

HSBCHSBC 24 %24 % 23,4 %23,4 % 17,8 %17,8 %

TEB + AgencyTEB + Agency 0,3 %0,3 % 7,0 %7,0 % 4,9 %4,9 %

AnadolubankAnadolubank 1 %1 % 0,5%0,5% 1,3 %1,3 %

TotalTotal 100 %100 % 100%100% 100%100%

65,4 %

25

Pension Pension Products Products Charging Structure & Minimum Charging Structure & Minimum ContributionContribution

ENTRANCE FEEENTRANCE FEE

MANAGEMENT MANAGEMENT FEEFEE

FUND FUND MANAGEMENTMANAGEMENT

FEEFEE

MIN. MIN. CONTRIBUTIONCONTRIBUTION

ExplanationExplanation Charging MethodCharging Method LimitLimit Individual Pension Individual Pension PlansPlans (#3) (#3)

Group Pension Group Pension PlansPlans

(#117)(#117)

At the phase At the phase of entrance to of entrance to the System for the System for each pension each pension

accountaccount

Can be deferred Can be deferred till the leaving till the leaving date or can be date or can be collected by collected by installmentsinstallments

½½ of of Minimum Minimum

WageWage

½ of m½ of minimum inimum wagewage

Deferred till Deferred till leaving within 5 leaving within 5

yrs. yrs. After 5 yrs After 5 yrs

completion 0completion 0

0 to 0 to ½ of ½ of mminimum wage inimum wage

Deferred till Deferred till leaving within 5 leaving within 5

yrs. for some yrs. for some plansplans

After 5 yrs After 5 yrs completion 0 for completion 0 for

all plansall plans

To cover To cover administrative administrative

expensesexpensesOn contributionsOn contributions 8%8%

00%% to to 88% % ((depending on the depending on the

contribution contribution amount & amount &

payment methodpayment method))

%0 to %5%0 to %5

To cover fund To cover fund management management

expensesexpenses

On NAV of each On NAV of each fundfund

1/10,000 1/10,000 (daily)(daily)

3,72% 3,72% (annual)(annual)

2.2.44% (annual % (annual average)average) %1 to %2,%1 to %2,66

(annual)(annual)

Min.Min. monthly monthly amount to be amount to be paid regularly paid regularly for at least 10 for at least 10

yrs.yrs.

-- -- 6666 TLTL 4242 TL TL

26262626

Life Insurance in Turkey Life Insurance in Turkey Market SMarket Shares (Premium Production)hares (Premium Production)

PENSION COMPANYPENSION COMPANY 20062006 20072007 20082008

AHEAHE 25 %25 % 24 %24 % 22%22%

XXX 13 %13 % 15 %15 % 19%19%

XXX 9 %9 % 11 %11 % 9%9%

XXX 7 %7 % 8 %8 % 8%8%

XXX 8 %8 % 7 %7 % 7%7%

XXX 6 %6 % 6 %6 % 5%5%

OthersOthers 31 %31 % 29%29% 30%30%

TOTALTOTAL 100 %100 % 100%100% 100%100%

2727

Life Insurance in Turkey Life Insurance in Turkey Market SMarket Shares (Mathematical Reserves)hares (Mathematical Reserves)

PENSION PENSION COMPANY COMPANY 20062006 20072007

%% ( Mio TL)( Mio TL) %% ( Mio TL)( Mio TL)

AHE AHE 3434 1.3021.302 35,035,0 1.4201.420

XXX 1313 511511 1212 476476

XXX 1111 425425 1111 460460

XXX 1010 375375 1010 406406

XXX 77 266266 77 277277

XXX 66 229229 55 221221

OthersOthers 2020 759759 2020 795795

TOTAL TOTAL 100100 3.8673.867 100100 4.0544.054

Source: Treasury

28

Life ProductsLife Products / / Profit Sharing RatesProfit Sharing Rates

YEARYEARPROFIT PROFIT

SHARE(%)SHARE(%) USD(%)USD(%) CPI(%)CPI(%)

19991999 119 119 7733 69 69

20002000 43 43 24 24 39 39

20012001 76 76 111144 69 69

20022002 62 62 14 14 30 30

20032003 47 47 -15-15 18 18

20020044 2929 --44 99

20020055 2323 00 88

20020066 1616 55 1010

20072007 2020 -17-17 88

20082008 1717 3030 1010

AVERAGEAVERAGE 4545 2222 2727

292929

Life PortfolioLife PortfolioTotal Number of PoliciesTotal Number of Policies

20062006 20072007 20082008

EndowmentEndowment 159.263159.263 125.697125.697 103.724103.724

AnnuityAnnuity 40.00140.001 39.39439.394 39.22339.223

Term LifeTerm Life 552.223552.223 711.556711.556 667.734667.734

TotalTotal 751.487751.487 876.647876.647 810.681810.681

303030

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

20062006 20072007 20082008

EndowmentEndowment 119898..640640..493493 177.682.069177.682.069 176176..014014.1.17474

AnnuityAnnuity 101101..341341..276276 111.279.994111.279.994 134134..910910..683683

Term LifeTerm Life 4040..492492..234234 49.930.40449.930.404 3333..989989..420420

TotalTotal 340.474.003340.474.003 338.892.467338.892.467 344.914.277344.914.277

313131

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

20062006 20072007 2008 2008

EndowmentEndowment 8.020.0308.020.030 5.303.8445.303.844 6.980.1406.980.140

AnnuityAnnuity 101.413.2101.413.25353

111.279.99111.279.9944

134.910.68134.910.6833

Term LifeTerm Life 39.750.7939.750.7988

48.737.27348.737.273 33.491.01233.491.012

TotalTotal 149.184.0149.184.08181

165.321.11165.321.1111

175.381.83175.381.8355

323232

Life Life Production Production bby y ChannelChannel

20062006 20072007 2008 2008

Agency & BrokerAgency & Broker 47 %47 % 41 %41 % 43 %43 %

Direct to Customer & Direct Direct to Customer & Direct SalesSales

22 %22 % 24 %24 % 30 %30 %

IsbankIsbank 24 %24 % 27 %27 % 16 %16 %

IsbankIsbank & Direct Sales & & Direct Sales & AgencyAgency

7 %7 % 7 %7 % 10 %10 %

HSBCHSBC 1 %1 % 1 %1 %

TotalTotal 100 %100 % 100%100% 100%100%

26%

33

LLife Products ife Products Charging StructureCharging Structure

AGENCY AGENCY COMMISSIONCOMMISSION

MANAGEMENMANAGEMENT FEET FEE

FUND FUND CHARGECHARGE

RISK RISK PREMIUMPREMIUM

ExplanatioExplanationn

CharginCharging g

MethodMethodLimitLimit Individual Life Individual Life

ProductsProductsGroup Life Group Life ProductsProducts

--On On

premiupremiumsms

For term life products For term life products total of commission total of commission rates cannot exceed rates cannot exceed

25%.25%.For other products total For other products total

of commission rates of commission rates cannot exceed cannot exceed 550%.0%.

Annual max.limit is 10% Annual max.limit is 10%

TRL - $/€TRL - $/€

1.Year 1.Year 3030%%--2200%%

2. Year 5%2. Year 5%-2-2%%

3. 3. YYearear+ 3+ 3%%--2%2%

Varies Varies according to according to

the groupthe group

To cover To cover administraadministra

tive tive expensesexpenses

On On premiupremiu

msms NoneNone

TRL - $/€TRL - $/€

1.Year 1.Year 55%%-3-3%%

2. Year 2. Year 44%%-3-3%%

3. 3. YYearear+ 3+ 3%%--33%%

Varies Varies according to according to

the groupthe group

To cover To cover fund fund

manmanaagemegement nt

expensesexpenses

On On current current year’s year’s

revenuerevenuess

Max. 1Max. 155% of the % of the revenuesrevenues

5%5%10% for early 10% for early

surrenderssurrenders

5%5%10% for 10% for

early early surrenderssurrenders

Depends Depends on the age on the age and sex of and sex of

the the insuredinsured

On On premiupremiu

msms

No minimum or No minimum or maximum limitsmaximum limits -- --

34





353535

( Mio TL)( Mio TL) 20072007 20082008

Written Premium Written Premium 337 337 345345

General General Technical Profit Technical Profit 88 1818

Total Assets Total Assets 2.8252.825 3.4003.400

Paid-In Capital Paid-In Capital 175175 250250

Shareholders’ Equity Shareholders’ Equity 344344 350350

MathMath.&.& Profit Sharing Profit Sharing ProvisionsProvisions 1.4531.453 1.6081.608

Net Net ProfitProfit 4545 5353

Financial HighlightsFinancial Highlights

363636

FinancialsFinancials Income StatementIncome Statement

2007 2008

A- 0,2 0,5

B- -0,3 -0,4

I - -0,1 0,1

C- 556,9 629,5

D- -530,6 -618,2

II- 26,3 11,3

E- 38,2 58,5

F- -56,5 -51,6

III- -18,3 6,9

IV- 7,9 18,3

G- 58,0 58,9

H- -5,4 -8,9I- -3,5 -0,9

V- 49,1 49,1

VI- 57,0 67,4

VII- -11,6 -14,4

IX- 45,4 53,0

GENERAL TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL EXPENSES

LIFE TECHNICAL EXPENSES

LIFE TECHNICAL PROFIT / LOSS

NON-LIFE TECHNICAL INCOME

LIFE TECHNICAL INCOME

(Mio YTL)

TECHNICAL PART

PENSION FUND TECHNICAL INCOME

PENSION FUND TECHNICAL EXPENSES

PENSION FUND TECHNICAL PROFIT / LOSS

PERIOD NET PROFIT / LOSS (VII - VIII)

INVESTMENT INCOME

INVESTMENT EXPENSESPROFIT FROM OTHER & EXTRAORDINARY

PERIOD PROFIT / LOSS (IV+V)

PROVISION FOR TAX & OTHER LEGAL LIABILITIES

COMPANY ASSETS PROFIT / LOSS

373737

FinancialsFinancials Balance SheetBalance Sheet

2007 2008

I. 62 75,3

II. 1.716,3 1.948,9

III. 934,3 1.334,7

IV. 82,2 4

V. 24,4 24,4

VI. 5,8 12,7

2.825 3.400

I. 957,0 1.360,2

II. 1.506,3 1.669,8

III. 7,4 4,7

IV. 10,0 15,3

V. 344,3 350

VI. 45,4 53,0

2.825 3.400

(Mio YTL)

ASSETS

TAX PROVISIONS

RECEIVABLES

INVESTMENTS

LIQUID ASSETS

LIABILITIES AND SHAREHOLDERS' EQUITY

PAYABLES

TECHNICAL PROVISIONS

OTHER PROVISIONS

SHAREHOLDERS' EQUITY

PROFIT

TOTAL LIAB.& SH.EQUITY

MARKETABLE SECURITIES

FIXED ASSETS

OTHER ASSETS (NET)

TOTAL ASSETS

38





39

ANADOLU HAYAT EMEKLİLİKANADOLU HAYAT EMEKLİLİK Stock DataStock Data

YearYearYear-endYear-end

PricePrice ($) ($)MCAPMCAP($)($)

20032003 0,630,63 157.500.157.500.000000

20042004 1,101,10 275.000.000275.000.000

20020055 2,032,03 507.500.00507.500.0000

20062006 2,322,32 580.000.000580.000.000

20072007 2,882,88 720.000.000720.000.000

20082008 0,940,94 235.000.000235.000.000

40

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ANADOLU HAYAT EMEKLİLİK A.Ş. COMPANY PRESENTATION