1

TURKCELL

INVESTOR PRESENTATION

January 2020

STRATEGIC FOCUS AREAS& 3-YEAR PLAN

3

WELL-POSITIONED TO CREATE MORE VALUE

CORE COMPETENCIES

STRATEGIC FOCUS AREAS

Digital Business Solutions Techfin ServicesDigital Services

Strong Bond With Customers

State-of-the-art Infrastructure

Advanced Analytics & Technology

Strong & Agile Team

Telecom Services

4

STRATEGIC FOCUS AREAS

Enlarge subscriber base with dedicated focus on postpaid segment

Grow in fixed broadband through fiber and FWA

Utilize the digital channel for acquisition, device sales and growth

Leverage continued demand

Ensure standalone growth

Expand globally

Boost overall corporate business with multiplay focus

Provide end-to-endIT solutions for corporates

Trusted partner of corporates through their digital transformation

Reach wider customer base with complete portfolio of solutions

Reach out to long tail of 1.6 mn+merchants in Turkey

Launch new consumerfinance solutions

GROW IN TELECOM SERVICES

MONETIZEDIGITAL SERVICES

LEVERAGEDIGITAL BUSINESS SOLUTIONS

LEAD TECHFIN SERVICES

+1 Million Subscribers/year

in Turkey

2.5x Standalone revenue

growth in 3 years

#1 Solution Provider

in 3 years

17 Million Active Paycell users

by 2022

5

TECHFIN: REGULATION BECOMING MORE SUPPORTIVE

MPOS

PSD2

E-money

Micro Lending

Potential regulatory changes in the definition of loan facilitations

Benefit: Potential to give micro loans to consumers

The potential adaptation of PSD2 Payment Services Directive of EU in Turkey

Benefit: Ability to reach banking system, becoming single interface for customers

Using smartphone or tablet to perform the functions of a cash register

Benefit: Increased penetration of longtail merchants

Potential legislative measure to remove the requirement to keep e-money funds in escrow account

Benefit: Potential to attract more users offering return on e-money accounts

6

PAYCELL: SUPER APP FOR ALL TECHFIN SOLUTIONS

Turkish Techfin Ecosystem

DCB Wallet

Bill Payment

Payment Facilitators

Money Transfer

Paycell App Strategy

E-Money

VISION: Being an enabler on financial inclusion with the combination of technology and financial services

7

PAYCELL: GO TO MARKET STRATEGY

Merchants

Go-to Market Strategy

(MPOS & QR)

Go-to Market Strategy

(App)

Customers

6,000Turkcell Stores

37 MnCustomers

4,000Direct Sales Force

TurkcellTechnology

8

DSS: THE DYNAMICS OF NEW STANDALONE STRATEGY

1 Bn

2.5 Bn

2019E 2022E

Paid Subscriptions

Platform Licensing

Discovery Services

Traffic Monetization

Data Monetization

Operator Co-operations

Standalone Revenue (TRY)

9Telco market figures consist of mobile and fixed voice & data figures and exclude hardware sales. Mobile figures are based on Futurebright 2018Q4 Field Research. Fixed figures are based on ICTA Report 2018Q4 and Turkcell Estimation. ICT, Hardware & Software figures are based on IDC Blackbook 2019.

DBS: MARKET & TURKCELL POSITIONING

TELCO BUSINESS / EXISTING BUSINESS

41%

24

DIGITAL & ICT BUSINESS / GROWTH ENGINE

5%

HARDWARE & SOFTWARE BUSINESS / OPPORTUNISTIC APPROACH

• Superior network perception• Net add, increase in ARPU• Opportunity of multiplay, new services• High margin

• Fragmented market• Lack of strong system integrator• Increase in demand for digitilization

• Profitable growth with integrated solutions

TelcoMarket Share

ICTMarket Share

Billion TRY

10

TURKCELL FINANCE: KEY PRIORITIES

Inflationary Pricing

Effective Balance Sheet

Risk Management

Strong Free Cash Flow

Generation

Efficient Capital Allocation

• Key to sustainable growth and profitability

• Assurance for required return on investment

• Above-market ARPU growth

• Liquidity management• Net fx position

• Sustainable revenue growth• Continued operational

profitability• Controlled capex

• Review of investment requirement in conventional services

• Investment in high growth businesses

• Ensure returns above WACC

11

EFFICIENT CAPITAL ALLOCATION

Reduce funding needsin capex heavy traditional business

Invest in new high growth areas

Global Telco Industry Challenges

Flow of funds

Turkcell’sResponses

Digital services (TV, music, etc.)

Techfin services

ICT solutions (datacenter, cloud etc.)

IPO/M&A activities

Infrastructure sharing

Sell & leaseback transactions

Heavyinvestment

need

Slowrevenuegrowth

Improve returns over WACC11

TURKCELL GİZLİ

12

2019 OUTLOOK & 3-YEAR GUIDANCE

REVENUE GROWTH (CAGR) 13%-16%

EBITDA MARGIN 39%-42%

OP.CAPEX/SALES* 16%-18%

EBIT MARGIN 18%-21%

*Excluding license

2020-2022

~18%

41%-42%

~18%

2019

20%-21%

Q3 2019 RESULTS

14

6.6 Bn TL 13.6% YoY

43.3% 2-yr growth

Q3 2019: SOLID PERFORMANCE

15.0% YoY

ROBUST REVENUE GROWTH

SOLID ARPU GROWTH GROWING CUSTOMER BASE CONTINUED DELEVERAGING

17.6% YoY

mobile blended

19.8% YoY

residential fiber

1.0x Net Debt/EBITDA

0.8x yoy improvement

526K mobile net add

503K postpaid net add

TURKEY-CORPORATE

2.8 Bn TL43.1% margin

STRONG EBITDA

SOLID NET INCOME

801 Mn TL3.3x YoY27.9% YoY

TURKEY-CONSUMER

15

ConsolidatedTRY Million1 Q3 2019 QoQ % YoY % 9M 2019 YoY %

Revenue 6,587 6.4% 13.6% 18,453 17.8%

EBITDA 2,839 11.2% 18.6% 7,673 17.2%

EBITDA Margin 43.1% 1.9pp 1.8pp 41.6% (0.2pp)

EBIT 1,641 27.5% 15.7% 4,031 13.6%

EBIT Margin 24.9% 4.1pp 0.5pp 21.8% (0.8pp)

Net Income 801 72.1% 231.9% 2,491 115.3%

Op.Capex/Sales2 15.0% (0.4pp) (0.6pp) 15.3% (0.6pp)

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

TURKCELL GROUP FINANCIAL HIGHLIGHTS

• Revenue growth performance in line with guidance

• Strong operational profitability and bottomline

16

84.6% 85.8%

7.3%8.0%

4.3%3.3%

3.7% 2.9%

Q3 18 Q3 19

5,7996,587

745101 (33) (25)

RevenueQ3 18

Δ TurkcellTurkey

Δ TurkcellInternational

ΔTCF* Δ OtherSubsidiaries

RevenueQ3 19

REVENUE & REVENUE BREAKDOWN

* Turkcell Consumer Finance Company, Financell

13.6%

REVENUETRY MILLION

• 0.8 bn TL yearly revenue increase in Q319; Turkcell Turkey is the main growth driver

• Top-line mainly impacted by fx change in international business and slow down in TCF due to regulation

REVENUE BREAKDOWN

Highercontribution of Turkcell Turkey

TURKCELL TURKEY

TURKCELL INTERNATIONAL

TCF

OTHER

15.2%

23.8%

(13.3%)

(11.4%)

YoY Growth

17

57.1

66.168.4

38.740.7

45.5

Q3 18 Q2 19 Q3 19

2.2%2.0%

2.5%

Q3 18 Q2 19 Q3 19

TURKEY SUBSCRIBERS (million) ARPU (TL)

MONTHLY AVERAGE MOBILE CHURN RATE

19.4

15.0

Postpaid Prepaid

QoQ 503K↑ 23K↑ 29K↑ 30K↑

Net add

56%of total mobile

OPERATIONAL HIGHLIGHTS

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

39K↓

1.5

0.8

33K

Fixed subscribers

19.8%YoY

0.7

IPTV

fiber ADSL

fiber

cable

ADSL

20.1%20.5%like-for-like* growth

17.6%Residential fiber

Mobile blended(excl.M2M)

0.1 pp impact due to mandatory registration requirement

IPTV

2.2

18

-155

215

503

73

-1

23

Q1 19 Q2 19 Q3 19Prepaid

Postpaid

STRONG NET ADD WITH ACCELERATING ARPU GROWTH

12.3%

17.2%19.8%

Q1 19 Q2 19 Q3 19

MOBILE ARPU GROWTH vs INFLATION (%)

FIBER RESIDENTIAL ARPU GROWTH (%)

13.4%

16.6%

17.6%

19.9%18.0%

13.5%

Q1 19 Q2 19 Q3 19

MOBILE NET ADD (K)

Inflection point in Q319

All time high

Mobile ARPU(excl. M2M)

Change in CPI

yoy

3x theprepaidARPU

2515

29

Q1 19 Q2 19 Q3 19

FIBER NET ADD (K)

Continued subscriber growth

19

SUPERBOX: THE BRAND FOR FWA

• FWA: broadband via mobile network

• Best solution for clients without fiber access

• Providing a 5G service on our strong 4.5G network

• Becoming «the brand» for FWA in Turkey

3356

130

217

Q4 18 Q1 19 Q2 19 Q3 19

SUPERBOX SUBSCRIBER TREND (K)

QoQNet add 14K 23K 73K 88K

2x ARPUof fixed

broadband

20

LEADERSHIP IN QUALITY AND EXPERIENCE

+10 +9

+22 +21

Q2 19 Q3 19

Points over next best Points over third best

Source: Future Bright

CUSTOMER EXPERIENCE

TurkcellScore 21

Consumer Net Promoter Score (Points)

SMART CAMPAIGNS IN Q319

11 mn participant/gifts

Youngster Digital Services Campaign

Customized gifts

Turkcell’s «Comfortable» Tariff Model

Hybrid (post&pre) model

~55% new to Turkcell

AI based Social Responsibility Project

0.3 mn participants

21

3.4 3.7 4.2

7.08.2

10.0

5.46.6

8.1

Q3 18 Q2 19 Q3 19

Non 4.5G Users 4.5G Users Total Users

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

GROWTH ENGINE: MOBILE DATA

94% are 4.5G

subscribers

20 million with

4.5G compatible SPs

85% are 4.5G

compatible SPs

Data consumption of a 4.5G user tapped 10 GB per user per month on average

75% smartphone

penetration

31.5 31.4 32.2

18.2 19.0 19.6

Q3 18 Q2 19 Q3 19

4.5G subscribers 4.5G compatible smartphone

TURKCELL GİZLİ

22

9M 2018 9M 2019 YoY %

Revenues 694.5 695.8 0.2%

EBITDA 301.2 378.4 25.6%

EBITDA Margin 43.4% 54.4% 11.0pp

Net Income1 307.6 83.1 (73.0%)

CONSUMER FINANCE

TECHFIN: FINANCIAL & OPERATIONAL PERFORMANCE

HANDSET FINANCING

0.4 0.3 0.4

4.83.2 2.7

Q3 18 Q2 19 Q3 19

Financell ConsumerLoans

Turkcell ContractedReceivables

TRY BILLION

5.2

3.6

2 per IFRS 3 in the past one year

TRY MILLION

9M 2018 9M 2019 YoY %

Revenues 144.0 175.1 21.6%

EBITDA 108.4 128.1 18.1%

EBITDA Margin 75.3% 73.1% (2.2pp)

TRY MILLION

PAYMENT SERVICES

Net income in 2019 is impacted by swap m-t-m losses arising from declininginterest rates.

96% penetration of

loan insurance3

3.0% cost of risk2

1.4Bn TL transaction

size in Q319

4.6Mn 3-month

active user of Paycell

3.1

1 including the 57 mn TL and 45 mn TL dividend from Paycell in 9M18 and 9M19, respectively

23

TRY MILLION1 Q3 2019 YoY% 9M 2019 YoY%

Revenue 525 23.8% 1,442 39.3%

EBITDA 236 57.1% 660 80.5%

EBITDA

Margin45.0% 9.5pp 45.8% 10.5pp

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%

• 12% yoy revenue growth in local currency

• 8.8 GB/month 4G subs data consumption

• 79% smartphone penetration

• 10% yoy revenue growth in local currency

Ukraine

Belarus

TR Northern CyprusOther2

• Like-for-like EBITDA margin improvement is 2.3 pp in Q319 and 3.3 pp in 9M 2019

Q319

24

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 portfolio

Net Debt2

TRY Mn Q1 2019 Q2 2019 Q3 2019

Total Cash1 11,118 10,687 10,975

Total Assets 46,079 45,608 45,515

Total Debt 22,867 22,062 20,675

Lease Obligations 1,410 1,577 1,544

Total Equity 17,102 17,331 17,431

Net Debt 11,749 11,375 9,700

Net Debt2 8,108 8,160 6,975

SUMMARY

8,108 8,160 6,975

3,641 3,215

2,724

1.3x1.2x

1.0x

0.9x 0.9x

0.7x

Q1 19 Q2 19 Q3 19

Net Debt/EBITDA Net Debt/EBITDA2

25

(255)(224)

216 207155

Q3 18 Q4 18 Q1 19 Q2 19 Q3 19

FX EXPOSURE

11.0Bn TLNominal

32%

10%

50%

8%

51%32%

9%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

20.7Bn TL

USD MILLION

Share

1 Excluding FX swap transactions for TL borrowing.

USD EUR TRY Other

72%

17%

11%

26

APPENDIX- Strategic Focus

- Network Dynamics

- Pricing

- Active Portfolio Management

- Financial Risk Management

- International Business

- Regulatory

- Currency Trends

2727

DIFFERENTIATION WITH UNIQUE SKILLS

Top-Notch Features

TranslationGroup Video CallSecret Message

Telco-OTT Power

App2NW2nd NumberFixed Number

Quality of ServiceDedicated BandwithOTT Box

Integrated Experiences

fizyDigital MagsTV+

Timeshift & Cloud RecordingLyricsMusic VideoLive Broadcasting

CrossPlatform

Recommendation

Strategic Focus:Digital Services

2828

GLOBAL EXPANSION

TURKEY

Potential

Subsidiaries

Done Deal

Negotiation

Strategic Focus:Digital Services

TURKCELL GİZLİ

29

1: Refers to downloads as of September 30, 2019. 2: Starting from this quarter onwards, our MAU reporting for this service will exclude 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

DIGITAL SERVICES: UNIQUE PORTFOLIO

YoY

DIGITALPUBLISHING2

12.8Mn

2.7Mn

252Kcopies read

per day

+5.2M

+0.1M

MUSICPLATFORM

24.6Mn

3.3Mn

7.1Mnsongs streamed

per day

+5.7M

+0.1M

MOBILE TV3

14.3Mn

3.7Mn

3.3MnTV sessions

per day

+4.5M

+0.7M

PERSONAL CLOUD

12.5Mn

2.7Mn

38docs uploaded

per person / day

+4.1M

+0.6M

DIGITAL OPERATOR4

45.8Mn

21.5Mn

29% more ARPU

+10.7M

+2.9M

8.5Mn

3.4Mn

1.2Mnsearchper day

SEARCH ENGINE& BROWSER

+2.2M

+0.8M

INSTANT MESSAGING

39.8Mn

9.9Mn

336Mnmessages per day

+11.4M

+0.2MYoY

Strategic Focus:Digital Services

TURKCELL GİZLİ

30

CORPORATE CUSTOMERS’ NEEDS IN TURKEY

16KCOMPANY

COMPANY

COMPANY

528K

2.5Mn

OPTIMIZECOSTS

INCREASEREVENUES

Strategic Focus:Digital Business Solutions

3 MILLION COMPANIES

TURKCELL GİZLİ

31

GLOBAL TECHFIN REVOLUTIONStrategic Focus:Techfin Services

400 Mn**

900 Mn*

>1 Bn*

* Active users**Registered users

286 Mn*310 Mn*383 Mn**

23 Mn*140 Mn*

E-Commerce Tech Savvy Regulatory Environment

KEY DRIVERS IN WEST

Unbanked Population Tech Savvy Regulatory Environment

KEY DRIVERS IN EAST

TURKCELL GİZLİ

32

TURKEY: ATTRACTIVE DYNAMICSStrategic Focus:Techfin Services

77%

Smartphonepenetration

82Mn

Youngest & largest

population in Europe

1.6Mn

Merchant

60%

Cashspending

30Mn

Unbankedpopulation

17th

Largest economyin the World

TURKCELL GİZLİ

33

REGULATION BECOMING MORE SUPPORTIVEStrategic Focus:Techfin Services

MPOS

PSD2

E-money

Micro Lending

Potential regulatory changes in the definition of loan facilitations

Benefit: Potential to give micro loans to consumers

The potential adaptation of PSD2 Payment Services Directive of EU in Turkey

Benefit: Ability to reach banking system, becoming single interface for customers

Using smartphone or tablet to perform the functions of a cash register

Benefit: Increased penetration of longtail merchants

Potential legislative measure to remove the requirement to keep e-money funds in escrow account

Benefit: Potential to attract more users offering return on e-money accounts

TURKCELL GİZLİ

34

SUPER APP FOR ALL TECHFIN SOLUTIONSStrategic Focus:Techfin Services

Turkish Techfin Ecosystem

DCB Wallet

Bill Payment

Payment Facilitators

Money Transfer

Paycell App Strategy

E-Money

VISION: Being an enabler on financial inclusion with the combination of technology and financial services

TURKCELL GİZLİ

35

GO TO MARKET STRATEGYStrategic Focus:Techfin Services

Merchants

Go-to Market Strategy

(MPOS & QR)

Go-to Market Strategy

(App)

Customers

6,000Turkcell Stores

37 MnCustomers

4,000Direct Sales Force

TurkcellTechnology

TURKCELL GİZLİ

36

KEY PERFORMANCE METRICSStrategic Focus:Techfin Services

2019E 2022E

Monthly Active User 4Mn 17Mn

Volume (TRY) 4.4Bn 41Bn

Revenue (TRY) 250Mn 750Mn

3737

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

3838

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

3939

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

4040

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

4141

47.1%

Incumbent50.4%

Other players

2.5%

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 2.96

0.490.49

0.560.63

0.74

0.83

0.930.98

10.2%11.0%

11.5%12.1%

13.2%

14.7%

16.3% 16.6%

2012 2013 2014 2015 2016 2017 2018 2019 Q3

xDSL Fiber Cable Penetration

Note: Company calculation based on data in ICTA Q3 2019 Report

14.1 mnTotal

Subscribers

3 majorOperators

17.2%Penetration

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

FIBER SUBSCRIBER MARKET SHARE

Q3 2019

42

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.

3.6 mn 3.6 mn fiber + 3.0 mn cable (HFC)Homepass

43

5G IS AN EVOLUTION

MassiveMachine Type

Communication

Ultra ReliableLow-LatencyCommunication

EnhancedMobileBroadband

4444

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

4545

NEW DEFINITION OF THE CUSTOMER

Internet ~59%

Pay TV ~30%

~24 MnHouseholds

Determining household via network and social network analysis

Capturing potential via house profiling by using big data

Raising wallet share with cross contracting, household offers and new products

s Share

53%

Source: Turkey Household: Turkcell expectation based on TurkStat 2018 announcement Internet & Pay TV: ICTA Q219 Turkcell’s Share: Future Bright Convergence & Household Penetration Research Q119

4646

UTILIZE BIG DATA TO MAXIMIZE CONSUMER SURPLUS

AnalyzeCustomer Behaviour

Social networkApplication usage

Location baseNetwork metrics

BIG DATA

Adaptive learningRule-based

management

ARTIFICIAL INTELLIGENCE

+8%+20%Lower benefit

Lower price

Higher benefitHigher price

Multiple layered offersfor value maximization

Special offer for customers with churn risk

RIGHT OFFER TO THE RIGHT CUSTOMER AT THE RIGHT TIME

4747

NEW PRICING APPROACH

1HYBRIDOFFERS

Mix of postpaid & prepaid offers

Flexible postpaid management

No bill shock

2YEARLY

PACKAGES

Data benefit which can be used flexibly

during 12 months

3SEMI

CONTRACTS

Contract based on benefit

Flexible price

4PURE

DIGITAL OFFER

Game changer tariff

Low cost play

Digital channels only

4848

POTENTIAL ACTIONS

• Established in 2015, fully owned by Turkcell

• Standalone payment and e-money company

• Payment institution and e-money licenses from BRSA

• Mobile payment solutions in several verticals

• Share know-how

• Invest jointly

• Diversify risk

STRATEGIC PARTNER

INORGANIC GROWTH

• Acquire local techfin companies to

expand vertical solutions

• Look for synergies

PAYCELL: TURKEY’S LEADING TECHFIN COMPANY

4949

548

900

1,276

2,070

2015 2016 2017 2018

1,719

2,429

3,210

4,076

2015 2016 2017 2018

NET REVENUE TREND EBITDA TREND

TRY Mn TRY Mn

• 45 thousand km rollout, 21 cities

• 1.5 Mn fiber customers

• Data speed up to 10Gbps

• Infrastructure sharing (Turksat & Vodafone)

• 3.5 Mn fiber homepass

INITIAL PUBLIC OFFERING

• More transparent articulation of equity story

• Diversify risk

• Invest jointly

• Share know-how

STRATEGIC PRE-IPO PARTNER

INORGANIC GROWTH

• Acquire local or regional fiber assets, smart-home and security companies

• Look for synergies

INFRASTRUCTURE SHARING

• Asset light model

POTENTIAL ACTIONS

TURKCELL SUPERONLINE: TURKEY’S FASTEST FIBER

5050

68

112139

223

2015 2016 2017 2018

168

212

257

338

2015 2016 2017 2018

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

NET REVENUE TREND EBITDA TREND

TRY Mn TRY Mn

• First and only TowerCo of Turkey

• Tower portfolio of 10,878 (owned + right of use)

• Regional player operating in 4 countries

• Long term, visible revenue stream & strong profitability

• More transparent articulation of equity story

POTENTIAL ACTIONS

INFRASTRUCTURE SHARING

INITIAL PUBLIC OFFERING

• Asset light model

Tenancy ratio

1.7x

GLOBAL TOWER: TURKEY’S FIRST & ONLY TOWERCO

5151

87

207

346

803

2015 2016 2017 2018

• 111k m2 datacenter space

• 33.5k m2 white space

• 8 locations

• Ankara datacenter: 44k m2 datacenter space, 12k m2 white space

• Gebze datacenter: 33k m2 datacenter space, 10k m2 white space

• İzmir datacenter: 15k m2 datacenter space, 2.4k m2 white space

CUMULATIVE DATACENTER INVESTMENTS

TRY Mn

• Asset light model

FUTURE FUNDING

SELL AND LEASE BACK

FREE CASH FLOW GENERATION

DATACENTERS: LARGEST WHITE SPACE CAPACITY IN TURKEY

5252

100105

113119 118 119

126 124129

134

149144 147

157

175

100 101 103 105110 113 114

118 122127

136145 146

150 154

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Q2

19

Q3

19

TCELL ARPU (exl. M2M) CPI

Q1

16

Q2

16

Q3

16

Q4

16

Q1

17

Q2

17

Q3

17

Q4

17

Q1

18

Q2

18

Q3

18

Q4

18

Q1

19

Q2

19

TCELL Operator 1 Operator 2

TURKCELL ARPU VS. CPI TREND MOBILE ARPU COMPARISONQ116=100Company and TUIK announcements

Q116=100Based on ICTA market report

Key for sustaininggrowth & margins

Secure ROI of projects & investments

Reflecting coststo the prices

ARPU growth above competition

INFLATIONARY PRICING

52

5353

Short FX

position

Limited Short FX

position

Positive/NeutralFX

position

294590

250 299

1,913

326

Q419 2020 2021 2022 2023+

FX Local Currency

620 590

250 299

1,913

• US$1.9 Bn equivalent of cash holdings covers maturities until 2023

• Strong free cash flow generation

• Committed lines of US$100 million

• Almost all cash in hard currency

• 50% of FX denominated debt is hedged

• Hedging for whole maturity (principal & interest)

LIQUIDITY MANAGEMENT NET FX POSITIONPrincipal & Interest Payments1

(1) Data of Turkcell Group, excluding consumer finance business.

Dec15 Dec16 Dec18 Dec19

US$ Mn

EFFECTIVE BALANCE SHEET RISK MANAGEMENT

5454

MAJOR FUNDING & HEDGING DETAILS

5555

LIFECELL UKRAINE LIFE :) BELARUS KKTCell TRNC LIFECELL VENTURES NL

• Growth driven by data

• Expand digital services

• Net profit by 2021

• Growth driven by data

• Expand digital services

• Grow in fixed broadband

• New revenue streams(Corporate & SystemIntegration)

• Expand DSS footprint

• Make new strategic alliances

• Revenue generation

STRATEGIC FOCUS AREAS OF TURKCELL INTERNATIONAL

5656

lifecell PERFORMANCE

HIGHLIGHTS

UKRAINE MOBILE MARKET FACTS*

55.0mTotal

subscribers

3Operators

131% Mobile

Penetration

Ownership 100% Turkcell

Ownership 100% VEON

Ownership 100% MTS

*Source: Global Wireless Matrix Q2 2019** MTS announced the sale of its Ukrainian operations to Bakcell (Azerbaijan) on Nov 25, 2019.

UAH MILLION Q3 2019 YoY% FY18 YoY%

Revenue 1,529 11.8% 5,269 8.0%

EBITDA 811 32.9% 2,762 108.2%

EBITDA Margin 53.0% 8.4pp 52.4% 25.2pp

**

OPERATIONS IN UKRAINE

• Operational performance (3 months active):

• 6.9 million subscribers in Q3 2019

• UAH 74.7 ARPU (up 24.7% yoy)

• 79% SP penetration (market leader)

• Launched Mobile ID (digital signature)

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

• 4.5G services on the 1800 MHz frequency since Jul 1st, 2018

5757

49.7%

37.3%

13.0%

KYIVSTAR

VDF

lifecell 9%

12%17%

16%12%

14% 17%20%

24%

18%

14%9%

18%19%

28%

Q318 Q418 Q119 Q219 Q319

FINANCIALS

44.6%

76.6%

57.6%

53.9% 53.0%54.9% 52.7% 52.8%51.7% 54.6%57.5% 55.8% 62.9%

65.0% 64.8%

Q318 Q418 Q119 Q219 Q319

Mobile Revenue

Subscriber*

(*) 3 month active subscribers

Mobile Revenue Growth (in UAH)(YoY)

lifecell VDF Kyivstar

EBITDA Margin (%)

Source: Company announcements (Q3 2019)

MARKET SHARE

UKRAINE: MOBILE MARKET PERFORMANCE

48.3%

38.2%

13.5%

KYIVSTAR

VDF

lifecell

5858

*Source: Company calculation based on Q3 2019 results

OPERATIONS IN BELARUS

BeST PERFORMANCE

HIGHLIGHTS

BELARUS MOBILE MARKET FACTS*

11.9mTotal

subscribers

3Operators

124% Mobile

Penetration

Ownership 80% Turkcell20% Belarusian State

Ownership51% Belarusian State49% MTS

Ownership100% Telekom Austria

Q3 2019 YoY% FY18 YoY%

Revenue 35.3 9.6% 124.9 11.7%

EBITDA 9.6 74.5% 27.9 548.8%

EBITDA Margin 27.2% 10.1pp 22.3% 18.5pp

BYN MILLION

• 1.1 million subscribers in Q3 2019 (3 months active)

• Provides 4G LTE services in 6 regions and ~190 cities

• Average monthly data consumption grew by 58% yoy to 6.9GB

• Subscribers who use at least one digital service reached 26% of 3-mo active subs base

5959

FINANCIALS

BELARUS: MOBILE MARKET PERFORMANCE

8% 8%

9% 10% 10%8% 7%

7% 6% 5%

17%19% 20%

18% 19%

Q318 Q418 Q119 Q219 Q319

48.2%

45.6%

6.2%

MTS

A1

life:)

Source: Company announcements (Q3 2019).

Subscriber*

Revenue

(*) 3 month active subscribers

47.0%

40.9%

12.1%

MTS

A1

life:)

life :) EBITDA Margin Trend*

Mobile Revenue Growth (in BYN)(YoY)

17.1%

38.6%

23.2%

32.9%27.2%

Q318 Q418 Q119 Q219 Q319

life:) A1 MTSMARKET SHARE

6060

0%

5%

10%

15%

20%

25%

30%

35%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

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, 2019. Data as of 2017.

TAXATION IN TURKEY

TAXES AND FEE PAYMENTS REPRESENTED APPROXIMATELY 29% OF TURKEY TELECOM MARKET REVENUE3

6161

13.6

9.1

6.6

3.1 3.1 3.12.5 2.5 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

5.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

MTR-Turkcell Europe-MTR

MTR: Mobile Termination RateSource: BEREC July 2019 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 halfof the European

MTR level

MOBILE/SMS TERMINATION RATES IN TURKEY

6262

CURRENCY TRENDS

3.02 3.324.11

5.606.34

3.183.71

4.52

6.03 6.18

2015 2016 2017 2018 Q319

Average Period-End

2.73 3.013.63

4.76

5.70

2.913.52 3.77

5.265.66

2015 2016 2017 2018 Q319

1.591.98 1.93 2.03 2.06

1.86 1.96 1.972.16 2.07

2015 2016 2017 2018 Q319

21.7925.56 26.64 27.32

25.15

24.0027.19 28.07 27.69

24.08

2015 2016 2017 2018 Q319

USD / TRY EUR / TRY

USD / BYN USD / UAH

63

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

64

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, EBIT and capex in 2019 or for the medium term 2020 to 2022. 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.