NOTICE

Thi i i h f d l ki ThThis presentation may contain statements that are forward looking. Thesestatements are based on current expectations and assumptions that are subject torisks and uncertainties which may cause actual results to differ materially due tofactors discussed in this presentation, in our press release, in the Risk Factorssection of Turkcell’s most recent Form 20‐F or in other reports and filings with theUS Securities and Exchange Commission. We undertake no duty to update orrevise any forward looking statements, whether as a result of new information,future events or otherwise.f

Please note that all financial data are consolidated whereas non‐financial dataare unconsolidated unless otherwise specified.

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Turkcell Group: Strong Operational Performance Drivenby Turkcell Turkeyby Turkcell Turkey

Q2 2009 Turkcell Group Financial Summary

Consolidated (million)

TRY

YoY QoQ

$

YoY QoQ

Revenue

EBITDA2

2,204 1.1% 4.8%

709 (10.9%) (8.3%)

1,398 (20.3%) 9.0%

449 (30.0%) (5.0%)

EBITDA Margin2

Net Income

32.2% (4.3)pp (4.6)pp

389 (26.2%) (30.8%)

32.1% (4.4)pp (4.7)pp

246 (42.4%) (28.6%)

Net Income Margin 17.7% (6.6)pp (9.0)pp 17.6% (6.7)pp (9.2)pp

A TRY / US$ t 1 5801 ( )• Litigation impact: $96.2 million

Avg. TRY / US$ rate 1.5801 26.9% (3.7%)g p $

- (2.5) pp EBITDA margin

- (5.7) pp Net income margin

• Inteltek impact: (1.2) pp EBITDA 

1  Changes in TRY  figures in this slide are calculated based on IFRS TRY figures2  EBITDA is a non‐GAAP financial measure. See pages 13‐14 of our press release for the reconciliation of EBITDA to net cash from operating activities. 

5

p ( ) ppmargin YoY

Turkcell Turkey: Strong Leadership Continued in Q2 

• Revenue increase through strong usage: 3% YoY and 7% QoQ • 35% EBITDA margin achieved• ‐43K subscribers in a contracting market of 800K• 854K net postpaid subscriber addition

Market Environment

• Market penetration decreased to % f %

Turkcell Response

• Strong value propositions 88% from 90% YoY

• Unlimited and flat rate offers in all directions

St o g a ue p opos t o s

• Advanced network 

• Strong response to aggressive attacks by competition

• New interconnection rates

• With 3G, market communication emphasizing new technology and its 

attacks by competition

• Expanded co‐branding benefits

• Focus on data usage through bundled offers; 71% YoY increase inp g gy

benefitsbundled offers; 71% YoY increase in data revenue

6

Turkcell Turkey: Operational Success

Subscribers(million)

Subscriber Composition(%)

3%

• Postpaid base increased to 24% from 19% of the 

6.9 7.8 8.625%

3%

36.4 35.4  36.3 

81% 79%

19% 21% 24%

total YoY despite intensecampaigns and tariffs28.5 28.6 27.7

Q208 Q109 Q209

81% 79% 76%

Q208 Q109 Q209Q208 Q109 Q209PrepaidPostpaid

Q Q QPrepaidPostpaid

MoU(minutes)

Blended ARPU

92.6107.1

127.9

18.5 17.1 18.6

TRY ARPU$ ARPU

38%1%

9%

• MoU growth in line with market dynamics

• ARPU remained flat YoYi TRY t d it

14.910.4 11.8

in TRY terms, despite competitors’ unlimited flat offers and the sharp decrease in mobile t i ti t

7

Q208 Q109 Q209 Q208 Q109 Q209 termination rates

Turkcell Played a Key Role in Start of 3G: New Era

LAUNCHED LAUNCHED ON JULY ON JULY 30th30th

Well positioned to differenciate TurkcellBest Coverage, Best Speed

8

Further Differentiation Through 3G

By far the best coverage and highest speed

Most diversified, innovative and user‐friendly services

Most advantageous pricing for the best technology

HSPA+ network rollout  up to 30 new  and innovative  Strong Mobile broadband offersp21 mbps speeds

• Advanced network

• 81 cities and ~60% l ti

3G products

• Consumer & corporatesolutions

M bil b db d

g

• Monthly flat rate internet packages- 100 MB for TRY9,4

1GB for TRY29population coverage

• Roaming agreement with 185 operators in 104countries*

- Mobile broadband: VINN (USB Modem)

- Modem station for VINN

- 1GB for TRY29- 4GB for TRY39

• Video call for regular price

• Bundled 3G• Highest frequency 

bandwidth license; better positioning for LTE

- 3G enabled netbooksBundled 3G device/netbook/notebook campaigns

9

*As of August 5, 2009

International Operations: Macro Challenges Impacted PerformancePerformance

Ukraine: Astelit• Impact of 20% GDP drop and YoY %55 devaluation.

• Revenue decline of 22% YoY to $85 9• Revenue decline of 22% YoY to $85.9 million 

• In local currency revenue increased by 21% YoY21% YoY

Fintur• $27.8 million net income contribution to Turkcell Group; Decline of 29% contribution YoYcontribution YoY

• Subscribers grew 5.7% to 12.9 million YoY 

• Maintained market  leadership positions

10

Pleasing Performance Despite Tough Macro Climate

1,7551 283 1 398

52% 51%47%

($ million)Revenue Gross ProfitMargin 1

YoY Growth• Revenue : broadly flat YoY despite limited contribution of subsidiaries 

1,283 1,398

Q208 Q109 Q209‐20%

1% TRY

$

and lower interconnection rates

• EBITDA Margin declined YoY since the 

641472 449

37% 37% 32%($ million)EBITDA2

EBITDAMargin

TRY

contribution of Inteltek to EBITDA margin fell by 1.2 pp compared to last year as well as increasing operating expenses and litigation provisions

11%472 449

Q208 Q109 Q209

TRY

$

expenses and litigation provisions

• Net Income declined

‐11%

‐30%

426 344 246

24% 27% 18%($ million)Net IncomeNet IncomeMargin

26% TRY

• Lower EBITDA 

• Translation Loss344 246

Q208 Q109 Q209‐42%

‐26% TRY

$

• Litigation provisions

12

1 Depreciation and amortization is included2  EBITDA is a non‐GAAP financial measure. See pages 13‐14‐of our press release for the reconciliation of EBITDA to net cash from operating activities. 

Net Effect of Provisions

Q209

Li i i P i i B f($ million)

Actual Litigation Provisions Before ProvisionsSCT1 Millenicom Total

1,398.0  1,398.0 Revenue

448.8 (34.7) (34.7) 483.5

32.1% (2.5)pp (2.5)pp 34.6%

EBITDA2

EBITDA Margin2Total 

Provisions$96 2

(69.0) (11.5) (45.1) (56.6) (12.4)

(3.0) (4.9) (4.9) 1.9

Finance Expense

Other

Income/(Expense)

$96.2 million

(47.4) 16.0 16.0 (63.4)

245.8 (16.4) (63.9) (80.3) 326.1

Income/(Expense)

Income Tax Expense

Net Income ( ) ( ) ( ) 326.1

17.6% (1.1)pp (4.6)pp (5.7)pp 23.3%Net Income Margin

13

1 Special Communication Tax2  EBITDA is a non‐GAAP financial measure. See pages 13‐14‐of our press release for the reconciliation of EBITDA to net cash from operating activities. 

Higher Cost Base Due to Increasing Competition

847

48% 49% 53%($ million)Direct cost

of revenues*% of Revenue

YoY Growth• Higher direct cost of revenues as a percentage of revenue847

631 741

Q208 Q109 Q209‐13%

11% TRY

$

percentage of revenue

• Higher interconnection costs• Higher network‐relatedexpenses

73 60 64

4% 5% 5%($ million)Adm.

expenses% of Revenue

10%

• G&A expenses remained broadly flat as a percentage of revenue

60 64

Q208 Q109 Q209‐13%

10% TRY

$ • S&M expenses, as a percentage of revenue, increased slightly QoQ due to 

366239 277

21% 19% 20%($ million)S&Mexpenses% of Revenue

‐4% TRY

• Higher acquisitions

• Intensified marketing campaigns

Q208 Q109 Q209‐24% $

14

* Depreciation and amortization is included

Solid Cashflow

Q208  Q209 

Summary Balance Sheet ($ million) Consolidated Cash Flow ($ million)

Cash & Cash Equivalents  2,876 1,963

Total Assets  8,424  7,876

1,963

169Other

Cash Balance Q209

Total Debt  638  776

Net Debt  (2,238) (1,187)

T t l E it 6 106 5 273

(713)Dividend paid

Other

Total Equity  6,106  5,273

Debt/Annualized EBITDA  23% 34%6Net interest income

449

(790)

EBITDA

CAPEX

• 1.2 billion net cash as of June 30th, 2009

2,843Cash Balance Q109

• Debt/ Annualized EBITDA of 34%

1515

Summary Income Statement as per CMB1 Financials (TRY  million)

Revenue

Q208 Q109 Q209Q209‐ Q208 % change 

Q209‐ Q109 % change 

2,181  2,103  2,204 1% 5%

Direct Cost of Revenues2

S&M

, , ,

(1,049) (1,029) (1,164) 11% 13%

(455) (392) (437) (4%) 11%S&M

G&A

EBITDA3

(455) (392) (437) (4%) 11%

(91) (98) (100) 10% 2%

796 774 710 (11%) (8%)EBITDA3

EBITDA Margin

796  774  710 (11%) (8%)

36.5% 36.8% 32.2% (4.3)pp (4.6)pp

Net Income

1 Capital Markets Board of Turkey

2 Depreciation and amortization is included

532  566 392  (26%) (31%)

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2 Depreciation and amortization is included

3  EBITDA is a non‐GAAP financial measure. See pages 14‐15 of our press release for the reconciliation of EBITDA to net cash from operating activities. 

Consolidated Cash Flow ($ million)Consolidated Cash Flow  ($ million)

EBITDA1

LESS:

Q208 Q109 Q209

641  472  449 

Capex and LicenseTurkcellUkraine

(229) (252) (790)(99) (182) (671)(58) (42) (35)

Investment & Marketable SecuritiesNet Interest Income/Expenseh

( ) ( ) ( )

(7) (76) ‐

90  61  6 OtherNet Change in DebtDividend paidC h G t d

(198) (617) 167 (7) (4) 2 (502) ‐ (713)(213) (417) (880)Cash Generated

Cash Balance(213) (417) (880)2,876  2,843  1,963

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1 EBITDA is a non‐GAAP financial measure. See pages 14‐15 of our press release for the reconciliation of EBITDA to net cash from operating activities. 

Consolidated Balance Sheet ($ million)Consolidated Balance Sheet ($ million)

Q208 Q109 Q209Q209‐Q208 %

Q209‐Q109 %

Cash & Bank

CURRENT ASSETS

Q208 Q109 Q209 Q208 % change 

Q109 % change 

2,876 2,843  1,963 (32%) (31%)

4 025 3 838 3 118 (23%) (19%)CURRENT ASSETS 

Fixed Assets, Net

Other Long Term Assets 

TOTAL NON‐CURRENT ASSETS

4,025 3,838  3,118 (23%) (19%)

3,522 3,326  4,236 20% 27%

878 488  522 (41%) 7%

4,399 3,814  4,758 8% 25%

TOTAL ASSETS 

S/T Debt 

TOTAL CURRENT LIABILITIES

8,424 7,652  7,876 (7%) 3%

116 606  608 424% 0%

1,653 1,805  1,940 17% 7%

L / T Debt 

TOTAL NON‐CURRENT LIABILITIES

MINORITY INTEREST

Share Capital

523 171  169 (68%) (1%)

665 593  664 (0%) 12%

172 61  31 (82%) (49%)

1 636 1 636 1 636 0% 0%Share Capital 

TOTAL SHAREHOLDERS' EQUITY

TOTAL EQUITY AND LIABILITIES

1,636 1,636  1,636 0% 0%

6,106 5,254 5,273 (14%) (0%)

8,424 7,652  7,876 (7%) 3%

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For further information please e‐mail investor.relations@turkcell.com.tr

or call Turkcell Investor Relations on 

(+90 212 313 1888)

www.turkcell.com.tr