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Turkcell Iletisim Hizmetleri A.S. Full Year 2010 Results

ISTANBUL, Turkey February 23, 2011

– Leading The New Mobile Internet Era With Superior Network

Turkey December 31

Please note that all financial data is consolidated and comprises Turkcell IletisimHizmetleri A.S., (the "Company", or "Turkcell") and its subsidiaries and associates (together referred to as the "Group"). All non-financial data is unconsolidated and comprises Turkcell only. The terms "we", "us", and "our" in this press release refer only to the Company, except in discussions of financial data, where such terms refer to the Group, and where context otherwise requires.

    Highlights of the Fourth Quarter and Full Year 2010     Full Year 2010      - Group revenue slightly improved to TRY9.0 billion (TRY8.9       billion) mainly due to increasing mobile internet revenues and the       higher contribution of Group companies despite the negative impact of       regulatory decisions in Turkey.      - Turkcell Turkey's revenue wasTRY8.0 billion (TRY8.0       billion), which included highermobile internet revenues, up 74% to       TRY454 million (TRY261 million) and a higher postpaid subscriber       base,despite the negative impact of significant regulatory changes.      - The contribution of subsidiaries to Group       revenuessignificantly improved in 2010:      - Top line contribution increased to 11.1% in 2010       (10.2%)mainly due to strong revenue growth of 32.8% to TRY335.1 million       (TRY252.4 million)at Superonline.      - EBITDA contribution improved to 9% in 2010 from 5% in 2009       mainly as Superonline and Astelit significantly improved their       operational performance.      - Despite challenging market conditions and regulatory       changes, Group EBITDA margin was maintained at32.7% (33.3%) while the       Group EBITDA was at TRY2.9 billion (TRY3.0 billion).      - Group net income increased by 3.7% toTRY1.8 billion (TRY1.7       billion).      Fourth Quarter 2010      - Group revenue in the fourth quarter of 2010 was TRY2.19       billion (TRY2.26 billion), a declineof3.3% compared to a year agodue to       the negative impact of regulatory decisions in Turkey,which       was partially offset by the higher contribution of Group subsidiaries       driven by strong performance at Superonline and growth in mobile       internet and services revenues.      - The Group EBITDA margin was at 29.7% (30.2%) while the Group       EBITDA* was at TRY649.0 million (TRY681.9 million). Turkcell Turkey's       Rising general administrative and selling and marketing expenses, were       Largely offset bythe increasing contribution of subsidiaries',       particularly by Astelit,to Group EBITDA.      - Net income increased by 45.6% to TRY368.1 million (TRY252.8       million) in Q4 2010 mostly due to the absence of one off items recorded       in the fourth quarter of 2009(e.g. charges related to fixed asset       write-offs and legal developments) and decrease in goodwill impairment       costs,despite the increasing cost base in Turkey. 

*EBITDA is a non-GAAPfinancial measure. See page 14-15for the reconciliation of EBITDA to net cash from operating activities.

December 31, 2010 http://www.turkcell.com.tr

Turkey

Comments from the CEO, SureyyaCiliv

"In 2010, Turkcell recorded revenues of TRY9.0 billion, EBITDA of TRY2.9 billion and net income of TRY1.8 billion.

Turkey

Turkey

Turkey Ukraine

Turkey

I would like to thank all our employees, customers, business partners and shareholders for their continued confidence in, and contribution to, Turkcell Group throughout the year. We look forward to a still better year overall in 2011."

OVERVIEW

In 2010, mobile line penetration decreased by 4pp to 84% mainly due to the continuing decline in multiple SIM card usage. In 2011, we expect the number of mobile lines to grow inparallel to population growth, and mobile line penetration to remain in-line with the year-end 2010 level.

Furthermore, the Turkish mobile market witnessed some radical changes in 2010. The significant decrease in interconnection rates and maximum prices negatively impacted the market and put further pressure on per minute revenue and profitability. Additionally, we have seen some regulatory changes such as the introduction of an upper limit for calls up to 60 seconds, transition to TRY from unit based pricing, and the change in the definition of active subscribers.

The competitive offers in the market remained aggressive. All operators focused on increasing their postpaid subscriber base by providing high minute incentive port-in offers,launchinglower priced voice packages andcontinuing to offer flat rate minute packages for all directions.The focus on segmented offers continued throughout the year while3G and terminal bundled offers gained pace towards the yearend.

During the year, we maintained our leadership in the Turkish market, continuing to grow our postpaid subscriber base and usage volumes in a healthy manner. We successfully differentiated ourselves through our unique mobile services and applications and marked a first in Turkcell’s history, by introducing the Android-type Turkcell-branded smartphone, the T10.The number of smartphones on our network reached2 million;representing 6% of total subscribers compared to 3% a year ago. We continued to seeencouraging application and data usage trends by smartphone customers operating onour network.

Turkey

Particularly in the fourth quarter of 2010, aggressive port-in offers for postpaid subscribers continued with intense communication, tailor-made corporate offers, and increasing usage advantages for the youth segment. Terminal bundled offers, data bundled packages and roaming offers accelerated as part of the year end campaigns. We invested in our brand for positive long term returns and started to communicate our new "Get more out of life, with Turkcell" motto. We further strengthened our sales channel to ensure the growth and retention of our postpaid subscriber base in 2011 and beyond.

In 2011, we expect high single-digit top line growth and a similar EBITDA margin compared to 2010. This growth will mainly be driven by higher voice and mobile internet revenues, as well as growing contributions from our subsidiaries.

April 1, 2010

Additionally, marketing initiatives by the competition, which focus on increasing market share at the expense of profitability seem to continue intothe first quarter of 2011. As a result, we are incurring higher operational expenses to further differentiate Turkcell in the intensely competitive Turkish market.

Accordingly, we expect first quarter of 2011 financial results to reflect the negative impact of such regulatory and competitive dynamics. However, we are confident that we will see a gradual improvement in our financials starting from the second quarter of 2011.

Overview of the Macroeconomic Environment

The foreign exchange rates which have been used in our financial reporting and certain macroeconomic indicators are set forth below.

                              Quarter                  Year                        Q409   Q410 y/y % chg   2009   2010 y/y % chg     TRY / $ rate     Closing Rate     1.5057 1.5460      2.7% 1.5057 1.5460      2.7%     Average Rate     1.4863 1.4717    (1.0%) 1.5495 1.5050    (2.9%)     Consumer Price     4.3%   1.6%   (2.7pp)   6.5%   6.4%   (0.1pp)     Index     GDP Growth         6.0%   n.a.      n.a. (4.7%)   n.a.      n.a.     UAH/$     Closing Rate       7.99   7.96    (0.4%)   7.99   7.96    (0.4%)     Average Rate       7.99   7.93    (0.8%)   7.80   7.93      1.7%  

Financial and Operational Review of the Fourth Quarter 2010 and Full Year 2010

Turkey’s

    Financial Review of Turkcell Group      Profit & Loss Statement     Quarter                      Year     (million TRY)       Q409      Q410     y/y %    2009      2010     y/y %                                             chg                                                                         chg     Total Revenue      2,260.6   2,186.2  (3.3%)   8,936.4   9,003.6   0.8%     Direct cost of      revenues         (1,321.2) (1,268.6) (4.0%)  (4,769.3) (5,039.2)  5.7%     Depreciation and     amortization       (281.3)   (297.3)   5.7%    (908.7)  (1,139.7)  25.4%     Gross Margin        41.6%     42.0%    0.4pp    46.6%     44.0%   (2.6pp)     Administrative      expenses          (122.0)   (139.3)   14.2%   (421.2)   (521.9)   23.9%     Selling and      marketing      expenses          (416.8)   (426.6)   2.4%   (1,676.2) (1,633.9) (2.5%)     EBITDA              681.9     649.0   (4.8%)   2,978.4   2,948.3  (1.0%)     EBITDA Margin       30.2%     29.7%   (0.5pp)   33.3%     32.7%   (0.6pp)     Net finance income /     (expense)           108.4     87.7    (19.1%)   223.8     264.0    18.0%     Finance expense    (21.5)     (5.4)   (74.9%)  (287.1)   (153.4)  (46.6%)     Finance income      129.9     93.1    (28.3%)   510.9     417.4   (18.3%)     Share of profit of     associates          39.3      40.8     3.8%     118.8     184.7    55.5%     Income tax expense (117.0)   (104.8)  (10.4%)  (529.1)   (483.5)  (8.6%)     Net Income          252.8     368.1    45.6%   1,701.6   1,764.3   3.7% 

(*): including depreciation and amortization expenses.

(**): EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of EBITDA to net cash from operating activities.

Revenue: In Q4 2010, revenue contracted by 3.3% year-on-year to TRY2,186.2million (TRY2,260.6 million). This decline resulted mainly from the decrease in Turkcell Turkey’s mobile voice revenues as a result of thesharp decline in interconnect rates which was partially compensated by the 23.7%growth in mobile internet & services revenues of Turkcell Turkey and 3.1% growth in contribution from subsidiaries.

For the full year, consolidated revenueslightly improved to TRY9,003.6million (TRY8,936.4 million),mainly due to the 26.4% increase in mobile internet and services revenues of Turkcell Turkey to TRY1,619.1 million (TRY1,280.6 million), as well as the11.1% higher contribution from subsidiariesyear-on-year(particularly, through Superonline, which increased revenues by 32.8% to TRY335.1 million from TRY252.4 million) despite the adverse effects of MTR and price cap cuts.

At the same time, Turkcell Turkey’s revenues remained almost flat in FY10, ataround TRY7,991.2 million (TRY8,025.0 million),despite the regulatory decisions which were partially offset by the 26.4% growth in mobile internet and services revenues, as well as the increasing postpaid subscriber base.

In FY10, Turkcell Turkey’s interconnect revenues decreased to TRY638.4 million (TRY808.1 million) mainly due to the MTR cuts, which led to a decline in the share of interconnection revenues in Turkcell Turkey’s revenues from 10.1% in FY09 to 8.0% in FY10.

Direct cost of revenues: Direct cost of revenues including depreciation and amortization decreased by 4.0% to TRY1,268.6 million in Q4 2010 (TRY1,321.2 million). Meanwhile, direct cost of revenues as a percentage of total revenues decreased to 58.0% (58.4%) in Q4 2010. This mainly arose from the lower interconnect costs (down 3.1 pp), which were partially offset by the increase in depreciation and amortization expenses (up 1.2pp), wages and salaries (up 0.8 pp), network-related expenses (up 0.2pp) and other items (up 0.5pp).

In FY10, direct cost of revenues including depreciation and amortization increased by 5.7% to TRY5,039.2 million (TRY4,769.3 million). As a percentage of revenue, direct costs increased from 53.4% to 56.0%, mainly due to increases in depreciation and amortization (up 2.5pp), network-related expenses (up 0.4pp), and other items (up 0.7pp); which were partially offset by the decrease in interconnect costs (down 1.0pp).

For the full year, Turkcell Turkey’s interconnect costs decreased to TRY690.8 million (TRY699.7 million) which resulted in a decline in Turkcell Turkey’s interconnect costs as a percentage of revenues to 8.6% (8.7%). At the same time, Turkcell Group’s interconnect costs declined to TRY802.6million (TRY881.7 million), while as a percentage of consolidated group revenues they decreased to 8.9% (9.9%).

Administrative expenses: General and administrative expenses as a percentage of revenue increased by 1.0pp to 6.4% in Q4 2010 (5.4%) and by 1.1 pp to 5.8% in FY10 (4.7%). This was mainly due to higher bad debt expenses arising from the increase in the postpaid subscriber base together with higher wages and salaries.

Selling and marketing expenses:Selling and marketing expenses as a percentage of revenue increased by 1.1pp to 19.5% in Q4 2010 (18.4%), resulting mainly from intensified marketing campaigns.

For the full year, selling and marketing expenses as a percentage of revenue decreased by 0.7ppto 18.1% (18.8%) mainly due to lower selling expensesand frequency usage fees paid for prepaid subscribers as a result of the decline in the prepaid subscriber base, which were partially offset by the higher wages and salaries.

EBITDA[1]: In Q4 2010,EBITDA in nominal terms was atTRY649.0 million (TRY681.9 million), while the EBITDA margin was at 29.7% (30.2%).1.1pp higher selling and marketing expenses and 1.0pp higher general and administrative expenses were largelyoffset by the 1.6pp decrease in the direct cost of revenues (excluding depreciation and amortization).

In FY10, nominal EBITDA was at TRY2,948.3 million (TRY2,978.4 million), while the EBITDA margin was at 32.7% (33.3%). 1.1 pphigher general and administrative expenses together with 0.2pp higher direct cost of revenues were partially compensated by the 0.7pp lower selling and marketing expenses.

Net finance income/(expense): In Q4 2010, we recorded net finance income of TRY87.7 million (TRY108.4 million). The decrease in net finance income mainly stems fromthe decline in translation gain to TRY24.2 million in Q4 2010 (TRY63.5 million) as a result of a translation loss recognized by the Group companies, particularly Astelit and Superonline, due to their long position partially netted off by the translation gain of Turkcell Turkey arising from TRY/US$ depreciation of 6.5% in Q4 2010, despite higher net interest income to TRY63.5 million in Q4 2010 (TRY44.9 million).

For the full year, we recorded net finance income of TRY264.0 million (TRY223.8 million) mainly due to an increase in interest income in FY10 arising from the absence of legal provisions in FY09, partially netted off by the decrease in interest income on deposits due to lower interest rates and the increase in interest expense on loans as a result of the increase in outstanding debt balance.

Kazakhstan

The results of our 50%-owned subsidiary A-Tel impacted two items in our financial statements:

     - A-Tel's revenue generated from Turkcell, amounting to       TRY11.4 million in Q4 2010 and TRY47.1 million for FY10, is netted out       from the selling and marketing expenses in our consolidated financial       statements in proportion to our ownership.      - The difference between the total net impact of A-Tel and the       amount netted out from selling and marketing expenses amounted to       TRY11.6 million in Q4 2010 and TRY39.5 million in FY10 and is recorded       in the 'share of profit of equity accounted investees' line of our       financial statements. 

Income tax expense: The total taxation charge in Q4 2010 decreased to TRY104.8 million (TRY117.0 million).The total tax charge of TRY141.5million was related to current tax charges, while deferred tax income of TRY36.7 million was recorded.

For FY10, the total taxation charge decreased by 8.6% to TRY483.5million as a result of a decrease in profit before tax. Of the total tax charge for FY10, TRY508.1 million is related to current tax charges while the deferred tax income totaled TRY24.6 million.

     (million TRY)                  Quarter                    Year                            Q409    Q410   y/y % chg  2009    2010   y/y % chg     Current tax expense   (133.5) (141.5)   6.0%    (544.9) (508.1)  (6.8%)     Deferred Tax income /  16.5    36.7    122.4%    15.8    24.6     55.7%     (expense)     Income Tax expense    (117.0) (104.8)  (10.4%)  (529.1) (483.5)  (8.6%)  

Net income: In Q4 2010, net income increased by 45.6% year-on-year to TRY368.1 million (TRY252.8 million), mainly due to the weak base year effect.

In Q4 2009, charges related to goodwill impairment, fixed asset write-offs, and legal developmentstotaling TRY256 million resulted in a decline in our net income. On the other hand, in Q4 2010 we recorded a goodwill impairment of TRY36 million for Belarusian operation which led to a net income decrease.

For the full year, net income increased by 3.7% to TRY1,764.3 million (TRY1,701.6 million).

December 31, 2010

     Consolidated Cash Flow                Quarter             Year     (million TRY)                      Q409     Q410     2009      2010     EBITDA*                           681.9    649.0    2,978.4   2,948.3     LESS:     Capex and License                (637.2)  (630.3)  (2,664.0) (1,667.5)     Turkcell                         (268.8)  (234.9)  (1,823.1)  (782.4)     Ukraine**                        (163.4)   (37.3)   (325.2)   (102.7)     Investment & Marketable                   (154.0)             (64.3)     Securities                       (150.5)            (232.1)     Net Interest Income/Expense        44.9     63.4     223.5     283.8     Other                             287.5    492.2    (595.7)   (662.6)     Net Change in Debt                518.4     62.4    1,119.0    465.9     Dividends paid                     0.0      0.0    (1,098.0)  (859.3)     Cash Generated                    745.0    482.7    (268.9)    444.3     Cash Balance                     4,660.9  5,105.1   4,660.9   5,105.1 

(*) EBITDA is a non-GAAP financial measure. See page 14-15for the reconciliation of EBITDA to net cash from operating activities.

(**)The appreciation of reporting currency (TRY) against USD is included in this line.

Cash Flow Analysis:Capital expenditures in Q4 2010 amounted to TRY630.3 million, of which TRY234.9 millionwas related to Turkcell Turkey, TRY37.3million to our Ukrainian operations, TRY227.7million to Superonline and TRY74.2 million to our Belarusian operations.

In 2010, major cash outflows included capital expenditures and the dividend payment. In FY10, our capital expenditures totaled TRY1,667.5million, of which TRY782.4 million was related to Turkcell Turkey, TRY102.7million to our Ukrainian operations, TRY480.3million to Superonline and TRY185.4 million to our Belarusian operations. In FY10 we also paid a cash dividend of TRY859.3 million to our shareholders.

    Group capex for FY11 is expected to be in line with FY10 (TRY1.7 billion).     Operational Review in Turkey      Summary of                  Quarter                Year     Operational Data     (Turkcell Turkey)    Q409  Q410  y/y % chg 2009  2010  y/y % chg      Number of total     subscribers     (million)            35.4  33.5   (5.4%)   35.4  33.5   (5.4%)     Number of postpaid     subscribers     (million)             9.4  10.1    7.4%     9.4  10.1    7.4%     Number of prepaid     subscribers     (million)            26.0  23.3   (10.4%)  26.0  23.3   (10.4%)      ARPU (Average     Monthly Revenue per     User), blended (US$) 12.5  12.9    3.2%    12.0  13.0    8.3%     ARPU, postpaid (US$) 26.3  26.0   (1.1%)   26.6  26.6    0.0%     ARPU, prepaid (US$)   7.7   7.3   (5.2%)    7.5   7.6    1.3%      ARPU, blended (TRY)  18.6  18.9    1.6%    18.5  19.5    5.4%     ARPU, postpaid (TRY) 39.0  38.2   (2.1%)   41.0  40.0   (2.4%)     ARPU, prepaid (TRY)  11.5  10.8   (6.1%)   11.6  11.4   (1.7%)      Churn (%)            9.7%  9.4%   (0.3pp)  32.6% 33.9%   1.3pp      MOU (Average Monthly     Minutes of usage per     subscriber), blended 153.6 194.9   26.9%   134.3 179.1   33.4%  

Turkey December 31, 2010

In FY11, we expect to maintain ourhigh value subscriber base with a focus on growing our postpaid subscriber base further.

Churn Rate: Churn refers to voluntarily and involuntarily disconnected subscribers. In Q4 2010, our churn rate slightly improved to 9.4%, down from 9.7% a year ago. Our annual churn rate increased by 1.3pp to 33.9% (32.6%)mainly due to declining multiple SIM card usage. The majority of the churners comprised of the low ARPU generating prepaid subscribers.

MoU: MoUdeclined slightly by 1.1% compared to Q3 2010 to 194.9 minutes in Q4 2010, mainly due to seasonal trends.

MoU increased by 33.4% to 179.1 minutes in FY10, up from 134.3 minutes in FY09,driven by attractive tariffs and campaign offers.

In FY11, we expect healthy growth in usage as our successful incentives and loyalty programs continue.

ARPU: In Q42010 and in FY10 as a whole, blended average revenue per user ("ARPU") in TRY terms increased by 1.6% and 5.4% to TRY18.9 and TRY19.5, respectively, despite decreasing interconnection rates. The increase was mainly attributable to rising mobile internet revenues and postpaid subscriber base.

Postpaid ARPU in TRY terms fell by 2.1% to TRY38.2 in Q4 2010 and by 2.4% to TRY40.0 in FY10, while prepaid ARPU decreased by 6.1% to TRY10.8 in Q4 2010 and slightly by 1.7% to TRY11.4 in FY10 year-on-year. This wasmainly due to the negative impact of declining MTRs and the reduction of the maximum price cap, as well as the dilutive impact of prepaid to postpaid switches.

In FY11, we expect higher TRY ARPU than in 2010.

Other Domestic and International Operations

Superonline

Superonline, our wholly owned subsidiary, is providing fixed broadband services by investing in the build up of a fiber-optic network.

     Summary data for Superonline       Quarter               Year                                  Q409  Q410   y/y %  2009  2010  y/y % chg                                                 chg     Revenue (TRY million)        74.9  92.0   22.8%  252.4 335.1   32.8%     EBITDA(1) (TRY million)       5.7   5.4  (5.3%)   3.6  32.9   813.9%     EBITDA margin                7.6%  5.8%  (1.8pp) 1.4%  9.8%    8.4pp     Capex (TRY million)          125.6 227.7  81.3%  259.5 480.3   85.1%  

1 EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of Superonline’s EBITDA to net cash from operating activities.

     - In Q4 2010, Superonline's fiber-optic network reached580,000       home passes (HP) and 22,400 km.      - Superonline's share in Turkcell's transmission costsreached       46% in Q4 2010, while the share of non-group revenues was 62%.      - Superonline recorded 22.8% year-on-year revenue growth in Q4       2010 which mainly arose from the increasing share in Turkcell's       transmission coststogether with the 104.5% growth in residential and       27.1% in corporate segments. In the meantime, EBITDA decreased by 5.3%       year-on-year,mainly due to increasing marketing activities in Q4 2010.      - For the full year,Superonline's contribution to Turkcell's       financialscontinued to improve with32.8% revenue growth and anEBITDA       margin of 9.8% (1.4%).      - In FY10, focus on the higher-margin residential segment increased       resulting inyear-on-year top line growth of 70%. Corporate segment       revenues grew by 30%, leveraging the strengths of the Turkcell Group,       while wholesale revenues grew by 26% in line with increasing Group       synergies.      - Topline growth in FY11 is expected to be at a higher rate       compared to FY10, while EBITDA margin is expected to improve compared       to 2010. 

Astelit

Ukraine February 2005

     Summary Data for             Quarter                   Year     Astelit                           Q409   Q410  y/y % chg  2009    2010   y/y % chg      Number of     subscribers     (million)     Total                 12.2   9.1    (25.4%)   12.2     9.1    (25.4%)     Active (3 months)(1)  7.8    6.1    (21.8%)    7.8     6.1    (21.8%)      MoU (minutes)        158.2  206.8    30.7%    158.7   171.9    8.3%      Average Revenue per     User     (ARPU) in US$     Total                 2.6    2.9     11.5%     2.5     2.6     4.0%     Active (3 months)     4.0    4.4     10.0%     3.7     3.9     5.4%      Revenue (UAH)        741.7  648.3   (12.6%)  2,740.0 2,691.0  (1.8%)      Revenue (US$     million)              92.8   81.8   (11.9%)   351.1   339.3   (3.4%)     EBITDA(2)(US$ million)6.9    16.9   144.9%    20.2    64.5    219.3%     EBITDA margin         7.4%  20.6%   13.2pp    5.7%    19.0%   13.3pp     Net Loss (US$     million)             (25.2) (30.9)   22.6%   (111.8) (101.0)  (9.7%)     Capex (US$ million)  106.8   21.4   (80.0%)   216.0   66.5    (69.2%) 

1 Active subscribers are those who in the past three months made a transaction which brought revenue to the Company.

2 EBITDA is a non-GAAP financial measure. See page14-15for the reconciliation of Euroasia’s EBITDA to net cash from operating activities. Euroasia holds 100% stake in Astelit.

     - In Q4 2010, revenues decreased by 11.9% to $81.8 million       compared to a year ago mainly due to theclose-down of our       non-profitable carrier business line and the reductions in interconnect       rates during the year.Meanwhile, in Q4 2010 Astelit continued to       improve its operational profitability, which was up by 13.2pp to 20.6%       (7.4%).      - For the full year, Astelit's EBITDA tripled compared to       FY09within the context of the turnaround strategy and effective cost       control initiatives. Astelit's EBITDA margin increased to 19.0% in FY10       from 5.7% in FY09. The main drivers of this increase were the tariff       redesigns resulting in a decrease in interconnection costs together       with the cost cutting measures.      - In FY10, Astelit's number of registered and three-month       active subscriber stood at 9.1 million and 6.1 millon, respectively.       Astelit recorded 724,000 net subscriber loss in Q4 2010. This was       mainly due to the change in subscriber definition and churn in 2010,       aimed at monitoring value adding subscribers and their behavior more       closely.      - The 3-month active ARPU increased by 10.0% in Q4 2010 and       5.4% in FY10 mainly due to a decline in the number of active       subscribers along with the change in the active subscriber definition.      - MoU increased by 30.7% in Q4 2010 and 8.3% in FY10       year-on-year.      - In FY11, revenue is expected to grow around 20% in US$       terms. In the meantime, EBITDA margin is expected to increase compared       to FY10. 

Fintur

Kazakhstan Azerbaijan Moldova Georgia

     FINTUR                   Quarter                  Year                            Q409   Q410  y/y % chg  2009   2010  y/y % chg     Subscriber (million)     Kazakhstan             7.2    8.9     23.6%    7.2    8.9     23.6%     Azerbaijan             3.8    4.0     5.3%     3.8    4.0     5.3%     Moldova                0.7    0.9     28.6%    0.7    0.9     28.6%     Georgia                1.9    2.0     5.3%     1.9    2.0     5.3%     TOTAL                  13.6   15.9    16.9%    13.6   15.9    16.9%      Revenue (US$ million)     Kazakhstan             231    283     22.5%    863   1,013    17.4%     Azerbaijan             127    131     3.1%     501    504     0.6%     Moldova                 17     19     11.8%     63     67     6.3%     Georgia                 45     34    (24.4%)   175    152    (13.1%)     Other*                  -      2        -       3      1     (66.7%)     TOTAL                  420    470     11.9%   1,605  1,737    8.2%      (*)Includes intersegment eliminations                                 Quarter                  Year     (US$ million)            Q409   Q410  y/y % chg  2009   2010  y/y % chg     Fintur's contribution    32.6   36.7    12.6%   119.6  153.0    27.9%     to Turkcell Group's net     income 

Kazakhstan

US$470 million US$1,737 million Kazakhstan

$36.7 million $32.6 million $153.0 $119.6 million

Reconciliation of Non-GAAP Financial Measures

We believe that EBITDA is a measure commonly used by companies, analysts and investors in the telecommunications industry, which enhances the understanding of our cash generation ability and liquidity position and assists in the evaluation of our capacity to meet our financial obligations. We also use EBITDA as an internal measurement tool and, accordingly, we believe that the presentation of EBITDA provides useful and relevant information to analysts and investors.

Our EBITDA definition includes Revenue, Direct Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses and Administrative expenses, but excludes translation gain/(loss), finance income, share of profit of equity accounted investees, gain on sale of investments, income/(loss) from related parties, minority interest and other income/(expense).

EBITDA is not a measure of financial performance under IFRS and should not be construed as a substitute for net earnings (loss) as a measure of performance or cash flow from operations as a measure of liquidity.

The following table provides a reconciliation of EBITDA, which is a non-GAAP financial measure, to net cash from operating activities, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.

     TURKCELL*                 Q409    Q410   y/y %    2009    2010    y/y %                                               chg                      chg     US$ million      EBITDA                     459.1 441.9   (3.7%)  1,925.4 1,957.4   1.7%     Income tax expense        (78.7) (71.3)  (9.4%)  (340.1) (320.8)  (5.7%)     Other operating     income/(expense)         (119.6) (17.4) (85.5%)   (85.2) (49.4)  (42.0%)     Financial income            91.3  1.5   (98.4%)      1.0   0.5   (50.0%)     Financial expense         (61.1) (35.9) (41.2%)  (188.3) (100.4) (46.7%)     Net increase/(decrease)     in assets and     liabilities                130.6 227.0   73.8%    (84.2) (205.1)  143.6%     Net cash from operating     activities                 421.6 545.8   29.5%   1,228.6 1,282.2   4.4%        Superonline              Q409   Q410   y/y %    2009   2010   y/y %                                             chg                    chg     TRY million      EBITDA                     5.7  5.4    (5.3%)     3.6  32.9   813.9%     Other operating     income/(expense)         (1.4)  0.2   (114.3%)  (1.5)  0.4   (126.7%)     Finance income             8.6 (28.1) (426.7%)    5.5 (9.5)  (272.7%)     Finance expense          (8.2)  22.1  (369.5%)  (9.7) (18.5)  90.7%     Net increase/(decrease)     in assets and     liabilities                  -  26.6     -     (21.7) (2.6)  (88.0%)     Net cash from operating     activities                 4.7  26.2   457.4%  (23.8)  2.7   (111.3%)  

$66,325 ($344,346)

     EUROASIA (Astelit)        Q409   Q410   y/y %    2009   2010   y/y %                                              chg                    chg     US$ million      EBITDA                      6.9  16.9   144.9%    20.2  64.5   219.3%     Other operating           (0.4) (1.6)   300.0%     1.7 (1.3)  (176.5%)     income/(expense)     Financial income            0.8  0.1   (87.5%)     2.0  0.8   (60.0%)     Financial expense        (13.9) (13.7)  (1.4%)  (32.7) (45.6)  39.4%     Net increase/(decrease)    18.6  33.2   78.5%     75.1  48.3  (35.7%)     in assets and     liabilities     Net cash from operating    12.0  34.9   190.8%    66.3  66.7    0.6%     activities  

Turkcell Group Subscribers

December 31, 2010 Turkish Republic Northern Cyprus

Ukraine Belarus

Turkcell Group subscribers declined by 2.3 million compared to the previous year, mainly due to the subscriber declines in Astelit and Turkcell Turkey.

     Turkcell GroupSubscribers           Year      (million)                  2009   2010   y/y % chg     Turkcell                   35.4   33.5    (5.4%)     Ukraine/ Astelit           12.2    9.1    (25.4%)     Fintur                     13.6   15.9     16.9%     Northern Cyprus            0.3     0.4     33.3%     Belarus/ BeST              1.2     1.5     25.0%     TURKCELL GROUP             62.7   60.4    (3.7%)  

Forward-Looking Statements

This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as, among others, "will," "expect," "intend," "estimate," "believe" or "continue."

Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements.

For a discussion of certain factors that may affect the outcome of such forward looking statements, see our Annual Report on Form 20-F for 2009 filed with the U.S. Securities and Exchange Commission, and in particular the risk factor section therein.

We undertake no duty to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

http://www.turkcell.com.tr

ABOUT TURKCELL

Turkey $6.0 billion $9.8 billion July 2000 Turkey http://www.turkcell.com.tr/en

                  TURKCELL ILETISIM HIZMETLERI A.S.                 CMB SELECTED FINANCIALS (TRY Million)                           Quarter    Quarter   Quarter  12 Months 12 Months                           Ended      Ended     Ended     Ended     Ended                         December   September December  December  December                            31,        30,       31,       31,       31,                           2009       2010      2010      2009      2010      Consolidated Statement of     Operations Data     Revenues     Communication fees     2,164.2   2,210.3   2,042.6   8,575.7   8,535.3     Commission fees on     betting business          23.0      10.3      15.9      66.1      46.7     Monthly fixed fees        16.1      34.8      31.0      66.0     113.5     Simcard sales              6.9       6.1       6.3      35.3      34.4     Call center     revenues and other     revenues                  50.4      65.9      90.4     193.3     273.7     Total revenues         2,260.6   2,327.4   2,186.2   8,936.4   9,003.6     Direct cost of     revenues             (1,316.1) (1,269.0) (1,268.8) (4,752.6) (5,030.2)     Gross profit             944.5   1,058.4     917.4   4,183.8   3,973.4     Administrative     expenses               (122.0)   (120.6)   (139.3)   (421.2)   (521.9)     Selling &     marketing expenses     (416.8)   (379.3)   (426.6) (1,676.2) (1,633.9)     Other Operating     Income / (Expense)     (170.3)     (2.8)    (24.3)   (162.3)    (74.2)      Operating profit     before financing     costs                    235.4     555.7     327.2   1,924.1   1,743.4     Finance costs           (21.5)    (29.7)     (5.4)   (287.1)   (153.4)     Finance income           129.9     101.8      93.1     510.9     417.4     Share of profit of     equity accounted     investees                 39.3      52.6      40.8     118.8     184.7     Income before     taxes and minority     interest                 383.1     680.4     455.7   2,266.7   2,192.1     Income tax expense     (118.4)   (140.1)   (105.0)   (533.0)   (485.4)     Income before     minority interest        264.7     540.3     350.7   1,733.7   1,706.7     Non-controlling     interests                (5.9)      17.3      18.4    (17.0)      64.9     Net income               258.8     557.6     369.1   1,716.7   1,771.6      Net income per     share                 0.117634  0.253450  0.167773  0.780325  0.805271      Other Financial     Data      Gross margin               42%       45%     42.0%       47%     44.1%     EBITDA(*)                681.9     863.6     649.0   2,978.9   2,948.3     Capital                  637.2     310.1     630.3   2,664.0   1,667.5     expenditures      Consolidated Balance Sheet Data (at     period end)     Cash and cash     equivalents            4,660.9   4,622.5   5,105.1   4,660.9   5,105.1     Total assets          13,978.9  14,449.0  15,096.0  13,978.9  15,096.0     Long term debt         1,236.4   2,003.9   2,175.7   1,236.4   2,175.7     Total debt             2,276.6   2,609.0   2,840.8   2,276.6   2,840.8     Total liabilities      5,146.7   5,166.3   5,497.4   5,146.7   5,497.4     Total     shareholders'     equity / Net     Assets                 8,832.2   9,282.7   9,598.6   8,832.2   9,598.6      ** For further details, please refer to our consolidated     financial statements and notes as at 31 December 2010 on our web     site.                     TURKCELL ILETISIM HIZMETLERI A.S.                IFRS SELECTED FINANCIALS (TRY Million)                          Quarter    Quarter   Quarter  12 Months 12 Months                          Ended      Ended     Ended     Ended     Ended                         December  September December  December  December                           31,        30,       31,       31,       31,                           2009      2010      2010      2009      2010      Consolidated Statement of     Operations Data     Revenues     Communication fees    2,164.2   2,210.3   2,042.6   8,575.7   8,535.3     Commission fees on       23.0      10.3      15.9      66.1      46.7     betting business     Monthly fixed fees       16.1      34.8      31.0      66.0     113.5     Simcard sales             6.9       6.1       6.3      35.3      34.4     Call center     revenues and other     revenues                 50.4      65.9      90.4     193.3     273.7     Total revenues        2,260.6   2,327.4   2,186.2   8,936.4   9,003.6     Direct cost of     revenues            (1,321.2) (1,272.5) (1,268.6) (4,769.3) (5,039.2)     Gross profit            939.4   1,054.9     917.6   4,167.1   3,964.4     Administrative)     expenses              (122.0)   (120.6)   (139.3)   (421.2)   (521.9     Selling &     marketing expenses    (416.8)   (379.3)   (426.6) (1,676.2) (1,633.9)     Other Operating     Income / (Expense)    (172.5)     (2.0)    (25.7)   (164.6)    (74.4)      Operating profit     before financing     costs                   228.1     553.0     326.0   1,905.1   1,734.2     Finance costs          (21.5)    (29.7)     (5.4)   (287.1)   (153.4)     Finance income          129.9     101.8      93.1     510.9     417.4     Share of profit of     equity accounted     investees                39.3      52.6      40.8     118.8     184.7     Income before     taxes and minority     interest                375.8     677.7     454.5   2,247.7   2,182.9     Income tax expense    (117.0)   (138.6)   (104.8)   (529.1)   (483.5)     Income before     minority interest       258.8     539.1     349.7   1,718.6   1,699.4     Non-controlling     interests               (6.0)      17.2      18.4    (17.0)      64.9     Net income              252.8     556.3     368.1   1,701.6   1,764.3      Net income per     share                0.114911  0.252870  0.167318  0.773472  0.801958      Other Financial     Data      Gross margin              42%       45%       42%       47%       44%     EBITDA(*)               681.9     863.6     649.0   2,978.4   2,948.3     Capital                 637.2     310.1     630.3   2,664.0   1,667.5     expenditures      Consolidated Balance Sheet Data (at     period end)     Cash and cash     equivalents           4,660.9   4,622.5   5,105.1   4,660.9   5,105.1     Total assets         14,034.3  14,496.4  15,142.4  14,034.3  15,142.4     Long term debt        1,236.4   2,003.9   2,175.7   1,236.4   2,175.7     Total debt            2,276.6   2,609.0   2,840.8   2,276.6   2,840.8     Total liabilities     5,156.4   5,174.4   5,505.3   5,156.4   5,505.3     Total                 8,877.9   9,322.0   9,637.1   8,877.9   9,637.1     shareholders'     equity / Net     Assets      ** For further details, please refer to our consolidated     financial statements and notes as at 31 December 2010 on our web     site.                        TURKCELL ILETISIM HIZMETLERI A.S.                   IFRS SELECTED FINANCIALS (US$ MILLION)                           Quarter  Quarter Ended  Quarter  12 Months 12 Months                           Ended                   Ended     Ended     Ended                         December  September 30,  December December  December                            31,                     31,       31,       31,                           2009         2010        2010     2009      2010      Consolidated Statement of Operations     Data     Revenues     Communication     fees                        1,456.1  1,462.0  1,388.9   5,557.3   5,670.2     Commission fees on     betting business               15.6      6.8     10.8      42.7      31.2     Monthly fixed     fees                           10.8     23.0     21.1      42.5      75.4     Simcard sales                   4.7      4.0      4.3      22.9      22.9     Call center revenues     and other revenues             33.9     43.8     61.5     124.6     182.4     Total revenues              1,521.1  1,539.6  1,486.6   5,790.0   5,982.1     Direct cost of     revenues                    (888.7)  (842.9)  (861.9) (3,097.1) (3,349.0)     Gross profit                  632.4    696.7    624.7   2,692.9   2,633.1     Administrative     expenses                     (82.0)   (79.8)   (95.2)   (273.1)   (347.3)     Selling & marketing     expenses                    (280.4)  (251.0)  (289.5) (1,085.1) (1,085.8)     Other Operating Income     / (Expense)                 (115.6)    (1.3)   (17.4)   (110.3)    (49.5)      Operating profit before     financing costs               154.4    364.6    222.6   1,224.4   1,150.5     Finance costs                (14.4)   (20.0)    (4.5)   (187.5)   (102.6)     Finance income                 87.4     67.3     63.0     329.6     277.1     Share of profit of     equity accounted     investees                      26.4     35.0     27.8      78.4     122.8     Income before taxes and     minority interest             253.8    446.9    308.9   1,444.9   1,447.8     Income tax     expense                      (78.7)   (91.4)   (71.3)   (340.1)   (320.8)     Income before     minority     interest                      175.1    355.5    237.6   1,104.8   1,127.0     Non-controlling               (4.0)     11.5     12.4    (10.8)      43.2     interests     Net income                    171.1    367.0    250.0   1,094.0   1,170.2      Net income per     share                      0.077754 0.166817 0.113636  0.497269  0.531909      Other Financial     Data      Gross margin                    42%      45%      42%       47%       44%     EBITDA(*)                     459.1    570.7    441.9   1,925.4   1,957.4     Capital                       401.7    253.0    363.9   1,769.3   1,078.6     expenditures      Consolidated Balance Sheet Data (at     period end)     Cash and cash     equivalents                 3,095.5  3,185.3  3,302.2   3,095.5   3,302.2     Total assets                9,320.8  9,989.3  9,794.6   9,320.8   9,794.6     Long term debt                821.2  1,380.8  1,407.3     821.2   1,407.3     Total debt                  1,512.0  1,797.8  1,837.5   1,512.0   1,837.5     Total     liabilities                 3,424.6  3,565.6  3,561.0   3,424.6   3,561.0     Total equity                5,896.2  6,423.7  6,233.6   5,896.2   6,233.6      * Please refer to the notes on reconciliation of Non-GAAP     Financial measures on page 11     ** For further details, please refer to our consolidated financial     statements and notes as at 31 December 2010 on our web site.       For further information please contact Turkcell      Corporate Affairs     KorayOztuerkler, Chief Corporate Affairs Officer     Tel: +90-212-313-1500     Email: [email protected]      Investors:     NihatNarin, Investor and International      Media Relations     Tel: +90-212-313-1244     Email: [email protected]     [email protected]      Media:     FilizKaragulTuzun,     Corporate Communications     Email: [email protected] 

———————————

(1): EBITDA is a non-GAAP financial measure. See page 14-15 for the reconciliation of EBITDA to net cash from operating activities

SOURCE Turkcell

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