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Individual Pension System 2016 Progress Report

July 25, 2016: The “Industry Announcement on the Legislative Statutes of the Amounts that are not Claimed
by Annual Income Insurance Beneficiaries (2016/17)” stipulates implementation of relative article 33/B of
Insurance Law No. 5684 and the Regulation on the Amounts that are not Claimed by Beneficiaries, both of
which fall under the Insurances that are Subject to Private Law Provisions dated October 8, 2013, which is
drawn up as per this article, for the amounts that have expired due to statue of limitations within the scope of
the annual income insurance contracts.

August 1, 2016: “Decree Law on the Measures Taken within the scope of State of Emergency No. 667 dated
July 22, 2016,” “Decree Law on the Measures to be Taken within the scope of State of Emergency No.
668 dated July 25, 2016, and on Regulations regarding Certain Institutions and Organizations,” and the
legislation created within this scope, stipulate the relevant public authorities to execute the orders swiftly
concerning the institutions or organizations for which transactions will be performed and to show due diligence
in compensation and accumulation payments to individuals.

August 1, 2016: “Industry Announcement on the Private Pension System (2016/20),” “Industry Announcement
of Return to the Undersecretariat the Unduly Earned State Contributions to the Private Pension System
(2015/42),” and “Industry Announcement on Procedures to Terminate the Pension Contracts in the Private
Pension System (2016/10)” were combined. Also, expired industry announcements and rulings were repealed
through this industry announcement.

August 10, 2016: The “Law on Amendment of the Private Pension Savings and Investment System” stipulates
the matters on automatic enrollment of employees in the private pension system through their employers.
August 19, 2016: “Circular (No. 2016/30) on the Amendment of Circular No. 2007/11 dated September 29,
2007” amended the principles for pension companies to obtain licenses on life-group insurance branches and
the additional coverage that pension companies with life-group insurance license can offer in addition to life
insurance.

August 25, 2016: The “Regulation on the Amendment of the Regulation on Actuarial Audit of Organizations
with Pension Commitment” amended the principles concerning delivery method of the information and
documents that organizations with pension commitment send to the Undersecretariat and includes the report
content, the recording of the providers on the list, and the termination of pension plans.

November 1, 2016: The “Circular (No. 2016/34) on the Amendment of the Circular on State Contribution
Procedures in the Private Pension System” amended the schedule that was planned for the reimbursement
process of overpayments made to the Undersecretariat within the scope of the provisional article of the
Regulation on State Contributions to the Private Pension System. This Circular repealed “Circular No. 2016/31
dated September 2, 2016 on the Amendment of the Circular on State Contribution Procedures to the Private
Pension System.”

November 26, 2016: The “Circular on Automatic Enrollment in the Private Pension System (Circular No.
2016/26)” stipulates that public institutions and organizations take the necessary in-house measures to fulfill
the obligations of automatic enrollment.

December 15, 2016: “Industry Announcement on Automatic Enrollment Implementation Principles to the
Private Pension System (2016/30)” sets the implementation principles regarding the automatic enrollment of
employees in the private pension system by their employers.

December 15, 2016: “Industry Announcement regarding the Pension Companies that will be Authorized under
the Automatic Enrollment System (2016/31)” stipulates that all companies with a pension license can offer a
pension plan in the automatic enrollment system.

101 Amendments in the Legal Framework