1

Turkcell The igital perator

May 2019

2

STRATEGIC APPROACH DIGITAL SERVICES

BUSINESS MODEL

HEDGINGQ1 2019 RESULTS

APPENDIX

3 3

COMPANY OVERVIEW

1 As of May 17, 2019

SUBSCRIBER BREAKDOWN (m, Q1 2019)

• THE DIGITAL OPERATOR

• 48.4 MILLION TURKCELL GROUP SUBSCRIBERS in 5 COUNTRIES

• 178 MILLION DIGITAL SERVICES DOWNLOADS GLOBALLY

• 93.7 MILLION DIGITAL SUBSCRIBERS GLOBALLY

• LISTED ON NYSE & BORSA ISTANBUL WITH A $4.1 BILLION MARKET CAP1

2 lifecell Europe GmbH operates in Germany under a “marketing partnership” agreement with Deutsche Telekom (DT). Its subscribers are owned by DT and are also included in the Turkcell Group subscriber figure

0.2

0.6

1.6

9.4

36.6

lifecell Europe

TR Northern Cyprus

Belarus

Ukraine

Turkcell Turkey

2

4

STRATEGIC APPROACH

5

6 6

FOCUS ON CUSTOMER

DIGITAL SERVICES

DIGITAL BUSINESSSOLUTIONS

TECHFIN PLATFORM

OUR CUSTOMERS

WELL-INVESTED INFRASTRUCTURE

MORE TO FOLLOW

7 7

32 MinCalling

12 MinInteracting

37 Min For VOIP users

22 MinReading

79 Min Watching

49 MinListening

2.8 MSearchesper day

63Documents uploaded

per person per day

12 MinPlaying

(Playcell)

33 MinPlaying

(Tavla Go)

30 MinContest time

DELIVERING VALUE WITH DIGITAL SERVICES

TRANSFORMING INTO THE DIGITAL OPERATOR2015 - 2018

State-of-the-art 4.5G Deployment

Organizational Transformation

Sales Channel Transformation

Shaping Techfinin Turkey

Convergence of OTT Services

178 million core app downloads

Note: Times given are in a day unless otherwise indicated.

8

68.6% multiplay customers

93.7 million digital subscribers

TURKCELL GİZLİ

8

DIGITAL SERVICES – INTERNATIONAL LICENSES

TURKCELL GİZLİ

9

PROVIDING END-TO-END ICT SERVICES

PUBLIC & HYBRID CLOUD SERVICES

CYBER DEFENSE & SECURITY OPERATION

SERVICES

DIGITAL TRANSFORMATION SOLUTION & SERVICES

INTEGRATED INDUSTRY DIGITAL SOLUTIONS

DIGITAL BUSINESS SOLUTIONS

TURKCELL GİZLİ

10

3.3MnPaycell app downloads

1.5MnPaycellCards

TECHFIN PLATFORM

5.0MnTotal Paycell

users

1.7Bn TLTotal Transaction

on Paycell in Q119

Money transfer

Utility payments

QR code payment

Mobile wallet

PaycellTop-ups

Carrier Billing

Device Loan

Insurance

Device Leasing

3.6Bn TLLoan

Portfolio

28MnCredit scored

customers

2.9MnRegistered credit cards

POS

TURKCELL GİZLİ

11

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.

3.4 mn 3.4 mn fiber + 3.0 mn cable (HFC)Homepass

12

DIGITAL SERVICES

13 13

DIGITAL SERVICES PLATFORM

DIGITAL COMMUNICATION& ADVERTISING

SMART PLACES & BUSINESS APPLICATIONS

MESSAGING & MARKETPLACE

DIGITAL MEDIA

PAYMENT PLATFORM

INNOVATION

MANAGEMENT DASHBOARD

DIGITAL PARTNERS & TURKCELL SECURE E-COMMERCE

CURATED SERVICES

14 14

PLATFORM of PLATFORMS

TAXI 24/7

SERVICE ASSISTANT

BUSTICKET SALES

15 15

DIGITAL SERVICES COLLABORATION

Paycell enables chat-like money transfer in BiP

Yaani recommends fizy & powers keyword search

in Dergilik

fizy & lifeboxcome «home» with TV+

16 16

DIGITAL EXPERIENCES

Who Wants 1 GB?Shake & Win Surprise Point

To Phygital ExperiencesFrom Classic Campaigns

17 17

BOOSTING THE SERVICES PLATFORM WITH TELCO CAPABILITIES

TechFin built on Turkcell Credit Rating Data

Digital Campaigns use location data & assign telco benefits

BiP App2Network Calls

2nd Number integration

18 18

BiP – COMMUNICATION & LIFE PLATFORM

HD voice & Group video calls

2nd number integration

Discover services & games

Peer-to-peer money transfer

BiP Web

BiP Instant Translate in 106 languages

19 19

fizy – MUSIC

Worldwide music playlists

Live concerts

Video clips

Radio channels

Multiplatform (Apple TV, iOS, Android, Carplay)

20 20

EPL, Bundesliga and NBA broadcast

Save & watch

24 hours timeshift

4K broadcast4K

All screens + Apple TV

TV+

21 21

Dergilik- DIGITAL PUBLISHING

Reading in airplane mode

1.3M daily reading (Q119)

50+ National & local newspapers

1000+ global & local magazines

22 22

lifebox – PERSONAL CLOUD

Face & object recognition

Auto back-up

Free-up space

AI Integrated photo pick

5GB storage space free of charge

Photo print

23 23

Yaani – SEARCH ENGINE & MAIL & ASSISTANT

Search categories

Service integration

Smart algorithms

Location based search

Yaani web

Yaani Mail & Assistant

24 24

Turkcell Data Center Cyber Security Services

SECURE E-COMMERCE WITH CREDENTIALS MANAGEMENT

Fast & SecureLog-in

Traffic Management Content / ServiceProvider

Customer Service

Seamless Payment Experience

CredentialsManagement

25

BUSINESS MODEL HEDGING

26 26

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 cash flow for capex needs

• Additional committed lines

• 2.0Bn USD cash* covers principal & interest payments until 2022

56%

44%

Details of Financial Debt (After Hedging)

Local Currency

FX

Principal & Interest Payments**

(Million USD)

100106

115111110

115

125131129130

139136142

147

164158161

100103103106109110112114120123123

128132138

147157

158

Q11

5

Q21

5

Q31

5

Q41

5

Q11

6

Q21

6

Q31

6

Q41

6

Q11

7

Q21

7

Q31

7

Q41

7

Q11

8

Q21

8

Q3

18

Q41

8

Q11

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%

552 591246 241

1,904297 7

7 6

22

2019 2020 2021 2022 2023+

FX Local Currency

849 598252 247

1,927

27 27

MAJOR FUNDING & HEDGING DETAILS

TYPE & DATE

AMOUNT MATURITY INTERESTPURPOSE 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

-

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%

TURKCELL GİZLİ

28

SOLID BALANCE SHEET

NET DEBT/ EBITDA

1 Corresponds to proceeds from the Fintur transaction closed on April 2, 2019.2 Q119 balance includes Fintur sale proceeds.3 Excludes Turkcell Consumer Finance Company’s loan portfolio

TCF loan porfolio

Net Debt2,3

TRY Mn Q4 2018 Q1 2019

Total Cash 7,419 8,888

Due From Related Parties1 - 2,230

Total Assets 42,765 46,079

Total Debt 20,156 22,867

Lease Obligations 1,414 1,410

Total Equity 16,054 17,102

Net Debt2 12,736 11,749

Net Debt3 8,565 8,108

SUMMARY

9,5168,565

8,108

4,790

4,1713,641

1.7x

1.4x

1.3x

1.2x

1.0x0.9x

Q318 Q418 Q119

Net Debt/EBITDA Net Debt/EBITDA

TURKCELL GİZLİ

29

(204)

(301)(255)

(224)

216

Q118 Q218 Q318 Q418 Q119

FX EXPOSURE

8.9Bn TLNominal

34%

10%

49%

7%

50%33%

9%8%

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

22.9Bn TL

USD MILLION

Share

1 Excluding FX swap transactions for TL borrowing.

USD EUR TRY Other

79%

21%

30

Q1 2019 RESULTS

TURKCELL GİZLİ

31

5.7 Bn TL 19.2% yoy

Q1 2019: STRONG START TO THE YEAR

178 Mn downloads

2.3 Bn TL40.2% margin

772 Mn TLFintur sale P&L contribution

0.2x impact1.3xLeverage ratio

STRONG TOPLINE RESILIENT EBITDA

THE DIGITAL OPERATOR ASSET-LIGHT STRATEGY

Performance exceeding targets

10 K Participants

265 KDigital participants

TURKEY’S TECH SUMMIT

TURKCELL GİZLİ

32

ConsolidatedTRY Million1 Q1 2018 Q4 2018 Q1 2019 QoQ% YoY %

Revenue 4,762 5,626 5,675 0.9% 19.2%

EBITDA 2,022 2,239 2,281 1.9% 12.8%

EBITDA Margin 42.5% 39.8% 40.2% 0.4pp (2.3pp)

Net Income 501 864 1,224 41.7% 144.5%

Op.Capex/Sales2 11.1% 25.7% 15.6% (10.1pp) 4.5pp

1 TRY figures are based on IFRS.2 Excluding license fees

TURKCELL GROUP FINANCIAL HIGHLIGHTS

• +0.4 pp QoQ improvement in EBITDA margin (+2.2 pp in Turkcell Turkey)

• Capex in line with targets

TURKCELL GİZLİ

33

2,022

2,0222,340 2,304 2,258

2,258 2,281

914(595)

(36) (47) 23

EBITDAQ118

Δ in Revenues

Δ in Direct cost of

revenues**

Δ in G&Aexp.

Δ in S&Mexp.

Δ in net impairmentlosses***

EBITDAQ119

Margin40.2%

4,762

5,675

764

145 30 (26)

RevenueQ118

Δ TurkcellTurkey

Δ TurkcellInternational

ΔTCF* Δ OtherSubsidiaries

RevenueQ119

REVENUE & EBITDA

* Turkcell Consumer Finance Company, Financell ** Excluding depreciation and amortization *** on financial and contract assets

19.2%

REVENUETRY MILLION

• 914 mn TL yearly revenue increase in Q119; Turkcell Turkey is the main growth driver

• Exit from sports betting operations in Azerbaijan in Q418 had c.1% impact on the top-line

• New businesses such as energy contribute to nominal EBITDA growth; yet with a lower margin

• G&A and S&M under control

EBITDA & EBITDA MARGIN

Margin 42.5% 12.8%

TRY MILLION

TURKCELL GİZLİ

34

54.0 55.9

62.8

30.5

33.6

38.1

Q117 Q118 Q119

1.4%1.9%

2.2%

2.9%

1.9%

Q118 Q218 Q318 Q418 Q119Note: TV subscribers and the related net add figure include the total of and the change for 3.6 million of «OTT only» cumulative active users.

TURKEY SUBSCRIBERS (million) ARPU (TL)

MONTHLY AVERAGE MOBILE CHURN RATE

18.7

15.0

Postpaid Prepaid

QoQ -155K↓ 73K↑ 25K↑ 720K↑Net add

55%of total mobile

OPERATIONAL HIGHLIGHTS

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

-44K↓

1.4

0.9

10K

Fixed subscribers

3.2 MnLifecell

subscribers

12.3%YoY

4.1

TV

fiber ADSL

fiber

cable

ADSL

56 KSuperbox

subscribers

19.6%11.7%like-for-like* growth

13.4%Residential fiber

Mobile blended(excl.M2M)

TURKCELL GİZLİ

35

LEADING CAMPAIGNS IN Q119

LEADERSHIP IN QUALITY AND EXPERIENCE

4.5 mn participants/gifts

«#DO» campaign

+9+11

+20+23

Q118 Q119

Points over next best Points over third best

Source: Future Bright

CUSTOMER EXPERIENCE

Turkcell Score 23

2.2 mn first-timer to ourdigital services

Consumer Net Promoter Score (Points)

13.4 mn participants

140 mn gifts

Turkcell’s Shake & Win –specials for the 25th year

36 36

25.8

30.7 31.0

12.516.8

18.5

Q117 Q118 Q119

4.5G subscribers 4.5G compatible smartphone

2.22.9

3.4

4.6

5.8

7.4

3.0

4.4

5.9

Q117 Q118 Q119Non 4.5G Users 4.5G Users Total Users

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

GROWTH ENGINE: MOBILE DATA

92% are 4.5G

subscribers

18.5 million with

4.5G compatible SPs

82% are 4.5G

compatible SPs

7.8 GBin Mar 2019

Data consumption continued its pace with a 7.4GB user/month on average

74% smartphone

penetration

37 371: Refers to downloads as of Apr 25, 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. 5: Transactions include subsidiary revenues. Active users include direct carrier billing, app and Paycell card customers.

Download1

3-Month Active User

Service KPIs

273K

1.6Mn

36MnGames played

on BiP

DIGITALPUBLISHING2

11.3Mn

12.1Mn

1.3Mn

copies readper day

MUSICPLATFORM

22.5Mn

3.8Mn

8.4Mn

songs streamed per day

MOBILE TV3

12.6Mn

3.6Mn

3.5Mn

TV sessions per day

PERSONAL CLOUD

11.2Mn

3.3Mn

63

docs uploadedper person / day

DIGITAL SERVICES

8.4Mn

4.5Mn

2.8Mn

searchper day

DIGITAL OPERATOR4

40.7Mn

19.9Mn

28%

more ARPU

INSTANT MESSAGING

36.0Mn

10.7Mn

194Mnmessages per day

2.7Mndigitized call

experience per day

PAYMENT PLATFORM5

3.4Mn

5.0Mn

1.7Bn TL

Transactionvolume in Q119

GAMINGPLATFORMS

SEARCH ENGINE

Unique visitor on BiP

5.9MnVisitor on Playcell

For BackgammonGO

TURKCELL GİZLİ

38

Q1 2018 Q1 2019 YoY %

Revenues 212 242 14.2%

Net Income 40 82 106.6%

CONSUMER FINANCE

TECHFIN: NEW GROWTH AND PROFITABILITY ENGINE

124 TL average

monthly installment

95% penetration

of loan insurance2

1,710 TL average

ticket size

2.8% cost of risk1

HANDSET FINANCING

0.4 0.4 0.3

4.4 4.2 3.6

Q118 Q418 Q119

Turkcell Contracted Receivables Financell Consumer Loans

TRY BILLION

4.8 4.54.0

1 per IFRS 2 in the past one year

TRY MILLION

Q1 2018 Q1 2019 YoY %

Revenues 48 60 26.0%

EBITDA 38 43 12.9%

EBITDA Margin 79.2% 70.9% (8.3pp)

TRY MILLION

PAYMENT SERVICES

39 39

TRY MILLION1 Q1 2018 Q1 2019 YoY %

Revenue 279 425 52.0%

EBITDA 93 194 108.6%

EBITDA Margin 33.2% 45.6% 12.4pp

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.

65%

19%

11%

5%

• 30% y-o-y ARPU growth

• Growing 4G subscription

• +1 mn 3-month active digital service users

• Digital tariff plan PLAY is launched

Ukraine

Belarus

TR Northern CyprusOther2

TURKCELL GİZLİ

40

7,419 7,305

8,888 8,888

2,281(827)

(1,569) 1,666

(83)

Cash Q418 EBITDA Change in operatingassets/liabilities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Other Cash Q119

LIQUIDITY MANAGEMENT

TRY MILLION1

Q418 vs. Q119

Fintur cash

2,230

1 Figures are based on IFRS.

TURKCELL GİZLİ

41

GUIDANCE REVISED UPWARDS

PREVIOUS

OP. CAPEX / SALES*

TURKCELL GROUP

2019 GUIDANCE

REVENUE GROWTH

EBITDA MARGIN

NEW

16% - 18% 17% - 19%

37% - 40% 38% - 40%

16% - 18%16% - 18%

*Excluding licence fees

42

APPENDIX- Network Dynamics

- International Business

- Regulatory

- Currency Trends

43 43

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

44 44

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

45 45

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

46 46

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

47 47

5G

eMBB

eMTC URLLC

Higher Capacity100x

10x Faster Data Rate

10x Lower Latency

5G: MORE THAN HIGHER SPEED

48 48

49.5%

Incumbent48.4%

Other players

2.1%

FIXED BROADBAND MARKET

6.6 6.6 6.8 7.27.8

8.79.5

0.551.2

1.461.67

1.93

2.29

2.80

0.490.49

0.560.63

0.74

0.83

0.93

10.2%11.0%

11.5%12.1%

13.2%

14.9%

16.3%

2012 2013 2014 2015 2016 2017 2018

xDSL Fiber Cable Penetration

Note: Company calculation based on data in ICTA Q4 2018 Report

13.4 mnTotal

Subscribers

3 majorOperators

16.3%Penetration

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

FIBER SUBSCRIBER MARKET SHARE

Q4 2018

49 49

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

2015 2016 2017 2018

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

50 50

9%

Digitürk(beIN) 36%Tivibu

24%

D-Smart14%

CableTV18%

IP TV Subscriber Market Share1

As of Q418

1Source: ICTA Q4 2018 Report2Includes IP TV and OTT TV subscribers

3.6 millionTurkcell TV+ subscribers2 in Q1 2019

SUCCESSFUL IPTV SERVICES

51 51

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

52 52

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

53 53

lifecell PERFORMANCE

HIGHLIGHTS

UKRAINE MOBILE MARKET FACTS*

53.4mTotal

subscribers

3Operators

125% Mobile

Penetration

Ownership 100% Turkcell

Ownership 100% VEON

Ownership 100% MTS

*Source: Global Wireless Matrix Q4 2018 ** MTS Ukraine changed its legal name to Vodafone Ukraine with a marketing agreement

UAH MILLION Q1 2019 YoY% FY18 YoY%

Revenue 1,416 17.2% 5,269 8.0%

EBITDA 816 61.5% 2,762 108.2%

EBITDA Margin 57.6% 15.8pp 52.4% 25.2pp

**

OPERATIONS IN UKRAINE

• Operational performance:

• 6.9 million subscribers in Q1 2019 (3 months active) with UAH 49 ARPU (up 30.0% yoy)

3.9 million 3-month active 3G and 4.5G data users

• 77% SP penetration (market leader)

• +1 million 3-month active digital service users

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

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

54 54

49.4%

36.9%

13.7%

KYIVSTAR

VDF

lifecell2%

9%

9%

12%17%

10% 11%14% 17%

20%

3%9% 14%

9%

Q118 Q218 Q318 Q418 Q119

FINANCIALS

41.8% 44.1%

44.6%

76.6%

57.6%

52.7% 54.9% 54.9% 52.7%

56.7% 55.1% 57.5% 55.8%56.7%

Q118 Q218 Q318 Q418 Q119

Mobile Revenue

Subscriber*

(*) 3 month active subscribers

Mobile Revenue Growth (in UAH)(YoY)

lifecell VDF Kyivstar

EBITDA Margin (%)

Source: Company announcements (Q4 2018). Note: lifecell EBITDA margins in 2018 include new IFRS impacts (IFRS 9, 15 and 16)

MARKET SHARE

UKRAINE: MOBILE MARKET PERFORMANCE

49.0%

36.2%

14.8%

KYIVSTAR

VDF

lifecell

55 55*Source: Company calculation based on Q4 2018 results

OPERATIONS IN BELARUS

BeST PERFORMANCE

HIGHLIGHTS

BELARUS MOBILE MARKET FACTS*

11.6mTotal

subscribers

3Operators

121% Mobile

Penetration

Ownership 80% Turkcell20% Belarusian State

Ownership51% Belarusian State49% MTS

Ownership100% Telekom Austria

Q1 2019 YoY% FY18 YoY%

Revenue 31.9 9.2% 124.9 11.7%

EBITDA 7.4 39.6% 27.9 548.8%

EBITDA Margin 23.2% 5.0pp 22.3% 18.5pp

BYN MILLION

• 1.2 million 3 month-active subscribers in Q1 2019

• 4G services since September 2017 (through becloud)

• Expanding digital services footprints

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

services.

56 56

BELARUS: MOBILE MARKET PERFORMANCE

22%

11%8% 8%

9%

18%

11%8% 7%

21%

16% 17%19%

Q118 Q218 Q318 Q418 Q119

47.3%

46.5%

6.3%

MTS

VELCOM

LIFE :)

Source: Company announcements (Q4 2018).

Subscriber*

Revenue

(*) 3 month active subscribers

47.4%

42.0%

10.7%

MTS

VELCOM

life :)

life :) EBITDA Margin Trend*

Mobile Revenue Growth (in BYN)(YoY)

18.2%14.4%

17.1%

38.6%

23.2%

Q118 Q218 Q318 Q418 Q119

LIFE:) VELCOM MTSMARKET SHARE FINANCIALS

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

57 57

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

58 58

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

59 59

CURRENCY TRENDS

3.02 3.324.11

5.606.08

3.183.71

4.52

6.03 6.32

2015 2016 2017 2018 Q119

Average Period-End

2.73 3.013.63

4.765.34

2.913.52 3.77

5.265.63

2015 2016 2017 2018 Q119

1.591.98 1.93 2.03 2.15

1.86 1.96 1.972.16 2.13

2015 2016 2017 2018 Q119

21.7925.56 26.64 27.32 27.41

24.0027.19 28.07 27.69 27.25

2015 2016 2017 2018 Q119

USD / TRY EUR / TRY

USD / BYN USD / UAH

60 60

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the SecuritiesExchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. This includes, in particular, our targetsfor revenue, EBITDA and capex in 2019 or for the medium term 2018 to 2020. More generally, all statements other than statements of historical factsincluded in this presentation, including, without limitation, certain statements regarding the launch and goals of our payment card business, ouroperations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally canbe identified by the written or oral use of forward-looking terminology 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 no assurance thatsuch expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in theirentirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward lookingstatements, see our Annual Report on Form 20-F for 2018 filed with the U.S. Securities and Exchange Commission, and in particular the risk factorsection therein. We undertake no duty to update or revise any forward looking statements, whether as a result of new information, future events orotherwise.

The Company makes no representation as to the accuracy or completeness of the information contained in this presentation, which remains subject toverification, completion and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members,officers, employees or agents as to or in relation to the accuracy or completeness of the information contained in this presentation or any other writtenor 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 the charts or tablesused in this presentation totals may not foot due to rounding differences. The figures used in this presentation are rounded while percentage changesare calculated based on the figures disclosed in the press release.

NOTICE

61

THANK YOU

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