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Individual Pension System 2016 Progress Report

4.1 Amendments in the Legal Framework

February 5, 2016: Pursuant to “Regulation on State Contributions to the Private Pension System”, procedures
and principles were amended regarding calculation, payment and investment of state contributions in the
private pension system; regarding the scope, return or appropriation of the unduly earned and wrongfully
paid amounts; and regarding other state contribution processes. The Regulation on State Contributions to
the Private Pension System published in the Official Gazette No. 28512 of December 29, 2012 was repealed.

March 3, 2016: Pursuant to Capital Markets Board Resolution No. 7/223 of March 3, 2016, the “Guide
to Private Pension Funds” was passed according to Capital Markets Board (Board) resolution No.
i-SPK.4632-17/3 (No. 7/223 dated March 3, 2016) published on March 3, 2016. The guide covers matters
regarding fund types, controls on fund types, fund portfolio principles, asset valuation principles in fund
portfolios, fund share trading principles, risk management system principles, operational principles of
funds, public disclosure principles, board fees, and internal control systems.

March 18, 2016: Certain procedures and principles on reporting suspicious transactions were amended
pursuant to Communiqué Serial No. XIV on the Amendment of the Financial Crimes Investigation Board’s
General Communiqué Serial No. V.

March 25, 2016: Pursuant to the Circular on State Contribution Transactions in the Private Pension System
(Circular No. 2016/12), procedures and principles were announced regarding the implementation of
Provisional Article 3 of the Regulation on State Contribution Transactions.

April 1, 2016: Pursuant to the “Circular (Circular No. 2016/14) on Amendment of the Circular on Projected
Accumulation and Reimbursement Tables to be used in the Private Pension System No. 2010/10 dated
August 23, 2010,” amendment was made on the projected gross real income ratios that companies will
apply for the projected accumulation and projected planned reimbursement tables for investors.

April 26, 2016: Pursuant to “Industry Announcement on CPI-Indexed Government Annuity Bonds for Annual
Income Insurances (2016/4),” companies that apply to the Undersecretariat to draw up an annual income
insurance contract are required to complete preparations concerning the government bond issuances that
are compliant with annual income insurance products.

May 29, 2016: Pursuant to “Regulation on Amendment of the Regulation on Financial Reporting by
Insurance, Reinsurance and Pension Companies,” principles were amended regarding delivering procedures
of consolidated and unconsolidated financial statements by insurance, reinsurance and pension companies,
and the presentation and publication of the financial statements prepared by them.

May 29, 2016: Pursuant to “Communiqué on Amendment of the Communiqué on Presentation of Financial
Statements (Communiqué 2008/1),” procedures and principles concerning the announcement of companies’
year-end financial statements were amended.

June 22, 2016: Pursuant to the “Circular on the Principles to Follow in Implementation of the Reports
Prepared by the Insurance Supervision Board (Circular No. 2016/25)”, procedures and principles were
established on obtaining the opinions and statements from those that are subject to audit regarding the
determinations and assessments in the report, which is drawn up as a result of inspection of insurance and
private pension operations, and on implementation of the determinations and assessments.

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