TURKCELL GİZLİ

TURKCELL GROUPQ4 & FY 2018

February 20, 2019

TURKCELL GİZLİ

BUSINESS OVERVIEWKaan TerzioğluTurkcell CEO

TURKCELL GİZLİ

3

FX & Interest Rate Hedging21.3 Bn TL

20.8% yoy

RECORD REVENUE

<<

2.8 Bn TL Cash generated

BUSINESS MODEL HEDGING

FinturDeal

Expected P&L Contribution

EUR 350Mn

~TRY 650Mn

ASSET-LIGHT STRATEGY

5.8 Bn TLtransaction

LEADER IN TECH-FIN

2018: SUCCESSFUL EXECUTION OF STRATEGIES

169 Mn downloads

THE DIGITAL OPERATOR

8.8 Bn TL41.3% margin

RECORD EBITDA

EBITDA

TURKCELL GİZLİ

4

12.0 12.814.3

17.621.3

3.8 4.1 4.66.2

8.831.2%32.4% 32.3%

35.3%

41.3%

0.3

0.32

0.34

0.36

0.38

0.4

0.42

0.44

0

5

10

15

20

2014 2015 2016 2017 2018

Revenue (Bn TL) EBITDA (Bn TL) EBITDA Margin (%)

FINANCIAL OPERATIONAL

Revenue, EBITDA and EBITDA Margin

2018: AN OUTSTANDING YEAR

Mobile ARPU like-for-like growth of 18% in Q418 (2-yr %27)

8GB data usage (of 4.5G subs) in Dec 2018

347K post-paid mobile net additions in 2018

169 mn digital services downloads

3.3 mn Lifecell subs by Feb 2019

Record top line at 21.3Bn TL, 20.8% yoy, 49.0% 2-year growth

EBITDA at 8.8Bn TL, 41.1% yoy growth, 90.2% 2-year growth

Net income at 2.0Bn TL

1.9Bn TL distributed in dividends

Fintur deal close to completion

Turkcell Total Shareholder Return (TSR)

9.773.9Bn 3.0Bn 1.9Bn

14.92

0

2

4

6

8

10

12

14

16

18

Apr 2015 2015 2017 2018 Feb 2019

Total dividend: 8.8Bn TL (4TL/share)

TSR: 53%

TL/share

TL/share

Dividend yield: 13.2% 9.9% 7.2%

TURKCELL GİZLİ

51 Guidance disclosed on March 14, 2018 at Capital Markets Day2 Excluding license fees

INITIALGUIDANCE1

REVISEDGUIDANCE ACTUAL

14% - 16%REVENUE GROWTH 20% - 22% 20.8%

37% - 40%EBITDA MARGIN 39% - 41% 41.3%

OP.CAPEX / SALES2 18% - 19% 18.5%

GUIDANCE DELIVERED

TURKCELL GİZLİ

6

ConsolidatedTRY Million1 Q4 2018 YoY % 2018 YoY %

Revenue 5,626 20.6% 21,292 20.8%

EBITDA 2,239 28.8% 8,788 41.1%

EBITDA Margin 39.8% +2.5pp 41.3% +6.0pp

Net Income 864 300.1% 2,021 2.1%

Op.Capex/Sales2 25.7% -10.0 pp 18.5% -2.5 pp

49.0%Two-year

revenue growthin 2018

90.2%Two-year

EBITDA growthin 2018

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

• Net income strong at full year; stable quarterly run-rate

• Operational capex/Sales resulted at 18.5%, in line with the plans

TURKCELL GROUP FINANCIAL HIGHLIGHTS

TURKCELL GİZLİ

7

26.3

30.932.3

37.4

Q415 Q416 Q417 Q418

Mobile Blended (excl. M2M)

2.4%2.9%

Q417 Q118 Q218 Q318 Q418

Note: TV subscribers and the related net add figure include the total of and the change for 2.8 million of «OTT only» cumulative active users.

TURKEY SUBSCRIBERS (million)

15.8%YoY

MOBILE ARPU (TL)

MONTHLY AVERAGE MOBILE CHURN RATE

18.8

14.9

Postpaid Prepaid

YoY 347K↑ 676K↓ 181K↑ 1,257K↑

Net add

56%of total mobile

OPERATIONAL HIGHLIGHTS18.0%

Mobile ARPU like-for-like Growth YoY*

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

Note: Average monthly churn during the related quarter.16K↑

102 TLSuperbox

ARPU in Q418

TURKCELL DIGITAL SERVICES KPIs

87

169

2017 2018

DSS Downloads (mn)

66.9

85.8

2017 2018

Digital Subscribers (mn)

1.4 0.9

3.4

Fiber ADSL & Superbox TV

2.4%Excluding

involuntary deactived

churn

DSS downloads include 21 applications.

TURKCELL GİZLİ

8

ENGAGING & PIONEER CAMPAIGNS

CUSTOMER APPRECIATION CONTINUES

6 mn participants

7 mn followers

50 mn gifts

21 mn customers

604 mn gifts

«All-out war against inflation» campaign

Surprise Points

Shake & Win

+9+12

+14 +13

+20+23 +24 +23

Q118 Q218 Q318 Q418

Points over next best Points over third best

• #1 in NPS reflecting superior overall customer satisfaction

*NPS score comparison is for consumer segment in mobile. (Source: Future Bright)

NET PROMOTER SCORE* OVER COMPETITION

TurkcellScore 25

TURKCELL GİZLİ

9

22.9

29.830.8

11.315.7

18.0

Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418

4.5G subscribers 4.5G compatible smartphone

2.23.0 3.4

4.3

5.9

7.6

2.8

4.3

5.9

Q416 Q417 Q418

Non 4.5G Users 4.5G Users Total Users

MOBILE DATA USAGE (Av. GB/User)

4.5G SUBSCRIPTION (million)

CONTINUED RISE IN DATA WITH DIGITAL SERVICES

91% 4.5G

subscribers

18 million with

4.5G compatible SPs

74% smartphone

penetration

80% are 4.5G

compatible SPs

9.5

20.7

Q417 Q118 Q218 Q318 Q418

DATA CONSUMED ON DIGITAL SERVICES(TB)

2.2x

TURKCELL GİZLİ

10

DELIVERING VALUE WITH DIGITAL SERVICES

31 MinCalling

9 MinInteracting

33 Min For VOIP users

18 MinReading

81 Min Watching

48 MinListening

2.7 MSearchesper day

41Documents

uploaded per person per

day

17 MinPlaying (BiP)

17 MinPlaying

(Playcell)

35 MinPer User in 2018

(Tavla Go)

30 MinContest Time

169 million app downloads

85.8 million digital subscribers

66.7% multiplay customers

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

TURKCELL GİZLİ

11

OUR TRACK RECORD OF DIGITAL SERVICES 2015 2016 2017 2018 15 Feb 2019

1M 5M

1M 7.6M5M

5M 10M 20M 38.8M30M

Launch

Digital

Operator

1Mreached

in day

240

367

9

Cumulative Downloads

5M 10MImage

Recognition10.1M 5231M

10M10.5M

1M 5M 10M 20M 34.6M30MMoney Transfer

2nd number89

5M 10M 20.9M20Min Europe

in Ukraine& Belarus

86

1M 5M 11.8M10M 600Launch

1M 2.6M 259Launch

TURKCELL GİZLİ

121: Refers to downloads as of Feb 15, 2019 2: 3-MAU includes users who utilised the zero rating benefit of Dergilik magazines and newspapers via browser. 3: My Account is renamed as Digital Operator 4: 3-Month active users also include IPTV users 5: Transactions include subsidiary revenues. Active users include DCB, app and Paycell card customers

Download1

3-Month Active User

Service KPIs

15.3Mn

8.2Mn

232Mn

logins to date

DIGITALPUBLISHING2

10.5Mn

12.5Mn

522K

copies readper day

MUSIC

20.9Mn

3.2Mn

7.0Mn

songs streamed per day

TV4

11.8Mn

3.1Mn

3.4Mn

TV sessions per day

PERSONAL CLOUD

(lifebox)

10.1Mn

2.6Mn

41

docs uploadedper person / day

INTERACT, READ, LISTEN, WATCH, STORE & SEARCH

7.6Mn

3.0Mn

2.7Mn

searchper day

DIGITAL OPERATOR3

38.8Mn

19.2Mn

27%

more ARPU

INSTANT MESSAGING

34.6Mn

11.5Mn

148Mnmessages per day

2.3Mndigitized call

experience per day

PAYCELL5

2.6Mn

5.2Mn

5.8Bn TL

Transactions in 2018

FAST LOGIN

registered user

TURKCELL GİZLİ

13

401

879

1,526

2,533

Q118 Q218 Q318 Q418

LIFECELL: THE DIGITAL PIONEER

LIFECELL SUBSCRIBERS (thousand)

44.2 TL ARPU

(1.3x of Turkcell consumer)

1.5%churn rate

(50% lower vs. Turkcell consumer1)

8.6 GBav. data usage of a

Lifecell user

3.3Mnas of

Feb 15th

6x

1: Average monthly churn during the related quarter.

TURKCELL GİZLİ

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OUR GAMING PLATFORMS

4.8 MnUnique Visitors

in 2018

18.7 MnTotal Visitors in 2018

35 minPer player in 2018

30

Q1 Q2 Q3 Q4

Total Games Played at BiP Gaming

67Mngames played

in 2018

(2018, Mn)

TURKCELL GİZLİ

15

2.6MnPaycell app downloads

1.2MnPaycellCards

LEADERSHIP IN TECHFIN

5.2MnTotal Paycell

users

5.8Bn TLTotal Transaction

on Paycell

Money transfer

Utility payments

QR code payment

Mobile wallet

PaycellTop-ups

Carrier Billing

Device Loan

Insurance

Device Leasing

4.2Bn TLLoan

Portfolio

28MnCredit scored

customers

2.7MnRegistered credit cards

TURKCELL GİZLİ

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TRY MILLION

2017 2018 YoY %

Revenues 606 942 55.5%

Net Income1 139 254 82.8%

TCF KEY FINANCIALS

CONSUMER FINANCE BUSINESS

1 Net income includes 30 mn TL and 97 mn TL dividend from Paycell in 2017 and 2018, respectively.2 per IFRS

HANDSET FINANCING

0.5 0.4 0.4

4.2 4.8 4.2

Q417 Q318 Q418

Turkcell Contracted Receivables TCF Consumer Loans

4.7

TRY BILLION

5.24.5

116 TL average

monthly installment

88% penetration

of loan insurance

4.4 mn loans outstanding

1,685 TL average

ticket size

1.9% cost of risk2

TURKCELL GİZLİ

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TRY MILLION1 Q4 2018 YoY% 2018 YoY %

Revenue 422 46.3% 1,457 36.5%

EBITDA 247 285.3% 613 132.1%

EBITDA

Margin58.5% +36.3 pp 42.1% +17.4 pp

HIGHLIGHTS

1 Figures are based on IFRS

TURKCELL INTERNATIONAL: DIGITAL OPERATORS

TURKCELL INTERNATIONAL REVENUE BREAKDOWN (2018)

lifecell63%

BeST20%

KKTcell12%

Other2

5%

2 Other comprises lifecell Germany, other international operations and intra-company eliminations. Lifecell, BeST, KKTcell figures are based on stand-alone financials.

TURKCELL GİZLİ

18

TURKCELL INTERNATIONAL: ASSET-LIGHT APPROACH

AdoptOur partner acquires our full portfolio of offerings. Daily support, business

consultancy, and full customer integration is

included

AcquireOur partner acquires a

selection of our offerings on an as-needed basis.

Daily support and business consultancy is

included.

Adapt

We white label all sourcecodes and our partner

develops their own environment. Business consultancy is included.

LIFECELL DIGITAL BUSINESS MODEL

TURKCELL GİZLİ

19

BUILDING THE DIGITAL FUTURE

OURVISION

OUR STRATEGY

Capturing 1440 Minutes of Opportunity & Growth Every Day

To hear more, join us @MWC on Feb 25-28 in

Barcelona!

&

Visit the website www.digitaloperator1440.com

for highlights throughout MWC

TURKCELL GİZLİ

20*Excluding license fees

20.8%

41.3%

18.5%

2018ACTUAL

16% - 18%

37% - 40%

16% - 18%

2019GUIDANCE

REVENUE GROWTH

EBITDA MARGIN

OP.CAPEX / SALES*

2019 OUTLOOK

2018-2020TARGETS

14% - 16%

37% - 40%

16% - 18%

TURKCELL GİZLİ

FINANCIAL OVERVIEWOsman YılmazTurkcell CFO

TURKCELL GİZLİ

22

REVENUE

* Turkcell Consumer Finance Company, Financell

4,666

5,626

745

134 64 17

RevenueQ417

Δ TurkcellTurkey

Δ TurkcellInternational

ΔTCF* Δ OtherSubsidiaries

RevenueQ418

20.6%

QUARTER TRY MILLION

• 1.0 bn TL revenue add in Q418 YoY; 3.7 bn TL in 2018 YoY

• Turkcell Turkey is the main growth contributor on the back of strong ARPU

FULL YEARTRY MILLION

17,632

21,292

2,816390 336 118

RevenueFY17

Δ Turkcell Turkey

Δ Turkcell International

Δ TCF* Δ Other Subsidiaries

RevenueFY18

20.8%

TURKCELL GİZLİ

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EBITDA & EBITDA MARGIN

* Excluding depreciation and amortization

QUARTERTRY MILLION

FULL YEARTRY MILLION

1,739

2,239960

(292)

(212) 43

EBITDAQ417

Δ in Revenues

Δ in Direct cost of

revenues*

Δ in G&Aexp.

Δ in S&Mexp.

EBITDAQ418

6,228

8,7883,660

(1,105)(375) 379

EBITDAFY17

Δ in Revenues

Δ in Direct cost of

revenues*

Δ in G&Aexp.

Δ in S&Mexp.

EBITDAFY18

• EBITDA increase via top-line growth & OPEX management

41.1%28.8%Margin35.3%

Margin41.3%

Margin37.3%

Margin39.8%

TURKCELL GİZLİ

24

SOLID BALANCE SHEET

NET DEBT/ EBITDA

* Lease obligation includes IFRS impact and financial lease figures. Q2 and Q3 2018 figures are adjusted accordingly.** Turkcell Consumer Finance Company’s (TCF) loan portfolio is excluded.

TCF loan porfolio

Net Debt*

TRY Mn Q2 2018 Q3 2018 Q4 2018

Total Cash 7,081 8,749 7,419

Total Assets 41,026 45,404 42,765

Total Debt 18,449 23,055 20,156

Lease

Obligations*1,269 1,259 1,414

Total Equity 14,952 14,891 16,054

Net Debt 11,368 14,306 12,736

Net Debt** 6,677 9,516 8,565

SUMMARY

8,565

4,1711.5x

1.8x

1.4x

0.8x

1.2x

1.0x

Q218 Q318 Q418

Net Debt/EBITDA Net Debt/EBITDA*

Note: Q218 and Q318 multiples exclude the IFRS impacts.

TURKCELL GİZLİ

25

(125)(91)

(203)

(330)

(144)(204)

(301)(255)

(224)

Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418

FX EXPOSURE

7.4Bn TLNominal

31%

11%50%

8%48%

36%

8%8%

CASH1 DEBT

Before Hedging

2 Including advance payments, hedging and assuming the 4.5G license payables in TRY for the periods before April 2017 and excluding FX swap transactions for TL borrowing.

After Hedging

NET FX POSITION2

20.2Bn TL

USD MILLION

Share

1 Excluding FX swap transactions for TL borrowing.

USD EUR TRY Other

74%

26%

Effectively in longposition considering soon expected Finturtransaction proceeds

176

TURKCELL GİZLİ

26

FINTUR DIVESTMENT

Fintur Deal Value (estimated)

Fintur divestment is a milestone towards further cementing our focus on our digital services strategy and strengthening our balance sheet

Contribution to Profitability(estimated)

Post Deal Turkcell Net FX position

EUR 350 million

~TRY 650 million

LONG

Azercell

Geocell

KCell

Moldcell

TURKEY

GEORGIA

AZERBAIJAN

KAZAKHSTAN

• Binding agreement to divest our 41.45% stake in Fintur to Telia Company on December 12, 2018

• Completion following the Moldovan Competition Authority approval – in Q1 2019

MOLDOVA

TURKCELL GİZLİ

27

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 2017 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)

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