<SEC-DOCUMENT>0001193805-18-001382.txt : 20181203
<SEC-HEADER>0001193805-18-001382.hdr.sgml : 20181203
<ACCEPTANCE-DATETIME>20181203170940
ACCESSION NUMBER:		0001193805-18-001382
CONFORMED SUBMISSION TYPE:	F-6EF
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20181203
DATE AS OF CHANGE:		20181203
EFFECTIVENESS DATE:		20181203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TURKCELL ILETISIM HIZMETLERI A S
		CENTRAL INDEX KEY:			0001071321
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			W8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228660
		FILM NUMBER:		181214664

	BUSINESS ADDRESS:	
		STREET 1:		AYDINEVLER MAHALLESI INONU CADDESI NO 20
		STREET 2:		KUCUKYALI OFISPARK, MALTEPE
		CITY:			ISTANBUL
		STATE:			W8
		ZIP:			34854
		BUSINESS PHONE:		902123131244

	MAIL ADDRESS:	
		STREET 1:		AYDINEVLER MAHALLESI INONU CADDESI NO 20
		STREET 2:		KUCUKYALI OFISPARK, MALTEPE
		CITY:			ISTANBUL
		STATE:			W8
		ZIP:			34854

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Citibank,N.A./ADR
		CENTRAL INDEX KEY:			0001472033
		IRS NUMBER:				521568099
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6EF

	BUSINESS ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
		BUSINESS PHONE:		212-816-6647

	MAIL ADDRESS:	
		STREET 1:		388 GREENWICH STREET, 14TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10013
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6EF
<SEQUENCE>1
<FILENAME>e618081_f6ef-turkcell.htm
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD NOWRAP STYLE="width: 50%"><B>As filed with the Securities and Exchange Commission on December 3, 2018</B></TD>
    <TD STYLE="width: 50%; text-align: left; text-indent: 1.5in"><B>Reg. No.</B></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 0.6pt 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">FORM
F-6</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES ACT OF 1933 FOR AMERICAN
DEPOSITARY SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; text-transform: uppercase">Turkcell
iletisim hizmetleri a.s.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Turkcell</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of issuer&rsquo;s name into
English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Republic of Turkey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of depositary as specified in
its charter<B>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 3in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">388 Greenwich Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(877) 248-4237</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of depositary&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Corporation Service Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1180 Avenue of the Americas, Suite
210</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sami L. Toutounji, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sherman &amp; Sterling</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>114 Avenue des Champs Elysees</B><BR>
<B>Paris, France 75008</B></P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Herman H. Rasp&eacute;, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patterson Belknap Webb &amp;
Tyler LLP</B><BR>
<B>1133 Avenue of the Americas</B><BR>
<B>New York, New York 10036</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 55%; text-indent: 17.3pt">It is proposed that this filing become effective under Rule
    466:</TD>
    <TD STYLE="width: 5%; text-align: center">&#9746;</TD>
    <TD STYLE="width: 25%">immediately upon filing.</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&#9744;</TD>
    <TD>on (Date) at (Time).</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">If a separate registration statement has been filed
to register the deposited shares, check the following box :&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.3pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Title
of Each Class of</FONT>&nbsp;<BR> <FONT STYLE="font-size: 10pt">Securities to be Registered</FONT></P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Amount
to be</FONT>&nbsp;<BR> <FONT STYLE="font-size: 10pt">Registered</FONT></P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Price Per</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Unit*</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed Maximum&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate Offering</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Price**</P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration Fee</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">American Depositary Shares (&ldquo;<U>ADS(s)</U>&rdquo;), each ADS representing two and one-half (2&frac12;) shares of Common Stock of Turkcell Iletisim Hizmetleri A.S.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">250,000,000 ADSs</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$5.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$12,500,000.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,515.00</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left">*</TD><TD>Each unit represents 100 ADSs.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left">**</TD><TD>Estimated solely for the purpose of calculating the registration
fee. Pursuant to Rule 457(k), such estimate is computed on the basis of the maximum aggregate fees or charges to be imposed in
connection with the issuance of ADSs.</TD>
</TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">This Registration Statement may be executed
in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute
one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 1.</FONT></TD><TD>DESCRIPTION
OF SECURITIES TO BE REGISTERED</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item Number and Caption</U></B></P>

</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Location in Form of American</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B><BR>
<B><U>Filed Herewith as Prospectus&#9;</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>1.</TD>
    <TD COLSPAN="2">Name of Depositary and address of its principal executive office</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> -&nbsp;&nbsp;Introductory Article.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.</TD>
    <TD COLSPAN="2">Title of Receipts and identity of deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U>&nbsp;&nbsp;- Top Center.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-left: 19.65pt; text-indent: -19.65pt; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Terms of Deposit:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD STYLE="text-align: left">The amount of deposited securities represented by one American Depositary Share (&quot;ADSs&quot;)</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U>&nbsp;&nbsp;- Upper right corner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD STYLE="text-align: left">The procedure for voting, if any, the deposited securities</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U>&nbsp;&nbsp;- Paragraphs (16) and (17).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD STYLE="text-align: left">The collection and distribution of dividends</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> - Paragraph (14).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD STYLE="text-align: left">The transmission of notices, reports, and proxy soliciting material</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U>&nbsp;&nbsp;- Paragraph (13);<BR>
<U>Reverse of Receipt</U> - Paragraph (16).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(v)</TD>
    <TD STYLE="text-align: left">The sale or exercise of rights</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt </U>&ndash; Paragraphs (14) and
(16).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vi)</TD>
    <TD STYLE="text-align: left">The deposit or sale of securities resulting from dividends, splits, or plans of reorganization</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraphs (3) and (6);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (14) and (18).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(vii)</TD>
    <TD STYLE="text-align: left">Amendment, extension or termination of the deposit agreement</TD>
    <TD>&nbsp;</TD>
    <TD><U>Reverse of Receipt</U> - Paragraphs (22) and (23) (no provision for extensions).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(viii)</TD>
    <TD STYLE="text-align: left">Rights of holders of Receipts to inspect the transfer books of the Depositary and the list of holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><B><U>Item Number and Caption</U></B></TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><B>Location in Form of American</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B>Depositary Receipt (&ldquo;<U>Receipt</U>&rdquo;)</B></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><B><U>Filed Herewith as Prospectus</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(ix)</TD>
    <TD STYLE="text-align: left">Restrictions upon the right to deposit or withdraw the underlying securities</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> &ndash; Paragraphs (2), (3), (4), (6), (7), (9), and (10).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(x)</TD>
    <TD STYLE="text-align: left">Limitation upon the liability of the Depositary</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Face of Receipt</U> - Paragraph (7);</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Reverse of Receipt</U> - Paragraphs (19) and (20).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>3.</TD>
    <TD COLSPAN="2">Fees and charges which may be imposed directly or indirectly on holders of ADSs</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Paragraph (10).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 53.85pt; text-indent: -53.85pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>Item 2.</B></TD>
    <TD STYLE="font-weight: bold; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>AVAILABLE
INFORMATION</TD>
    <TD>&nbsp;</TD>
    <TD><U>Face of Receipt</U> - Paragraph (13).</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended, and, accordingly, files certain reports
with the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;). These reports can be retrieved
from the Commission&rsquo;s website (<U>www.sec.gov</U>), and can be inspected by holders of ADSs and copied at public reference
facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, and at the principal executive office
of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROSPECTUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">The Prospectus consists of the American
Depositary Receipt attached as Exhibit A to the Amended and Restated Deposit Agreement filed as Exhibit (a) to this Registration
Statement on Form F-6 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 3.</FONT></TD><TD>EXHIBITS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Amended and Restated Deposit Agreement, dated as of July 6, 2011, by and among Turkcell
                                                               Iletisim Hizmetleri A.S. (the &ldquo;Company&rdquo;), Citibank, N.A., as depositary (the &ldquo;Depositary&rdquo;), and all
                                                               Holders and Beneficial Owners of American Depositary Shares issued thereunder (&ldquo;Deposit Agreement&rdquo;).  &mdash;
                                                               Filed herewith as Exhibit (a).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Any other agreement to which the
Depositary is a party relating to the issuance of the American Depositary Shares registered hereunder or the custody of the deposited
securities represented thereby. &mdash; None.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Every material contract relating
to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the
last three years. &mdash; None.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Opinion of counsel for the Depositary
as to the legality of the securities to be registered. &mdash; Filed herewith as Exhibit (d).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Certificate under Rule 466. &mdash;<SUP> </SUP>Filed herewith as Exhibit (e).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Powers of Attorney for certain
officers and directors and the authorized representative of the Company. &mdash; Set forth on the signature pages hereto. Evidence
of Powers of Attorney for directors of the Company. &mdash; Filed herewith as Exhibit (f).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Item 4</FONT></TD><TD>UNDERTAKINGS</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Depositary undertakes to make available at the principal office of the Depositary in the United
States, for inspection by holders of ADSs, any reports and communications received from the issuer of the deposited securities
which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the
holders of the underlying securities by the issuer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to
prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver
promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered
holder of an ADS thirty (30) days before any change in the fee schedule.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Citibank, N.A., acting solely on behalf of the legal entity created by the Deposit Agreement,
dated as of July 6, 2011, by and among Turkcell Iletisim Hizmetleri A.S., Citibank, N.A., as depositary, and all Holders and Beneficial
Owners from time to time of American Depositary Shares issued thereunder, certifies that it has reasonable grounds to believe that
all the requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 3rd day of December,
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Legal entity created by the Deposit
Agreement under which the American Depositary Shares registered hereunder are to be issued, each American Depositary Share representing
two and one-half (2&frac12;) shares of Common Stock of Turkcell Iletisim Hizmetleri A.S.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., solely in its capacity as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Susanna Ansala</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Susanna Ansala</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&#9;&nbsp;&nbsp;Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Turkcell Iletisim Hizmetleri A.S. certifies that it has reasonable grounds to believe
that all the requirements for filing on Form F-6 are met and has duly caused this Registration Statement on Form F-6 to be signed
on its behalf by the undersigned thereunto duly authorized, in Istanbul, Turkey, on November 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Turkcell Iletisim Hizmetleri A.S.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Muhterem Kaan Terzioglu</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Muhterem Kaan Terzioglu</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Osman Yilmaz</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Osman Yilmaz</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>KNOW ALL PERSONS
BY THESE PRESENTS</B>, that each person whose signature appears below constitutes and appoints Mr. Muhterem Kaan Terzioglu and
Mr. Osman Yilmaz, acting jointly, to act as his/her true and lawful attorney-in-fact and agent, with full power of substitution,
for him/her and in his/her name, place and stead, in any and all such capacities, to sign any and all amendments, including post-effective
amendments, and supplements to this Registration Statement, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the United States Securities and Exchange Commission, granting unto said attorney-in-fact and agent
full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully to all intents and purposes as s/he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact
and agent, or his/her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement on Form F-6 has been signed by the following persons in
the following capacities on November 28, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 40%"><U>Signature</U></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 50%"><U>Title</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Muhterem Kaan Terzioglu</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Muhterem Kaan Terzioglu</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Osman
Yilmaz</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.75pt 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.75pt 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Osman Yilmaz</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ahmet
Ak&ccedil;a</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Ahmet Ak&ccedil;a</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Atilla
Koc</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Atilla Koc</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mehmet
Hilmi G&uuml;ler</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Mehmet Hilmi G&uuml;ler</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom"><U>Signature</U></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><U>Title</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ingrid
Maria Stenmark</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Ingrid Maria Stenmark</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mustafa
Kiral</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Mustafa Kiral</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Hasan
Tuvan Yalim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Hasan Tuvan Yalim</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Member</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">Authorized Representative in the U.S.</P>

<P STYLE="margin-top: 0; margin-bottom: 0">Puglisi &amp; Associates</P>

</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid">/s/ Donald J. Puglisi</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Donald J. Puglisi</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Index to Exhibits</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; font-size: 10pt"><B><U>Exhibit</U></B></TD>
    <TD STYLE="width: 40%; font-size: 10pt"><B><U>Document</U></B></TD>
    <TD STYLE="width: 29%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sequentially</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Numbered Page</U></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(a)</TD>
    <TD STYLE="font-size: 10pt">Amended and Restated Deposit Agreement</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(d)</TD>
    <TD STYLE="font-size: 10pt">Opinion of counsel to the Depositary</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(e)</TD>
    <TD STYLE="font-size: 10pt">Certificate under Rule 466</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(f)</TD>
    <TD STYLE="font-size: 10pt">Evidence of Powers of Attorney for directors of the Company </TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>e618081_ex99-a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">EXECUTION COPY</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">AMENDED
AND RESTATED</FONT> DEPOSIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TURKCELL ILETISIM HIZMETLERI A.S.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CITIBANK, N.A.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">as Depositary,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE HOLDERS AND BENEFICIAL OWNERS
OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES<BR>
ISSUED HEREUNDER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of July 6, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U STYLE="text-decoration: none">&nbsp;</U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%; text-align: left">ARTICLE I</TD>
    <TD STYLE="width: 75%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.1</TD>
    <TD>&ldquo;ADS Record Date&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.2</TD>
    <TD>&ldquo;Affiliate&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.3</TD>
    <TD>&ldquo;American Depositary Receipt(s)&rdquo;, &ldquo;ADR(s)&rdquo; and &ldquo;Receipt(s)&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.4</TD>
    <TD>&ldquo;American Depositary Share(s)&rdquo; and &ldquo;ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.5</TD>
    <TD>&ldquo;Applicant&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.6</TD>
    <TD>&ldquo;Beneficial Owner&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.7</TD>
    <TD>&ldquo;Certificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.8</TD>
    <TD>&ldquo;CMB&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.9</TD>
    <TD>&ldquo;CRA&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.10</TD>
    <TD>&ldquo;Commission&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.11</TD>
    <TD>&ldquo;Company&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.12</TD>
    <TD>&ldquo;Custodian&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.13</TD>
    <TD>&ldquo;Deliver&rdquo; and &ldquo;Delivery&rdquo;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.14</TD>
    <TD>&ldquo;Deposit Agreement&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.15</TD>
    <TD>&ldquo;Depositary&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.16</TD>
    <TD>&ldquo;Deposited Securities&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.17</TD>
    <TD>&ldquo;Dollars&rdquo; and &ldquo;$&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.18</TD>
    <TD>&ldquo;DTC&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.19</TD>
    <TD>&ldquo;DTC Participant&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.20</TD>
    <TD>&ldquo;Exchange Act&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.21</TD>
    <TD>&ldquo;Foreign Currency&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.22</TD>
    <TD>&ldquo;Full Entitlement ADR(s)&rdquo;, &ldquo;Full Entitlement ADS(s)&rdquo; and &ldquo;Full Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.23</TD>
    <TD>&ldquo;Holder(s)&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.24</TD>
    <TD>&ldquo;Original Deposit Agreement&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.25</TD>
    <TD>&ldquo;Original Depositary&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.26</TD>
    <TD>&ldquo;Partial Entitlement ADR(s)&rdquo;, &ldquo;Partial Entitlement ADS(s)&rdquo; and &ldquo;Partial Entitlement Share(s)&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.27</TD>
    <TD>&ldquo;Pre-Release Transaction&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.28</TD>
    <TD>&ldquo;Principal Office&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.29</TD>
    <TD>&ldquo;Registrar&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.30</TD>
    <TD>&ldquo;Restricted Securities&rdquo;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.31</TD>
    <TD>&ldquo;Restricted ADR(s)&rdquo;, &ldquo;Restricted ADS(s)&rdquo; and &ldquo;Restricted Shares&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.32</TD>
    <TD>&ldquo;Securities Act&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.33</TD>
    <TD>&ldquo;Share Registrar&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.34</TD>
    <TD>&ldquo;Shares&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.35</TD>
    <TD>&ldquo;Takasbank&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.36</TD>
    <TD>&ldquo;Turkish Lira&rdquo; and &ldquo;TL&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 1.37</TD>
    <TD>Uncertificated ADS(s)&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 1.38</TD>
    <TD>&ldquo;United States&rdquo; and &ldquo;U.S.&rdquo;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(continued)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 15%">ARTICLE II</TD>
    <TD STYLE="width: 75%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2" STYLE="text-align: left">APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.1</TD>
    <TD>Appointment of Depositary.</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.2</TD>
    <TD>Form and Transferability of ADSs.</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.3</TD>
    <TD>Deposit of Shares.</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.4</TD>
    <TD>Registration and Safekeeping of Deposited Securities.</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.5</TD>
    <TD>Issuance of ADSs.</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.6</TD>
    <TD>Transfer, Combination and Split-up of ADRs.</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.7</TD>
    <TD>Surrender of ADSs and Withdrawal of Deposited Securities.</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.8</TD>
    <TD>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.9</TD>
    <TD>Lost ADRs, etc.</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.10</TD>
    <TD>Cancellation and Destruction of Surrendered ADRs; Maintenance of Records.</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.11</TD>
    <TD>Escheatment.</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.12</TD>
    <TD>Partial Entitlement ADSs.</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 2.13</TD>
    <TD>Certificated/Uncertificated ADSs.</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 2.14</TD>
    <TD>Restricted ADSs.</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">ARTICLE III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 3.1</TD>
    <TD>Proofs, Certificates and Other Information.</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 3.2</TD>
    <TD>Liability for Taxes and Other Charges.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 3.3</TD>
    <TD>Representations and Warranties on Deposit of Shares.</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 3.4</TD>
    <TD>Compliance with Information Requests.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 3.5</TD>
    <TD>Ownership Restrictions.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 3.6</TD>
    <TD>Reporting Obligations and Regulatory Approvals.</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">ARTICLE IV</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-align: left">THE DEPOSITED SECURITIES</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.1</TD>
    <TD>Cash Distributions.</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.2</TD>
    <TD>Distribution in Shares.</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.3</TD>
    <TD>Elective Distributions in Cash or Shares.</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.4</TD>
    <TD>Distribution of Rights to Purchase Additional ADSs.</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.5</TD>
    <TD>Distributions Other Than Cash, Shares or Rights to Purchase Shares.</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.6</TD>
    <TD>Distributions with Respect to Deposited Securities in Bearer Form.</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.7</TD>
    <TD>Redemption.</TD>
    <TD STYLE="text-align: right">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.8</TD>
    <TD>Conversion of Foreign Currency.</TD>
    <TD STYLE="text-align: right">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.9</TD>
    <TD>Fixing of ADS Record Date.</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.10</TD>
    <TD>Voting of Deposited Securities.</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.11</TD>
    <TD>Changes Affecting Deposited Securities.</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 4.12</TD>
    <TD>Available Information.</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.13</TD>
    <TD>Reports.</TD>
    <TD STYLE="text-align: right">30</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>(continued)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Page</U></B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in; width: 15%">Section 4.14</TD>
    <TD STYLE="width: 75%">List of Holders.</TD>
    <TD STYLE="text-align: right; width: 5%">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 4.15</TD>
    <TD>Taxation.</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">ARTICLE V</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.1</TD>
    <TD>Maintenance of Office and Transfer Books by the Registrar.</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 5.2</TD>
    <TD>Exoneration.</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.3</TD>
    <TD>Standard of Care.</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 5.4</TD>
    <TD>Resignation and Removal of the Depositary; Appointment of Successor Depositary.</TD>
    <TD STYLE="text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.5</TD>
    <TD>The Custodian.</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 5.6</TD>
    <TD>Notices and Reports.</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.7</TD>
    <TD>Issuance of Additional Shares, ADSs etc.</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 5.8</TD>
    <TD>Indemnification.</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.9</TD>
    <TD>Fees and Charges of Depositary.</TD>
    <TD STYLE="text-align: right">38</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 5.10</TD>
    <TD>Pre-Release Transactions.</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 5.11</TD>
    <TD>Restricted Securities Owners.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">ARTICLE VI</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">AMENDMENT AND TERMINATION</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 6.1</TD>
    <TD>Amendment/Supplement.</TD>
    <TD STYLE="text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 6.2</TD>
    <TD>Termination.</TD>
    <TD STYLE="text-align: right">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">ARTICLE VII</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="2">MISCELLANEOUS</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.1</TD>
    <TD>Counterparts.</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.2</TD>
    <TD>No Third Party Beneficiaries.</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.3</TD>
    <TD>Severability.</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.4</TD>
    <TD>Holders and Beneficial Owners as Parties; Binding Effect.</TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.5</TD>
    <TD>Notices.</TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.6</TD>
    <TD>Governing Law and Jurisdiction.</TD>
    <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.7</TD>
    <TD>Assignment.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.8</TD>
    <TD>Compliance with U.S. Securities Laws.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.9</TD>
    <TD>Compliance with Turkish Securities Laws.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.10</TD>
    <TD>Turkish Law References.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">Section 7.11</TD>
    <TD>Titles and References.</TD>
    <TD STYLE="text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">Section 7.12</TD>
    <TD>Amendment and Restatement.</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">EXHIBITS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>Form of ADR.</TD>
    <TD STYLE="text-align: right">A-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0.125in">&nbsp;</TD>
    <TD>Fee Schedule.</TD>
    <TD STYLE="text-align: right">B-1</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -78pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED DEPOSIT AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>AMENDED AND RESTATED DEPOSIT AGREEMENT</B>,
dated as of July 6, 2011, by and among (i)&nbsp;TURKCELL ILETISIM HIZMETLERI A.S., a company organized under the laws of the Republic
of Turkey, and its successors (the &ldquo;Company&rdquo;), (ii)&nbsp;CITIBANK, N.A., a national banking association organized under
the laws of the United States of America acting in its capacity as depositary, and any successor depositary hereunder (the &ldquo;Depositary&rdquo;),
and (iii)&nbsp;all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized terms as
hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>W I T N E S S E T H&nbsp;&nbsp;&nbsp;T
H A T</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and JP Morgan Chase
Bank, N.A. (the &ldquo;Original Depositary&rdquo;) previously entered into a Deposit Agreement, dated as of July 7, 2000 (as amended
to date, the &ldquo;Original Deposit Agreement&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company desires to amend and
restate the Original Deposit Agreement and to transfer to the Depositary the ADR facility currently existing under the Original
Deposit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company desires to amend and
restate the Original Deposit Agreement and establish with the Depositary an ADR facility to provide <I>inter alia</I> for the deposit
of the Shares (as hereinafter defined) and the creation of American Depositary Shares representing the Shares so deposited; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Depositary is willing
to act as the Depositary for such ADR facility upon the terms set forth in the Deposit Agreement (as hereinafter defined); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, any American Depositary
Receipts issued pursuant to the terms of the Deposit Agreement are to be substantially in the form of <U>Exhibit A</U> attached
hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Shares are listed on
the Istanbul Stock Exchange and the American Depositary Shares to be issued pursuant to the terms of the Deposit Agreement are
to be listed for trading on the New York Stock Exchange; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Board of Directors of
the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth
in the Deposit Agreement, the execution and delivery of the Deposit Agreement on behalf of the Company, and the actions of the
Company and the transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE</B>, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE I<BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All capitalized terms used, but not otherwise
defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.1 </B>&ldquo;<B><U>ADS Record
Date</U></B>&rdquo; shall have the meaning given to such term in Section&nbsp;4.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.2 &ldquo;<U>Affiliate</U>&rdquo;</B>
shall have the meaning assigned to such term by the Commission (as hereinafter defined) under Regulation C promulgated under the
Securities Act (as hereinafter defined), or under any successor regulation thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.3 </B>&ldquo;<B><U>American
Depositary Receipt(s)</U></B>&rdquo;, &ldquo;<B><U>ADR(s)</U></B>&rdquo; and &ldquo;<B><U>Receipt(s)</U></B>&rdquo; shall mean
the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit Agreement
in the form of Certificated ADS(s) (as hereinafter defined), as such ADRs may be amended from time to time in accordance with the
provisions of the Deposit Agreement. ADRs evidencing Certificated ADSs shall be substantially in the form of <U>Exhibit A</U> attached
hereto. An ADR may evidence any number of ADSs and may, in the case of ADSs held through a central depository such as DTC, be in
the form of a &ldquo;Balance Certificate.&rdquo; Notwithstanding anything else contained herein or therein, the American depositary
receipts issued and outstanding under the terms of the Original Deposit Agreement shall, from and after the date hereof, be treated
as ADRs issued hereunder and shall, from and after the date hereof, be subject to the terms hereof in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.4 </B>&ldquo;<B><U>American
Depositary Share(s)</U></B>&rdquo; and &ldquo;<B><U>ADS(s)</U></B>&rdquo; shall mean the rights and interests in the Deposited
Securities (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit
Agreement and , if issued as Certificated ADS(s), (as hereinafter defined) the ADR(s) issued to evidence such ADSs. ADS(s) may
be issued under the terms of the Deposit Agreement in the form of (a)&nbsp;Certificated ADS(s) (as hereinafter defined), in which
case the ADS(s) are evidenced by ADR(s), or (b)&nbsp;Uncertificated ADS(s) (as hereinafter defined), in which case the ADS(s) are
not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes under
the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or unless the context otherwise requires,
any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as the context
may require. Each ADS shall represent the right to receive, subject to the terms and conditions of the Deposit Agreement and the
applicable ADR (if issued as a Certificated ADS), two and one-half 2 1/2 Shares until there shall occur a distribution upon Deposited
Securities referred to in Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional
ADSs are not issued, and thereafter each ADS shall represent the right to receive, subject to the terms and conditions of the Deposit
Agreement and the applicable ADR (if issued as a Certificated ADS), the Deposited Securities determined in accordance with the
terms of such Sections. American depositary shares outstanding under the Original Deposit Agreement as of the date hereof shall,
from and after the date hereof, for all purposes be treated as American Depositary Shares issued and outstanding hereunder and
shall, from and after the date hereof, be subject to the terms and conditions of the Deposit Agreement in all respects, except
that any amendment of the Original Deposit Agreement effected under the terms of the Deposit Agreement which prejudices any substantial
existing right of &ldquo;Holders&rdquo; or &ldquo;Holders&rdquo; or &ldquo;Beneficial Owners&rdquo; (each as defined in the Original
Deposit Agreement) shall not become effective as to &ldquo;Holders&rdquo; and &ldquo;Beneficial Owners&rdquo; of American depositary
shares until the expiration of thirty (30) days after notice of the amendments effected by the Deposit Agreement shall have been
given to the &ldquo;Holders&rdquo; of American depositary shares outstanding under the Original Deposit Agreement as of the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.5 </B>&ldquo;<B><U>Applicant</U></B>&rdquo;
shall have the meaning given to such term in Section 5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.6 </B>&ldquo;<B><U>Beneficial
Owner</U></B>&rdquo; shall mean, as to any ADS, any person or entity owning any beneficial interest in the ADSs, regardless of
whether such person is the Holder of such ADS. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A Beneficial
Owner shall be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs
owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be the Beneficial Owner
of all the ADSs registered in his/her/its name. Persons who own beneficial interests in the American depositary shares issued under
the terms of the Original Deposit Agreement and outstanding as of the date hereof shall, from and after the date hereof, be treated
as Beneficial Owners of ADS(s) under the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.7 &ldquo;<U>Certificated ADS(s)</U>&rdquo;</B>
shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.8 </B>&ldquo;<B><U>CMB</U></B>&rdquo;
shall mean the Turkish Capital Markets Board and any successor government agency performing substantially the same function in
Turkey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.9 &ldquo;<U>CRA</U></B>&rdquo;
shall mean the Central Registry Agency, which provides the book-entry settlement system for equity securities in Turkey, or any
successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.10 </B>&ldquo;<B><U>Commission</U></B>&rdquo;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency thereto in the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.11 </B>&ldquo;<B><U>Company</U></B>&rdquo;
shall mean Turkcell Iletisim Hizmetleri A.S., a company incorporated and existing under the laws of Turkey, and its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.12 </B>&ldquo;<B><U>Custodian</U></B>&rdquo;
shall mean (i) as of the date hereof, Citibank, A.S. having its principal office at Tekfen Tower, Eskibuyukdere Cad. No: 209, 34394
Levent Istanbul Turkey, as the custodian for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting as custodian of
Deposited Securities pursuant to the Deposit Agreement, and (iii) any other entity that may be appointed by the Depositary pursuant
to the terms of Section&nbsp;5.5 as successor, substitute or additional custodian hereunder. The term &ldquo;Custodian&rdquo; shall
mean any Custodian individually or all Custodians collectively, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.13 </B>&ldquo;<B><U>Deliver</U></B>&rdquo;
and &ldquo;<B><U>Delivery</U></B>&rdquo; shall mean (x) <I>when used in respect of Shares and other Deposited Securities</I>, either
(i)&nbsp;the physical delivery of the certificate(s) representing such securities, or (ii)&nbsp;the book-entry transfer and recordation
of such securities on the books of the Share Registrar (as hereinafter defined) or in the book-entry settlement of CRA, and (y)
<I>when used with respect to ADSs</I>, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the book-entry transfer
and recordation of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.14 </B>&ldquo;<B><U>Deposit
Agreement</U></B>&rdquo; shall mean this Amended and Restated Deposit Agreement and all exhibits hereto, as the same may from time
to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.15 </B>&ldquo;<B><U>Depositary</U></B>&rdquo;
shall mean Citibank, N.A., a national banking association organized under the laws of the United States, in its capacity as depositary
under the terms of the Deposit Agreement, and any successor depositary hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.16 </B>&ldquo;<B><U>Deposited
Securities</U></B>&rdquo; shall mean Shares at any time deposited under the Deposit Agreement and any and all other securities,
property and cash held by the Depositary or the Custodian in respect thereof, subject, in the case of cash, to the provisions of
Section&nbsp;4.8. Notwithstanding anything else contained herein, the securities, property and cash delivered to the Custodian
in respect of American depositary shares outstanding as of the date hereof under the Original Deposit Agreement and defined as
&ldquo;Deposited Securities&rdquo; thereunder shall, for all purposes from and after the date hereof, be considered to be, and
treated as, Deposited Securities hereunder in all respects. The collateral delivered in connection with Pre-Release Transactions
described in Section&nbsp;5.10 shall not constitute Deposited Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.17 </B>&ldquo;<B><U>Dollars</U></B>&rdquo;
and &ldquo;<B><U>$</U></B>&rdquo; shall refer to the lawful currency of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.18 </B>&ldquo;<B><U>DTC</U></B>&rdquo;
shall mean The Depository Trust Company, a national clearinghouse and the central book-entry settlement system for securities traded
in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in
DTC, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.19 </B>&ldquo;<B><U>DTC Participant</U></B>&rdquo;
shall mean any financial institution (or any nominee of such institution) having one or more participant accounts with DTC for
receiving, holding and delivering the securities and cash held in DTC. A DTC Participant may or may not be a Beneficial Owner.
If a DTC Participant is not the Beneficial Owner of the ADSs credited to its account at DTC, or of the ADSs in respect of which
the DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all purposes hereunder, to have all requisite
authority to act on behalf of the Beneficial Owner(s) of the ADSs credited to its account at DTC or in respect of which the DTC
Participant is so acting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.20 </B>&ldquo;<B><U>Exchange
Act</U></B>&rdquo; shall mean the United States Securities Exchange Act of 1934, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.21 </B>&ldquo;<B><U>Foreign
Currency</U></B>&rdquo; shall mean any currency other than Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.22 &ldquo;<U>Full Entitlement
ADR(s)</U>&rdquo;, &ldquo;<U>Full Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Full Entitlement Share(s)</U>&rdquo;</B> shall have
the respective meanings set forth in Section&nbsp;2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.23 </B>&ldquo;<B><U>Holder(s)</U></B>&rdquo;
shall mean the person(s) in whose name the ADSs are registered on the books of the Depositary (or the Registrar, if any) maintained
for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered
in its name, such person shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial
Owners of the ADSs registered in its name. The &ldquo;Holders&rdquo; of American depositary shares issued under the terms of the
Original Deposit Agreement and outstanding as of the date hereof shall from and after the date hereof, become Holders under the
terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.24 </B>&ldquo;<B><U>Original
Deposit Agreement</U></B>&rdquo; shall mean the deposit agreement, dated as of July 7, 2000, by and among the Company, JP Morgan
Chase Bank, N.A., as Depositary, and the Holders (as defined therein) of American depositary shares evidenced by American depositary
receipts issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.25 </B>&ldquo;<B><U>Original
Depositary</U></B>&rdquo; shall have the meaning given to such term in the preambles to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.26 &ldquo;<U>Partial Entitlement
ADR(s)</U>&rdquo;, &ldquo;<U>Partial Entitlement ADS(s)</U>&rdquo; and &ldquo;<U>Partial Entitlement Share(s)</U>&rdquo;</B> shall
have the respective meanings set forth in Section 2.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.27 </B>&ldquo;<B><U>Pre-Release
Transaction</U></B>&rdquo; shall have the meaning set forth in Section&nbsp;5.10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.28 </B>&ldquo;<B><U>Principal
Office</U></B>&rdquo; shall mean, when used with respect to the Depositary, the principal office of the Depositary at which at
any particular time its depositary receipts business shall be administered, which, at the date of the Deposit Agreement, is located
at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.29 </B>&ldquo;<B><U>Registrar</U></B>&rdquo;
shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which
shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes
appointed by the Depositary. Each Registrar (other than the Depositary) appointed pursuant to the Deposit Agreement shall be required
to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the
Deposit Agreement. The Depositary shall give Holders and the Company written notice of any changes of Registrar as promptly as
practicable after such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.30 </B>&ldquo;<B><U>Restricted
Securities</U></B>&rdquo; shall mean Shares, Deposited Securities or ADSs which (i)&nbsp;have been acquired directly or indirectly
from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject
to resale limitations under the Securities Act or the rules issued thereunder, or (ii)&nbsp;are held by an officer or director
(or persons performing similar functions) or other Affiliate of the Company, or (iii)&nbsp;are subject to other restrictions on
sale or deposit under the laws of the United States, Turkey, or under a shareholder agreement or the Articles of Association and
By-Laws of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited
Securities or ADSs are being transferred or sold to persons other than an Affiliate of the Company in a transaction (a)&nbsp;covered
by an effective resale registration statement, or (b)&nbsp;exempt from the registration requirements of the Securities Act (as
hereinafter defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.31 &ldquo;<U>Restricted ADR(s)</U>&rdquo;,
&ldquo;<U>Restricted ADS(s)</U>&rdquo; and &ldquo;<U>Restricted Shares</U>&rdquo;</B> shall have the respective meanings set forth
in Section 2.14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.32 </B>&ldquo;<B><U>Securities
Act</U></B>&rdquo; shall mean the United States Securities Act of 1933, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.33 </B>&ldquo;<B><U>Share Registrar</U></B>&rdquo;
shall mean CRA or any other institution organized under the laws of Turkey appointed by the Company to carry out the duties of
registrar for the Shares, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.34 </B>&ldquo;<B><U>Shares</U></B>&rdquo;
shall mean the Company&rsquo;s common stock, 1 TL par value per share, validly issued and outstanding and fully paid and may, if
the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; <U>provided that</U>
in no event shall Shares include evidence of the right to receive Shares with respect to which the full purchase price has not
been paid or Shares as to which preemptive rights have theretofore not been validly waived or exercised; <U>provided further</U>,
<U>however</U>, <U>that</U>, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange,
conversion or any other event described in Section 4.11 in respect of the Shares of the Company, the term &ldquo;Shares&rdquo;
shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.35 </B>&ldquo;<B><U>Takasbank</U></B><U>&rdquo;</U>shall
mean Takasbank ISE Settlement and Custody Bank Inc., which provides the book-entry settlement system for equity securities in Turkey,
or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.36 &ldquo;<U>Turkish Lira</U>&rdquo;
and &ldquo;TL&rdquo;</B> shall refer to the lawful currency of Turkey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.37 <U>Uncertificated ADS(s)</U></B>&rdquo;
shall have the meaning set forth in Section 2.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 1.38 </B>&ldquo;<B><U>United
States</U></B>&rdquo; and &ldquo;<B><U>U.S.</U></B>&rdquo; shall have the meaning assigned to it in Regulation&nbsp;S as promulgated
by the Commission under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE II<BR>
<BR>
APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;<BR>
DEPOSIT OF SHARES; EXECUTION AND<BR>
DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.1 <U>Appointment of Depositary</U>.</B>
The Company hereby appoints the Depositary as depositary for the Deposited Securities and hereby authorizes and directs the Depositary
to act in accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and
each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions
of the Deposit Agreement or by continuing to hold, from and after the date hereof any American depositary shares issued and outstanding
under the Original Deposit Agreement, shall be deemed for all purposes to (a)&nbsp;be a party to and bound by the terms of the
Deposit Agreement and the applicable ADR(s), and (b)&nbsp;appoint the Depositary its attorney-in-fact, with full power to delegate,
to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its discretion may
deem reasonably necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking
of such actions to be the conclusive determinant of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.2 <U>Form and Transferability
of ADSs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form</U>. </B>Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved, printed, lithographed
or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit
Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form set forth in <U>Exhibit&nbsp;A</U>
to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated
in the Deposit Agreement or required by law. ADRs shall be (i)&nbsp;dated, (ii)&nbsp;signed by the manual or facsimile signature
of a duly authorized signatory of the Depositary, (iii)&nbsp;countersigned by the manual or facsimile signature of a duly authorized
signatory of the Registrar, and (iv)&nbsp;registered in the books maintained by the Registrar for the registration of issuances
and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement
or be valid or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed,
countersigned and registered other than an American depositary receipt issued and outstanding as of the date hereof under the terms
of the Original Deposit Agreement which from and after the date hereof becomes subject to the terms of the Deposit Agreement in
all respects). ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the
time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary,
notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary.
The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts
previously or subsequently issued pursuant to any other arrangement between the Depositary (or any other depositary) and the Company
and which are not ADRs outstanding hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Legends</U>. </B>The ADRs may be endorsed with, or have incorporated in the text thereof, such legends or recitals not
inconsistent with the provisions of the Deposit Agreement as (i)&nbsp;may be necessary to enable the Depositary and the Company
to perform their respective obligations hereunder, (ii)&nbsp;may be required to comply with any applicable laws or regulations,
or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform
with any usage with respect thereto, (iii)&nbsp;may be necessary to indicate any special limitations or restrictions to which any
particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv)&nbsp;may
be required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for all purposes,
to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered
in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial
Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Title</U>. </B>Subject to the limitations contained herein and in the ADR, title to an ADR (and to each Certificated
ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New
York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments
of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS
(that is, the person in whose name an ADS is registered on the books of the Depositary) as the absolute owner thereof for all purposes.
Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or
any ADR to any holder or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder registered on
the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner&rsquo;s representative,
is the Holder registered on the books of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Book-Entry Systems</U>. </B>The Depositary shall make arrangements for the acceptance of the ADSs into DTC. All ADSs
held through DTC will be registered in the name of the nominee for DTC (currently &ldquo;Cede &amp; Co.&rdquo;). As such, the nominee
for DTC will be the only &ldquo;Holder&rdquo; of all ADSs held through DTC. Unless issued by the Depositary as Uncertificated ADSs,
the ADSs registered in the name of Cede &amp; Co. will be evidenced by one or more ADR(s) in the form of a &ldquo;Balance Certificate,&rdquo;
which will provide that it represents the aggregate number of ADSs from time to time indicated in the records of the Depositary
as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased
by making adjustments on such records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such
other entity as is appointed by DTC or its nominee) may hold the &ldquo;Balance Certificate&rdquo; as custodian for DTC. Each Beneficial
Owner of ADSs held through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any
rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority
to act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants&rsquo; respective accounts in DTC and the Depositary
shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants. So long as
ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the
name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records maintained
by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with
respect to the interests of clients of DTC Participants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.3 <U>Deposit of Shares</U>.</B>
Subject to the terms and conditions of the Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares
(other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject,
however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books
of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares
shall be accompanied by the following: (A)&nbsp;(i)&nbsp;<I>in the case of Shares represented by certificates issued in registered
form</I>, appropriate instruments of transfer or endorsement, in a form reasonably satisfactory to the Custodian, (ii)&nbsp;<I>in
the case of Shares represented by certificates in bearer form</I>. the requisite coupons and talons pertaining thereto, and (iii)&nbsp;<I>in
the case of Shares delivered by book-entry transfer and recordation</I>, confirmation of such book-entry transfer and recordation
in the books of the Share Registrar or of the CRA, as applicable, to the Custodian or that irrevocable instructions have been given
to cause such Shares to be so transferred and recorded, (B)&nbsp;such certifications and payments (including, without limitation,
the Depositary&rsquo;s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise
marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions
of the Deposit Agreement and applicable law, (C)&nbsp;if the Depositary so requires, a written order directing the Depositary to
issue and deliver to, or upon the written order of, the person(s) stated in such order the number of ADSs representing the Shares
so deposited, (D)&nbsp;evidence reasonably satisfactory to the Depositary (which may be an opinion of counsel) that all necessary
approvals have been granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency
in Turkey, and (E)&nbsp;if the Depositary so requires, (i)&nbsp;an agreement, assignment or instrument reasonably satisfactory
to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been
recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect
of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be reasonably satisfactory to the
Depositary or the Custodian and (ii)&nbsp;if the Shares are registered in the name of the person on whose behalf they are presented
for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes
until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting any other provision of
the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit
(a)&nbsp;any Restricted Securities except as contemplated by Section 2.14) nor (b)&nbsp;any fractional Shares or fractional Deposited
Securities nor (c)&nbsp;a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give
rise to fractional ADSs. No Shares shall be accepted for deposit unless accompanied by evidence, if any is required by the Depositary,
that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of Turkey and any necessary approval has been granted by any applicable
governmental body in Turkey, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company,
any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of
ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity
involved in ownership or transaction records in respect of the Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under the Deposit Agreement (A)&nbsp;any Shares or other securities required
to be registered under the provisions of the Securities Act, unless (i)&nbsp;a registration statement is in effect as to such Shares
or other securities or (ii)&nbsp;the deposit is made upon terms contemplated in Section 2.14, or (B)&nbsp;any Shares or other securities
the deposit of which would violate any provisions of the Articles of Association and By-laws of the Company. For purposes of the
foregoing sentence, the Depositary shall be entitled to rely upon representations and warranties made or deemed made pursuant to
the Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions
of the Company (received by the Depositary reasonably in advance) not to accept for deposit hereunder any Shares identified in
such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate
the Company's compliance with the securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.4 <U>Registration and Safekeeping
of Deposited Securities</U>.</B> The Depositary shall instruct the Custodian upon each Delivery of certificates representing registered
Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together with
the other documents above specified, to present such certificate(s), together with the appropriate instrument(s) of transfer or
endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration
can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian
or a nominee of either. Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order
of the Depositary or a nominee in each case on behalf of the Holders and Beneficial Owners, at such place or places as the Depositary
or the Custodian shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.5 <U>Issuance of ADSs.</U></B>
The Depositary has made arrangements with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit
of Shares (i)&nbsp;that a deposit of Shares has been made pursuant to Section 2.3, (ii)&nbsp;that such Deposited Securities have
been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders&rsquo; register maintained
by or on behalf of the Company by the Share Registrar on the books of CRA, (iii)&nbsp;that all required documents have been received,
and (iv)&nbsp;the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so
delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person making
the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary,
subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs representing the Shares so
deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute
and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing the aggregate
number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the
Depositary for accepting a deposit, issuing ADSs (as set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U> hereto) and all taxes
and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the issuance of the
ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs.
Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.6 <U>Transfer, Combination
and Split-up of ADRs</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. </B>The Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books
maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new ADRs evidencing the same aggregate
number of ADSs as those evidenced by the ADRs canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new
ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions
has been satisfied: (i)&nbsp;the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to
the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;the surrendered ADRs have been
properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard
securities industry practice), (iii)&nbsp;the surrendered ADRs have been duly stamped (if required by the laws of the State of
New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit&nbsp;B</U> hereto) have been
paid, <I>subject, however, in each case, </I>to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of
applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Combination &amp; Split Up</U>. </B>The Registrar shall register the split-up or combination of ADRs (and of the ADSs
represented thereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel such ADRs and execute new
ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs cancelled by
the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order
of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;the ADRs have been duly Delivered by the
Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting
a split-up or combination thereof, and (ii)&nbsp;all applicable fees and charges of, and expenses incurred by, the Depositary and
all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit B</U> hereto) have been paid,
<I>subject, however, in each case</I>, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable
law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Co-Transfer Agents</U>. </B>The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers,
combinations and split-ups of ADRs at designated transfer offices on behalf of the Depositary. In carrying out its functions, a
co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons
entitled to such ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such co-transfer agents
may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.6 (other than
the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of the Deposit Agreement. The Depositary shall give the Company notice of any such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.7 <U>Surrender of ADSs and
Withdrawal of Deposited Securities</U>.</B>The Holder of ADSs shall be entitled to Delivery (at the Custodian&rsquo;s designated
office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each of the following conditions:
(i)&nbsp;the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office
(and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby,
(ii)&nbsp;if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been properly
endorsed in blank or are accompanied by proper instruments of transfer in blank (including signature guarantees in accordance with
standard securities industry practice), (iii)&nbsp;if so required by the Depositary, the Holder of the ADSs has executed and delivered
to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to
or upon the written order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses
incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section&nbsp;5.9 and <U>Exhibit
B</U>) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of the ADRs evidencing the surrendered
ADSs, of the Deposit Agreement, of the Company&rsquo;s Articles of Association and By-laws and of any applicable laws and the rules
of CRA and to any provisions of or governing the Deposited Securities , in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i)&nbsp;shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs
so Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained
for such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable
delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written
order of the person(s) designated in the order delivered to the Depositary for such purpose, <I>subject however, in each case,
</I>to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so cancelled, of the Articles of Association
and By-laws of the Company, of any applicable laws and of the rules of CRA, and to the terms and conditions of or governing the
Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of the Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii)&nbsp;sell or cause to be sold the fractional Share represented by
the ADSs so surrendered and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred
by, the Depositary and (b)&nbsp;taxes withheld) to the person surrendering the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of (i)&nbsp;any
cash dividends or cash distributions, or (ii)&nbsp;any proceeds from the sale of any distributions of shares or rights, which are
at the time held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation
and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held
by the Custodian in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal
Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable,
telex or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section
2.8 <U>Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc</U>.</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Requirements</U>. </B>Prior to the execution and delivery, registration of issuance, transfer, split-up, combination
or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Securities, the Company,
the Depositary or the Custodian may require (i)&nbsp;payment from the depositor of Shares or presenter of ADSs or of an ADR of
a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable
fees and charges of the Depositary as provided in Section&nbsp;5.9 and <U>Exhibit B</U>, (ii)&nbsp;the production of proof reasonably
satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1, and (iii)&nbsp;compliance
with (A)&nbsp;any laws or governmental regulations relating to the execution and delivery of ADRs or ADSs or to the withdrawal
of Deposited Securities and (B)&nbsp;such reasonable regulations as the Depositary and the Company may establish consistent with
the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Limitations</U>. </B>The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular
instances may be refused, or the registration of transfers of ADSs generally may be suspended, during any period when the transfer
books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or
advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or
regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed,
or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or under any provision of, or governing,
the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases,
to Section 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Restrictions</U>. </B>Notwithstanding any provision of the Deposit Agreement or any ADR(s) to the contrary,
Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject
only to (i)&nbsp;temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares
in connection with voting at a shareholders&rsquo; meeting or the payment of dividends, (ii)&nbsp;the payment of fees, taxes and
similar charges, (iii)&nbsp;compliance with any U.S. or foreign laws or governmental regulations relating to the ADSs or to the
withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically contemplated by Instruction I.A.(l) of the
General Instructions to Form F-6 (as such General Instructions may be amended from time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.9 <U>Lost ADRs, etc</U>.</B>
In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver a new ADR of like tenor
at the expense of the Holder (a)&nbsp;<I>in the case of a mutilated ADR, </I>in exchange of and substitution for such mutilated
ADR upon cancellation thereof, or (b)&nbsp;<I>in the case of a destroyed, lost or stolen ADR,</I> in lieu of and in substitution
for such destroyed, lost, or stolen ADR, after the Holder thereof (i)&nbsp;has submitted to the Depositary a written request for
such exchange and substitution before the Depositary has notice that the ADR has been acquired by a bona fide purchaser, (ii)&nbsp;has
provided such security or indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of its
agents harmless, and (iii)&nbsp;has satisfied any other reasonable requirements imposed by the Depositary, including, without limitation,
evidence reasonably satisfactory to the Depositary of such destruction, loss or theft of such ADR, the authenticity thereof and
the Holder&rsquo;s ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.10 <U>Cancellation and Destruction
of Surrendered ADRs; Maintenance of Records</U>.</B> All ADRs surrendered to the Depositary shall be canceled by the Depositary.
Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable against the Depositary
for any purpose. The Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed
ADRs. Any ADSs held in book-entry form (<I>i.e.</I>, through accounts at DTC) shall be deemed canceled when the Depositary causes
the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs surrendered (without the need to physically
destroy the Balance Certificate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.11 <U>Escheatment</U>.</B>
In the event any unclaimed property relating to the ADSs, for any reason, is in the possession of Depositary and has not been claimed
by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration
of any applicable statutory period relating to abandoned property laws, escheat such unclaimed property to the relevant authorities
in accordance with the laws of each of the relevant States of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.12 <U>Partial Entitlement ADSs</U>.</B>
In the event any Shares are deposited which (i)&nbsp;entitle the holders thereof to receive a per-share distribution or other entitlement
in an amount different from the Shares then on deposit or (ii)&nbsp;are not fully fungible (including, without limitation, as to
settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, &ldquo;<U>Full Entitlement Shares</U>&rdquo;
and the Shares with different entitlement, &ldquo;<U>Partial Entitlement Shares</U>&rdquo;), the Depositary shall (i)&nbsp;cause
the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii)&nbsp;subject to the
terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are separate and distinct from the ADSs
representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by
issuing ADRs evidencing such ADSs with applicable notations thereon (&ldquo;<U>Partial Entitlement ADSs/ADRs</U>&rdquo; and &ldquo;<U>Full
Entitlement ADSs/ADRs</U>&rdquo;, respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary
shall (a) give notice thereof to Holders of Partial Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity
to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b)&nbsp;cause the Custodian to transfer the Partial Entitlement
Shares into the account of the Full Entitlement Shares, and (c)&nbsp;take such actions as are necessary to remove the distinctions
between (i)&nbsp;the Partial Entitlement ADRs and ADSs, on the one hand, and (ii)&nbsp;the Full Entitlement ADRs and ADSs on the
other. Holders and Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement
Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares.
All provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full
Entitlement ADRs and ADSs, except as contemplated by this Section&nbsp;2.12. The Depositary is authorized to take any and all other
actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms
of this Section&nbsp;2.12. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued
are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the identification
of Partial Entitlement Shares upon Delivery to the Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.13 <U>Certificated/Uncertificated
ADSs</U>.</B> Notwithstanding any other provision of the Deposit Agreement, the Depositary may, at any time and from time to time,
issue ADSs that are not evidenced by ADRs (such ADSs, the &ldquo;<U>Uncertificated ADS(s)</U>&rdquo; and the ADS(s) evidenced by
ADR(s), the &ldquo;<U>Certificated ADS(s)</U>&rdquo;). When issuing and maintaining Uncertificated ADS(s) under the Deposit Agreement,
the Depositary shall at all times be subject to (i)&nbsp;the standards applicable to registrars and transfer agents maintaining
direct registration systems for equity securities in New York and issuing uncertificated securities under New York law, and (ii)&nbsp;the
terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be represented by any instruments
but shall be evidenced by registration in the books of the Depositary maintained for such purpose. Holders of Uncertificated ADSs,
that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such
time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class,
subject in each case to applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated
ADSs. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right
to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender of the Certificated ADS(s) to the Depositary
for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all
liens and restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then
has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes
hereunder, (c)&nbsp;applicable law, and (d)&nbsp;payment of the Depositary fees and expenses applicable to such exchange of Certificated
ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all respects be identical to Certificated ADS(s) of the same type
and class, except that (i)&nbsp;no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii)&nbsp;Uncertificated
ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same terms and conditions as uncertificated
securities under New York law, (iii)&nbsp;the ownership of Uncertificated ADS(s) shall be recorded on the books of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">the Depositary
maintained for such purpose and evidence of such ownership shall be reflected in periodic statements provided by the Depositary
to the Holder(s) in accordance with applicable New York law, (iv)&nbsp;the Depositary may from time to time, upon notice to the
Holders of Uncertificated ADSs affected thereby, establish rules and regulations, and amend or supplement existing rules and regulations,
as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a)&nbsp;such rules
and regulations do not conflict with the terms of the Deposit Agreement and applicable law, and (b)&nbsp;the terms of such rules
and regulations are readily available to Holders upon request, (v)&nbsp;the Uncertificated ADS(s) shall not be entitled to any
benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless such
Uncertificated ADS(s) is/are registered on the books of the Depositary maintained for such purpose, (vi)&nbsp;the Depositary may,
in connection with any deposit of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release
and cancellation of Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably
appropriate, and (vii)&nbsp;upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated
ADSs to affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Securities represented by
such Holders' Uncertificated ADSs under the terms of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of
the Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary
may in its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed
by the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to Uncertificated
ADSs to the same extent as to Certificated ADSs, except as contemplated by this Section 2.13. The Depositary is authorized and
directed to take any and all actions and establish any and all procedures deemed reasonably necessary to give effect to the terms
of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to the terms &ldquo;American Depositary Share(s)&rdquo;
or &ldquo;ADS(s)&rdquo; shall, unless the context otherwise requires, include Certificated ADS(s) and Uncertificated ADS(s). Except
as set forth in this Section 2.13 and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued
and outstanding under the terms of the Deposit Agreement. In the event that, in determining the rights and obligations of parties
hereto with respect to any Uncertificated ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than
this Section 2.13) and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling
and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 2.14 <U>Restricted ADSs</U>.</B>
The Depositary shall, at the request and expense of the Company, establish procedures enabling the deposit hereunder of Shares
that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such Restricted
Shares in the form of ADSs issued under the terms hereof (such Shares, &ldquo;<U>Restricted Shares</U>&rdquo;). Upon receipt of
a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures
permitting the deposit of such Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms
of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted Shares (such ADSs,
the &ldquo;<U>Restricted ADSs</U>,&rdquo; and the ADRs evidencing such Restricted ADSs, the &ldquo;<U>Restricted ADRs</U>&rdquo;).
Notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the extent not prohibited by law,
agree to issue the Restricted ADSs in uncertificated form (&ldquo;<U>Uncertificated Restricted ADSs</U>&rdquo;) upon such terms
and conditions as the Company and the Depositary may deem necessary and appropriate. The Company shall assist the Depositary in
the establishment of such procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to insure
that the establishment of such procedures does not violate the provisions of the Securities Act or any other applicable laws. The
depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior to the deposit of such Restricted
Shares, the transfer of the Restricted ADRs and Restricted ADSs or the withdrawal of the Restricted Shares represented by Restricted
ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide
to the Depositary in writing the legend(s) to be affixed to the Restricted ADRs (if the Restricted ADSs are to be issued as Certificated
ADSs<B>)</B>, or to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as Uncertificated
Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific
circumstances under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, may be transferred
or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified
on the books of the Depositary and the Restricted Shares so deposited shall, to the extent required by law, be held separate and
distinct from the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible
for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including,
without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted
ADSs. The Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, shall be transferable only by
the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by the Deposit Agreement and
(ii) an opinion of counsel reasonably satisfactory to the Depositary setting forth, <I>inter alia</I>, the conditions upon which
the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, are transferable by the
Holder thereof under applicable securities laws and the transfer restrictions contained in the legend applicable to the Restricted
ADSs presented for transfer. Except as set forth in this Section 2.14 and except as required by applicable law, the Restricted
ADSs and the Restricted ADRs evidencing Restricted ADSs shall be treated as ADSs and ADRs issued and outstanding under the terms
of the Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Restricted
ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i)
this Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted
ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the
deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Restricted ADRs, the Restricted ADSs and the Restricted
Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel reasonably satisfactory to
the Depositary setting forth, <I>inter alia</I>, that the Restricted ADRs, the Restricted ADSs and the Restricted Shares are not
as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted
ADRs, the Restricted ADSs and the Restricted Shares, shall (i)&nbsp;eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit
under the terms of the Deposit Agreement that are not Restricted Shares, (ii)&nbsp;treat the newly unrestricted ADRs and ADSs on
the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement
that are not Restricted ADRs or Restricted ADSs, (iii)&nbsp;take all actions necessary to remove any distinctions, limitations
and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively,
on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand,
including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in
the applicable book-entry settlement systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE III<BR>
<BR>
CERTAIN OBLIGATIONS OF HOLDERS<BR>
AND BENEFICIAL OWNERS OF ADSs</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.1 <U>Proofs, Certificates and
Other Information</U>.</B> Any person presenting Shares for deposit, any Holder and any Beneficial Owner may be required, and every
Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship
or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal
or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws, the terms of the Deposit Agreement or
the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Securities, to execute such certifications and
to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares
in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share
Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations under the Deposit Agreement and the applicable ADR(s). The Depositary
and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution
or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by the terms of Section
7.8, the delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed,
or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary&rsquo;s,
the Registrar&rsquo;s and the Company&rsquo;s satisfaction. The Depositary shall provide the Company, in a timely manner, with
copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange
control approval or copies of written representations and warranties which it receives from Holders and Beneficial Owners, and
(ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive
from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal.
Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial
Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.2 <U>Liability for Taxes and
Other Charges</U>.</B> Any tax or other governmental charge payable by the Custodian or by the Depositary with respect to any Deposited
Securities, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or
the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities, and may sell for the account
of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment
of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners
in respect of the ADSs, Deposited Securities and ADRs, the Holder and the Beneficial Owner remaining liable for any deficiency.
The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer
of ADSs, register the split-up or combination of ADRs and (subject to Section 7.8) the withdrawal of Deposited Securities until
payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them
harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit
obtained for such Holder and/or Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.3 <U>Representations and Warranties
on Deposit of Shares</U>.</B> Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and
warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and
legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly
waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are
free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for
deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section
2.14), and (vi)&nbsp;the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations
and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and
the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall
be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences
thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.4 <U>Compliance with Information
Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner
agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of the CMB, The New York
Stock Exchange, the Istanbul Stock Exchange, and any other stock exchange on which the Shares or ADSs are, or will be, registered,
traded or listed or the Articles of Association and By-laws of the Company, which are made to provide information, <I>inter alia</I>,
as to the capacity in which such Holder or Beneficial Owner owns ADSs (and Shares as the case may be) and regarding the identity
of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are
Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon
the request of the Company and at the Company&rsquo;s expense, any such request from the Company to the Holders and to forward
to the Company any such responses to such requests received by the Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.5 <U>Ownership Restrictions</U>.</B>
Notwithstanding any other provision in the Deposit Agreement or any ADR, the Company may restrict transfers of the Shares where
such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of Association and
By-laws of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such
transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed
any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action
with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence,
including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights
or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder
or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the
Articles of Association and By-laws of the Company. Nothing herein shall be interpreted as obligating the Depositary or the Company
to ensure compliance with the ownership restrictions described in this Section 3.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 3.6 <U>Reporting Obligations
and Regulatory Approvals</U>.</B> Applicable laws and regulations may require holders and beneficial owners of Shares, including
the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain circumstances.
Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements and
obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and
obtain such approvals to the extent and in the form required by applicable laws and regulations as in effect from time to time.
Neither the Depositary, the Custodian, the Company or any of their respective agents or affiliates shall be required to take any
actions whatsoever on behalf of Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such
regulatory approvals under applicable laws and regulations. The Company may, in its sole discretion but subject to applicable law,
instruct the Depositary to remove or limit voting rights with respect to the ownership interest of any Holder or Beneficial Owner
who it knows is not in compliance with reporting obligations.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE IV<BR>
<BR>
THE DEPOSITED SECURITIES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.1 <U>Cash Distributions</U>.</B>
Whenever the Company intends to make a distribution of a cash dividend or other cash distribution, the Company shall give timely
notice thereof to the Depositary prior to the proposed distribution specifying, <I><U>inter alia</U></I>, the record date applicable
for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice,
the Depositary shall establish an ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the
Custodian of the receipt of any cash dividend or other cash distribution on any Deposited Securities, or upon receipt of proceeds
from the sale of any Deposited Securities or any other entitlements held in respect of Deposited Securities under the terms hereof,
the Depositary will (i)&nbsp;if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment
of the Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars transferable to the United States,
promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in
Section 4.8), (ii)&nbsp;if applicable and unless previously established, establish the ADS Record Date upon the terms described
in Section 4.9, and (iii)&nbsp;distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion
to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without
liability for interest thereon) and shall be added to and become part of the next sum received by the Depositary for distribution
to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount
on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary
to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary
upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit
of the applicable Holders and Beneficial Owners of ADSs until the Distribution can be effected or the funds that the Depositary
holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.2 <U>Distribution in Shares</U>.</B>
Whenever the Company intends to make a distribution that consists of a dividend in, or free distribution of, Shares, the Company
shall give timely notice thereof to the Depositary prior to the proposed distribution, specifying, <I><U>inter alia</U></I>, the
record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such
notice from the Company, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt
of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i)
subject to Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the
ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution,
subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed, take all actions necessary
so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent
rights and interests in the additional integral number of Shares distributed upon the Deposited Securities represented thereby
(net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering
fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such
fractions and distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines
that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is
obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S.
counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders
(and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as
the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction
of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms
described in Section 4.1. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the
provisions of the Deposit Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.3 <U>Elective Distributions
in Cash or Shares</U>.</B> Whenever the Company intends to make a distribution payable at the election of the holders of Shares
in cash or in additional Shares, the Company shall give timely notice thereof to the Depositary prior to the proposed distribution
specifying, <I><U>inter alia</U></I>, the record date applicable to holders of Deposited Securities entitled to receive such elective
distribution and whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon the timely receipt
of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary
shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful
and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such
elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be
made available to Holders, (ii)&nbsp;the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are
not satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 and, to the extent permitted
by law, distribute to the Holders, on the basis of the same determination as is made in Turkey in respect of the Shares for which
no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional
Shares upon the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record
Date on the terms described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed distribution
in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary.
If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described in
Section 4.1, or (Y)&nbsp;in ADSs, the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall
obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs).
There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.4 <U>Distribution of Rights
to Purchase Additional ADSs</U>.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution to ADS Holders</U>. </B>Whenever the Company intends to distribute to the holders of the Deposited Securities
rights to subscribe for additional Shares, the Company shall give timely notice thereof to the Depositary prior to the proposed
distribution specifying, <I><U>inter alia</U></I>, the record date applicable to holders of Deposited Securities entitled to receive
such distribution and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely receipt of
a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with
the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably
practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i)
the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution
of rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests
that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated
in Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record
Date (upon the terms described in Section 4.9) and establish procedures to (x)&nbsp;distribute rights to purchase additional ADSs
(by means of warrants or otherwise), (y)&nbsp;to enable the Holders to exercise such rights (upon payment of the subscription price
and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes), and (z)&nbsp;to deliver
ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such
procedures. Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe
for Shares (rather than ADSs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Rights</U>. </B>If (i) the Company does not timely request the Depositary to make the rights available to Holders
or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within
the terms of Section 5.7 or determines it is not reasonably practicable to make the rights available to Holders, or (iii) any rights
made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity, at such place and upon such terms (including public or private
sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and
practicability. The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees
and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Lapse of Rights</U>. </B>If the Depositary is unable to make any rights available to Holders upon the terms described
in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow
such rights to lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be responsible
for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any
Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii)
the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding anything to the contrary in this Section 4.4,
if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate
may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented
by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless and until a registration statement
under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless the Company furnishes
the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country
in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect that the offering and
sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions
of the Securities Act or any other applicable laws. <FONT STYLE="font-weight: normal">A liquid market for rights may not exist,
and may adversely affect (1) the ability of the Depositary to dispose of such rights or (2) the amount the Depositary would realize
upon disposal of rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Company, the Depositary
or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount
on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs representing such Deposited Securities
shall be reduced accordingly. In the event that the Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold,
the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts
and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes
or charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to receive or exercise rights on the same terms and conditions as the
holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement
in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.5 <U>Distributions Other Than
Cash, Shares or Rights to Purchase Shares</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or
rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether
or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such
distribution be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary,
to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution
unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii)&nbsp;the Depositary shall
have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such
distribution is reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs
and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received
to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively and in such
manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable
fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of
all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private
sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or
other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT></B>If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such
distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii)
the Depositary determines that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or
cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable
and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion
received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the
Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.6 <U>Distributions with Respect
to Deposited Securities in Bearer Form</U>.</B> Subject to the terms of this Article IV, distributions in respect of Deposited
Securities that are held by the Depositary in bearer form shall be made to the Depositary for the account of the respective Holders
of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the Company
of any relevant coupons, talons, or certificates. The Company shall promptly notify the Depositary of such distributions. The Depositary
or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.7 <U>Redemption</U>.</B> If
the Company intends to exercise any right of redemption in respect of any of the Deposited Securities, the Company shall give timely
notice thereof to the Depositary prior to the intended date of redemption which notice shall set forth the particulars of the proposed
redemption. Upon timely receipt of (i) such notice and (ii)&nbsp;satisfactory documentation given by the Company to the Depositary
within the terms of Section 5.7, and only if the Depositary shall have determined that such proposed redemption is practicable,
the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights
and any other particulars set forth in the Company&rsquo;s notice to the Depositary. The Depositary shall instruct the Custodian
to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment of
the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds
representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net
of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs,
if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2. If less than all
outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the
Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs
(subject to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes)
multiplied by the number of Deposited Securities represented by each ADS redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.8 <U>Conversion of Foreign
Currency</U>.</B> Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions
or the net proceeds from the sale of securities, property or rights, which in the judgment of the Depositary can at such time be
converted on a practicable basis, by sale or in any other manner that it may determine in accordance with applicable law, into
Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause
to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute
such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such conversion and any expenses incurred
on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the
terms of the applicable sections of the Deposit Agreement. If the Depositary shall have distributed warrants or other instruments
that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants
and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution
may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application
of exchange restrictions or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If such conversion or distribution generally
or with regard to a particular Holder can be effected only with the approval or license of any government or agency thereof, the
Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event,
however, shall the Depositary be obligated to make such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time the Depositary shall determine
that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received
by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that
is required for such conversion, transfer and distribution is denied or, in the opinion of the Depositary, not obtainable at a
reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution
in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and practicable, (ii)&nbsp;distribute the
Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) to Holders for whom this is
lawful and practicable or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon)
for the respective accounts of the Holders entitled to receive the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.9 <U>Fixing of ADS Record Date</U>.</B>
Whenever the Depositary shall receive notice of the fixing of a record date by the Company for the determination of holders of
Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever
for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary
shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities,
or whenever the Depositary shall find it necessary in connection with the giving of any notice, solicitation of any consent or
any other matter, the Depositary shall fix a record date (the &ldquo;<U>ADS Record Date</U>&rdquo;) for the determination of the
Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at
any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action, or to exercise
the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable
efforts to establish the ADS Record Date as near as practicable to any corresponding record date set by the Company. However, if
notice of any General Meeting is provided to the Depositary less than 20 days prior to such meeting, the fixing of the ADS Record
Date will be done in consultation with the Company. Subject to applicable law and the provisions of Section 4.1 through 4.8 and
to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such
ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation,
or otherwise take action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.10 <U>Voting of Deposited Securities</U>.</B>As
soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or
of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect
of such meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company
in writing in a timely manner, at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute to Holders
as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at
the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement,
the Articles of Association and By-laws of the Company and the provisions of or governing the Deposited Securities (which provisions,
if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs, and (c) a brief statement as to the manner
in which such voting instructions may be given including an indication that instructions may be given and, if so required under
applicable law, the need and manner for blocking the sale or other transfer of the ADSs and the Shares prior to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the Deposit Agreement
or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange
on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting
of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides
Holders with, or otherwise publicize to Holders, instructions on how to retrieve such materials or receive such materials upon
request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in respect of a number
of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record
Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and
permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association and By-laws of the Company and
the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by
proxy) represented by such Holder&rsquo;s ADSs in accordance with such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Custodian
shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which
the Depositary is to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder
(unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items
set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received
by the Depositary from the Holder shall not be voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting,
or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions
requested to be taken if so requested by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.11 <U>Changes Affecting Deposited
Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification
of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company
or to which it is a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion
of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Securities under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement and
applicable law, evidence ADSs representing the right to receive such additional or replacement securities. In giving effect to
such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization,
merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;s approval, and shall, if the Company shall
so request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company reasonably satisfactory
to the Depositary that such actions are not in violation of any applicable laws or regulations, (i)&nbsp;issue and deliver additional
ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable ADRs, (iii)&nbsp;amend
the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call for the
surrender of outstanding ADRs to be exchanged for new ADRs, and (v)&nbsp;take such other actions as are appropriate to reflect
the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement
on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the
event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company&rsquo;s
approval, and shall, if the Company requests, subject to receipt of an opinion of Company&rsquo;s counsel reasonably satisfactory
to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or
private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales
(net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise
entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to
Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make
such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred
in connection with such sale, or (iii) any liability to the purchaser of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.12 <U>Available
Information</U>. </B>The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is
required to file or submit certain reports with the Commission. These reports can be retrieved from the Commission's website
(<U>www.sec.gov</U>) and can be inspected and copied at the public reference facilities maintained by the Commission located
(as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.13 <U>Reports</U>.</B> The
Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any
proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee
of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities
by the Company. The Depositary shall also provide or make available to Holders copies of such reports when furnished by the Company
pursuant to Section 5.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.14 <U>List of Holders</U>.</B>
Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses
and holdings of ADSs of all Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 4.15 <U>Taxation</U></B>. The
Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as
the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities
or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate
applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws
for the Holders and Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary
or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends
and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Securities.
As a condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from time to time, and in a timely
manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates
and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian
may deem necessary or proper to fulfill the Depositary&rsquo;s or the Custodian&rsquo;s obligations under applicable law. The Holders
and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees,
agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes,
additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax
benefit obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company (or any of its agents) withholds
from any distribution any amount on account of taxes or governmental charges, or pays any other tax in respect of such distribution
(<I>i.e.</I>, stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly
to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt
(or other proof of payment to the applicable governmental authority) therefor, in each case, in a form reasonably satisfactory
to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes withheld by it or the
Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the
Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any
taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the
Depositary or the Custodian, as applicable. Neither the Depositary nor the Custodian shall be liable for the failure by any Holder
or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder&rsquo;s or Beneficial
Owner&rsquo;s income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary is under no obligation to
provide the Holders and Beneficial Owners with any information about the tax status of the Company. The Depositary shall not incur
any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the
ADSs, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a
&ldquo;Passive Foreign Investment Company&rdquo; (in each case as defined in the U.S. Internal Revenue Code and the regulations
issued thereunder) or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.85pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.1 <U>Maintenance of Office
and Transfer Books by the Registrar</U>.</B> Until termination of the Deposit Agreement in accordance with its terms, the Registrar
shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and delivery of ADSs,
the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances, cancellations,
transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred,
combined or split-up, in each case in accordance with the provisions of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section
7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs are listed on one or more stock
exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if applicable,
to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such
exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.2 <U>Exoneration</U>.</B> Neither
the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit
Agreement or incur any liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing
or performing any act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future
law or regulation of the United States, Turkey or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present
or future, of the Articles of Association and By-laws of the Company or any provision of or governing any Deposited Securities,
or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions
and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement
or in the Articles of Association and By-laws of the Company or provisions of or governing Deposited Securities, (iii) for any
action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good
faith to be competent to give such advice or information, (iv) for the inability of a Holder or Beneficial Owner to give voting
instructions in respect of any matter put before the holders of Deposited Securities for a vote due to a lack of timely notice
or to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or punitive
damages for any breach of the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary, its controlling persons,
its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party
or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.3 <U>Standard of Care</U>.</B>
The Company and the Depositary assume no obligation and shall not be subject to any liability under the Deposit Agreement or any
ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations
specifically set forth in the Deposit Agreement or the applicable ADRs without negligence or bad faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limitation of the foregoing, neither
the Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the ADSs,
which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including
fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any
obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any
vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms
of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action
may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to
the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from
the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to
lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action
of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.4 <U>Resignation and Removal
of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time resign as Depositary hereunder by
written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after
delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or
(ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may at any time be removed
by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery
thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii)&nbsp;upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment
hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall
become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections&nbsp;5.8
and 5.9). The predecessor depositary, upon payment of all sums due it, excluding the payment of any possible latent claims under
Section 5.8, which shall be deemed not to constitute sums due, and on the written request of the Company shall, (i) execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated
in Sections 5.8 and 5.9), (ii)&nbsp;duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide
notice of its appointment to such Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further
act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.5 <U>The Custodian</U>.</B>
The Depositary has initially appointed Citibank AS as Custodian for the purpose of the Deposit Agreement. The Custodian or its
successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited
Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged
from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder,
the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian
to Deliver, or cause the Delivery of, the Deposited Securities held by it, together with all such records maintained by it as Custodian
with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever
the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional custodian with respect
to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian,
which shall thereafter be Custodian hereunder with respect to the Deposited Securities. Immediately upon any such change, the Depositary
shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citibank, N.A. may at any time act as Custodian
of the Deposited Securities pursuant to the Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A.
solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement
or any ADR, the Depositary shall not be obligated to give notice to the Company, any Holders of ADSs or any other Custodian of
its acting as Custodian pursuant to the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the appointment of any successor depositary,
any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing, and shall be subject to the direction of the successor depositary. The successor
depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all
such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such
successor depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.6 <U>Notices and Reports</U>.</B>
On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares
or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other
than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in
respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in
the English language but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company
shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions
of the Articles of Association and By-laws of the Company that may be relevant or pertain to such notice of meeting or be the subject
of a vote thereat.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will also transmit to the Depositary
(a) an English language version of the other notices, reports and communications which are made generally available by the Company
to holders of its Shares or other Deposited Securities and (b) the English-language versions of the Company&rsquo;s annual and
semi-annual reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at
the request of the Company and at the Company&rsquo;s expense, to provide copies thereof to all Holders or make such notices, reports
and other communications available to all Holders on a basis similar to that for holders of Shares or other Deposited Securities
or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock
exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the Company&rsquo;s Articles of Association
and By-laws along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection
with such Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the
Custodian a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of the Deposit
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary will, at the expense of the
Company, make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary
for inspection by the Holders of the ADSs at the Depositary&rsquo;s Principal Office, at the office of the Custodian and at any
other designated transfer office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.7 <U>Issuance of Additional
Shares, ADSs etc</U>.</B> The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution
of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption
of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into
or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting
of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger
or consolidation or transfer of assets, (viii) any assumption, reclassification, recapitalization, reorganization, merger, consolidation
or sale of assets which affects the Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain
U.S. legal advice and take all steps necessary to ensure that the proposed transaction does not violate the registration provisions
of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended,
the Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the
Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating whether such transaction (1)&nbsp;requires
a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities
Act and (b) an opinion of Turkish counsel stating that (1) making the transaction available to Holders and Beneficial Owners does
not violate the laws or regulations of Turkey and (2) all requisite regulatory consents and approvals have been obtained in Turkey.
If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction
unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective.
If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act,
the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid
the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated
in the Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act. The Company
agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other
Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and
reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities
convertible into or exchangeable for Shares or rights to subscribe for such securities or distribute securities other than Shares,
unless such transaction and the securities issuable in such transaction do not violate the registration provisions of the Securities
Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange
Act and the securities laws of the states of the U.S.).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to file any registration statement
in respect of any proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.8 <U>Indemnification</U>.</B>
The Depositary agrees to indemnify the Company and its directors, officers, employees, agents and Affiliates against, and hold
each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited
to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary under the terms
hereof due to the negligence or bad faith of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to indemnify the Depositary,
the Custodian and any of their respective directors, officers, employees, agents and Affiliates against, and hold each of them
harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable
fees and expenses of counsel) that may arise, (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit
or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of or as a result of any offering
documents in respect thereof or (c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary
on behalf of the Company of information regarding the Company in connection with the Deposit Agreement, the ADRs, the ADSs, the
Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors,
officers, employees, agents and Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence
or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The indemnities set forth in the preceding
paragraph shall not apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission
or alleged omission in any registration statement, proxy statement, prospectus (of placement memorandum), or preliminary prospectus
(or placement memorandum) relating to the offer or sale of ADSs to the extent any such liability or expense arises out of information
relating to the Depositary or its agents (other than the Company), as applicable, furnished in writing and not changed or altered
by the Company expressly for use in any of the foregoing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The obligations set forth in this Section
shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any person seeking indemnification hereunder
(an &ldquo;indemnified person&rdquo;) shall notify the person from whom it is seeking indemnification (the &ldquo;indemnifying
person&rdquo;) of the commencement of any indemnifiable action or claim promptly after such indemnified person becomes aware of
such commencement (provided that the failure to make such notification shall not affect such indemnified person&rsquo;s rights
to seek indemnification except to the extent the indemnifying person is materially prejudiced by such failure) and shall consult
in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity
hereunder, which defense shall be reasonable in the circumstances. No indemnified person shall compromise or settle any action
or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be
unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.9 <U>Fees and Charges of Depositary</U>.</B>
The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal
of Deposited Securities shall be required to pay to the Depositary the Depositary&rsquo;s fees and related charges identified as
payable by them respectively in the Fee Schedule attached hereto as <U>Exhibit B</U>. All fees and charges so payable may, at any
time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges
payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without
charge, a copy of its latest fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depositary Fees payable upon (i) deposit
of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities will
be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary
by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary
for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in
effect at the time. Depositary fees in respect of distributions and the Depositary services fee are payable to the Depositary by
Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of
the applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the case of distributions other
than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record Date established
by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service
fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed by DTC from
time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms and conditions as
the Company and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges and reimburse
the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for
payment of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary.
Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every
three months. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary, upon
the resignation or removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and
expenses incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.10 <U>Pre-Release Transactions</U>.</B>
Subject to the further terms and provisions of this Section 5.10, the Depositary, its Affiliates and their agents, on their own
behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the receipt of
Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant
to Section 2.7, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction
a &ldquo;<U>Pre-Release Transaction</U>&rdquo;). The Depositary may receive ADSs in lieu of Shares under (i) above and receive
Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the &ldquo;<U>Applicant</U>&rdquo;) to whom ADSs or Shares are to be delivered (w) represents that at the time
of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant
under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to
hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian,
(y) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (z) agrees
to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with
cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary
on not more than five (5) business days&rsquo; notice and (d) subject to such further indemnities and credit regulations as the
Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions
at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided,
however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may also set limits with
respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case-by-case basis as it
deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than
the Applicant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 5.11 <U>Restricted Securities
Owners</U>.</B> The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds
Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated
in Section 2.14) and, to the extent practicable, shall require each of such persons to represent in writing that such person will
not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<BR>
AMENDMENT AND TERMINATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.1 <U>Amendment/Supplement</U>.</B>
Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs outstanding at any time, the provisions of
the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time
to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem
necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which
shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes
and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration
of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice
of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby,
and failure to describe the specific amendments in any such notice shall not render such notice invalid, <U>provided</U>, <U>however</U>,
that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive
the text of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s
website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities
Act or (b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any
fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing
to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if
applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to
surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with
such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 6.2 <U>Termination</U>.</B> The
Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by distributing notice of
such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for
such termination. If ninety (90) days shall have expired after (i) the Depositary shall have delivered to the Company a written
notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of
the Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided
in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of such termination
to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination.
The date so fixed for termination of the Deposit Agreement in any termination notice so distributed by the Depositary to the Holders
of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the Termination Date, the Depositary shall continue
to perform all of its obligations under the Deposit Agreement, and the Holders and Beneficial Owners will be entitled to all of
their rights under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any ADSs shall remain outstanding after
the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any
further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
securities and other property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any
dividends or other distributions received with respect thereto and the net proceeds of the sale of any securities or other property,
in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and
charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders
and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions
as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time after the Termination Date,
the Depositary may sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold un-invested
the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account
and without liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore been surrendered.
After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to account
for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of,
and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial
Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection
with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged from all obligations
under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6 of the Deposit Agreement.
The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination
Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to
the Depositary for cancellation under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ARTICLE VII<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.1 <U>Counterparts</U>.</B>
The Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such
counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement shall be maintained with the
Depositary and shall be open to inspection by any Holder during business hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.2 <U>No Third-Party Beneficiaries</U>.</B>
The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give
any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in the
Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties
nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary
and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary
and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial
Owners may have interests and (iii) nothing contained in the Deposit Agreement shall (a) preclude the Depositary or any of its
Affiliates from engaging in such transactions or establishing or maintaining such relationships, and (b) obligate the Depositary
or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in
such transactions or relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.3 <U>Severability</U>.</B>
In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein
shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.4 <U>Holders and Beneficial
Owners as Parties; Binding Effect</U>.</B> The Holders and Beneficial Owners from time to time of ADSs issued hereunder shall be
parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing their ADSs
by acceptance thereof or any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.5 <U>Notices</U>.</B> Any and
all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail, air courier
or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to
Turkcell Iletism Hizmetleri A. S., Turkcell Plaza, Mesrutiyet Caddesi No: 71, 34430 Tepebasi, Istanbul, Turkey, Telephone: +90
212 313 1201, Facsimile: +90 212 292 5390, <U>Attention</U>: Umit Akin, General Legal Counsel, or to any other address which the
Company may specify in writing to the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to the Depositary
shall be deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New
York, New York 10013, U.S.A., <U>Attention</U>: Depositary Receipts Department, or to any other address which the Depositary may
specify in writing to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any and all notices to be given to any Holder
shall be deemed to have been duly given if <B>(a)</B>&nbsp;personally delivered or sent by mail or cable, telex or facsimile transmission,
confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the Depositary or, if
such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address,
at the address specified in such request, or <B>(b)</B>&nbsp;if a Holder shall have designated such means of notification as an
acceptable means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery
to the e-mail address designated by the Holder for such purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners
for all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice sent by mail, air courier
or cable, telex or facsimile transmission shall be deemed to be effective at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office
letter box or delivered to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a
Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any
Holder, the Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not
be subsequently confirmed by letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Delivery of a notice by means of electronic
messaging shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender&rsquo;s
records), notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve such message, or
fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate a substitute
e-mail address or for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.6 <U>Governing Law and Jurisdiction</U>.</B>
The Deposit Agreement and the ADRs shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by, the laws of the State of New York applicable to contracts made and to be wholly performed
in that State. Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future provisions of the
laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities and the obligations and duties
of the Company in respect of the holders of Shares and other Deposited Securities, as such, shall be governed by the laws of Turkey
(or, if applicable, such other laws as may govern the Deposited Securities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Depositary agree that
the federal or state courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding
and to settle any dispute between them that may arise out of or in connection with the Deposit Agreement and, for such purposes,
each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints
and empowers CT Corporation System, (the &ldquo;<U>Agent</U>&rdquo;) now at 111 Eigth Avenue, 13th Floor, New York, New York 10011,
USA as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues,
service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding
brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this
Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent
in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further
hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit,
action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of
such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a
copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company
agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the validity
of such service or any judgment rendered in any action or proceeding based thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of immunity from legal action, suit
or proceeding, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution or judgment, from execution of judgment, or from any other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement
against it, its assets and its revenues in any jurisdiction, in each case with respect to any matter arising out of, or in connection
with, the Deposit Agreement, any ADR or the Deposited Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No disclaimer of liability under the Securities
Act is intended by any provision of the Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of
the Deposit Agreement, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.7 <U>Assignment</U>.</B> Subject
to the provisions of Section 5.4, the Deposit Agreement may not be assigned by either the Company or the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.8 <U>Compliance with U.S. Securities
Laws</U>.</B> Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities
will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions
to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.9 <U>Compliance with Turkish
Securities Laws.</U></B> The Depositary shall cause the Custodian to act in conformity with Turkish Securities laws and regulations,
including but not limited to CMB, Istanbul Stock Exchange, Takasbank, Central Registry Agency (MKK) and any other laws and regulations
that apply within the context of its role under this Deposit Agreement. The Depositary along with Custodian are liable severally
not jointly for their respective non-compliance with Turkish Securities laws and regulations applicable to them. The Depository
shall cause the Custodian to follow any changes that occur in Turkish laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.10 <U>Turkish Law References</U>.</B>
Any summary of Turkish laws and regulations and of the terms of the Company&rsquo;s Articles of Association/By-laws set forth in
the Deposit Agreement have been provided by the Company solely for the convenience of Holders, Beneficial Owners and the Depositary.
While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i)&nbsp;they are summaries
and as such may not include all aspects of the materials summarized applicable to a Holder or Beneficial Owner, and (ii) these
laws and regulations and the Company&rsquo;s Articles of Association/By-laws may change after the date of the Deposit Agreement.
Neither the Depositary nor the Company has any obligation under the terms of the Deposit Agreement to update any such summaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.11 <U>Titles and References</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>.</B> All references in the Deposit Agreement to exhibits, articles, sections, subsections, and
other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless
expressly provided otherwise. The words &ldquo;the Deposit Agreement&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time
between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless
expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words
in the singular form shall be construed to include the plural and <I>vice versa</I> unless the context otherwise requires. Titles
to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained
in the Deposit Agreement. References to &ldquo;applicable laws and regulations&rdquo; shall refer to laws and regulations applicable
to ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>ADRs</U>.</B> All references in any ADR(s) to paragraphs, exhibits, articles, sections, subsections, and other subdivisions
refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly
provided otherwise. The words &ldquo;the Receipt&rdquo;, &ldquo;the ADR&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;, &ldquo;hereby&rdquo;,
&ldquo;hereunder&rdquo;, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant
time, and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender in any
ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and
<I>vice versa</I> unless the context otherwise requires. Titles to paragraphs of any ADR are included for convenience only and
shall be disregarded in construing the language contained in the ADR. References to &ldquo;applicable laws and regulations&rdquo;
shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination,
unless otherwise required by law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Section 7.12 <U>Amendment and Restatement</U></B>.
The Depositary shall arrange to have new ADRs printed that reflect the form of ADR attached to the Deposit Agreement. All ADRs
issued hereunder after the date hereof, whether upon the deposit of Shares or other Deposited Securities or upon the transfer,
combination or split-up of existing ADRs, shall be substantially in the form of the specimen ADR attached as Exhibit A hereto.
However, American depositary receipts issued prior to the date hereof under the terms of the Original Deposit Agreement and outstanding
as of the date hereof, which do not reflect the form of ADR attached hereto as Exhibit A, do not need to be called in for exchange
and may remain outstanding until such time as the Holders thereof choose to surrender them for any reason under the Deposit Agreement.
The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby instructs the Depositary
to (i) promptly send notice of the execution of the Deposit Agreement to all holders of American depositary shares outstanding
under the Original Deposit Agreement as of the date hereof and (ii) inform holders of American depositary shares issued as &ldquo;certificated
American depositary shares&rdquo; and outstanding under the Original Deposit Agreement as of the date hereof that they have the
opportunity, but are not required, to exchange their American depositary receipts for one or more ADR(s) issued pursuant to the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders and Beneficial Owners of American
depositary shares issued pursuant to the Original Deposit Agreement and outstanding as of the date hereof, shall, from and after
the date hereof, be deemed Holders and Beneficial Owners of ADSs issued pursuant and be subject to all of the terms and conditions
of the Deposit Agreement in all respects, provided, however, that any term of the Deposit Agreement that prejudices any substantial
existing right of holders or beneficial owners of American depositary shares issued under the Original Deposit Agreement shall
not become effective as to Holders and Beneficial Owners until thirty (30) days after notice of the amendments effectuated by the
Deposit Agreement shall have been given to holders of ADSs outstanding as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, TURKCELL ILETISIM HIZMETLERI
A.S. and CITIBANK, N.A. have duly executed the Deposit Agreement as of the day and year first above set forth and all Holders and
Beneficial Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon
acquisition of any beneficial interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">TURKCELL ILETISIM HIZMETLERI A.S.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ S&uuml;reyya Ciliv</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: S&uuml;reyya Ciliv</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Koray &Ouml;zt&uuml;rkler</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Koray &Ouml;zt&uuml;rkler</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Chief Corporate Affairs Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Keith Galfo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Keith Galfo</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF ADR]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">Number</TD>
    <TD STYLE="width: 40%; text-align: right">&#9;CUSIP NUMBER: _______</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>_____________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>American Depositary Shares (each American Depositary
Share representing the right to receive two and one-half (2 1/2) fully paid common share, par value 1 TL per share)</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITED COMMON SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">TURKCELL
ILETISIM HIZMETLERI A.S. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Incorporated under the laws of the Republic
of Turkey)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">CITIBANK, N.A., a national banking association
organized and existing under the laws of the United States of America, as depositary (the &ldquo;Depositary&rdquo;), hereby certifies
that _____________is the owner of ______________ American Depositary Shares (hereinafter &ldquo;ADS&rdquo;) representing deposited
common shares, par value 1TL per share, including evidence of rights to receive such common shares (the &ldquo;Shares&rdquo;),
of Turkcell Iletisim Hizmetleri A.S., a corporation incorporated under the laws of Turkey (the &ldquo;Company&rdquo;). As of the
date of the Deposit Agreement (as hereinafter defined), each ADS represents the right to receive two and one-half (2 1/2) Share(s)
deposited under the Deposit Agreement with the Custodian, which at the date of execution of the Deposit Agreement is Citibank AS
(the &ldquo;Custodian&rdquo;). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit
Agreement. The Depositary&rsquo;s Principal Office is located at 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(1)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Deposit Agreement</U>.</B> This American Depositary Receipt is one of an issue of American Depositary Receipts (&ldquo;ADRs&rdquo;),
all issued and to be issued upon the terms and conditions set forth in the Amended and Restated Deposit Agreement, dated as of
July 6, 2011 (as amended and supplemented from time to time, the &ldquo;Deposit Agreement&rdquo;), by and among the Company, the
Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement sets forth
the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the
Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of such Shares
and held thereunder (such Shares, securities, property and cash are herein called &ldquo;Deposited Securities&rdquo;). Copies of
the Deposit Agreement are on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit
Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable
ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any
and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply
with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry
out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant
of the necessity and appropriateness thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The statements made on the face and reverse
of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of Association and By-laws of the Company
(as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions
of the Deposit Agreement and the Articles of Association and By-laws, to which reference is hereby made. All capitalized terms
used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary
makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements
for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and
the DTC Participants to exercise and be entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated
ADSs subject, however, to the terms and conditions of Section 2.13 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withdrawal of Deposited Securities</U>.</B>The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled
to Delivery (at the Custodian&rsquo;s designated office) of the Deposited Securities at the time represented by the ADSs evidenced
hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly authorized attorney of the Holder) has
duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and, if applicable, this ADR evidencing
such ADSs) for the purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so required by
the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by
proper instruments of transfer in blank (including signature guarantees in accordance with standard securities industry practice),
(iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a written order directing
the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of the person(s)
designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable
taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U> to, the Deposit Agreement) have been paid,
<I>subject, however, in each case</I>, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit
Agreement, of the Company&rsquo;s Articles of Association and By-laws and of any applicable laws and the rules of CRA and to any
provisions of or governing the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon satisfaction of each of the conditions
specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so
Delivered), (ii)&nbsp;shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for
such purpose, and (iii)&nbsp;shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable
delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for
the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written
order of the person(s) designated in the order delivered to the Depositary for such purpose, <I>subject however, in each case</I>,
to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADS so cancelled, of the Articles of Association
and By-laws of the Company, of any applicable laws and of the rules of the CRA, and to the terms and conditions of or governing
the Deposited Securities, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not accept for surrender
ADSs representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number
of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the
terms hereof, and shall, at the discretion of the Depositary, either (i)&nbsp;return to the person surrendering such ADSs the number
of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs
so surrendered and remit the proceeds of such sale (net of (a)&nbsp;applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the person surrendering the ADSs. Notwithstanding anything else contained in this ADR or
the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary of (i)&nbsp;any cash dividends
or cash distributions, or (ii)&nbsp;any proceeds from the sale of any distributions of shares or rights, which are at the time
held by the Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal.
At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder,
the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities)
held by the Custodian in respect of the Deposited Securities represented by such ADSs to the Depositary for delivery at the Principal
Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable,
telex or facsimile transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer, Combination and Split-Up of ADRs</U>.</B> The Registrar shall register the transfer of this ADR (and of the
ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x)&nbsp;cancel this ADR and execute
new ADRs evidencing the same aggregate number of ADSs as those evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause
the Registrar to countersign such new ADRs and (z)&nbsp;Deliver such new ADRs to or upon the order of the person entitled thereto,
if each of the following conditions has been satisfied: (i)&nbsp;this ADR has been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii)&nbsp;this
surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees
in accordance with standard securities industry practice), (iii) this surrendered ADR has been duly stamped (if required by the
laws of the State of New York or of the United States), and (iv)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U>
to, the Deposit Agreement) have been paid, <I>subject, however, in each case,</I> to the terms and conditions of this ADR, of the
Deposit Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall register the split-up
or combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall
(x)&nbsp;cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of
ADSs evidenced by this ADR canceled by the Depositary, (y)&nbsp;cause the Registrar to countersign such new ADRs and (z)&nbsp;Deliver
such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i)&nbsp;this
ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office
for the purpose of effecting a split-up or combination hereof, and (ii)&nbsp;all applicable fees and charges of, and expenses incurred
by, the Depositary and all applicable taxes and government charges (as are set forth in Section 5.9 of, and <U>Exhibit B</U> to,
the Deposit Agreement) have been paid, <I>subject, however, in each case</I>, to the terms and conditions of this ADR, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Conditions to Registration, Transfer, Etc</U>.</B> Prior to the execution and delivery, registration of issuance,
transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited
Securities, the Company, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs
or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees and charges of the Depositary as provided in Section 5.9 and <U>Exhibit B</U> to the Deposit Agreement and
in this ADR, (ii) the production of proof reasonably satisfactory to it as to the identity and genuineness of any signature or
any other matter contemplated in Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or governmental regulations
relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations
as the Depositary and the Company may establish consistent with the provisions of this ADR, if applicable, the Deposit Agreement
and applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The issuance of ADSs against deposits of
Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused,
or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs generally
may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar
are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time
or from time to time because of any requirement of law or regulation, any government or governmental body or commission or any
securities exchange on which the Shares or ADSs are listed, or under any provision of the Deposit Agreement or this ADR, or under
any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other
reason, subject, in all cases to paragraph (24) hereof and Section 7.8 of the Deposit Agreement. Notwithstanding any provision
of the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited
Securities associated therewith at any time subject only to (i)&nbsp;temporary delays caused by closing the transfer books of the
Depositary or the Company or the deposit of Shares in connection with voting at a shareholders&rsquo; meeting or the payment of
dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or the withdrawal of the Deposited Securities, and (iv)&nbsp;other circumstances specifically
contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time
to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance With Information Requests</U>.</B> Notwithstanding any other provision of the Deposit Agreement or this ADR,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable
law, the rules and requirements of the CMB, The New York Stock Exchange, The Istanbul Stock Exchange, and any other stock exchange
on which Shares or ADSs are, or will be, registered, traded or listed, or the Articles of Association and By-laws of the Company,
which are made to provide information, <I>inter alia</I>, as to the capacity in which such Holder or Beneficial Owner owns ADSs
(and Shares, as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such
interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership Restrictions</U>.</B> Notwithstanding any other provision of this ADR or of the Deposit Agreement, the Company
may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable
law or the Articles of Association and By-laws of the Company. The Company may also restrict, in such manner as it deems appropriate,
transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder
or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct
the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits
set forth in the preceding sentence, including but not limited to, the imposition of restrictions on the transfer of ADSs, the
removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares
represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition
is permitted by applicable law and the Articles of Association and By-laws of the Company. Nothing herein or in the Deposit Agreement
shall be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described
herein or in Section 3.5 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Applicable laws and regulations may require
holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements
and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining
and complying with such reporting requirements, and obtaining such approvals. Each Holder and each Beneficial Owner hereby agrees
to make such determination, file such reports, and obtain such approvals to the extent and in the form required by applicable laws
and regulations as in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their respective agents
or affiliates shall be required to take any actions whatsoever on behalf of Holders or Beneficial Owners to determine and satisfy
such reporting requirements or obtain such regulatory approvals under applicable laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability by the Custodian or by the Depositary for Taxes and Other Charges</U>.</B> Any tax or other governmental charge
payable with respect to any ADR or any Deposited Securities or ADSs shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or Depositary may withhold or deduct from any distributions made in respect of Deposited
Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such
distributions and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may
be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Securities and the ADRs, the Holder and the Beneficial
Owner hereof remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse
to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or combination of ADRs and (subject to paragraph
(24) hereof and Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Securities until payment in full of such tax,
charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the
Custodian, and any of their agents, officers, employees and Affiliates for, and hold each of them harmless from, any claims with
respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of Depositors</U>.</B> Each person depositing Shares under the Deposit Agreement shall
be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued,
fully paid, non-assessable and legally obtained by such person, (ii)&nbsp;all preemptive (and similar) rights, if any, with respect
to such Shares have been validly waived or exercised, (iii)&nbsp;the person making such deposit is duly authorized so to do, (iv)
the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim,
and (v) the Shares presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except
as contemplated in Section 2.14 of the Deposit Agreement), and (vi)&nbsp;the Shares presented for deposit have not been stripped
of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance
and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false
in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take
any and all actions necessary to correct the consequences thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing Proofs, Certificates and Other Information</U>.</B> Any person presenting Shares for deposit, and any Holder and
any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary
and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable
laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and the provisions of, or governing, the Deposited Securities,
to execute such certifications and to make such representations and warranties, and to provide such other information and documentation
(or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books
of the Company or of the Shares Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may
reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and the applicable
ADR(s). The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of
any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent
not limited by paragraph (24), the delivery of any Deposited Securities until such proof or other information is filed or such
certifications are executed, or such representations and warranties are made or such other information or documentation are provided,
in each case to the Depositary&rsquo;s, the Registrar&rsquo;s and the Company&rsquo;s satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Charges of Depositary</U>.</B> The Depositary shall charge the following fees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD><U>Issuance Fee</U>: to any person depositing Shares or to whom ADSs are issued upon the deposit of Shares (excluding issuances
as a result of distributions described in paragraph (iv) below), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
issued under the terms of the Deposit Agreement;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(ii)</B></TD><TD><U>Cancellation Fee</U>: to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities or to any
person to whom Deposited Securities are delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iii)</B></TD><TD><U>Cash Distribution Fee</U>: to any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held
for the distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(iv)</B></TD><TD><U>Stock Distribution /Rights Exercise Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for (a)&nbsp;stock dividends or other free stock distributions or (b)&nbsp;exercise of rights to purchase
additional ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(v)</B></TD><TD><U>Other Distribution Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for the distribution of securities other than ADSs or rights to purchase additional ADSs (i.e., spin-off shares); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><B>(vi)</B></TD><TD><U>Depositary Services Fee</U>: to any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held on the applicable record date(s) established by the Depositary.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders, Beneficial Owners, persons depositing
Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible
for the following charges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the delivery or servicing
of Deposited Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All fees and charges may, at any time and
from time to time, be changed by agreement between the Depositary and the Company but, in the case of fees and charges payable
by Holders or Beneficial Owners, only in the manner contemplated by paragraph (22) of this ADR and as contemplated in Section 6.1
of the Deposit Agreement. The Depositary will provide, without charge, a copy of its latest fee schedule to anyone upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Depositary Fees payable upon (i) deposit
of Shares against issuance of ADSs and (ii)&nbsp;surrender of ADSs for cancellation and withdrawal of Deposited Securities will
be charged by the Depositary to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the person
who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations). In the case of ADSs issued by the
Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary
by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary
for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC participant(s) as in
effect at the time. Depositary fees in respect of distributions and the Depositary services fee are payable to the Depositary by
Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of
the applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the case of distributions other
than cash and the Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record Date established
by the Depositary. For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service
fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed by DTC from
time to time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for whom they hold ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary may reimburse the Company
for certain expenses incurred by the Company in respect of the ADR program established pursuant to the Deposit Agreement, by making
available a portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms and conditions as
the Company and the Depositary agree from time to time. The Company shall pay to the Depositary such fees and charges and reimburse
the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to time. Responsibility for
payment of such charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary.
Unless otherwise agreed, the Depositary shall present its statement for such expenses and fees or charges to the Company once every
three months. The charges and expenses of the Custodian are for the sole account of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary, upon
the resignation or removal of such Depositary as described in Section 5.4, such right shall extend for those fees, charges and
expenses incurred prior to the effectiveness of such resignation or removal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Title to ADRs</U>.</B> It is a condition of this ADR, and every successive Holder of this ADR by accepting or holding
the same consents and agrees, that title to this ADR (and to each ADS evidenced hereby) shall be transferable upon the same terms
as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has
been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary
and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books
of the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation
nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless,
in the case of a holder of ADSs, such holder is the Holder of this ADR registered on the books of the Depositary or, in the case
of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner&rsquo;s representative is the Holder registered on the books
of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Validity of ADR</U>.</B> The Holder(s) of this ADR (and the ADSs represented hereby) shall not be entitled to any benefits
under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has
been (i) dated, (ii) signed by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned
by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained
by the Registrar for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized
signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the Depositary or
the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so
authorized prior to the delivery of such ADR by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Available Information; Reports; Inspection of Transfer Books</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is subject to the periodic
reporting requirements of the Exchange Act and, accordingly, is required to file or submit certain reports with the Commission.
These reports can be retrieved from the Commission's website (<U>www.sec.gov</U>) and can be inspected and copied at the public
reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington
D.C. 20549.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall make available for
inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received
from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of
the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar shall keep books for the registration
of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that
such inspection shall not be, to the Registrar&rsquo;s knowledge, for the purpose of communicating with Holders of such ADSs in
the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement
or the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrar may close the transfer books
with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection
with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to paragraph
(24) and Section 7.8 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-indent: 0in">CITIBANK, N.A.<BR>
Transfer Agent and Registrar</TD>
    <TD STYLE="width: 50%; text-indent: 0in">CITIBANK, N.A.<BR>
as Depositary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">By:&#9;__________________________________&#9;</TD>
    <TD STYLE="text-indent: 0in">By:&#9;__________________________________&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0.125in">&nbsp;&nbsp;&nbsp;Authorized Signatory</TD>
    <TD STYLE="text-align: left; text-indent: 0.125in">&nbsp;&nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The address of the Principal Office of the
Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF ADR]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUMMARY OF CERTAIN ADDITIONAL PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF THE DEPOSIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends and Distributions in Cash, Shares, etc</U>.</B> Upon the timely receipt by the Depositary of a notice from
the Company that it intends to make a distribution of a cash dividend or other cash distribution, the Depositary shall establish
an ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of receipt of any cash
dividend or other cash distribution on any Deposited Securities, or upon receipt of proceeds from the sale of any Deposited Securities
or of any entitlements held in respect of Deposited Securities under the terms of the Deposit Agreement, the Depositary will (i)&nbsp;if
at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (upon the terms
of Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly
convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (upon the terms of Section 4.8 of the
Deposit Agreement), (ii)&nbsp;if applicable and unless previously established, establish the ADS Record Date upon the terms described
in Section 4.9 of the Deposit Agreement, and (iii)&nbsp;distribute promptly the amount thus received (net of (a) applicable fees
and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to the Holders entitled thereto as of the ADS
Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall
be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the next sum received
by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on
the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded
by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest
bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected
or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states
of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the timely receipt by the Depositary
of a notice from the Company that it intends to make a distribution that consists of a dividend in, or free distribution of Shares,
the Depositary shall establish an ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt
of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i)
subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion to the number
of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such
dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional ADSs are not so distributed,
take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by
law, thenceforth also represent rights and interest in the additional integral number of Shares distributed upon the Deposited
Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary, and (b)
taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares or ADSs, as the case may be, represented
by the aggregate of such fractions and distribute the net proceeds upon the terms set forth in Section 4.1 of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Depositary determines
that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is
obligated to withhold, or, if the Company in the fulfillment of its obligations under Section 5.7 of the Deposit Agreement, has
furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order
to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all
or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including
by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds
of any such sale (after deduction of (a) taxes and (b)&nbsp;fees and charges of, and the expenses incurred by, the Depositary)
to Holders entitled thereto upon the terms of Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute
any unsold balance of such property in accordance with the provisions of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the timely receipt of a notice indicating
that the Company wishes an elective distribution in cash or Shares to be made available to Holders of ADSs upon the terms described
in the Deposit Agreement, the Company and the Depositary shall determine whether such distribution is lawful and reasonably practicable.
If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according
to paragraph (16) and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or
in additional ADSs. If a Holder elects to receive the distribution in cash, the distribution shall be made as in the case of a
distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be made
as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is
not reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement,
the Depositary shall establish an ADS Record Date upon the terms of Section 4.9 of the Deposit Agreement and, to the extent permitted
by law, distribute to Holders, on the basis of the same determination as is made in Turkey in respect of the Shares for which no
election is made, either (x)&nbsp;cash or (y)&nbsp;additional ADSs representing such additional Shares, in each case, upon the
terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available
to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that
the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders
of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the timely receipt by the Depositary
of a notice indicating that the Company wishes rights to subscribe for additional Shares to be made available to Holders of ADSs,
the Depositary upon consultation with the Company, shall determine, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to any Holders only if (i) the Company shall have
timely requested that such rights be made available to Holders, (ii) the Depositary shall have received the documentation contemplated
in the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights is reasonably practicable.
If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set
forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.9 of the Deposit
Agreement) and establish procedures (x)&nbsp;to distribute rights to purchase additional ADSs (by means of warrants or otherwise),
(y)&nbsp;to enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes), and (z)&nbsp;to deliver ADSs upon the valid exercise of such
rights. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise
rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely request the Depositary to make the rights
available to Holders or requests that the rights not be made available to Holders, (ii)&nbsp;the Depositary fails to receive satisfactory
documentation within the terms of Section 5.7 of the Deposit Agreement or determines it is not reasonably practicable to make the
rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary
shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless principal capacity, at such
place and upon such terms (including public and private sale) as it may deem practicable. The Depositary shall, upon such sale,
convert and distribute proceeds of such sale (net of applicable (a)&nbsp;fees and charges of, and expenses incurred by, the Depositary
and (b)&nbsp;taxes) upon the terms hereof and of Section 4.1 of the Deposit Agreement. If the Depositary is unable to make any
rights available to Holders upon the terms described in Section 4.4(a) of the Deposit Agreement or to arrange for the sale of the
rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. The
Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available
to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such
sale or exercise, or (iii) the content of any materials forwarded to the ADS Holders on behalf of the Company in connection with
the rights distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything herein or in the
Deposit Agreement to the contrary, if registration (under the Securities Act or any other applicable law) of the rights or the
securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders
and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i)&nbsp;unless
and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or (ii)&nbsp;unless
the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any
other applicable country in which rights would be distributed, in each case reasonably satisfactory to the Depositary, to the effect
that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration
under, the provisions of the Securities Act or any other applicable laws. A liquid market for rights may not exist, and this may
adversely affect (1) the ability of the Depositary to dispose of such rights or (2) the amount the Depositary would realize upon
disposal of rights. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold
from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed
to the Holders of ADSs representing such Deposited Securities shall be reduced accordingly. In the event that the Depositary determines
that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental
charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including
Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary
deems necessary and practicable to pay any such taxes or charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally,
or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of
Shares or be able to exercise such rights. Nothing herein or in the Deposit Agreement shall obligate the Company to file any registration
statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon receipt of a notice indicating that
the Company wishes property other than cash, Shares or rights to purchase additional Shares, to be made to Holders of ADSs, the
Depositary shall determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not
make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the
Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary shall have determined
that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property
so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them respectively
and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net
of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of any taxes withheld. The Depositary
may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public
or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties)
or other governmental charges applicable to the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the conditions above are not satisfied,
the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such
terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii)&nbsp;distribute
the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by,
the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms hereof and of the Deposit Agreement. If the
Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way
it deems reasonably practicable under the circumstances.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption</U>.</B> Upon timely receipt of notice from the Company that it intends to exercise its right of redemption
in respect of any of the Deposited Securities, and a satisfactory opinion of counsel, and upon determining that such proposed redemption
is practicable, the Depositary shall (to the extent practicable) provide to each Holder a notice setting forth the Company&rsquo;s
intention to exercise the redemption rights and any other particulars set forth in the Company&rsquo;s notice to the Depositary.
Upon receipt of confirmation that the redemption has taken place and that funds representing the redemption price have been received,
the Depositary shall convert, transfer, distribute the proceeds (net of applicable (a) fees and charges of, and expenses incurred
by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof upon
the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed,
the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price
per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s)
ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit
Agreement and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes) multiplied by the number
of Deposited Securities represented by each ADS redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of ADS Record Date</U>.</B> Whenever the Depositary shall receive notice of the fixing of a record date by the
Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares,
rights or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders
of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary in connection with the giving of any
notice, solicitation of any consent or any other matter, the Depositary shall fix a record date (the &ldquo;<U>ADS Record Date</U>&rdquo;)
for the determination of the Holders of ADSs who shall be entitled to receive such distribution, to give instructions for the exercise
of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise
take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. Subject
to applicable law and the terms and conditions of this ADR and Sections 4.1 through 4.8 of the Deposit Agreement, only the Holders
of ADSs at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such
instructions, to receive such notice or solicitation, or otherwise take action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Securities</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As soon as practicable after receipt of
notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies
from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of
consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in
writing in a timely manner, at the Company&rsquo;s expense and provided no U.S. legal prohibitions exist, distribute to Holders
as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at
the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement,
the Articles of Association and By-laws of the Company and the provisions of or governing the Deposited Securities (which provisions,
if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder&rsquo;s ADSs, and (c) a brief statement as to the manner
in which such voting instructions may be given including an indication that instructions may be given and, if so required under
applicable law, the need and manner for blocking the sale or other transfer of the ADSs and the Shares prior to the meeting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything contained in the Deposit Agreement
or any ADR, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange
on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting
of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides
Holders with, or otherwise publicize to Holders, instructions on how to retrieve such materials or receive such materials upon
request (<I>i.e.</I>, by reference to a website containing the materials for retrieval or a contact for requesting copies of the
materials).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Voting instructions may be given only in respect of a number
of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record
Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and
permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association and By-laws of the Company and
the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by
proxy) represented by such Holder&rsquo;s ADSs in accordance with such voting instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Depositary nor the Custodian
shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt
to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities
represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise
contemplated herein. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which
the Depositary is to vote the Deposited Securities represented by such Holder&rsquo;s ADSs, the Depositary will deem such Holder
(unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items
set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received
by the Depositary from the Holder shall not be voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything else contained
in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action with respect to any meeting,
or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws.
The Company agrees to take any and all actions reasonably necessary to enable Holders and Beneficial Owners to exercise the voting
rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions
requested to be taken if so requested by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that Holders generally
or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting
instructions to the Depositary in a timely manner.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Changes Affecting Deposited Securities</U>.</B> Upon any change in nominal or par value, split-up, cancellation, consolidation
or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale
of assets affecting the Company or to which it is a party, any securities which shall be received by the Depositary or the Custodian
in exchange for, or in conversion of or replacement of or otherwise in respect of, such Deposited Securities shall, to the extent
permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the ADRs shall, subject to the provisions
of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional or replacement securities.
In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization,
reorganization, merger, consolidation or sale of assets, the Depositary may, with the Company&rsquo;s approval, and shall, if the
Company shall so request, subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company reasonably
satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i)&nbsp;issue and
deliver additional ADSs as in the case of a stock dividend on the Shares, (ii)&nbsp;amend the Deposit Agreement and the applicable
ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)&nbsp;call
for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect
the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement
on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the
event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company&rsquo;s
approval, and shall, if the Company requests, subject to receipt of an opinion of Company&rsquo;s counsel reasonably satisfactory
to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or
private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales
(net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise
entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to
Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful
or practicable to make such securities available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure
or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Exoneration</U>.</B> Neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent
with the provisions of the Deposit Agreement or incur any liability (i) if the Depositary or the Company shall be prevented or
forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR,
by reason of any provision of any present or future law or regulation of the United States, Turkey or any other country, or of
any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties
or restraint, or by reason of any provision, present or future, of the Articles of Association and By-laws of the Company or any
provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control
(including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts
of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement or in the Articles of Association and By-laws of the Company or provisions
of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof,
or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability of
a Holder or Beneficial Owner to give voting instructions in respect of any matter put before the holders of Deposited Securities
for a vote due to a lack of timely notice or to benefit from any distribution, offering, right or other benefit which is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs or (v)
for any consequential or punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its controlling
persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting
upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper
party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement or
this ADR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(20)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Standard of Care</U>.</B> The Company and the Depositary assume no obligation and shall not be subject to any liability
under the Deposit Agreement or this ADR to any Holder(s) or Beneficial Owner(s), except that the Company and Depositary agree to
perform their respective obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad faith.
Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons,
or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities or in respect of the ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory
to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required
(and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary). The Depositary and its agents shall not be liable for any failure to carry out any instructions
to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any
such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur
any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content
of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof,
for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness
of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement, for the failure or timeliness of
any notice from the Company, or for any action or failure to act by, or any information provided or not provided by, DTC or any
DTC participant.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith
while it acted as Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall not be liable for any
acts or omissions made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection
with any matter arising wholly prior to the appointment of the Depositary or after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(21)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary; Appointment of Successor Depositary</U>.</B> The Depositary may at any time
resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to
be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled
to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii)&nbsp;upon the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal, which removal shall be effective on the later of (i)&nbsp;the 90th day after delivery thereof
to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement),
or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best
efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan,
the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and
to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any
further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations
of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon
payment of all sums due it, excluding the payment of any possible latent claims under Section 5.8 of the Deposit Agreement, which
shall be deemed not to constitute sums due, and on the written request of the Company, shall (i)&nbsp;execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8
and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities
to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide
notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall
be the successor of the Depositary without the execution or filing of any document or any further act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(22)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment/Supplement</U>.</B> Subject to the terms and conditions of this paragraph 22, and Section 6.1 of the Deposit
Agreement and applicable law, this ADR and any provisions of the Deposit Agreement may at any time and from time to time be amended
or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable
without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase
any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders
or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after
notice of such amendment or supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to the
Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe
the specific amendments in any such notice shall not render such notice invalid, <U>provided</U>, <U>however</U>, that, in each
such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text
of such amendment (<I>i.e.</I>, upon retrieval from the Commission&rsquo;s, the Depositary&rsquo;s or the Company&rsquo;s website
or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary
(as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or
(b) the ADSs to be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees
or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial
Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing
to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and this ADR,
if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder
to surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations
which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the
Depositary may amend or supplement the Deposit Agreement and this ADR at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become effective before
a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with
such laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(23)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U>.</B> The Depositary shall, at any time at the written direction of the Company, terminate the Deposit
Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior
to the date fixed in such notice for such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary
a written notice of the removal of the Depositary, and, in either case, a successor depositary shall not have been appointed and
accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement
by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date
fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice
so distributed by the Depositary to the Holders of ADSs is referred to as the &ldquo;<U>Termination Date</U>&rdquo;. Until the
Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders
and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. If any ADSs shall remain outstanding
after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform
any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and conditions
of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell
securities and other property received in respect of Deposited Securities, (iii) deliver Deposited Securities, together with any
dividends or other distributions received with respect thereto and the net proceeds of the sale of any securities or other property,
in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the fees and
charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders
and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions
as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement. At any time after
the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and shall after such
sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement,
in an un-segregated account and without liability for interest, for the pro - rata benefit of the Holders whose ADSs have not theretofore
been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except
(i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and
charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders
and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required
at law in connection with the termination of the Deposit Agreement. After the Termination Date, the Company shall be discharged
from all obligations under the Deposit Agreement, except for its obligations to the Depositary under Sections 5.8, 5.9 and 7.6
of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding
as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented
by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(24)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with U.S. Securities Laws</U>.</B> Notwithstanding any provisions in this ADR or the Deposit Agreement to
the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except
as would be permitted by Instruction I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from
time to time, under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>(25)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Rights of the Depositary; Limitations</U>.</B> Subject to the further terms and provisions of this paragraph
(25) and Section 5.10 of the Deposit Agreement, the Depositary, its Affiliates and their agents, on their own behalf, may own and
deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; <U>provided</U>, <U>however</U>, that the Depositary may (i) issue ADSs prior to the receipt of Shares
pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities pursuant to Section 2.7 of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares
may not have been received (each such transaction a &ldquo;<U>Pre-Release Transaction</U>&rdquo;). The Depositary may receive ADSs
in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be
(a) subject to a written agreement whereby the person or entity (the &ldquo;<U>Applicant</U>&rdquo;) to whom ADSs or Shares are
to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or
ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x) agrees to indicate the Depositary as owner
of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are
delivered to the Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the Custodian, as
applicable, such Shares or ADSs and (z) agrees to any additional restrictions or requirements that the Depositary deems appropriate,
(b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days&rsquo; notice and (d) subject to such further indemnities
and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved
in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs
outstanding under (i) above), <U>provided</U>, <U>however</U>, that the Depositary reserves the right to change or disregard such
limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares
involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may retain
for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above,
but not earnings thereon, shall be held for the benefit of the Holders (other than the Applicant).</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; font: 24pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: right"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(ASSIGNMENT AND TRANSFER SIGNATURE
LINES)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s)
and transfer(s) unto ______________________________ whose taxpayer identification number is _______________________ and whose address
including postal zip code is ________________, the within ADS and all rights thereunder, hereby irrevocably constituting and appointing
________________________ attorney-in-fact to transfer said ADS on the books of the Depositary with full power of substitution in
the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">Dated:&nbsp;</TD>
    <TD STYLE="width: 50%">Name:________________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in">&nbsp;&nbsp;&nbsp;By:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.25in">&nbsp;&nbsp;&nbsp;Title:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The signature of the Holder to this assignment
must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement
or any change whatsoever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>If the endorsement be executed by an attorney, executor,
administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper
evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this ADR.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>__________________________</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>SIGNATURE GUARANTEED</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>All endorsements or assignments of ADRs must be guaranteed
by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Legends</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in">[The ADRs issued in respect of Partial
Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: &ldquo;This ADR evidences ADSs
representing 'partial entitlement' common shares of TURKCELL ILETISIM HIZMETLERI A.S. and as such do not entitle the holders
thereof to the same per-share entitlement as other common shares (which are 'full entitlement' common shares) issued and
outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical
to other ADSs when the common shares represented by such ADSs become 'full entitlement' common shares.&rdquo;]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FEE SCHEDULE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEPOSITARY FEES AND RELATED CHARGES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All capitalized terms used but not otherwise defined herein
shall have the meaning given to such terms in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">I.</TD><TD><U>Depositary Fees</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company, the Holders, the Beneficial
Owners and the persons depositing Shares or surrendering ADSs for cancellation agree to pay the following fees of the Depositary:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Service</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Rate</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>By Whom Paid</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(1)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Issuance of ADSs upon deposit of Shares (excluding issuances as a result of distributions described in paragraph (4) below).</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person depositing Shares or person receiving ADSs.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(2)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Delivery of Deposited Securities against surrender of ADSs.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person surrendering ADSs for the purpose of withdrawal of Deposited Securities or person to whom Deposited Securities are delivered.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(3)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Distribution of cash dividends or other cash distributions (<I>i.e.</I>, sale of rights and other entitlements).</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person to whom distribution is made.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(4)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii)&nbsp;exercise of rights to purchase additional ADSs.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person to whom distribution is made.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(5)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Distribution of securities other than ADSs or rights to purchase additional ADSs (<I>i.e.</I>, spin-off shares).</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person to whom distribution is made.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>(6)</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt"><B>Depositary Services.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Person holding ADSs on the applicable record date(s) established by the Depositary.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">II.</TD><TD><U>Charges</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders, Beneficial Owners, persons depositing
Shares and persons surrendering ADSs for cancellation and for the purpose of withdrawing Deposited Securities shall be responsible
for the following charges:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>taxes (including applicable interest and penalties) and other governmental charges;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>such registration fees as may from time to time be in effect for the registration of Shares or other Deposited Securities on
the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the
Depositary or any nominees upon the making of deposits and withdrawals, respectively;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit Agreement to be
at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the expenses and charges incurred by the Depositary in the conversion of foreign currency;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and
other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection with the servicing or delivery
of Deposited Securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)
<SEQUENCE>3
<FILENAME>e618081_ex99-d.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;<BR></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 3, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citibank, N.A. &ndash; ADR Department<BR>
388 Greenwich Street<BR>
New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">We refer to the Registration
Statement on Form F-6 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed with the Securities and Exchange Commission
(the &ldquo;<U>SEC</U>&rdquo;) by the legal entity created by the Deposit Agreement (as hereinafter defined) for the purpose of
registering under the United States Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), 250,000,000 American
Depositary Shares (the &ldquo;<U>ADSs</U>&rdquo;) to be issued under the Amended and Restated Deposit Agreement, dated as of July
6, 2011 (the &ldquo;<U>Deposit Agreement</U>&rdquo;), by and among Citibank, N.A., as Depositary, Turkcell Iletisim Hizmetleri
A.S., a corporation organized under the laws of the Republic of Turkey (the &ldquo;<U>Company</U>&rdquo;), and the Holders and
Beneficial Owners (each as defined in the Deposit Agreement and hereinafter used as so defined) from time to time of ADSs issued
thereunder, a copy of which is being filed as Exhibit (a) to the Registration Statement.&nbsp;&nbsp;Each ADS will represent the
right to receive, subject to the terms and conditions of the Deposit Agreement and, if applicable, the American Depositary Receipt
(&ldquo;<U>ADR</U>&rdquo;) evidencing such ADSs, two and one-half (2&frac12;) shares of Common Stock of the Company (the &ldquo;<U>Shares</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Nothing contained herein
or in any document referred to herein is intended by this firm to be used, and the addressees hereof cannot use anything contained
herein or in any document referred to herein, as &ldquo;tax advice&rdquo; (within the meaning given to such term by the United
States Internal Revenue Service (&ldquo;<U>IRS</U>&rdquo;) in IRS Circular 230 and any related interpretative advice issued by
the IRS in respect of IRS Circular 230 prior to the date hereof, and hereinafter used within such meaning and interpretative advice).
Without admitting that anything contained herein or in any document referred to herein constitutes &ldquo;tax advice&rdquo; for
any purpose, notice is hereby given that, to the extent anything contained herein or in any document referred to herein constitutes,
or is or may be interpreted by any court, by the IRS or by any other administrative body to constitute, &ldquo;tax advice,&rdquo;
such &ldquo;tax advice&rdquo; is not intended or written to be used, and cannot be used, for the purpose of (i)&nbsp;avoiding penalties
under the United States Internal Revenue Code of 1986, as amended, or (ii)&nbsp;promoting, marketing or recommending to any party
any transaction or matter addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Assuming that, at the
time of their issuance, the Registration Statement will be effective, the Shares have been legally issued, and the Deposit Agreement
has been duly executed and delivered by the Company, we are of the opinion that the ADSs, when issued in accordance with the terms
of the Deposit Agreement and the Registration Statement, will be legally issued and will entitle the Holders to the rights specified
in the Deposit Agreement and, if applicable, the ADR(s) evidencing the ADS(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This opinion is limited
to the laws of the State of New York and the Federal laws of the United States. Without admitting that we are within the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act, we hereby consent to the use of this opinion
as Exhibit (d) to the Registration Statement.</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PATTERSON BELKNAP WEBB &amp; TYLER <FONT STYLE="font-size: 10pt">LLP</FONT></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Herman H. Rasp&eacute;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>A Member of the Firm</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; border-bottom: Black 2px solid">-2-</P>

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<DOCUMENT>
<TYPE>EX-99.(E)
<SEQUENCE>4
<FILENAME>e618081_ex99-e.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit (e)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rule 466 Certification<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The depositary, Citibank, N.A., represents and certifies the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That
it previously had filed a registration statement on Form F-6 (Registration No. 333-175062), which the U.S. Securities and Exchange
Commission declared effective, with terms of deposit identical to the terms of deposit of this Form F-6 Registration Statement;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That
its ability to designate the date and time of effectiveness under Rule 466 has not been suspended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CITIBANK, N.A., as Depositary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Susanna
Ansala</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Susanna
Ansala</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;&nbsp;Vice
President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(F)
<SEQUENCE>5
<FILENAME>e618081_ex99-f.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">Exhibit (f)</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;<IMG SRC="logo2.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #292929"><B>LETTER OF CONFIRMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #292929">We
hereby confirm that by the resolution of the Board of Directors of Turkcell </FONT>&Igrave;leti&#351;im Hizmetleri A.&#350;. <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #292929">dated
28 November 2018 and numbered 1531, the following decision
has been taken and the resolution has been manually signed by each of the members of the Company's Board of Directors named below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929; text-align: justify">Mr. Muhterem Kaan Terzioglu and Mr. Osman
Yilmaz have been appointed to act jointly, to act as true and lawful attorney-in-fact and agent of board members AHMET AKCA,
ATILLA KOC, MEHMET HILMI G&Uuml;LER, INGRID MARIA STENMARK, MUSTAFA KIRAL and HASAN TUVAN YALIM, with full power of
substitution, for him/her and in his/her name, place and stead, in any and all such capacities, to sign the new Form F-6 of
the Company, and in both cases any and all Statement or any amendments to the existing Form F-6 of the Company, and in both
cases any and all amendments, including post-effective amendments, and supplements thereto, and to file the same, with all
exhibits thereto and other documents in connection therewith, with the United States Securities and Exchange Commission,
granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could
do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his/her substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Zeynel Korhan Bilek</TD>
    <TD STYLE="width: 55%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Zeynel Korhan Bilek</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Investor Relations and Mergers &amp; Acquisitions Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Turkcell &Igrave;leti&#351;im Hizmetleri A.&#350;.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Emre Alpman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Emre Alpman</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2">Corporate Governance and Anti-Corruption Program Officer</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Turkcell &Igrave;leti&#351;im Hizmetleri A.&#350;.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #292929">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
