Page 88 - BES2016_ING

Individual Pension System 2016 Progress Report

Ratio of State Contribution Fund Group Return to Other IPS Fund Group Returns

State Contribution / Gov't Bonds and Bills (TL) State Contribution / Standard State Contribution / Liquid
State Contribution / Gov't Bonds and Bills (FX) State Contribution / Flexible State Contribution / Stock
State Contribution / Precious Metal

Ratio 1.32
1.28
1.24
1.20
1.16
1.12
1.08
1.04
1.00
0.96
0.92
0.88
0.84
0.80
0.76
0.72
0.68
G.33

31.05.2013
30.06.2013
31.07.2013
31.08.2013
30.09.2013
31.10.2013
30.11.2013
31.12.2013
31.01.2014
28.02.2014
31.03.2014
30.04.2014
31.05.2014
30.06.2014
31.07.2014
31.08.2014
30.09.2014
31.10.2014
30.11.2014
31.12.2014
31.01.2015
28.02.2015
31.03.2015
30.04.2015
31.05.2015
30.06.2015
31.07.2015
31.08.2015
30.09.2015
31.10.2015
30.11.2015
31.12.2015
31.01.2016
29.02.2016
31.03.2016
30.04.2016
31.05.2016
30.06.2016
31.07.2016
31.08.2016
30.09.2016
31.10.2016
30.11.2016
31.12.2016

The graph above is formed with State Contribution fund group return index compared to other fund groups returns, in
order to examine performance of State Contribution funds return according to other fund groups.

State Contribution Funds’ Performance Analysis according to Benchmark*

State Contribution Funds Return (%)
Garanti Emeklilik ve Hayat A.Ş. Contribution PMF Real Return (%)
Gross Real Return
(Increased by Fund
Manangement Fee) (%)
Ranking of Return
Ranking of Gross Real
Return
Benchmark Return (%)
Real Benchmark Return (%)
Difference (Return -
Benchmark Return)1 (%)
Difference (Gross Real
Return - Real Benchmark
Return)2 (%)
Internal Rate Return (%)
Ranking of Internal Rate
Return

10.75 2.05 2.41 90 122 9.54 0.93 1.21 1.48 5.39 176

Ziraat Hayat ve Emeklilik A.Ş. Alternative Contribution PMF 9.57 0.96 1.32 132 176 8.69 0.14 0.88 1.18 9.21 86
Fiba Emeklilik ve Hayat A.Ş. Contribution PMF 10.18 1.52 1.89 102 150 9.49 0.88 0.69 1.00 5.45 175
Vakıf Emeklilik A.Ş. Contribution PMF 10.18 1.52 1.89 103 149 9.61 1.00 0.57 0.89 4.95 187
Allianz Yaşam ve Emeklilik A.Ş. Contribution PMF 0.81 4.81 189
Vakıf Emeklilik A.Ş. Alternative Contribution PMF 9.92 1.28 1.64 112 161 9.42 0.82 0.50 0.74 7.72 114
BNP Paribas Cardif Emeklilik A.Ş. Contribution PMF 9.08 0.51 0.87 150 204 8.68 0.13 0.40 0.68 5.36 178
Halk Hayat ve Emeklilik A.Ş. Contribution PMF 9.82 1.19 1.55 116 164 9.48 0.88 0.34 0.57 4.68 193
Ziraat Hayat ve Emeklilik A.Ş. Contribution PMF 9.73 1.11 1.47 125 171 9.51 0.90 0.22 0.42 4.63 195
9.55 0.94 1.30 133 178 9.49 0.88 0.06

T.8 The funds offered to public in 2016 are excluded from the table.
1) Key ranking is made by decreasing fund performance that excess benchmark.
2) Gross real return is the nominal return that is decreased by inflation rate and fund management fee ratio has been ignored.

*Analysis that difference of gross real returns and real benchmark returns are positive.
In 2016, according to nominal and gross real returns 9 out of 26 state contribution funds for which benchmarks were
calculated performed in exess of benchmarks.

Pension Mutual Funds and State Contribution Funds 86