TURKCELL GİZLİ

TURKCELL GROUPQ1 2019

April 30, 2019

TURKCELL GİZLİ

BUSINESS OVERVIEWMurat ErkanTurkcell CEO

TURKCELL GİZLİ

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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

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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

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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 3.6million 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)

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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

TurkcellScore 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

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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

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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

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FOCUS ON CUSTOMER

DIGITAL SERVICES

DIGITAL BUSINESSSOLUTIONS

TECHFIN PLATFORM

OUR CUSTOMERS

WELL-INVESTED INFRASTRUCTURE

MORE TO FOLLOW

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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

TURKCELL GİZLİ

111: 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

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DIGITAL SERVICES – INTERNATIONAL LICENCES

GERMANY

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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

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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

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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

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UPCOMING AGENDA

• ANNUAL GENERAL ASSEMBLY

@ NYCOctober 31, 2019

CAPITAL MARKETS DAY 2019

SAVE THE DATE!

@ Turkcell HQMay 31, 2019

ANNOUNCEMENT

TURKCELL GİZLİ

FINANCIAL OVERVIEWOsman YılmazTurkcell CFO

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

EBITDA & EBITDA MARGIN

Margin 42.5% 12.8%

TRY MILLION

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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

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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

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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.

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(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%

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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.

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For further information please e-mail

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

(+90 212 313 1888)

Turkcell IR app

For Android For iOS

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