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Individual Pension System 2016 Progress Report

2.5 Returns of Pension Mutual Funds

Benchmarking criterion is an index or indexes that provide information about the relative performance of the fund and that enable the
comparison of the fund returns. In accordance with the investment purpose and strategy specified in portfolio management contract
and the nature of the invested asset groups, it is determined through weighting against the related indexes and have to be mentioned
in the fund prospect.

Pension Mutual Funds’ Performance Analysis according to Benchmark*

In 2016, according to nominal returns 75 out of 222 pension mutual funds for which benchmarks were calculated performed
in exess of benchmarks while it was 170 for gross real returns.

Pension Mutual Funds Return (%)
Cigna Finans Emeklilik ve Hayat A.Ş. Stock Growth PMF Real Return (%)
Garanti Emeklilik ve Hayat A.Ş. Stock Group PMF Gross Real Return
BNP Paribas Cardif Emeklilik A.Ş. Stock Growth PMF (Increased by Fund
Allianz Yaşam ve Emeklilik A.Ş. Flexible Growth PMF Manangement Fee) (%)
Garanti Emeklilik ve Hayat A.Ş. Flexible Group PMF Ranking of Return
BNP Paribas Cardif Emeklilik A.Ş. Flexible Growth Group PMF Ranking of Gross Real
NN Hayat ve Emeklilik A.Ş. Flexible Income PMF Return
Fiba Emek. ve H. A.Ş. Second Gov't Bonds And Bills Income (FX) PMF Benchmark Return (%)
Allianz Yaşam ve Emeklilik A.Ş. Stock Growth PMF Real Benchmark Return
Garanti Emeklilik ve Hayat A.Ş. Stock Growth PMF (%)
Garanti Emeklilik ve Hayat A.Ş. Stock PMF Difference (Return -
Groupama Emeklilik A.Ş. Stock Growth Group PMF Benchmark Return)1
Allianz Hayat ve Emeklilik A.Ş. Stock Growth PMF (%)
Allianz Yaşam ve Emeklilik A.Ş. Second Flexible Group PMF Difference (Gross
Anadolu Hayat Emeklilik A.Ş. Stock Growth White PMF Real Return - Real
Avivasa Emeklilik ve Hayat A.Ş. Stock Growth Group PMF Benchmark Return)2
Garanti Emeklilik ve Hayat A.Ş. Flexible PMF (%)
BNP Paribas Cardif Emeklilik A.Ş. Flexible Growth PMF Internal Rate Return
Anadolu Hayat Emeklilik A.Ş. Rising Countries Growth Flexible PMF (%)
Anadolu Hayat Emeklilik A.Ş. Stock Growth Group PMF Ranking of Internal
Anadolu Hayat Emeklilik A.Ş. İş Bankası Share Index PMF Rate Return
Allianz Yaşam ve Emeklilik A.Ş. Pera A Flexible Group PMF
T.4 Avivasa Emeklilik ve Hayat A.Ş. Stock Growth PMF 17.08 7.88 9.77 37 34 9.23 0.64 7.85 9.13 12.45 54
Katılım Emeklilik ve Hayat A.Ş. Alternative Flexible Group PMF 15.39 6.32 7.37 50 52 9.59 0.98 5.80 6.39 10.35 62
Ziraat Hayat ve Emeklilik A.Ş. Stock Growth PMF 14.64 5.63 7.83 52 49 9.19 0.60 5.45 7.22 11.39 57
Aegon Emeklilik ve Hayat A.Ş. Flexible PMF 13.91 4.96 7.06 55 53 9.27 0.68 4.64 6.38
Allianz Hayat ve Emeklilik A.Ş. Flexible Growth PMF 13.84 4.89 5.93 56 61 9.25 0.67 4.59 5.26 8.69 92
Anadolu Hayat Emeklilik A.Ş. Second Flexible Growth PMF 14.10 5.13 6.19 54 59 9.81 1.18 4.29 5.00 10.84 58
Groupama Emeklilik A.Ş. Stock Growth PMF 17.74 8.49 10.86 30 27 13.52 4.60 4.22 6.26 12.44 55
Allianz Yaşam ve Emeklilik A.Ş. First Flexible Group PMF 22.35 12.73 14.79 19 18 18.18 8.89 4.17 5.90 26.48 13
Katılım Emeklilik ve Hayat A.Ş. Stock Alternative Growth PMF 13.09 4.20 6.29 58 57 8.97 0.41 4.12 5.89 34.93 7
BNP Paribas Cardif Emeklilik A.Ş. Flexible PMF 13.01 4.13 6.45 59 55 9.31 0.72 3.70 5.73
Avivasa Emeklilik ve Hayat A.Ş. Flexible Growth (Group) PMF 13.20 4.30 6.63 57 54 9.59 0.98 3.61 5.64 9.22 84
Avivasa Emeklilik ve Hayat A.Ş. Stock PMF 12.77 3.91 4.95 61 70 9.19 0.61 3.58 4.34 8.94 90
Halk Hayat ve Emeklilik A.Ş. Stock Participation PMF 12.66 3.81 5.93 63 60 9.18 0.60 3.48 5.33 8.18 109
21.72 12.15 13.28 20 22 18.24 8.95 3.48 4.33 7.34 127
12.41 3.58 5.86 65 62 9.01 0.44 3.40 5.42 5.97 153
12.48 3.64 4.68 64 77 9.19 0.61 3.29 4.07 27.59 12
12.39 3.56 5.64 66 64 9.25 0.67 3.14 4.97 5.76 164
12.99 4.11 6.39 60 56 9.90 1.26 3.09 5.13 7.05 133
54.78 42.61 45.76 1 1 51.78 39.85 3.00 5.92 9.80 68
12.08 3.27 4.31 71 83 9.27 0.68 2.81 3.63 10.47 61
22.93 13.27 15.42 17 17 20.21 10.77 2.72 4.65 75.14 1
14.50 5.50 6.29 53 58 11.79 3.00 2.71 3.29 8.25 107
11.90 3.11 5.06 73 69 9.19 0.61 2.71 4.45 28.93 10
11.15 2.41 3.42 85 100 8.48 -0.04 2.67 3.47 15.59 49
11.71 2.93 5.22 74 66 9.21 0.62 2.50 4.60 6.96 137
12.15 3.34 5.38 69 65 9.79 1.16 2.36 4.22 9.46 80
11.39 2.64 4.74 80 75 9.15 0.57 2.24 4.17 6.00 151
26.24 16.32 18.65 15 14 24.07 14.32 2.17 4.34 9.72 70
11.35 2.60 4.92 81 71 9.19 0.61 2.16 4.31 9.95 66
11.90 3.11 4.14 72 86 9.76 1.13 2.14 3.01 48.26 3
11.17 2.43 4.75 84 74 9.26 0.68 1.91 4.07 5.92 155
11.70 2.92 5.06 75 68 9.94 1.30 1.76 3.76 8.40 99
12.30 3.47 4.51 68 78 10.61 1.91 1.69 2.60 7.74 113
10.79 2.08 4.31 88 82 9.19 0.61 1.60 3.70 9.74 69
10.79 2.08 4.38 89 80 9.20 0.62 1.59 3.76 10.12 63
5.79 162
6.76 139

71 Pension Mutual Funds and State Contribution Funds