TURKCELLThi d Q t 2008Third Quarter 2008

November 6, 2008

Notice Notice

This presentation may contain statements that are forward looking. Thesestatements are based on current expectations and assumptions that are subjectto risks and uncertainties which may cause actual results to differ materially dueto risks and uncertainties which may cause actual results to differ materially dueto factors 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 withthe US Securities and Exchange Commission. We undertake no duty to updateor revise any forward looking statements, whether as a result of new information,y g , ,future events or otherwise.

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

22

BusinessBusiness Overview

SüSü CiliCiliSüreyyaSüreyya CilivCilivCEOCEO

33

Solid results & excellent momentumSolid results & excellent momentum

Turkcell Group YoY growthTurkcell Group

Q307 Q308$

GrowthTRY*

Growth

Revenue 1 723 2 056 19% 10%

Consolidated $ million

Revenue 1,723 2,056 19% 10%

EBITDA 772 838 9% 0.3%

EBITDA Margin 44.8% 40.8% (4.0) pp

Net Income 401 604 50% 40%

Group 45 0 50 5 12%

Subscribers**(million)45.0 50.5 increase

4

* TRY figures in this slide are calculated based on IFRS TRY figures’ changes** Number of subscribers of Turkcell Turkey and each of our subsidiaries, including the number of Fintur subscribers on a pro-rata basis

4

Turkcell Turkey: Strong gains in subscribers and usageTurkcell Turkey: Strong gains in subscribers and usage

Subscribers (million)

6 2%6 9%5 7%

MoU (minutes)972K net

adds

29 1

6.3 6.9 7.235.4 34.8 36.3

6.2%6.9%5.7%

83.0 92.6109.2

18%

4%32%

adds

28.5 28.5 29.1

Q307 Q208 Q308Churn

Q307 Q208 Q308PrepaidPostpaid

32%

ChurnPrepaidPostpaid

• Highest quarterly gain in 2008 withHighest quarterly gain in 2008 with 972,500 subscribers

• Share of postpaid subscriber base improved to 20%

• MoU increased by 32% despite the full month Ramadan impact

• QoQ churn rate decreased by 0.7 pp

5Numbers in this slide are for Turkcell Turkey

Turkcell Turkey: Pleasing ARPU improvement with Turkcell Turkey: Pleasing ARPU improvement with strong usagestrong usageARPU (Blended) • High level of $ ARPU despite lower

interconnection rates:• The increase in usage

7 5% i ti f TRY i t $19.8 18.5 20.6

15.3 14.9 17.34%

13%

• 7.5% appreciation of TRY against $• Upward price adjustments

• Prepaid ARPU increased whereas post paid ARPU in TRY terms decreased by

Q307 Q208 Q308TRY ARPU $ ARPU

paid ARPU in TRY terms decreased by 2% YoY with the increase in subscriptions to incentivized tariff plans

TRY ARPU $ ARPU

ARPU (Postpaid) ARPU (Prepaid)

51.1 46.7 50.1

39.5 37.6 41.9-2%

6%

13.0 11.8 13.4

10.0 9.5 11.23%

12%

Q307 Q208 Q308TRY ARPU $ ARPU

6%

Q307 Q208 Q308TRY ARPU $ ARPU

6

TRY ARPU $ ARPU

6

$

Numbers in this slide are for Turkcell Turkey

Ukraine Operation: ContinueUkraine Operation: Continuess to grow despite macro challengesto grow despite macro challenges

• 68% YoY revenue growth• EBITDA margin improved YoY by

5 pp to 9%

pp g p gg p g

($ million)

Revenue EBITDA & EBITDA Margin

($ million)

11.3

4% 3% 9%pp

• Astelit continues to lead the net additions market and itssubscriber base reached 10.7 million 76.0

110.1127.8

2.9 3.6

Q307 Q208 Q308EBITDA EBITDA Margin

• Market share improved to 19.6% as of Q308

Q307 Q208 Q308

(Million)

ARPUSubscribers

21%($)

7.610.0 10.7

(Million)

5.8 6.3 7.021%($)

4.7 5.9 6.3

Q307 Q208 Q308Total 3-month active

3.6 3.8 4.1

Q307 Q208 Q3083-month active Total

7

Total 3-month active 3-month active Total

CIS Operations CIS Operations -- Fintur: Continued strong performanceFintur: Continued strong performance

($ million)($ million)

Consolidated Revenue

pp g pg p

Contribution to Net Income

411 446 50032

39 39

($ million)($ million)

• Total subscribers reached 12.4 million with strong 25% YoY growth

Q307 Q208 Q308 Q307 Q208 Q308• 22% YoY top-line growth

achieved in Q308

(million)

• Strong contribution to our bottom lineSubscriber

(million)

9.912.2 12.4

Q307 Q208 Q308

8

Other International & Domestic OperationsOther International & Domestic Operationspp

BeSTTellcom Inteltek BeST“roll out in progress”

Tellcom“fair speed on roll out ”

Inteltek“a new business ”

• International traffic: Istanbul-Edirne (west

• 80% stake was acquired for $500 million and the deal is closed with the

t f $300 illi

• Inteltek won the new tender for sports betting (

border of Turkey) roll out was completed

• Significant progress on Ankara-Istanbul-Izmir ( t lit iti ) ll

payment of $300 million

• Consolidation started as of Q3 2008

• Turkcell’s experience in

gbusiness with the best offer of 1.4%

• The new licence is valid for 10 years and allows for new games based on(metropolitan cities) roll

out• Expected to create

synergies with Turkcell operations

• Turkcell s experience in Ukraine to be extended with strong life:) brand

• Network roll out and

for new games based on other sports

• New commission rate to be applicable starting from March 2009operations rebranding activities

started from March 2009

99

Faster with Faster with 3G: 3G: Anytime, AnywhereAnytime, Anywherey yy y

TURKCELL• 3G tender documentation received

• Tender to take place on November 28, 2008• 4 types of licenses with different bandwidths

Mi i i b t 178 285 illi EUR• Minimum prices are between 178-285 million EUR• License period will be 20 years from signing the of

Concession Agreement• Turkcell is well positioned to realize advantages p g

of 3G• Potential in High Speed Mobile Internet • New services and capabilities (convergence)

I l t ti i b i di d ith TA

KKTCell-Turkish Republic of Northern Cyprus

• Implementation issues being discussed with TA

p yp• 100% owned subsidiary KKTCell launched 3G

services in October 2008

10

Outlook Outlook for 2009for 2009

Strong Balance

Market Outlook

Strong Balance Sheet & Cash

Position “determined to maintain

strong cash generation”

• Challenging global macro environment

g g

Well positioned • 3G launch p“to realize advantages

of 3G”

3G launch

Continue Leadership

“with strong brand and

• Penetration to be around 100%More active market with strong brand and

enhanced value propositions”

• More active market• MNP

11

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 pressrelease for the reconciliation of EBITDA to net cash from operatingactivities.

All non-financial data are unconsolidated, prepared in accordance withIFRS and expressed in US$.

The figures used in this presentation are rounded while percentagechanges are calculated based on the figures disclosed in the Q3 2008result announcement press release.

Key FiguresKey Figures

Serkan Serkan OkandanOkandanCCFFOOCC OO

121212

Continued revenue growthContinued revenue growth

54%($ million)

Revenue Gross Profit Margin (*)

EBITDA EBITDA Margin

($ million)

54% 52%54%

19%

45%37% 41%

9%

1,723 1,755 2,056

Q307 Q208 Q308Revenues Gross Profit Margin

772 641 838

Q307 Q208 Q308EBITDA EBITDA Margin

• Revenue- 19% YoY increase despite lower interconnection rates due to:

• Growth in subscriber base• Growth in usage

Net IncomeNet Income Margin

($ million) • Growth in usage,• Appreciation of TRY• Upward price adjustment s• Contribution of our consolidated

subsidiaries.401 426 604

23% 24%29%

50%

• Net Income- 50% YoY increase mainly due to lower translation loss

401 426 604

Q307 Q208 Q308Net Income Net Income Margin

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* Depreciation and amortization is included

Cost control continuesCost control continues

($ million)

Direct Cost of Revenues (*)% of Revenue

Administrative Expenses% of Revenue

($ million)

800 847 936

46% 48% 46%17%

57 73 88

3% 4% 4%54%

800 847 936

Q307 Q208 Q308Direct Cost of Revenues % of Revenue

57 73 88

Q307 Q208 Q308Admin. Expenses % of Revenue

• Direct cost of revenues as % of revenue decreased slightly primarily because of lower depreciation and

Selling & Marketing Expenses% of Revenue

($ million)pamortization as a percentage of revenues

• 24% increase in S&M expenses stemming from

17% 21% 18%($ million)

24%g

• Higher acquisitions• Appreciation of TRY• Higher prepaid frequency usage fee

297 366 367

Q307 Q208 Q308S&M Expenses % of Revenue

14

* Depreciation and amortization is included

Strong financial positionStrong financial position

Q307 Q208 Q308

2 1 2 8 6 3 1

Summary Balance Sheet ($ million)

• Cash generated during the quarter: $281 million

2008 CAPEX

Cash & Cash Equivalents 2,515 2,876 3,157

Total Assets 7,649 8,424 9,570

Total Debt 740 638 738• 2008 CAPEX:

• Turkey: approx.$600 million

• Ukraine: up to $250 million

Net Debt (1,775) (2,238) (2,419)

Total Equity 5,349 6,106 6,652

Debt/Annualized EBITDA 29% 26% 27% million

• Cash balance at the end of 3Q: US$3,157 million

Debt/Annualized EBITDA 29% 26% 27%

838 (176)

Consolidated Cash Flow ($ million)

2,876 3,157838 (176) (143) (300) 62

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2Q08

EBIT

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Tax

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1515

We are an Agile Team

AppendixWe Promote Open Communication

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Summary Income Statement as per CMB* Financials (TRY million)Summary Income Statement as per CMB* Financials (TRY million)

Q3 07 Q2 08 Q3 08 Q3 08 – Q3 07% Chg.

Revenue 2,230 2,181 2,458 10 3%, 2,181 2,458 10.3%

Direct Cost of Revenue** (1,027) (1,049) (1,114) 8.5%Selling & Marketing g gExpenses (384) (455) (439) 14.3%

Administrative Expenses (74) (91) (105) 42.8%

EBITDA 999 796 1,002 0.3%

EBITDA Margin 44.8% 36 5% 40 8% (4 0)EBITDA Margin 44.8% 36.5% 40.8% (4.0) pp

Net Income 521 532 728 39.8%

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* Capital Markets Board of Turkey

** Depreciation and amortization is included

Q3 08 Q3 07

Consolidated Cash Flow ($ million)

Q3 07 Q2 08 Q3 08 Q3 08 – Q3 07 % Chg.

EBITDA 772 641 838 8.6%Less:Less:

CAPEX and License (188) (229) (176) (6.6%)

Turkcell (130) (99) (81) (38.0%)

Ukraine (26) (58) (48) 82.8%

Investment & Marketable Securities 10 (7) (300) -

Net Interest Income 58 90 102 75.5%

Other 152 (198) (256) (268.7%)

Net Change in Debt 38 (7) 73 90.6%

Dividend Paid by Turkcell - (502) - -

Cash Generated 842 (213) 281 (66.7%)Cash Balance 2,515 2,876 3,157 25.5%

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Consolidated Balance Sheet ($ million)

Q3 08 – Q3 07Q3 07 Q2 08 Q3 08 Q3 08 – Q3 07 % Chg.

Cash & Bank 2,515 2,876 3,157 25.5%CURRENT ASSETS 3,424 4,025 4,309 25.8%

Fixed Assets, Net 3,452 3,522 4,343 25.8%

Other Long Term Assets 774 877 918 18.6%

TOTAL NON-CURRENT ASSETS 4,226 4,399 5,261 24.5%

TOTAL ASSETS 7,649 8,424 9,570 25.1%

S/T Debt 600 116 587 (2.2%)

TOTAL CURRENT LIABILITIES 2,015 1,653 2,096 4.0%

L / T Debt 140 523 151 7.9%TOTAL NON-CURRENT LIABILITIES 286 665 823 187.8%MINORITY INTEREST 133 172 169 27.1%%

Share Capital 1,636 1,636 1,636 0.0%

TOTAL SHAREHOLDERS' EQUITY 5,349 6,106 6,652 24.4%TOTAL EQUITY AND LIABILITIES 7,649 8,424 9,570 25.1%

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THANK YOUTHANK YOU . . .

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

or call Turkcell Investor Relations on (+90 212 313 1888)

www.turkcell.com.tr

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