1

TURKCELL

INVESTOR PRESENTATION

September 2019

TURKCELL GİZLİ

2

TURKCELL: KEY INVESTMENT HIGHLIGHTS

TRACK RECORD LOOKING AHEAD: PRIORITIES

Long FX positionUS$207mn

Robust growth via differentiated offerings23% top-line CAGR since 2016

ARPU growth above inflation17% ARPU growth in Q2

Leader in customer experienceNPS: 21

Low leverage1.2x

Divested minority investment in FinturEUR353mn cash proceeds

Continue prudent balance sheet and FX mngt

Continued growth in telco and new businesses

Continue inflationary pricing strategy

Improve Free Cash Flow generation

Sustain leadership in customer experience

Focus on growing postpaid base

STRATEGIC APPROACH

4

KEY STRATEGIC PRIORITIES

DIGITAL SERVICES

DIGITAL BUSINESSSOLUTIONS

TECHFIN PLATFORM

OUR CUSTOMERS

WELL-INVESTED INFRASTRUCTURE

MORE TO FOLLOW

5

DIGITAL SERVICES: ENHANCING USER EXPERIENCE

A WIDE PORTFOLIO OF DIGITAL SERVICES

✓ 9 bn messages/month

➢ new: instant translator in 106 languages

✓ 117 mn hours of watching/month

➢ new channels / AI-based suggestions

✓ 47 minutes streaming/user/day

➢ new experiences with gamification

✓ 1,700 magazine&paper: unmatched!

➢ new AI-based article suggestions

6

DIGITAL SERVICES – GLOBAL EXPANSION

7

PROVIDING END-TO-END ICT SERVICES

DIGITAL BUSINESS SOLUTIONS

Turkcell Digital SolutionsDigital Partners Ecosystem

Vertical SolutionsManaged Services

Consultant Sales Force

One Stop ShopAutomation

Self Management

GROWTH DRIVERS

ENTERPRISE CUSTOMERS SMB CUSTOMERS

Cloud Security Digitization ICT Services

ENABLERS

STRONG NETWORK

TURKCELL GİZLİ

8

2550

117

CAPTURING OPPORTUNITY IN TECHFIN: PAYCELL

20162015 2017 2019E2018 2020E 2021E 2022E 2023E

187

20 38 93 135EBITDAMn TL

TODAY + NEW BUSINESSES

POS & MPOS

Hybrid cards (Gaming, Gift)

Loyalty program

Paycell Card Sales Points

Micro Credit

Carrier Billing

Utility payments

Money Transfer

Mobile wallet

Paycell Top-ups

QR Code PaymentFuture growth driven by

new businesses

TRY MILLION

PAYCELL REVENUE

Recently launched:

9

WELL-INVESTED INFRASTRUCTURE: FOCUS ON SHARING

21 28Number of cities

In partnership withTürksat & Vodafone

Turkcell (stand-alone)

Turkcell infrastructure

Overlapping

Türksat infrastructure

First in Europe

10 GbpsFiber to the home

The map displays the cities in Turkey where Turkcell offers fiber and cable internet services through its partnership with Türksat and Vodafone. HFC stands for hybrid fiber-coaxial.

3.5 mn 3.5 mn fiber + 3.0 mn cable (HFC)Homepass

10

THREE PILLARS OF OUR BUSINESS MODEL HEDGING

INFLATIONARY PRICING FX & INTEREST RATE HEDGING LIQUIDITY

• Key for sustaining growth & margins

• Secure ROI of projects & investments

• Reflecting costs to the prices

• Proven track record

• Keeping all cash in hard currency

• FX hedged for whole maturity, both on principal & interest of loans

• Converted variable to fixed interest

• Strong free cash flow generation

• Additional committed lines

• 1.9Bn USD cash* covers principal & interest payments until 2023

58%42%

Details of Financial Debt (After Hedging)

Local Currency

FX

Principal & Interest Payments**

(Million USD)

100106

115111110

115125

131129130139136

142147

164158161

172

100103103106109110112114120123123

128132138

147157158

163

Q11

5Q

215

Q31

5Q

415

Q11

6Q

216

Q31

6Q

416

Q11

7Q

217

Q3

17

Q41

7Q

118

Q21

8Q

318

Q41

8Q

119

Q21

9

TCELL ARPU (exl. M2M) CPI

Turkcell ARPU vs. CPI Trend (Q115=100)

Fixed interest

Variable interest

*Includes Fintur sale proceeds.**Data of Turkcell Group companies, excluding TCF

80%

20%

310 602255 306

1,930

302

2019 2020 2021 2022 2023+

FX Local Currency

612 602255 306

1,930

11

MAJOR FUNDING & HEDGING DETAILS TYPE &

DATEAMOUNT MATURITY INTEREST

PURPOSE OF FUNDING

Club Loan(September 2015)

US$500Mn

EUR445Mn

2-year grace period, 5-year

maturity

3-month LIBOR/

EURIBOR+ 2.00%

CAPEX and inorganic growth opportunities

Bond(October 2015) US$500Mn 15/10/2025 5.75%

(fixed rate)

China DevelopmentBank(October 2015)

EUR500Mn

EUR750Mn

3-year grace period, 10-year

maturity

EURIBOR + 2.20% Debt restructuring

CAPEX

CAPEX and inorganic growth opportunities

Bond(April 2018) US$500Mn 11/04/2028

5.80%(fixed rate)

Repayment of existing indebtedness

80% hedged with PCCS

7% hedged with PCCS

HEDGING DETAILS

-

-

100% hedged with PCCS

~48% hedged with PCCS &CCS

UTILIZATION

Fully utilizedin Jun 16

-

Fully utilizedin Oct 15

~EUR550 Mn utilized as of March 19 -

availability expired

-

EKN-Covered(March 2019) US$150Mn

10-year maturity

1st Tranche: LIBOR + 2.10%

2nd-3rd Tranche: 5.35%CAPEX US$50mn utilized

as of March 31-

EUR : EURIBOR + 2.20%USD : LIBOR + 2.22%

CNY : 5.51%

Sustainability Linked Loan(May 2019)

EUR50Mn3-year

maturityEURIBOR + 1.95% General Corporate

Purposes

TURKCELL GİZLİ

12

OUR SUSTAINABILITY INITIATIVES

906k Kg Co2 EmissionSaving

SOCIALENVIRONMENTAL

GOVERNANCE

ESG Rating: A

900 kWpPower Fieldin TRNC

✓ RENEWABLE ENERGY

✓ WASTE RECYCLING

Zero Waste

OfficesDigitalPublishing

Whiz Kids30k gifted student in 3 years

✓ SOCIAL RESPONSIBILITY

Women in TechnologyOver 3 thousand applications

✓ TECHNOLOGY-BASED EDUCATION

DQ InstituteDigital education

Code of Ethics

Anti Corruption Program Sustainability Index

Note: ESG rating last review date is June 6, 2019

Q2 2019 RESULTS

TURKCELL GİZLİ

14

6.2 Bn TL 21.3% yoy

Q2 2019: SOLID PERFORMANCE

2.6 Bn TL41.2% margin

ROBUST REVENUE GROWTH SOLID ARPU GROWTH

STRONG EBITDA DIGITAL BUSINESS SERVICES IMPROVED LEVERAGE

180 Mn downloads

DIGITAL SERVICES

16.6% yoy

mobile blended

17.2% yoy

residential fiber

1.2x Net Debt/EBITDA

0.3x yoy decrease

693 Mn TL 1H revenue

62% yoy growth

TURKCELL GİZLİ

15

ConsolidatedTRY Million1 Q2 2018 Q1 2019 Q2 2019 YoY % H1 2019 YoY %

Revenue 5,105 5,675 6,191 21.3% 11,866 20.3%

EBITDA 2,134 2,281 2,553 19.6% 4,834 16.3%

EBITDA Margin 41.8% 40.2% 41.2% (0.6pp) 40.7% (1.4pp)

EBIT 1,088 1,103 1,287 18.3% 2,390 12.2%

EBIT Margin 21.3% 19.4% 20.8% (0.5pp) 20.1% (1.4pp)

Net Income 415 1,224 465 12.1% 1,690 84.5%

Op.Capex/Sales2 20.2% 15.6% 15.4% (4.8pp) 15.5% (0.5pp)

1 TRY figures are based on IFRS. 2 Excluding license fees 3 Share Sales and Purchase Agreement signed on Dec 12,2018.

TURKCELL GROUP FINANCIAL HIGHLIGHTS

• Strong topline growth and solid EBITDA performance

• Net income excluding recognition of liability in relation to Kcell SPA3 is TRY526 mn in Q219, up by 27% yoy

TURKCELL GİZLİ

16

56.4

62.866.1

34.9

38.1

40.7

Q218 Q119 Q219

1.9% 1.9% 2.0%

Q218 Q119 Q219Note: TV subscribers and the related net add figure include the total of and the change for 3.9 million of «OTT only» cumulative active users.

TURKEY SUBSCRIBERS (million) ARPU (TL)

MONTHLY AVERAGE MOBILE CHURN RATE

18.9

15.0

Postpaid Prepaid

QoQ 215K↑ 1K↓ 15K↑ 337K↑Net add

56%of total mobile

OPERATIONAL HIGHLIGHTS

* The ARPU of mobile customers who have stayed with Turkcell for at least 14 months.

-63K↓

1.4

0.8

20K

Fixed subscribers

17.2%YoY

4.5

TV

fiber ADSL

fiber

cable

ADSL

130 KSuperbox

subscribers

20.5%19.6%like-for-like* growth

16.6%Residential fiber

Mobile blended(excl.M2M)

TURKCELL GİZLİ

17

SMART CAMPAIGNS IN Q219

LEADERSHIP IN QUALITY AND EXPERIENCE

+11 +10

+23 +22

Q119 Q219

Points over next best Points over third best

Source: Future Bright

CUSTOMER EXPERIENCE

Turkcell Score 21

Consumer Net Promoter Score (Points)

7 mn participants/gifts

«#DO» campaign

3 mn new to our digital services

23 mn participants

1 bn gifts

Turkcell’s Shake & Win

Turkcell’s «Comfortable» Tariff Model

Figures reflect the first six months performance

Hybrid (post&pre) model

~50% new to Turkcell

TURKCELL GİZLİ

18

31.1 31.0 31.4

17.6 18.5 19.0

Q218 Q119 Q219

4.5G subscribers 4.5G compatible smartphone

3.2 3.4 3.7

6.67.4

8.2

5.05.9

6.6

Q218 Q119 Q219

Non 4.5G Users 4.5G Users Total Users

MOBILE DATA USAGE (Av. GB/User) 4.5G SUBSCRIPTION (million)

GROWTH ENGINE: MOBILE DATA

93% are 4.5G

subscribers

19 million with

4.5G compatible SPs

83% are 4.5G

compatible SPs

8.9 GBin Jun 2019

Data consumption continued its pace with a 8.2GB user/month on average

75% smartphone

penetration

TURKCELL GİZLİ

19

STRONG B2B STRATEGY: DIGITAL BUSINESS SERVICES

426

693

H118 H119

Turkcell Digital SolutionsDigital Partners Ecosystem

Vertical SolutionsManaged Services

Consultant Sales Force

One Stop ShopAutomation

Self Management62%

DIGITAL BUSINESS SERVICES REVENUE GROWTH DRIVERS

ENTERPRISE CUSTOMERS SMB CUSTOMERS

Cloud Security Digitization ICT Services

ENABLERS

STRONG NETWORK

TRY MILLION

TURKCELL GİZLİ

20

H1 2018 H1 2019 YoY %

Revenues 442.6 477.4 7.9%

EBITDA 204.4 234.6 14.8%

EBITDA Margin 46.2% 49.1% 2.9pp

Net Income1 162.2 78.2 (51.8)%

CONSUMER FINANCE

TECHFIN: NEW GROWTH AND PROFITABILITY ENGINE

HANDSET FINANCING

0.4 0.3 0.3

4.73.6 3.2

Q218 Q119 Q219

Financell ConsumerLoans

Turkcell ContractedReceivables

TRY BILLION

5.14.0

3.6

2 per IFRS 3 in the past one year

TRY MILLION

H1 2018 H1 2019 YoY %

Revenues 88.8 117.1 31.9%

EBITDA 66.1 86.6 31.0%

EBITDA Margin 74.4% 74.0% (0.4)pp

TRY MILLION

PAYMENT SERVICES

1 including the 57 mn TL and 45 mn TL dividend from Paycell in Q218 and Q219, respectively

125 TL average

monthly installment

97% penetration of

loan insurance3

1,542 TL average

ticket size

2.9% cost of risk2

1.5Bn TL transaction

size in Q219

4.9Mn 3-month

active user of Paycell

TURKCELL GİZLİ

21

TRY MILLION1 Q2 2019 YoY% H1 2019 YoY %

Revenue 492 48.4% 917 50.1%

EBITDA 230 88.1% 424 96.9%

EBITDA

Margin46.8% 9.9pp 46.2% 11.0pp

HIGHLIGHTS

1 Figures are based on IFRS

TURKCELL INTERNATIONAL

TURKCELL INT’L REVENUE BREAKDOWN

2 Other comprises lifecell Germany, other international operations and intra-company eliminations. Ukraine, Belarus and Turkish Republic of Northern Cyprus figures are based on stand-alone financials.

66%

19%

10%5%

• 8.2 GB/month 4.5G subs data consumption

• 16% yoy revenue growth in local currency

• MNP launched in May

• 10% yoy revenue growth in local currency

Ukraine

Belarus

TR Northern CyprusOther2

• Like-for-like EBITDA margin improvement is 1.2 pp in Q219 and 3.3 pp in H1 2019

Q219

TURKCELL GİZLİ

22

SOLID BALANCE SHEET

NET DEBT/ EBITDA

1 Q119 figure includes proceeds from the Fintur transaction closed on April 2, 2019.

2 Excludes Turkcell Consumer Finance Company’s loan portfolio

TCF loan porfolio

Net Debt2

TRY Mn Q4 2018 Q1 2019 Q2 2019

Total Cash1 7,419 11,118 10,687

Total Assets 42,765 46,079 45,608

Total Debt 20,156 22,867 22,062

Lease Obligations 1,414 1,410 1,577

Total Equity 16,054 17,102 17,331

Net Debt 12,736 11,749 11,375

Net Debt2 8,565 8,108 8,160

SUMMARY

8,565 8,108 8,160

4,171

3,6413,215

1.4x1.3x

1.2x

1.0x0.9x 0.9x

Q418 Q119 Q219

Net Debt/EBITDA Net Debt/EBITDA2

TURKCELL GİZLİ

23

7,419

9,80910,813 10,687 10,687

2,390

2,444(1,070)

(300) (69) (127)

Cash Q418 EBIT Depreciation andAmortization

Change inoperating

assets/liabilities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Other Cash Q219

LIQUIDITY MANAGEMENT

TRY MILLION1

Q418 - Q219

1 Figures are based on IFRS.

TURKCELL GİZLİ

24

(301)(255)

(224)

216 207

Q218 Q318 Q418 Q119 Q219

FX EXPOSURE

10.7Bn TLNominal

34%

8%50%

8%

50%

33%

8%9%

CASH1 DEBT

Before Hedging

2 Including advance payments, hedging and excluding FX swap transactions for TL borrowing. Derivatives (VIOP) and forward transactions are included.

After Hedging

NET FX POSITION2

22.1Bn TL

USD MILLION

Share

1 Excluding FX swap transactions for TL borrowing.

USD EUR TRY Other

80%

17%

3%

TURKCELL GİZLİ

25

GUIDANCE REVISED UPWARDS

ANNOUNCED (Q418)

OP. CAPEX / SALES*

TURKCELL GROUP

2019 GUIDANCE

REVENUE GROWTH

EBITDA MARGIN

REVISION (Q119)

16% - 18%

37% - 40%

16% - 18%16% - 18%

*Excluding licence fees

39% - 41%

16% - 18%

17% - 19%

38% - 40%

NEW

17% - 19%

26

APPENDIX- Digital Services KPIs

- Network Dynamics

- International Business

- Regulatory

- Currency Trends

TURKCELL GİZLİ

27

1: Refers to downloads as of June 30, 2019. 2: 3-MAU includes users who utilised the zero rating benefit of Dergilik magazines and newspapers via browser. 3: 3-month active users also include IPTV users 4: My Account is renamed as Digital Operator in 4Q 2018.

3-Month Active User

Service KPIs

Download1

283K

1.5Mn

38MnGames played

on BiP

DIGITALPUBLISHING2

12.2Mn

12.0Mn

0.8Mncopies read

per day

MUSICPLATFORM

23.4Mn

3.7Mn

8.3Mnsongs streamed

per day

MOBILE TV3

13.3Mn

4.2Mn

4.0MnTV sessions

per day

PERSONAL CLOUD

11.8Mn

2.6Mn

40docs uploaded

per person / day

DIGITAL SERVICES: UNIQUE PORTFOLIO

8.5Mn

3.8Mn

1.0Mnsearchper day

DIGITAL OPERATOR4

43.6Mn

20.1Mn

29% more ARPU

INSTANT MESSAGING

37.8Mn

9.9Mn

302Mnmessages per day

GAMINGPLATFORMS

SEARCH ENGINE

Unique visitor on BiP

For BackgammonGO

YoY +5.8M +6.3M +4.9M +4.2M +11.5M +3.4M

+0.2M +0.5M +2.1M +0.6M +8.3M +1.9M

+16.9M

+1.3M -0.2MYoY

n.a.

2828

234.4 MHz

FREQUENCIES BEFORE AND AFTER 4.5G TENDER

TOTAL FREQUENCYBEFORE TENDER

Turkcell Vodafone Türk Telekom

62.0 57.064.8

172.4

82.8

110.2

AWARDED FREQUENCY IN

TENDER

TOTAL FREQUENCYAFTER TENDER

139.8 MHz

175.0 MHz

€0.3

€0.4

€0.5

• Price / MHz / Population in Turkey: €0.12 per MHz per sub cost

2929

234.4 MHz

FREQUENCY BANDS AFTER 4.5G TENDER

Turkcell Vodafone Türk Telekom

62.0 57.064.8

172.4

82.8

110.2

139.8 MHz

175.0 MHz

Main layer for 4.5G Terminal support, capacity and coverage layer

2600 MHz

2100 MHz

1800 MHz

900 MHz

800 MHz 4.5G main coverage layer

2G/3G coverage and voice layer

Mobile broadband layer for 3G4.5G usage for mid/long term

4.5G capacity boost layer for hot spots

€0.3

€0.4

€0.5

• Price / MHz / Population in Turkey: €0.12 per MHz per sub cost

60.040.0 35.0

70.0

35.0 30.0

59.6

20.070.0

24.8

24.8

20.0

20.0

20.0

20.0

3030

FASTEST & BEST & WIDEST

SPEED

1,200 Mbps

2018

* Source: https://gsacom.com/paper/progress-gigabit-lte-networks-2/

QUALITY

CarrierAggregationall network

The BestExperts

4x44x4 MIMOall network

MIMO: Multi Input Multi Output

SPEED QUALITY

3131

DIFFERENTIATED THROUGH QUALITY

Source: IRIS Telecommunication Engineering Services, January 2019

USER EXPERIENCE

82

7574

0-100

DATA SPEED

49

21

13

17

11 10

Download(Mbps)

Upload(Mbps)

Turkcell Telco1 Telco2

3232

5G

eMBB

eMTC URLLC

Higher Capacity100x

10x Faster Data Rate

10x Lower Latency

5G: MORE THAN HIGHER SPEED

3333

48.8%

Incumbent48.1%

Other players

3.0%

FIXED BROADBAND MARKET

6.6 6.6 6.8 7.27.8

8.79.5 9.6

0.551.2

1.461.67

1.93

2.29

2.80 2.89

0.490.49

0.560.63

0.74

0.83

0.930.96

10.2%11.0%

11.5%12.1%

13.2%

14.7%

16.3% 16.6%

2012 2013 2014 2015 2016 2017 2018 2019 Q1

xDSL Fiber Cable Penetration

Note: Company calculation based on data in ICTA Q1 2019 Report

13.6 mnTotal

Subscribers

3 majorOperators

16.6%Penetration

TURKISH FIXED BROADBAND MARKET FIXED BROADBAND MARKET BY TECHNOLOGY (MN)

FIBER SUBSCRIBER MARKET SHARE

Q1 2019

3434

548900

1,276

2,070

2015 2016 2017 2018

Turkcell Superonline (stand-alone) Fiber Backbone

NET REVENUE TREND

24%

CAGR2015-2018

EBITDA TREND

39%

CAGR2015-2018

1,7192,429

3,2104,076

2015 2016 2017 2018

TRY Mn

TRY Mn

899 1,044 1,2041,386 1,426

2015 2016 2017 2018 2019 H1

FIBER CUSTOMERS

Fiber market share (%)

50%

thousand

• 44.3 thousand km rollout

• 21 cities

• Data speed up to 10Gbps

• 42% take up rate

• Infrastructure sharing protocol signed by Turkcell, Türk Telekom,

Vodafone TR, Türksat and Telkoder in May

• Bilateral agreements to follow: 3 Mn additional homepass through

Türksat and potential for more

• A new capex model on fixed business

NEW BUSINESS MODEL ON FIXED INFRASTRUCTURE

TURKCELL SUPERONLINE

3535

9%

Digitürk(beIN) 35%Tivibu

24%

D-Smart14%

CableTV18%

IP TV Subscriber Market Share1

As of Q119

1Source: ICTA Q1 2019 Report2Includes IP TV and OTT TV subscribers

4.5 millionTurkcell TV+ subscribers2 in Q2 2019

SUCCESSFUL IPTV SERVICES

3636

Tower portfolio:

10,581

Turkey

Ukraine

Belarus

TRNC

8,501

1,132

833

115

• First and only TowerCo of Turkey

• Regional player operating in 4 countries

• Long term, visible revenue stream & strong profitability

• Aim to increase efficiency by consolidating towers in Turkey

338

2018 2019E 2020E 2021E

1.60

2018 2019E 2020E 2021E

25%-30%

1.8x-1.9x

CAGR2019-2021

MediumTerm

TRY mn

Note: Tower portfolio includes owned and managed towers and towers for which contract management services are provided.

GLOBAL TOWER

NET REVENUE TREND

TENANCY RATIO

3737

5%

10%

15%

20%

25%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Turkcell Group EEMEA

Source: Bloomberg Industry Data and company announcements*Excluding licence fees

Turkcell Group Average: 17.7%*

EEMEA Average: 17.6%Between 2008 and 2018

CAPEX/SALES TREND

3838

lifecell PERFORMANCE

HIGHLIGHTS

UKRAINE MOBILE MARKET FACTS*

55.3mTotal

subscribers

3Operators

132% Mobile

Penetration

Ownership 100% Turkcell

Ownership 100% VEON

Ownership 100% MTS

*Source: Global Wireless Matrix Q1 2019** MTS Ukraine changed its legal name to Vodafone Ukraine with a marketing agreement

UAH MILLION Q2 2019 YoY% FY18 YoY%

Revenue 1,482 16.1% 5,269 8.0%

EBITDA 799 41.7% 2,762 108.2%

EBITDA Margin 53.9% 9.7pp 52.4% 25.2pp

**

OPERATIONS IN UKRAINE

• Operational performance:

• 6.8 million subscribers in Q2 2019 (3 months active) with UAH 53ARPU (up 27.3% yoy)

✓ 3.8 million 3-month active 3G and 4.5G data users

• 78% SP penetration (market leader)

• fizy stepped over half a million barrier of downloads

• First to launch 4G services in Ukraine on 2600 MHz

• 4.5G services on the 1800 MHz frequency since Jul 1st

3939

49.8%

37.1%

13.0%

KYIVSTAR

VDF

lifecell

9%

9%

12%17%

16%

11%14% 17%

20%

24%

9%14%

9%

18%

Q218 Q318 Q418 Q119 Q219

FINANCIALS

44.1%

44.6%

76.6%

57.6%

53.9%54.9% 54.9% 52.7% 52.8%

55.1% 57.5% 55.8% 60.2%

62.4%

Q218 Q318 Q418 Q119 Q219

Mobile Revenue

Subscriber*

(*) 3 month active subscribers

Mobile Revenue Growth (in UAH)(YoY)

lifecell VDF Kyivstar

EBITDA Margin (%)

Source: Company announcements (Q1 2019). Note: lifecell EBITDA margins in 2018 include new IFRS impacts (IFRS 9, 15 and 16)

MARKET SHARE

UKRAINE: MOBILE MARKET PERFORMANCE

51.3%

34.6%

14.2%

KYIVSTAR

VDF

lifecell

4040

*Source: Company calculation based on Q1 2019 results

OPERATIONS IN BELARUS

BeST PERFORMANCE

HIGHLIGHTS

BELARUS MOBILE MARKET FACTS*

11.5mTotal

subscribers

3Operators

121% Mobile

Penetration

Ownership 80% Turkcell20% Belarusian State

Ownership51% Belarusian State49% MTS

Ownership100% Telekom Austria

Q2 2019 YoY% FY18 YoY%

Revenue 33.7 10.1% 124.9 11.7%

EBITDA 11.1 152.3% 27.9 548.8%

EBITDA Margin 32.9% 5.0pp 22.3% 18.5pp

BYN MILLION

• 1.1 million 3 month-active subscribers in Q2 2019

• 4G services since September 2017 (through becloud)

• Average monthly data consumption grew by 70% yoy to 6.4GB in Q219.

• Expanding digital services footprints

• Launched its new digital offering PLAY, which includes 7 digital

services.

4141

BELARUS: MOBILE MARKET PERFORMANCE

11%8% 8%

9% 10%11%

8% 7%

7% 6%

16% 17%19% 20%

Q218 Q318 Q418 Q119 Q219

47.5%

46.1%

6.4%

MTS

VELCOM

LIFE :)

Source: Company announcements (Q1 2019).

Subscriber*

Revenue

(*) 3 month active subscribers

47.7%

42.1%

10.3%

MTS

VELCOM

life :)

life :) EBITDA Margin Trend*

Mobile Revenue Growth (in BYN)(YoY)

14.4%17.1%

38.6%

23.2%

32.9%

Q218 Q318 Q418 Q119 Q219

LIFE:) VELCOM MTSMARKET SHARE FINANCIALS

Note: life :) EBITDA margins in 2018 include the impacts of IFRS 9, 15 and 16

4242

10%

20%

30%

40%

50%

60%

70%

Turkey Hungary Jordan UK Croatia Greece Italy Spain Egypt

Special Communication Tax (SCT) 7.5% 7.5%

VAT 18% 18%

Treasury Share1 15% 1%

TRX fees 5%(of net sales)

-

Contribution Share to Telecom Authority

0.35% 0.35%

New subscription SCT2

(at first enrollment)TRY 65.00 -

Wireless license fees (per acquisition)

TRY 27.86 -

Wireless usage fees (annual)

TRY 27.86 -

TAX MOBILE FIXED TURKEY HAS THE WORLD’S HIGHEST MOBILE SERVICE TAXES3

1Under the license agreement Turkcell pays a treasury share equal to 15% of its gross revenue from Turkish GSM operations2 Excluding M2M SIMs3 GSMA/Turkey Report, 2016

TAXATION IN TURKEY

4343

13.6

9.1

6.6

3.1 3.1 3.12.5 2.5 2.5 2.5 2.5 2.5

17.2 15.714.4

11.1 11.1

8.16.5

4.94.8 4.2 4.4 4.5

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

MTR -Turkcell Europe-MTR

MTR: Mobile Termination RateSource: BEREC July 2017 report, Cullen International

EVOLUTION OF MTR TRY kuruş per min.

MTR RATESTRYkr.

OLD Since 2013 Asymmetry OLD Since 2013 Asymmetry

Turkcell 3.13 2.50 - 1.70 0.43 -

Vodafone TR 3.23 2.58 3% 1.73 0.43 -

TTKOM 3.70 2.96 18% 1.87 0.47 9%

Mobile Voice Rates SMS Rates

Turkcell MTR is 1.8x below EU

MOBILE/SMS TERMINATION RATES IN TURKEY

4444

CURRENCY TRENDS

3.02 3.324.11

5.606.55

3.183.71

4.52

6.03 6.55

2015 2016 2017 2018 Q219

Average Period-End

2.73 3.013.63

4.76

5.85

2.913.52 3.77

5.265.76

2015 2016 2017 2018 Q219

1.591.98 1.93 2.03 2.10

1.86 1.96 1.972.16 2.04

2015 2016 2017 2018 Q219

21.7925.56 26.64 27.32 26.73

24.0027.19 28.07 27.69 26.17

2015 2016 2017 2018 Q219

USD / TRY EUR / TRY

USD / BYN USD / UAH

45

NOTICE

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21Eof the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Thisincludes, in particular, our targets for revenue, EBITDA and capex in 2019 or for the medium term 2018 to 2020. More generally, allstatements other than statements of historical facts included in this presentation, including, without limitation, certain statementsregarding the launch of new businesses, our operations, financial position and business strategy may constitute forward-lookingstatements. In addition, forward-looking statements generally can be identified by the written or oral use of forward-lookingterminology such as, among others, "will," "expect," "intend," "estimate," "believe", "continue" and “guidance”.

Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give noassurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to usare expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affectthe outcome of such forward looking statements, see our Annual Report on Form 20-F for 2018 filed with the U.S. Securities andExchange Commission, and in particular the risk factor section therein. We undertake no duty to update or revise any forward lookingstatements, whether as a result of new information, future events or otherwise.

The Company makes no representation as to the accuracy or completeness of the information contained in this presentation, whichremains subject to verification, completion and change. No responsibility or liability is or will be accepted by the Company or any of itssubsidiaries, board members, officers, employees or agents as to or in relation to the accuracy or completeness of the informationcontained in this presentation or any other written or oral information made available to any interested party or its advisers.

Please note that all financial data are consolidated whereas non-financial data are unconsolidated unless otherwise specified. In thecharts or tables used in this presentation totals may not foot due to rounding differences. The figures used in this presentation arerounded while percentage changes are calculated based on the figures disclosed in the press release.

TURKCELL GİZLİ

For further information please e-mail

investor.relations@turkcell.com.tror call Turkcell Investor Relations at

(+90 212 313 1888)

Turkcell IR Website

THANK YOU