TURKCELL Second Quarter of 2011 July 28, 2011

This presentation may contain statements that are forward looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially due to factors discussed in this presentation, in our press release, in the Risk Factors section of Turkcell’s most recent Form 20-F or in other reports and filings with the US Securities and Exchange Commission. We undertake no duty to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

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

NOTICE

2

BUSINESS OVERVIEW

Süreyya Ciliv CEO, Turkcell

Consolidated Financial Results (TRY million)

(*): TRY figures in this slide are based on IFRS TRY figures. EBITDA is a non-GAAP financial measure. Revenues of subsidiaries includes intercompany eliminations

• Group revenue increased by 1.7% YoY and 7.6% QoQ

- Turkcell Turkey: Revenues broadly flat YoY and grew 7% QoQ

- Group companies: Revenues grew 19% YoY and 9% QoQ

• EBITDA margin slightly declined by 0.7pp YoY and increased by 2.1pp QoQ

• Net income impacted by non-cash items mainly due to devaluation in Belarus

- Excluding one off items below EBITDA line, net income would have been TRY472 million (12% YoY growth)

Turkcell Group: Financial highlights

Net Income

EBITDA

Revenue

EBITDA margin

Avg. TRY / US$ rate

Q211

(21)

2,279

721

31.6%

Q111

330

2,118

626

29.5%

Q210

422

2,241

724

32.3%

1.57 1.53 1.57

YoY %

-

1.7%

(0.5%)

(0.7pp)

2.6%

QoQ %

-

7.6%

15.2%

2.1 pp

(0.5%)

4

5

Turkcell Turkey: Higher efficiency compared to its peers despite highly aggressive competitive environment

EBITDA margin % (2010)

*Under our license agreement, we pay the Turkish Treasury a monthly treasury share (including universal service fund) equal to 15% of our gross revenue

Source: BofAML Global Wireless Matrix Q111; Data as of 2010

Impact of 15% treasury share*

in Turkey 43% 38%

10%

34%

49%

EmergingMarkets

Europe Turkey excl.Turkcell

Turkcell Turkeyreported

Turkcell Turkeyexcl. treasury

share*

6

Turkey: Subscriber market share trend

Subscriber market shares*

55% 55% 55% 54% 54% 54%

26% 26% 27% 27% 27% 27%

19% 19% 18% 19% 19% 19%

Q110 Q210 Q310 Q410 Q111 Q211

Turkcell Turkey Vodafone Avea

Turkcell Turkey • Sustained leadership in

the market • No change in market

balance

Competition

• Aggressive competition

continued • Market communication

of lower priced offers increased

*Market shares are based on operators’ announcements and excluding the impact of the change in prepaid churn periods in Q211.

-1.4% -3.1%

-4.1%

-8.8%

-0.5%

• Gaining edge with solid competitive positioning: Offering more value at affordable prices

Turkcell Turkey: Gaining momentum in Turkey

7

• Focusing on long term retention: Improving customer satisfaction and loyalty

• Leading the mobile internet market: Widening access to mobile internet, providing best user experience

-329 -17

-445 -418

165

1,005*

EBITDA margin (%)

Revenue growth YoY (%)

Subscriber net additions (in thousands)

*Reported net additions including the the impact of the change in prepaid churn periods in Q211

33%

38%

30% 29% 32%

Q210 Q310 Q410 Q111 Q211

Turkcell’s Focus

8

Turkcell Turkey: Attractive offers resulted in customer gains

Key operational performance

9.8 10.4 10.7

40.5 37.9 38.2

Q210 Q111 Q211

Postpaid Subscribers (mn) Postpaid ARPU (TRY)

Postpaid

↑2.5 pp to 31.4%

As a % of total subscribers

Q211 vs. Q210

24.2

22.7

23.3

11.2 9.8 11.2

Q210 Q111 Q211

Prepaid Subscribers (mn) Prepaid ARPU (TRY)

Prepaid

↑ 14%

in ARPU

Q211 vs. Q111

Subscribers (million)

Q111

33.1

Q210

33.9

Q211

34.1

Blended ARPU (TRY)

18.4 19.4 19.6

Blended MoU (minutes)

192.5 171.0 219.9

YoY

0.6%

1.0%

28.6%

QoQ

3.0%

6.5%

14.2%

• Introduced Turkcell branded smartphone T20 following the success of T10

• Solid increase in smartphone numbers

• Introduced new applications and platforms to accelerate usage and increase penetration

1.4

2.4

2.8

0.8

1.3

1.8

2.3

2.8

3.3

Q210 Q111 Q211

Turkcell Turkey: Leading the mobile internet and smartphone market

9

107 151 166

281 273

296

19.6%

23.0% 23.4%

Q210 Q111 Q211

Mobile services

Mobile internet

Total as a % of Turkcell Turkey revenues

↑55% in

mobile internet revenues

Q211 vs. Q210

Mobile internet& service revenues (TRY million)

388 TOTAL 424 462 TURKCELL T20

# of smartphones

100% YoY growth

Acceleration in mobile internet adoption

• Superonline: Strategy is on track

- Network reached 26,000 km and Homepass is around 718K

- Now more focus on communication activities

• Astelit: Focused regional strategy - 5th consecutive quarter with above 20%

EBITDA margin levels

Subsidiaries: Growing Contribution

10

10.9% 12.4%

13.2% 13.3%

9.3% 10.6% 13.7%

12.2%

Q310 Q410 Q111 Q211

Contribution from subsidiaries (%)

80.9 91.1 104.7

13.0% 16.0% 13.3%

Q210 Q111 Q211

↑29% in

Revenues Q211 vs. Q210

89.5 78.2 88.3

22.7% 24.0% 26.8%

Q210 Q111 Q211

Main contribution comes from...

(TRY)

($)

↑4.1pp in

EBITDA margin Q211 vs. Q210

Turkcell Group: Continue to execute on 2011 priorities

11

«Better financial performance in Turkey despite challenging market

environment»

«Strong growth in data revenues through leadership in mobile internet

and smartphone market»

«Higher contribution of subsidiaries»

Outlook for the 2nd Half

We expect to be at the lower end of our revenue and EBITDA guidance for

2011

FINANCIAL OVERVIEW

Serkan Okandan CFO, Turkcell

NOTICE:

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

EBITDA is a non-GAAP financial measure. Please refer to the press release for the reconciliation of EBITDA to net cash from operating activities.

All non-financial data are unconsolidated, prepared in accordance with IFRS and expressed in US$ and/or TRY.

The figures used in this presentation are rounded while percentage changes are calculated based on the figures disclosed in the Q2 2011 result announcement press release.

Q211 vs. Q210: 1.7%

Turkcell Group: Revenue (TRY million)

Q211 vs. Q111: 7.6%

2,118 2,279

97 38 26

RevenueQ111

Δ in Voice& others

Δ in Mobile internet& services

Δ in Subsidiaries

RevenueQ211

Δ in Turkcell Turkey: ∑ TRY 135mn

13

2,241 2,279

(83) 73 48

RevenueQ210

Δ in Voice& others

Δ in Mobile internet& services

Δ in Subsidiaries

RevenueQ211

Δ in Turkcell Turkey: ∑ TRY (10mn)

(*): Depreciation and amortization is not included.

Q211 vs. Q210: (0.7 pp)

Q211 vs. Q111: 2.1 pp 29.5%

31.6% (0.4pp) 0.7pp

1.8pp

EBITDA Q111 Δ in Direct cost of revenues

Δ in General & Admin. Exp.

Δ in Selling & Marketing exp.

EBITDA Q211

32.3% 31.6%

(4.2pp)

1.6pp

1.9pp

EBITDA Q210 Δ in Direct cost of revenues

Δ in General & Admin. Exp.

Δ in Selling & Marketing exp.

EBITDA Q211

14

Turkcell Group: EBITDA Margin

Δ in EBITDA 95

Δ in Depreciation (103)

422

(21)

(106) 36 11 (203)

(189) 8

NetincomeQ210

Δ in EBIT Δ in Interest Inc./Exp.

Δ in Equity in Net

Inc./Loss

Δ in FX Gain/Loss

Δ in Other Inc./Exp.

Δ in Taxation

NetincomeQ211

Δ in EBITDA (3)

Δ in Depreciation (103)

330

(21)

(8) 57 (1)

(222)

(171) (6)

NetincomeQ111

Δ in EBIT Δ in Interest Inc./Exp.

Δ in Equity in Net

Inc./Loss

Δ in FX Gain/Loss

Δ in Other Inc./Exp.

Δ in Taxation

NetincomeQ211

Q211 vs. Q210

Turkcell Group: Net Income (TRY million)

Q211 vs. Q111

15

• Net income in Q211 impacted by non-cash items such as fx losses and impairment charges mainly due to aproximately 73% devaluation in Belarus

Consolidated (TRY million)

Net Cash

Total Assets

Cash & Cash Equivalents

Total Debt

Total Equity

Q211

2,400

5,446

15,524

(3,046)

Q111

2,125

4,916

15,151

(2,791)

Q210

1,529

4,193

14,071

(2,664)

9,981 9,964 8,740

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Turkcell Group: Balance Sheet Highlights

3.4%

12.4% 14.4% 14.2%

15.6% 15.7%

Q110 Q210 Q310 Q410 Q111 Q211

Sustainable improvement in FCF generation (FCF margin, four quarters rolling)

↑3.3pp in FCF margin Q211 vs Q210

Free Cash Flow (FCF) calculated by EBITDA minus capital expenditures

Strong balance sheet maintained:

Net cash of TRY 2.4 billion

Turkcell Turkey

200

Turkcell Superonline

91

International 31 Other

14

Capex split (TRY million)

Q211

Total: TRY 336 million

APPENDIX

Summary Income Statement as per CMB1 Financials (TRY million)

1 Capital Markets Board of Turkey 2 Depreciation and amortization is included

Profit & Loss Statement (TRY mn) Q210 Q111 Q211 YoY (%) QoQ (%)

Revenue 2,241.2 2,118.4 2,279.2 1.7% 7.6%

Direct Cost of Revenues2 (1,217.7) (1,247.7) (1,432.6) 17.6% 14.8%

S&M (436.3) (411.1) (400.9) -8.1% -2.5%

G&A (137.6) (110.3) (102.0) -25.9% -7.5%

EBITDA 724.4 625.8 721.1 -0.5% 15.2%

EBITDA Margin 32.3% 29.5% 31.6% -0.7% 2.1%

Net Income 425.2 330.9 (17.6) -104.1% -105.3%

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Consolidated Cash Flow ($ million)

Consolidated Cash Flow ($ mn) Q210 Q111 Q211 YoY (%) QoQ (%)

EBITDA1 474 398 459 -3% 15%

LESS:

Capex and License (221) (117) (200) -10% 71%

Turkcell (137) (61) (120) -12% 97%

Ukraine (13) (7) (12) -8% 71%

Investment & Marketable Securities 30 - - - -

Net Interest Income/Expense 53 39 74 40% 90%

Other (161) 416 (243) 51% -158%

Net Change in Debt 181 (31) 74 -59% -339%

Dividend paid (574) - - - -

Cash Generated (216) (127) 166 -177% -231%

Cash Balance 2,663 3,175 3,341 25% 5%

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.

19

Consolidated Balance Sheet ($ million)

Consolidated Balance Sheet ($ mn) Q210 Q111 Q211 YoY (%) QoQ (%)

Cash & Bank 2,663 3,175 3,341 25% 5%

CURRENT ASSETS 3,910 4,462 4,650 19% 4%

Fixed Assets, Net 4,504 4,703 4,236 -6% -10%

Other Long Term Assets 522 620 636 22% 3%

TOTAL NON-CURRENT ASSETS 5,026 5,323 4,872 -3% -8%

TOTAL ASSETS 8,936 9,786 9,523 7% -3%

S/T Debt 629 375 616 -2% 64%

TOTAL CURRENT LIABILITIES 1,993 1,552 1,866 -6% 20%

L/T Debt 1,063 1,428 1,252 18% -12%

TOTAL NON-CURRENT LIABILITIES 1,393 1,798 1,535 10% -15%

MINORITY INTEREST (1) (34) (47) 4600% 38%

Share Capital 1,636 1,636 1,636 0% 0%

TOTAL EQUITY 5,550 6,435 6,122 10% -5%

TOTAL EQUITY AND LIABILITIES 8,936 9,786 9,523 7% -3%

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www.turkcell.com.tr

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