1

TURKCELL

INVESTOR PRESENTATION

June 2019

STRATEGIC APPROACH

3

FOCUS ON CUSTOMER

DIGITAL SERVICES

DIGITAL BUSINESSSOLUTIONS

TECHFIN PLATFORM

OUR CUSTOMERS

WELL-INVESTED INFRASTRUCTURE

MORE TO FOLLOW

4

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

178 million core app downloads

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

68.6% multiplay customers

93.7 million digital subscribers

5

DIGITAL SERVICES – GLOBAL EXPANSION

6

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

7

INFORMATION AND COMMUNICATION TECHNOLOGIES MARKET

47.1 55.6

64.7 75.6

86.9 22.1

25.9

29.6

38.2

44.7

2014 2015 2016 2017 2018

ICT Market Size in Turkey (bn TRY)

131.7

19%

17%

InformationTechnologies

CommunicationTechnologies

2014 - 18CAGR (%)

69.2

113.8

94.3

81.5

Source: Deloitte, April 2019

8 8

67K m2

33K m2

DC space with 10K m2 white space

DC space with 20K m2 white space

8

TURKCELL DATA CENTERS

Locations

Turkcell Data Centers

Gebze Data Center

TURKEY’S LARGEST DATA CENTER

Key clients: Oracle, IBM, Pegasus Airlines, HP, PwC

Note: Turkeys largest in terms of white space.

Gebze Data Center

9

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

10

2550

117

PAYCELL: VALUE PROPOSITION

20162015 2017 2019E2018 2020E 2021E 2022E 2023E

187

300

20 38 93 135 213EBITDAMn TL

50%

CAGR2019-2023

TODAY + TOMORROW

POS & MPOS

Hybrid cards (Gaming, Gift)

Loyalty program

Paycell Card Sales Points

Micro Credit

Carrier Billing

Utility payments

Money Transfer

Mobile wallet

Paycell Top-ups

QR Code Payment

Paycell Revenue (mn TL)

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

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 Column1

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

13

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%

Q1 2019 RESULTS

15

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

16

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

17

10.3%12.8%

19.4%22.4%

19.9%18.5%

13.8%15.0%

Q118 Q218 Q318 Q418 Q119 Q219E Q319E Q419E

32.7

38.1 38.1

6.30

(0.11) (0.80)

Q118 ARPUexcl. one-off

impacts and M2M

Organic growth Dunning fee Other reg. & taximpacts

Q119 ARPUexcl. M2M

54.0 55.962.8

30.5

33.6

38.1

Q117 Q118 Q119 Q219

REPORTED AND COMPARABLE ARPU TREND

ARPU (TL)

like-for-like* growth

Residential fiber

Mobile blended(excl.M2M)

19.6%11.7%

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

Mobile ARPU Growth (TL)

CPI Turkey (YoY)

12.3%YoY

13.4%

19.3%

As inflation declines, we expect our ARPU growth to exceed it

Source: Bloomberg

Upsell performance has doubled in Q119 on a yearly basis in terms of number of subs and revenues

12pp y-o-y decrease in downsell (to lower packages) ratio in Q119

18

37.735.5 35.1

41.6 41.6 42.1

10.3%

17.3%20.0%

Jan-19 Feb-19 Mar-19

2018 2019 YoY

NET ADD AND NEW SUBSCRIBER TRENDS

NEW POSTPAID CUSTOMERS’ ARPU (TL)MOBILE NET ADDITIONS (thousand)

Positive net additions since March

Customer loss in low ARPU segment in Jan-Feb

<25 TL ARPU decreased by 4% QoQ

>50 TL ARPU increased by 7% QoQ

-103

-45

66

Jan-19 Feb-19 Mar-19 Apr-19

Increasing prices of new postpaid customers’ packages

19

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

20

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

21

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.

22

(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%

23

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

24

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.

TURKCELL GİZLİ

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

THANK YOU