<SEC-DOCUMENT>0000947871-20-000137.txt : 20200221
<SEC-HEADER>0000947871-20-000137.hdr.sgml : 20200221
<ACCEPTANCE-DATETIME>20200221104548
ACCESSION NUMBER:		0000947871-20-000137
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200221
FILED AS OF DATE:		20200221
DATE AS OF CHANGE:		20200221

FILER:

	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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15092
		FILM NUMBER:		20637860

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ss166689_6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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     <TITLE></TITLE>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Report on Form 6-K dated February
21, 2020</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commission File Number: 001-15092</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 45%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TURKCELL ILETISIM HIZMETLERI A.S.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name in English)</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ayd&#305;nevler Mahallesi &#304;n&ouml;n&uuml;
Caddesi No:20</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>K&uuml;&ccedil;&uuml;kyal&#305; Ofispark
</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>34854 Maltepe<BR>
Istanbul, Turkey </B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 45%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the
registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">Form 20-F
</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">Yes </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">Yes </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Indicate by check mark whether the registrant
by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-size: 11pt">Yes </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">If &ldquo;Yes&rdquo; is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- __________</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Enclosure: A press release dated February 20, 2020 announcing Turkcell&rsquo;s
Fourth Quarter and Full Year 2019 results and Q4 2019 IFRS Report.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 48pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><IMG SRC="image01.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 48pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B>TURKCELL ILETISIM
HIZMETLERI</B></P>

<P STYLE="font: 28pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B>FOURTH QUARTER AND
FULL YEAR </B></P>

<P STYLE="font: 28pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B>2019 RESULTS</B></P>

<P STYLE="font: 26pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B><I>&ldquo;VALUE FOCUS
</I></B></P>

<P STYLE="font: 26pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B><I>DRIVES PROFITABLE
GROWTH&rdquo;</I></B></P>

<P STYLE="font: 14pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395">&nbsp;</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 48pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 28.35pt; color: #A6A6A6">Contents</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>HIGHLIGHTS</B></FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">COMMENTS BY MURAT ERKAN, CEO</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>FINANCIAL AND OPERATIONAL REVIEW </B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">FINANCIAL REVIEW OF TURKCELL GROUP</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">OPERATIONAL REVIEW OF TURKCELL TURKEY</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>TURKCELL INTERNATIONAL</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">lifecell</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">BeST</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">Kuzey K&#305;br&#305;s Turkcell</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">FINTUR</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">TURKCELL GROUP SUBSCRIBERS</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>OVERVIEW OF THE MACROECONOMIC ENVIRONMENT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: gray">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: gray">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: gray"><I>Appendix A &ndash; Tables</I></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: gray">17</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 56.7pt; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 56.7pt; color: #00B4F0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri
A.S. (the &#8220;Company&#8221;, or &#8220;Turkcell&#8221;) and its subsidiaries and associates (together referred to as the &#8220;Group&#8221;),
unless otherwise stated.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 53.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">We have three reporting segments:</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 53.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">&ldquo;Turkcell Turkey&rdquo; which comprises all of our telecom related businesses in Turkey (as
used in our previous releases in periods prior to Q115, this term covered only the mobile businesses). All non-financial data presented
in this press release is unconsolidated and comprises Turkcell Turkey only figures, unless otherwise stated. The terms &ldquo;we&rdquo;,
&ldquo;us&rdquo;, and &ldquo;our&rdquo; in this press release refer only to Turkcell Turkey, except in discussions of financial
data, where such terms refer to the Group, and except where context otherwise requires.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 89.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">&ldquo;Turkcell International&rdquo; which comprises all of our telecom related businesses outside
of Turkey.</TD></TR></TABLE>

<P STYLE="font: 4pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">&ldquo;Other subsidiaries&rdquo; which is mainly comprised of our information and entertainment
services, call center business revenues, financial services revenues, energy business revenues and inter-business eliminations.
Turkcell &Ouml;deme ve Elektronik Para Hizmetleri A.&#350;., our subsidiary responsible for payment services, was previously reported
under Turkcell Turkey but with effect from the first quarter of 2019 is now included in &ldquo;Other Subsidiaries&rdquo;. We made
this change due to the fact that its non-group revenues, which are not telco related, and consumer finance business related revenues
now comprise the majority of its total revenues. All figures presented in this document for prior periods have been restated to
reflect this change.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 53.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; color: #7F7F7F">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #7F7F7F">In
                                         this press release, a year-on-year comparison of our key indicators is provided and figures
                                         in parentheses following the operational and financial results for December 31, 2019
                                         refer to the same item as at December 31, 2018. For further details, please refer to
                                         our consolidated financial statements and notes as at and for December 31, 2019, which
                                         can be accessed via our website in the investor relations section </FONT>(<FONT STYLE="color: Blue"><U>www.turkcell.com.tr</U></FONT>).</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 4pt 53.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Selected financial information presented in this press release for the fourth quarter and for the
full year of 2018 and 2019 is based on IFRS figures in TRY terms unless otherwise stated.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">In accordance with our strategic approach and IFRS requirements, Fintur is classified as &#8216;held
for sale&#8217; and reported as discontinued operations as of October 2016. On December 12, 2018, Turkcell signed a binding agreement
and on April 2, 2019 completed the transfer of its shares in Fintur to Sonera Holding B.V., the majority shareholder of Fintur.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 53.4pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 4pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">In the tables used in this press release totals may not foot due to rounding differences. The same
applies to the calculations in the text.</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 4pt 53.3pt; text-align: justify; color: #7F7F7F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 4pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Year-on-year and quarter-on-quarter percentage comparisons appearing in this press release reflect
mathematical calculation.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
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<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; width: 46%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: #034EA1"><B>TRY million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B>Q418</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: #034EA1 1pt solid; width: 9%; border-right: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B>FY18</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B>FY19</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: #034EA1"><B><I>y/y%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">Revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">5,626</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">6,684</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>18.8%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">21,292</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">25,137</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>18.1%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">EBITDA<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">2,239</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">2,754</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>23.0%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">8,788</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">10,426</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>18.6%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">&nbsp;&nbsp;&nbsp;EBITDA Margin (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">39.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">41.2%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>1.4pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">41.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">41.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>0.2pp</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">EBIT<SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">952</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">1,349</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>41.7%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">4,500</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">5,380</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>19.6%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">&nbsp;&nbsp;&nbsp;EBIT Margin (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">16.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">20.2%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>3.3pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">21.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">21.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>0.3pp</I></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt; color: #595959">Net Income</FONT></TD>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">864</FONT></TD>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">756</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>(12.5%)</I></FONT></TD>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">2,021</FONT></TD>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">3,246</FONT></TD>
    <TD STYLE="border-bottom: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>60.6%</I></FONT></TD></TR>
</TABLE>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #0D4BA0 0.75pt solid">

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #034EA1"><B>FULL YEAR HIGHLIGHTS</B></P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Solid financial performance:</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Revenues up 18% on the back of the strong ARPU performance of Turkcell Turkey</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">EBITDA up 19% leading to an EBITDA margin of 41.5%; EBIT up 20% resulting in an EBIT margin of
21.4%</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Record high net income on 61% growth driven by solid operational performance, prudent financial
risk management and Fintur sale</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">TRY1.01 billion dividends distributed</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Leverage at 1.0x on 0.4x year-on-year improvement</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Operational momentum continued:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Mobile postpaid subscriber net additions of 1.5 million in 2019, the highest print of the past decade</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Superbox<SUP>3</SUP> subscribers at 323 thousand, on 290 thousand annual net additions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Strong free cash flow<SUP>4</SUP> generation of TRY2.4 billion; this rises to TRY4.6 billion including
Fintur sale proceeds</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">2020 guidance<SUP>5</SUP>; revenue growth target of 13% - 16%, EBITDA margin target of 39% - 42%,
EBIT margin target of 18% - 21% and operational capex over sales ratio<SUP>6</SUP> target of 16% - 18%</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify; color: #034EA1; border-bottom: #0D4BA0 0.75pt solid"><B>FOURTH
QUARTER HIGHLIGHTS</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Remarkable financial performance achieved:</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Group revenues up 19% on record high Turkcell Turkey ARPU performance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">EBITDA up 23% resulting in an EBITDA margin of 41.2%; EBIT up 42% leading to an EBIT margin of
20.2%</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Group net income at TRY756 million including one-off negative impact of TRY199 million</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Solid operational performance continued:</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Record high quarterly mobile postpaid customer net additions of 984 thousand; 62% postpaid share</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Record high mobile ARPU<SUP>7</SUP> and residential fiber ARPU growth of 22.7% and 21.0%, respectively</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Average monthly data usage of 4.5G subscribers at 10.8 GB in Q419</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Multiplay with TV subscriber ratio<SUP>8</SUP> at 53.3% on 4.7pp year-on-year rise</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(1) EBITDA is a non-GAAP financial
measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(2) EBIT is a non-GAAP financial
measure and is equal to EBITDA minus depreciation and amortization expenses.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(3) Superbox subscribers are
included in mobile subscribers.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(4) Free cash flow calculation
includes EBITDA and the following items as per IFRS cash flow statement; acquisition of property, plant and equipment, acquisition
of intangible assets, change in operating assets/liabilities, payment of lease liabilities and income tax paid</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(5) Please note that this paragraph
contains forward looking statements based on our current estimates and expectations regarding market conditions for each of our
different businesses. No assurance can be given that actual results will be consistent with such estimates and expectations. For
a discussion of factors that may affect our results, see our Annual Report on Form 20-F for 2018 filed with U.S. Securities and
Exchange Commission, and in particular, the risk factor section therein.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(6) Excluding license fee</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(7) Excluding M2M</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(8) Multiplay subscribers with
TV: Fiber internet + IPTV users &amp; fiber internet + IPTV + fixed voice users</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #5F5F5F">For further details,
please refer to our consolidated financial statements and notes as at and for December 31, 2019 which can be accessed via our
website in the investor relations section (</FONT><FONT STYLE="color: Blue"><U>www.turkcell.com.tr</U></FONT><FONT STYLE="color: #5F5F5F">).</FONT></P>
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    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: #034EA1 0.5pt solid; color: #034EA1"><B>COMMENTS
BY MURAT ERKAN, CEO</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">As Turkcell Group, we
end another year of delivering solutions that add value to our customers&rsquo; lives. This continues to support our vision of
providing superior digital services for a better future. Thanks to our infrastructure investments that enable us to offer the latest
technologies, we continued to play a leading role in the digital transformation of Turkey, and of other countries in which we operate.
As 2019 was our 25<SUP>th</SUP> anniversary, it held special importance for us. In the quarter century behind us, we have achieved
countless successes, while having pioneered numerous innovations. And in the upcoming period, we will continue our customer-oriented
strategy with the responsibility that comes with these achievements, and that encourages us to achieve our goals.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We are the leader
among integrated telecom sector players in Turkey.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">2019 was a year of global
uncertainties and cost increases due to trade wars and geopolitical tension, and yet one where a macroeconomic rebalancing occurred
in our domestic market. The steps we took to strengthen the bond with our customers produced strong operational and financial results.
Thanks to our actions in strategic focus areas determined by our customer orientation and effective balance sheet management, we
achieved strong financial results and met our targets. In 2019, Turkcell Group consolidated revenues increased by 18.1% year-on-year,
reaching TRY25.1 billion. Consolidated EBITDA<SUP>1</SUP> rose by 18.6% to TRY10.4 billion and the EBITDA margin was at 41.5%.
Our EBIT<SUP>2</SUP> margin was 21.4%. Net income rose yearly by 61% to a record-high TRY3.2 billion. Our operational capital expenditures<SUP>3</SUP>
to sales ratio was 18%. With these results, we are proud to be the leader in Turkey in both total turnover and growth, as well
as in net profit among integrated telecom sector players.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We increased the
number of postpaid subscribers by a record level. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">In 2019, where we comprehensively
renewed our customer approach, we registered a net total of 1.5 million mobile postpaid subscriber additions, the highest level
of the past decade. We have strengthened our customer base with this increase in the postpaid base that generates triple the ARPU
of the prepaid subscriber base. Excluding the impact of mandatory line closings for all telecom operators, our total mobile subscriber
base rose by 0.7 million this year. The analysis of big data and use of AI with our advanced analytical capabilities enable us
to make the right offer to the right customer at the right time. In our telecom business, which we manage with a micro-segment
approach, we can diversify our offers and extend dynamic pricing. Leveraging these capabilities, we registered record high mobile
blended ARPU<SUP>4</SUP> growth of 22.7% year-on-year in Q419, which is crucial for sustainable growth.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">With the increased 4.5G
user and smart phone penetration, and the use of our innovative digital services, average mobile data consumption continued its
uptrend this year. Average mobile data usage was 9 GB in the fourth quarter up 53%, while the internet usage of our 4.5G subscribers
reached 10.8 GB. Thanks to the increasing use of data and digital services, the preference of packages offering higher benefits
and the rise in postpaid subscribers, we recorded nearly double the mobile ARPU growth of our competitors.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>Our strong infrastructure
underpins the unique services that meet the needs of our customers. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">Thanks to our wide frequency
bands and investments, we are among the few operators worldwide to provide the fastest 4.5G service with 1.2 Gbps speed. Superbox<SUP>5</SUP>,
which offers fiber-speed home internet service over this robust mobile infrastructure, is among our stand-out innovative products
of the year. Superbox, Turkey&rsquo;s first and most wide-spread FWA product, has reached 323 thousand subscribers. This technology,
set to become widespread with 5G networks worldwide, also confirmed the readiness of our strong infrastructure for the 5G era.
Moreover, with our strong fiber infrastructure, we are one of the few operators worldwide to offer 10 Gbps speed. As of the end
of 2019, our fiber subscribers had reached 1.5 million, while IPTV subscribers had reached approximately 720 thousand. In fiber
residential ARPU, record growth of 21% in the last quarter resulted from our offers renewed at the start of the year plus the demand
for packages offering more capacity, and the impact of rising IPTV users.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We generated 1 billion
TL revenue from digital services on a stand-alone basis. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">Our digital services,
one of our strategic focus areas, allow us to provide solutions that enrich our customers&rsquo; lives. And while these services
contribute to higher ARPU, they also strengthen customer loyalty.</P>
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    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">BiP, fizy, TV+, Dergilik
and lifebox were the most preferred Turkcell applications this year. We have recently added an &ldquo;emergency button&rdquo; to
our locally-developed communication and life platform BiP, which registers average daily traffic of 274 million messages. This
function offers the ability to automatically send location and a message to predetermined contacts in an emergency. We began to
use AI-enabled personalized content on our Dergilik, fizy and TV+ platforms, while also entering into advertising collaborations.
Stand-alone digital service revenues that we aim to increase 2.5 times over the next 3 years scaled TRY1 billion in 2019.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We are the sole supplier
for our corporate customers for end-to-end digital transformation. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">We support the digital
transformation of private sector and public institutions with our digital business solutions, another strategic focus area. Capable
of providing tailor-made solutions, we offer services ranging from cloud technologies, data center services and cyber security
to information technologies, and the Internet of Things, thereby supporting digitalization and differentiation. Thanks to our extensive
sales network, strong partner ecosystem and superior infrastructure, we rank among the top three IT solution providers in Turkey,
and aim to lead the market within 3 years.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">We have conducted over
1,000 projects in which we analyzed the digital transformation needs of our customers operating in various sectors, offering the
right solution and service. In this context, in 2019 we inaugurated the fifth city hospital where we established integrated information
system infrastructure.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">Given the importance
of data in digital age, and with the conviction that Turkey&rsquo;s data should remain in Turkey, we continue to increase our data
storage and processing capacity. On a datacenter investment of approximately 1 billion TL to date, we own a total of 33,500 sqm
of white space at eight locations, including Turkey&rsquo;s largest data center.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>Paycell is accepted
at 7 thousand points of sale.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">We continue to improve
the capabilities of Paycell, our techfin payment platform, expanding both customer base and merchant number. Thanks to multiple
services and solutions in different verticals, access to Turkcell&rsquo;s extensive sales network, strong customer base and technology
expertise, we see strong growth potential for Paycell, especially in an environment with attractive dynamics and supportive regulation.
Paycell makes life easier for our customers by offering direct carrier billing, money transfer, payment services and wallet, plus
cash top-up for the Turkcell prepaid line and the public transportation card IstanbulKart as well as Paycell card. We also provide
merchants a QR based payment alternative and mobile POS solutions. As of end-2019, the Paycell has approximately 4.5 million active
users, with Paycell accepted as a means of payment at 7 thousand points. While Paycell cards reached 2.4 million, the number of
credit cards registered on the application has exceeded 4.4 million.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>Our preparation for
5G continues at full speed.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">A key issue of the coming
period is the transition to 5G. Given the speed and capacity increase it offers, we believe that 5G technology, the infrastructure
of Industry 4.0, will lead to a rapid transformation across all sectors, playing a vital role in Turkey&rsquo;s digital transformation.
As Turkcell, we continue our preparations for the transition to 5G without let up in pace, realizing industry firsts. In this context,
in the speed test conducted on the 3.5GHz band allocated for testing purposes, in August we recorded the world&rsquo;s highest
speed of 2.283 Gbps on the 5G pilot network with a commercial 5G handset.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">We are aware that joint
infrastructure will play a vital role in the transition to 5G, ensuring the efficient use of national resources to the benefit
of all participants. We continue related efforts accordingly. In this context, with the infrastructure sharing agreements signed
with Turksat and Vodafone Turkey, we share our fiber infrastructure and offer fixed internet services to more households. We also
participate in initiatives to develop local 5G technologies.</P>
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    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
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<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We attach importance
to sustainability and introduce pioneering initiatives. </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">Our efforts to offer
customers environmentally friendly and sustainable product alternatives continue to receive global recognition. We are one of the
founding members of the CFO Taskforce initiative created by the United Nations Global Compact. We are proud to take part in efforts
to develop corporate finance models and tools in step with the United Nations Sustainable Development Goals. While producing the
technologies of the future, we will maintain our focus on sustainability across all our digital products and services, corporate
collaborations and processes. In addition, we support the electronic waste recycling campaign, launched as a sustainability initiative,
with resulting revenues funding local education.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>We announced our
three-year goals in November.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">Confidence based on
positive macroeconomic developments, our stronger organization and pursuit of our strategic priorities, we disclosed our targets
for the 2020-2022 period to all our stakeholders at meetings in London and in Istanbul. In this three-year period, we target<SUP>6</SUP>
13% - 16% revenue growth (CAGR), 39% - 42% EBITDA margin and an 18% - 21% EBIT margin. We expect an operational capex<SUP>3</SUP>
to sales ratio of 16% - 18%. We confirm these goals for 2020. We continue to work at full strength to create value for all our
stakeholders to achieve these goals and more.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D"><B>Our innovative services
and solutions will continue to bring value to our customers.</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">The year of 2019 was
one of success in many areas, as we continued to bring value to our customers&rsquo; lives through innovation and quality services.
In 2020, with our innovative approach and leading position, we target sustainable and profitable growth.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify; color: #0D0D0D">We thank all our colleagues
for the part they have played in our success, along with our Board of Directors for their unyielding trust and support. We also
express our gratitude to our customers and business partners, who have remained with us throughout our success story.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.5pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.5pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

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<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.5pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2.5pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: justify; color: #5F5F5F">(1) EBITDA is a
non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(2) EBIT is a non-GAAP
financial measure and is equal to EBITDA minus depreciation and amortization expenses.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(3) Excluding license
fee</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(4) Excluding M2M</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(5) Superbox subscribers
are included in mobile subscribers</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(6) Please note that
this paragraph contains forward looking statements based on our current estimates and expectations regarding market conditions
for each of our different businesses. No assurance can be given that actual results will be consistent with such estimates and
expectations. For a discussion of factors that may affect our results, see our Annual Report on Form 20-F for 2018 filed with U.S.
Securities and Exchange Commission, and in particular, the risk factor section therein.</P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
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<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; border-bottom: #034EA1 0.75pt solid; text-align: justify; color: #034EA1"><B>FINANCIAL
AND OPERATIONAL REVIEW </B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>Financial Review of Turkcell
Group </B></P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Profit &amp; Loss Statement (million TRY)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>5,626.3</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>6,683.8</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>18.8%</I></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>21,292.5</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>25,137.1</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>18.1%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Cost of revenue<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(2,607.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(3,206.3)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>23.0%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(9,858.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(12,036.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.1%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Cost of revenue<SUP>1</SUP>/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(46.3%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(48.0%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(1.7pp)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(46.3%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(47.9%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(1.6pp)</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Gross Margin<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>53.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>52.0%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(1.7pp)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>53.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>52.1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(1.6pp)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(198.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(217.4)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>9.7%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(673.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(779.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>15.8%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Administrative expenses/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(3.5%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(3.3%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>0.2pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(3.2%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(3.1%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>0.1pp</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Selling and marketing expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(500.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(384.9)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(23.1%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,626.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,555.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(4.4%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Selling and marketing expenses/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(8.9%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(5.8%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>3.1pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(7.6%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(6.2%)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>1.4pp</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Net impairment losses on financial and contract assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(81.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(121.3)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>49.8%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(346.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(338.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><I>(2.2%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,239.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,753.8 </B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>23.0%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>8,788.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>10,426.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>18.6%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA Margin </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>39.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.2%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>1.4pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>0.2pp</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; color: #595959">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,287.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,404.9)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>9.2%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(4,288.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(5,046.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.7%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBIT<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>952.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,348.9</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>41.7%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>4,500.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>5,379.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>19.6%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBIT Margin</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>16.9%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>20.2%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>3.3pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>0.3pp</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Net finance income / (costs)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(18.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(214.3)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,687.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,727.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.4%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Finance income<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,361.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">44.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,677.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">297.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(82.3%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Finance costs<SUP>4</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,342.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(259.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(119.3%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(3,364.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(2,025.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(39.8%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Other income / (expense)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">46.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(128.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(375.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(140.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(346.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>147.4%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(77.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.0</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(156.3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(30.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(80.7%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Share of profit of equity accounted investees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(19.1)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(0.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(15.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(38.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(233.7)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>503.9%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(495.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(785.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>58.5%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Discontinued operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">-</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">772.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net Income</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>863.9</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>755.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(12.5%)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,021.1</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>3,246.5</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>60.6%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(1) Excluding depreciation
and amortization expenses.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(2) EBITDA is a non-GAAP
financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(3) EBIT is a non-GAAP
financial measure and is equal to EBITDA minus depreciation and amortization expenses.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(4) Fair value loss and
interest expense regarding derivative instruments and the respective fair value gain and interest income regarding derivative instruments
are represented on a net basis. Starting from Q219, interest income on financial assets and interest expenses for financial liabilities,
both measured at amortized cost, are represented on a net basis. Historical periods were restated to reflect this change.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Revenue</B></FONT>
<FONT STYLE="color: #0D0D0D">of the Group grew 18.8% year-on-year in Q419 driven mainly by the strong ARPU performance of Turkcell
Turkey, supported by upsell efforts, increased data usage as well as larger postpaid subscriber base. This solid performance is
a result of our microsegment layered approach enabled by strong data analytics capabilities.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turkcell Turkey revenues, comprising 86% of
Group revenues, rose 20.9% to TRY5,741 million (TRY4,747 million).</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Consumer business grew by 21.8% on the back of solid ARPU performance driven by increased data
consumption, rising postpaid subscribers and upsell efforts.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Corporate revenues rose by 29.4% supported by the solid performance of digital business solution
that grew 32% year-on-year.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Standalone digital services revenues from consumer and corporate businesses were TRY275 million
in Q419.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Wholesale revenues rose 39.5% to TRY305 million (TRY219 million) on the back of increased carrier
traffic and the positive impact of currency movements.</TD></TR></TABLE>



<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Turkcell International revenues,
at 8% of Group revenues, rose 33.0% to TRY561 million (TRY422 million), mainly with the continued ARPU growth of lifecell and positive
impact of currency movements.</P>
<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<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="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Other subsidiaries&rsquo;
revenues, comprising 6% of Group revenues, which includes information and entertainment services, call center revenues, revenues
from financial services and energy business revenues were at TRY382 million (TRY457 million).</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">We completed the sale of our shares in Azerinteltek, our sports betting business in Azerbaijan,
as of January 11, 2019. We received the transfer of proceeds on December 27, 2018 and transferred control of the subsidiary. We
did not report any revenues in 2019 in relation to Azerinteltek operations.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Our contract with Spor Toto to carry out sports betting operations in Turkey has ended as of August
28, 2019.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Our consumer finance company&rsquo;s revenues were at TRY201 million (TRY247 million) in Q419.
Revenues were impacted by the decline in the consumer loan portfolio, from TRY4.2 billion as of Q418 to TRY2.4 billion as of Q419,
due mainly to the installment limitation on consumer loans for telecom devices.</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3.4pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For the full year, Turkcell
Group revenues rose by 18.1%.</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Turkcell Turkey revenues grew
by 18.8% to TRY21,487 million (TRY18,093 million).</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Consumer business grew by 17.0% driven by strong ARPU performance.</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Corporate revenues rose by 32.4% supported by digital business solutions revenue growth of 44%.</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Standalone digital services revenues from consumer and corporate businesses reached TRY1 billion
in FY19.</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Wholesale revenues grew by 26.0% to TRY1,154 million (TRY916 million).</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Turkcell International revenues
rose by 37.5% to TRY2,003 million (TRY1,457 million).</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Other subsidiaries&rsquo;
revenues were at TRY1,647 million (TRY1,743 million).</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Cost of revenue</B></FONT>
<FONT STYLE="color: #0D0D0D">(excluding depreciation and amortization) increased to 48.0% (46.3%) as a percentage of revenues in
Q419. This was driven mainly by increased cost of goods sold (3.5pp), despite the decline in cost of revenue of financial services
(0.9pp) and other cost items (0.9pp) as a percentage of revenues.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For the full year, cost of
revenue (excluding depreciation and amortization) increased to 47.9% (46.3%) as a percentage of revenues. This was due mainly to
the rise in cost of goods sold (3.0pp) and other cost items (0.1pp), despite the decline in cost of revenue of financial services
(0.8pp) and interconnection costs (0.7pp) as a percentage of revenues.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Administrative
Expenses </B></FONT><FONT STYLE="color: #0D0D0D">were at 3.3% (3.5%) as a percentage of revenues in Q419. For the full year, administrative
expenses were at 3.1% (3.2%) as a percentage of revenues. </FONT></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Selling and
Marketing Expenses</B></FONT> <FONT STYLE="color: #0D0D0D">decreased to 5.8% (8.9%) as a percentage of revenues in Q419. This was
driven by the decline in selling expenses (2.3pp) and marketing expenses (0.8pp) as a percentage of revenues. </FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For the full year, selling
and marketing expenses declined to 6.2% (7.6%) as a percentage of revenues driven by the decline in selling expenses (1.2pp) and
other cost items (0.2pp).</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Net impairment
losses on financial and contract assets </B></FONT><FONT STYLE="color: #0D0D0D">was at 1.8% (1.4%) as a percentage of revenues
in Q419. For the full year, net impairment losses on financial and contract assets was at 1.3% (1.6%) as a percentage of revenues.</FONT></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>EBITDA<SUP>1</SUP></B></FONT>
<FONT STYLE="color: #0D0D0D">rose by 23.0% year-on-year in Q419 leading to an EBITDA margin of 41.2% (39.8%) driven mainly by effective
cost management. </FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Turkcell Turkey&rsquo;s EBITDA rose by 33.2% to TRY2,360 million (TRY1,771 million) leading to
an EBITDA margin of 41.1% (37.3%) in Q419.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Turkcell International EBITDA<SUP>2</SUP> was at TRY244 million (TRY247 million) leading to an
EBITDA margin of 43.5% (58.5%) in Q419.</TD></TR></TABLE>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: #A6A6A6">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">The EBITDA of other subsidiaries stood at TRY150 million (TRY221 million) in Q419.</TD></TR></TABLE>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: justify; color: gray">(1) EBITDA is a non-GAAP
financial measure. See page 15 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 1pt; text-align: justify; color: gray">(2) We started to capitalize
the frequency usage fees of lifecell in Q418 in accordance with IFRS16. The change was implemented retrospectively for 2018; impact
regarding previous quarters of 2018 was booked in Q418. We started to capitalize the frequency usage fees of BeST in Q219 in accordance
with IFRS16. These changes positively impacted Turkcell International EBITDA.</P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For the full year, EBITDA
grew by 18.6% resulting in an EBITDA margin of 41.5% (41.3%)</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Turkcell Turkey&rsquo;s EBITDA rose by 18.7% to TRY8,789 million (TRY7,404 million) with an EBITDA
margin 40.9% (40.9%).</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">Turkcell International EBITDA rose by 47.5% to TRY904 million (TRY613 million) with an EBITDA margin
of 45.1% (42.1%).</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 12pt; line-height: 115%">-</FONT></TD><TD STYLE="text-align: justify">The EBITDA of other subsidiaries was at TRY733 million (TRY771 million).</TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Depreciation
and amortization expenses</B></FONT> <FONT STYLE="color: #0D0D0D">increased 9.2% in Q419. For the full year depreciation and amortization
expenses increased 17.7%.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Net finance
expense </B></FONT><FONT STYLE="color: #0D0D0D">increased to TRY214 million (TRY18 million) in Q419. Interest income on bank deposits
declined compared to Q418. Excluding the impact of net swap interest expense, our net FX gain was TRY95.6 million in Q418, when
TRY appreciated while we carried a short FX position, yet our net FX gain was TRY17.7 million in Q419, when TRY depreciated while
we carried a long FX position.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Our net finance expense has
improved significantly from TRY521.2 million in Q319. In the previous quarters of 2019, we incurred negative mark to market losses
from derivative instruments due to sharply falling interest rates. In Q419, we incurred a net positive impact from FX movements,
normalizing our total net finance expense.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #0D0D0D">For the full
year net finance expense increased to TRY1,728 million (TRY1,687 million). This was due mainly to lower interest income on bank
deposits and </FONT>higher interest expenses resulting from borrowings and lease obligations, <FONT STYLE="color: #0D0D0D">despite
lower foreign exchange losses after hedging.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Please note that the Group
started to apply hedge accounting as of July 1, 2018 for existing participating cross currency swap and cross currency swap transactions,
in accordance with the IFRS 9 hedge accounting requirement. Please see the IFRS report for details.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">See Appendix A for the details
of net foreign exchange gain and loss.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Income tax
expense </B></FONT><FONT STYLE="color: #0D0D0D">increased to TRY234 million (TRY39 million) in Q419 </FONT>mainly due to deferred
tax income incurred in Q418<FONT STYLE="color: #0D0D0D">. For the full year income tax expense increased 58.5%. Please see Appendix
A for details.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Net income
</B></FONT>of the Group was at TRY756 million (TRY864 million) in Q419. Stronger operational performance compared to the previous
year&rsquo;s fourth quarter was offset by the changes in net finance expense as well as the low base of tax expense in Q418. Please
also note that Q419 net income was negatively impacted by one-off TRY199 million settlement with the tax authority.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the full year, group net income rose 60.6%
to an all-time high level of TRY3,246 million. This was driven mainly by a solid operational performance, lower net foreign exchange
losses after hedging and the contribution of the Fintur sale, despite the lower interest income on bank deposits and higher interest
expenses resulting from borrowings and lease obligations.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Total cash
&amp; debt: </B></FONT><FONT STYLE="color: #0D0D0D">Consolidated cash as of December 31, 2019 declined to TRY10,239 million from
TRY10,975 million as of September 30, 2019, due mainly to the dividend payment as well as debt repayments. Excluding FX swap transactions
for TRY borrowing, 81% of our cash is in US$, 12% in EUR and 7% in TRY.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Consolidated debt as of December
31, 2019 declined to TRY20,306 million from TRY20,675 million as of September 30, 2019, mainly on the back of debt repayments despite
the negative impact of FX movements. Please note that TRY1,533 million of our consolidated debt is comprised of lease obligations.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Consolidated debt breakdown
excluding lease obligations:</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Turkcell Turkey&rsquo;s debt was at TRY15,994 million, of which TRY9,096 million (US$1,531 million)
was denominated in US$, TRY5,425 million (EUR816 million) in EUR, TRY201 million (CNY237 million) in CNY and the remaining TRY1,272
million in TRY.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">Our consumer finance company had a debt balance of TRY1,733million, of which TRY1,194 million (US$201
million) was denominated in US$, and TRY214 million (EUR32 million) in EUR with the remaining TRY325 million in TRY.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace">-</FONT></TD><TD STYLE="text-align: justify">The debt balance of lifecell was TRY1,044 million, all denominated in UAH.</TD></TR></TABLE>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">TRY735 million of lease obligations
is denominated in TRY, TRY19 million (US$3 million) in US$, TRY163 million (EUR24 million) in EUR and the remaining balance in
other local currencies (please note that the figures in parentheses refer to US$ or EUR equivalents).</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">TRY10,117 million of our consolidated
debt is set at a floating rate. Excluding consumer finance business borrowings, TRY6,206 million of consolidated debt will mature
within less than a year.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Net debt as of December 31,
2019 was at TRY10,067 million with a net debt to EBITDA ratio of 0.97 times. Excluding consumer finance company consumer loans,
our telco only debt was at TRY7,658 million with a leverage of 0.77 times.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turkcell Group has a long FX position of US$115
million as at the end of the year. <FONT STYLE="color: #0D0D0D"><I>(Please note that this figure takes advance payments and hedging
into account, but excludes FX swap transactions for TRY borrowing. Derivatives (VIOP) and forward transactions are included).</I></FONT></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>Capital
expenditures: </B></FONT><FONT STYLE="color: #0D0D0D">Capital expenditures, including non-operational items, amounted to TRY2,445
million in Q419. For the full year, capital expenditures including non-operational items were at TRY7,225 million.</FONT></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For Q419 and the full year,
operational capital expenditures (excluding license fees) at the Group level were at 25.4% and 18.0% of total revenues, respectively.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Capital expenditures (million TRY)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; border-left: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operational Capex </FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,448.6</FONT></TD>
    <TD STYLE="width: 13%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,696.0</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">3,943.1</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">4,525.1</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;License and Related Costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">0.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">414.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.8</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-operational Capex <I>(Including IFRS15 &amp; IFRS16)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">784.3</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">749.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">3,286.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,697.8</FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Total Capex<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,234.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,445.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>7,644.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>7,224.7</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(1) Breakdown of capex for Q418
has been restated</P>

<P STYLE="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: gray">&nbsp;</P>

<P STYLE="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: gray">&nbsp;</P>

<P STYLE="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: gray">&nbsp;</P>

<P STYLE="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: gray">&nbsp;</P>

<P STYLE="font: 7pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: gray">&nbsp;</P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #034EA1"><B>Operational Review of Turkcell Turkey</B></P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #00B4F0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Summary of Operational Data</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>Year</I></B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y %</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y %</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Number of subscribers </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959"><I>(million)</I></FONT></B></TD>
    <TD STYLE="width: 9%; padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>36.7</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35.7</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #5F5F5F"><B><I>(2.7%)</I></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>36.7</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35.7</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #5F5F5F"><B><I>(2.7%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Postpaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">18.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">20.4</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.5%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">18.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">20.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.5%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><I>&nbsp;&nbsp;&nbsp;Mobile M2M </I></FONT><I><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></I></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.3%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.3%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Prepaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">14.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.4</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(16.8%)</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">14.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(16.8%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Fiber </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,385.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,484.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.2%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,385.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,484.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.2%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">ADSL </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">905.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.1</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(20.6%)</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">905.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(20.6%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><I>Superbox </I></FONT><I><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></I><I><FONT STYLE="font-size: 9pt; color: #595959"><SUP>1</SUP></FONT></I></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>33.5</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><I>323.2</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>864.8%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>33.5</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><I>323.2</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>864.8%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Cable</FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">49.2</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">49.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">IPTV </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">613.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.3%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">613.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.3%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Churn (%)<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Churn (%)<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">4.5%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.6pp</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>0.6pp</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Fixed Churn (%)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.3%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>0.1pp</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>0.3pp</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>ARPU </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(Average Monthly Revenue per User) (TRY)</FONT></B></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile ARPU, </FONT><FONT STYLE="font-size: 8pt; color: #595959">blended </FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">35.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">42.8</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.3%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">33.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">39.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.4%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Mobile ARPU, </FONT><FONT STYLE="font-size: 8pt; color: #595959">blended (excluding M2M)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">37.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">45.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.7%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">36.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">42.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.7%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Postpaid</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">49.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">59.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>20.4%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">48.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">56.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.0%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Postpaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(excluding M2M)</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">56.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">67.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>20.0%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">54.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">64.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>16.8%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Prepaid</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">17.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">18.8</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.0%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">16.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">18.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.3%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Fixed Residential ARPU, </FONT><FONT STYLE="font-size: 8pt; color: #595959">blended</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">56.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">68.0</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>20.1%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">55.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">64.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>15.8%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Residential Fiber ARPU</FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">58.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">70.4</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>21.0%</I></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">57.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">67.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.5%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Average mobile data usage per user (GB/user)</B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>5.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>9.0</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>52.5%</I></B></FONT></TD>
    <TD STYLE="padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>5.2</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>7.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>42.3%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Mobile MoU </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(Avg. Monthly Minutes of usage per subs) blended</FONT></B></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>356.4</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>431.4</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>21.0%</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: -1.2pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>359.5</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>415.3</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>15.5%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(1) Superbox subscribers are
included in mobile subscribers.</P>

<P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(2) Presentation of churn figures
has been changed to demonstrate average monthly churn figures for the respective quarters.</P>

<P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(3) In Q117, our churn policy
was revised to extend from 9 months to 12 months (the period at the end of which we disconnect prepaid subscribers who have not
topped up above TRY10). Additionally, under our revised policy, prepaid customers who last topped up before March will be disconnected
at the latest by year-end. As a regulatory requirement, we started to disconnect prepaid lines in accordance with new ICTA regulation,
which requires deactivation of prepaid lines which lack residency documents by the 6<SUP>th</SUP> month of subscription.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify"><FONT STYLE="font-size: 10.5pt; color: #0D0D0D">Our
mobile subscriber base was at 32.7 million as at the year end. Our postpaid subscriber base expanded by 1.5 million net annual
additions in FY19, the highest of the past 10 years. Accordingly, postpaid subscribers, whose ARPU generation on average is more
than three times that of prepaid subscribers, reached 62.2% (55.7%) of the subscriber base. We were able to achieve this sound
performance on the back of </FONT><FONT STYLE="font-size: 10.5pt">our microsegment layered approach and regional offers enabled
by our strong data analytics capabilities. <FONT STYLE="color: #0D0D0D">Meanwhile, our prepaid customers declined by 2.6 million
in FY19, due mainly to 1.9 million disconnections </FONT></FONT>in <FONT STYLE="font-size: 10.5pt; color: #0D0D0D">accordance with
the new ICTA regulation that requires deactivation of prepaid lines which lack residency documents by the 6<SUP>th</SUP> month
of subscription, and deactivation of 580 thousand inactive prepaid customers in line with our churn policy. In Q419, we registered
record high quarterly postpaid subscriber net additions of 984 thousand. </FONT></P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify; color: #0D0D0D">On the fixed front, our
fiber subscriber base grew by 29 thousand quarterly and 99 thousand annual net additions. Our fixed wireless access product, Superbox,
continued its growth momentum expanding its customer base on 106 thousand quarterly and 290 thousand annual net additions. Meanwhile,
our cable subscribers had reached 49 thousand by year end. IPTV customers numbered 720 thousand on 36 thousand quarterly and 106
thousand annual net additions.</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify; color: #0D0D0D">The average monthly mobile
churn rate was at 4.5% and 2.7% in Q419 and FY19, respectively. Excluding the impact of regulatory disconnections and deactivation
of inactive prepaid lines in line with our churn policy, our average monthly churn rate would have been 2.1% in Q419. Average monthly
fixed churn rate was 2.3% in Q419 and 2.1% for the full year.</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">We recorded all time high mobile ARPU (excluding
M2M) growth of 22.7% year-on-year in Q419 driven mainly by a favorable customer mix, upsell efforts, increased data consumption
and price adjustments. Mobile ARPU (excluding M2M) grew 17.7% for the full year.</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">Meanwhile, we also registered record high
residential fiber ARPU growth of 21.0% in Q419 year-on-year, mainly on upsell performance, price adjustments as well as with higher
revenue generating subscriber acquisitions. Multiplay subscribers with TV<SUP>4</SUP>, reaching 53.3% of total residential fiber
subscribers, also helped strong ARPU performance. Fiber residential ARPU grew by 17.5% for the full year.</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0; text-align: justify">Average monthly mobile data usage per user
increased 52.5% in Q419 year-on-year and 42.3% for the full year, driven by the increasing data consumption of 4.5G users and increased
digital services usage. Accordingly, the average mobile data usage of 4.5G users reached 10.8 GB in Q419.</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The number of 4.5G compatible smartphones
on our network was at 19.2 million comprising 87% of the smartphones on our network. Excluding the impact of regulatory disconnections,
4.5G compatible smartphones on our network would have reached nearly 20.2 million by year end.</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 5.5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(4) Multiplay subscribers with
TV: Fiber internet + IPTV users &amp; fiber internet + IPTV + fixed voice users</P>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>TURKCELL INTERNATIONAL</B></P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>lifecell<SUP>1</SUP> Financial Data</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million UAH)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,417.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,557.9</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>9.9%</I></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>5,268.5</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>5,983.8</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>13.6%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA</FONT> <FONT STYLE="font-size: 8pt; color: #595959">(million UAH)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,083.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">818.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(24.4%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2,762.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3,243.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.4%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA margin (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>76.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>52.5%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(24.0pp)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>52.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>54.2%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>1.8pp</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Net income / (loss) </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million UAH)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(730.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(215.0)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(70.6%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,300.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,113.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(14.4%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Capex </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million UAH)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,694.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>639.9</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(76.3%)</I></B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>7,767.0</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,895.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(75.6%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Revenue </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million TRY)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">273.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">369.4</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>35.2%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">924.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,315.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>42.4%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA</B></FONT><B> <FONT STYLE="font-size: 8pt; color: #595959">(million TRY)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>205.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>194.2</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(5.7%)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>489.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>711.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>45.4%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">75.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">52.6%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(22.7pp)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">53.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.1pp</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net income / (loss) </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million TRY)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(126.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(50.8)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(59.8%)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(220.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(243.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>10.5%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(1)Since July 10, 2015, we
hold a 100% stake in lifecell.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>lifecell (Ukraine)
</B></FONT>revenues rose 9.9% year-on-year in Q419 in local currency terms, driven mainly by growing mobile data revenues with
the increasing data consumption of subscribers. EBITDA in local currency terms was UAH818.6 million, which led to an EBITDA margin
of 52.5%. Please also note that lifecell began to capitalize its radio frequency usage costs in Q418 in accordance with IFRS16,
and that the overall impact including the retrospective adjustments for previous quarters of 2018, was booked in Q418. lifecell
revenues in TRY terms grew 35.2% year-on-year in Q419, positively impacted by currency movements, and with an EBITDA margin of
52.6%.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the full year, lifecell revenues in local
currency terms rose 13.6%, while EBITDA increased 17.4%, which led to an EBITDA margin of 54.2% on 1.8pp improvement. In TRY terms,
lifecell registered revenue growth of 42.4% with an EBITDA margin of 54.1%.</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>lifecell Operational Data</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Number of subscribers </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million)<SUP>3</SUP></FONT></B></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>9.9&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>8.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(10.1%)</I></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>9.9&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>8.9</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(10.1%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Active </FONT><FONT STYLE="font-size: 8pt; color: #595959">(3 months)<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">7.3&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">7.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.4%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">7.3&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">7.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.4%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>MOU </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(minutes) (12 months)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>148.6&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>157.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>144.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>149.0</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>2.8%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>ARPU </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(Average Monthly Revenue per User), blended (UAH)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>47.2&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>58.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>23.5%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>42.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>54.0</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>26.2%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Active </FONT><FONT STYLE="font-size: 8pt; color: #595959">(3 months) (UAH)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">63.1&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">73.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>16.2%</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">57.3</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>71.8</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>25.3%</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(3) We may occasionally offer
campaigns and tariff schemes that have an active subscriber life differing from the one that we normally use to deactivate subscribers
and calculate churn.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(4) Active subscribers are
those who in the past three months made a revenue generating activity.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Three-month active subscriber base of lifecell
rose to 7.4 million in 4Q19 mainly on the attractive offers and customer retention focus. lifecell registered 3-month active ARPU
growth of 16.2% year-on-year in Q419, driven mainly by upsell efforts and the rise in data consumption of subscribers. lifecell
continued its focus on high ARPU generating customers, leveraging the quality of its 4.5G and 3G networks, as well as its wide
portfolio of digital services that contribute ARPU growth.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The penetration of 4.5G users in lifecell&rsquo;s
customer base continued to increase, supporting data and digital services usage growth. Accordingly, 4.5G users had reached 50%
of total mobile data users as at the end of the year. Meanwhile, average data consumption per user rose by 46%, driven mainly by
the higher data usage of 4.5G users. lifecell sustained its leadership of the Ukrainian market in smartphone penetration, which
had reached 80% as at the end of Q419. Moreover, lifecell and other telecom operators in the country signed a memorandum with the
government in October with the aim of providing LTE services to rural areas, and national and international roads over the 900
MHz frequency band.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">lifecell pursued efforts to increase the usage
of its digital services among its customer base by introducing attractive offers and expanding its portfolio with new digital services.
In Q419 lifecell introduced the BiP virtual number service enabling customers to use their numbers abroad without a SIM card and
a lifestyle portal.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>BeST<SUP>1</SUP></B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Number of subscribers </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></B></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1.6</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1.5</B></FONT></TD>
    <TD STYLE="width: 11%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(6.3%)</I></B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1.6</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1.5</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(6.3%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Active </FONT><FONT STYLE="font-size: 8pt; color: #595959">(3 months)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.1</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(8.3%)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(8.3%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue (million BYN)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>32.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>33.9</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>3.0%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>124.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>135.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>8.1%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA (million BYN)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">12.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">7.4</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(41.7%)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">27.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">35.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>27.2%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA margin (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>38.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.7%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(16.9pp)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>22.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>26.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>4.0pp</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Net loss (million BYN)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(8.0)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(3.6%)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(37.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(33.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(10.0%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Capex (million BYN)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>18.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>7.2</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(60.7%)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>56.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>49.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(11.8%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Revenue (million TRY)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">83.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">93.8</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>11.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">292.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">365.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>24.6%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>31.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>20.3</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(35.1%)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>66.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>96.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>45.8%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">37.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">21.7%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(15.7pp)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">22.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">26.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>3.8pp</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net loss (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(21.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(22.1)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>3.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(86.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(89.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>4.4%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(1) BeST, in which we hold an
80% stake, has operated in Belarus since July 2008.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>BeST</B></FONT>
revenues grew 3.0% year-on-year in Q419 in local currency terms, driven mainly by the rise in mobile data revenues with increased
number and consumption of data users. Digital services revenues also contributed to revenue growth. BeST&rsquo;s EBITDA was at
BYN7.4 million in Q419 with an EBITDA margin of 21.7%. BeST revenues in TRY terms rose 11.9% year-on-year in Q419, while the EBITDA
margin stood at 21.7%.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the full year, revenues in local currency
terms increased by 8.1% to BNY135.0 million with an EBITDA margin of 26.3%. In TRY terms, BeST achieved revenue growth of 24.6%
and EBITDA growth of 45.8% with an EBITDA margin of 26.4%.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Offering 4G services in all six regions of
Belarus, BeST continued to increase the penetration of 4G users within its customer base in Q419. Accordingly, 4G users reached
55% of 3-month active users, which supported the rise in data and digital services consumption. In Q419 average data consumption
of subscribers rose 42% on the back of higher data consumption of 4G users. Meanwhile, BeST pursued its efforts to increase the
use of its digital services. Games, fizy and TV+ applications have been the most popular digital services among users, while digital
tariff PLAY, which offers 7 digital services within a single package, continued to increase its attractiveness. As a result of
these efforts, those subscribers using at least one digital service comprised 28% of the 3-month active subscriber base.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Kuzey K&#305;br&#305;s Turkcell<SUP>2</SUP> (million TRY)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Number of subscribers </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></B></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>0.5</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>0.5</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>-</I></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>0.5</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>0.5</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>-</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">45.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">67.1</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>46.5%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">180.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">222.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>23.4%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>11.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.2</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>82.8%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>58.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>78.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>33.5%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA margin (%)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">25.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">31.6%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>6.3pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">32.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">35.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.7pp</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>8.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>12.4</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>39.3%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>32.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>27.1%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Capex</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">23.3</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.6%</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">65.5</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">58.6</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(10.5%)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(2) Kuzey K&#305;br&#305;s Turkcell,
in which we hold a 100% stake, has operated in Northern Cyprus since 1999</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Kuzey K&#305;br&#305;s
Turkcell</B></FONT> revenues grew by 46.5% year-on-year in Q419, driven mainly by the rise in mobile broadband consumption and
handset sales, as well as the positive contribution of the growing fixed broadband business. The EBITDA of Kuzey K&#305;br&#305;s
Turkcell rose 82.8% leading to an EBITDA margin of 31.6%.</P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">For the full year, Kuzey K&#305;br&#305;s
registered revenue growth of 23.4% and EBITDA growth 33.5%, which resulted in an EBITDA margin of 35.3%.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #034EA1"><B>Fintur: </B></FONT>In
accordance with our strategic approach and IFRS requirements, Fintur is classified as &lsquo;held for sale&rsquo; and reported
as discontinued operations as of October 2016.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On December 12, 2018, Turkcell signed a binding
agreement and on April 2, 2019 completed the transfer of its shares in Fintur to Sonera Holding B.V., the majority shareholder
of Fintur. The final value of the transaction was EUR352.9 million. As the conditions precedent required for the share transfer
were completed within Q119, TRY772 million profit generated from the transaction was reflected in the Q119 financial statements.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">We booked a provision of TRY60 million in
Q219 for the recognition of liability in relation to the Kcell Share Purchase Agreement regarding the past Kcell transaction and
performed the respective payment in Q319.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>Turkcell Group Subscribers</B></P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Turkcell Group subscribers amounted to approximately
46.7 million as of December 31, 2019. This figure is calculated by taking the number of subscribers of Turkcell Turkey and each
of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Turkey, and the
mobile subscribers of lifecell and BeST, as well as those of Kuzey K&#305;br&#305;s Turkcell and lifecell Europe.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; width: 46%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Turkcell Group Subscribers</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q319</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>y/y%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>q/q%</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Postpaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">18.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">19.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">20.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.5%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>5.2%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Prepaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">14.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">15.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(16.8%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(17.3%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Fiber </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,385.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,455.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,484.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.2%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.0%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">ADSL </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">905.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">758.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(20.6%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(5.2%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><I>Superbox </I></FONT><I><FONT STYLE="font-size: 8pt; color: #595959">(thousand)<SUP>1</SUP></FONT></I></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">33.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">217.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">323.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>864.8%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>48.7%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Cable </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">33.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">49.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>49.1%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">IPTV </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">613.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">683.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">719.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.3%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>5.3%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Turkcell Turkey subscribers </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million)<SUP>2</SUP></FONT></B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>36.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>37.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(2.7%)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(4.3%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">lifecell (Ukraine) </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">9.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">9.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">8.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(10.1%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.1%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">BeST (Belarus)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(6.3%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Kuzey K&#305;br&#305;s Turkcell&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">0.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">lifecell Europe<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">0.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Turkcell Group Subscribers (million)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>48.9</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>48.5</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>46.7</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(4.5%)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(3.7%)</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: gray">(1) Superbox subscribers
are included in mobile subscribers.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: gray">(2) Subscribers to more
than one service are counted separately for each service.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: gray">(3) The &ldquo;wholesale
traffic purchase&rdquo; agreement, signed between Turkcell Europe GmbH operating in Germany and Deutsche Telekom for five years
in 2010, had been modified to reflect the shift in business model to a &ldquo;marketing partnership&rdquo;. The new agreement between
Turkcell and a subsidiary of Deutsche Telekom was signed on August 27, 2014. The transfer of Turkcell Europe operations to Deutsche
Telekom&rsquo;s subsidiary was completed on January 15, 2015. Subscribers are still included in the Turkcell Group Subscriber figure.
Turkcell Europe was rebranded as lifecell Europe on January 15, 2018.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1"><B>&nbsp;</B></P>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: #034EA1 0.25pt solid; text-align: justify; color: #034EA1"><B>OVERVIEW
OF THE MACROECONOMIC ENVIRONMENT </B></P>

<P STYLE="font: 3pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The foreign exchange rates used in our financial
reporting, along with certain macroeconomic indicators, are set out below.</P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q319</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>q/q%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>GDP Growth (Turkey)</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(2.8%)</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>0.9%</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>n.a</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>n.a</I></B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>n.a</I></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2.8%</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>n.a</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>n.a</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Consumer Price Index (Turkey) (yoy)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>20.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>9.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>11.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(8.5pp)</I></B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>2.5pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>20.3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>11.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(8.5pp)</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>US$ / TRY rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Closing Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.2609</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.6591</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">5.9402</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>12.9%</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>5.0%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.2609</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">5.9402</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>12.9%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Average Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.4369</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.6973</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">5.7588</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>5.9%</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.1%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">4.7577</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">5.6604</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>19.0%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EUR / TRY rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Closing Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">6.0280</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">6.1836</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">6.6506</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>10.3%</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.6%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">6.0280</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">6.6506</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>10.3%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Average Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">6.2121</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">6.3389</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">6.3706</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.6%</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>0.5%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.5977</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">6.3340</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.2%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>US$ / UAH rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Closing Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">27.69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">24.08</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(14.4%)</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.6%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">27.69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(14.4%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Average Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">28.18</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">25.15</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">24.31</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(13.7%)</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(3.3%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">27.32</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">25.90</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(5.2%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>US$&nbsp;&nbsp;/ BYN rate</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Closing Rate</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.1598</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.0743</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.1036</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(2.6%)</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.4%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.1598</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.1036</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(2.6%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Average Rate</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.1307</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.0639</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.0840</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(2.2%)</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.0%</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.0338</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.0979</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>3.2%</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>RECONCILIATION
OF NON-GAAP FINANCIAL MEASUREMENTS: </B></FONT><FONT STYLE="font-size: 9pt"><I>We believe Adjusted EBITDA, among other measures,
facilitates performance comparisons from period to period and management decision making. It also facilitates performance comparisons
from company to company. Adjusted EBITDA as a performance measure eliminates potential differences caused by variations in capital
structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies)
and the age and book depreciation of tangible assets (affecting relative depreciation expense). We also present Adjusted EBITDA
because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance
of other mobile operators in the telecommunications industry in Europe, many of which present Adjusted EBITDA when reporting their
results. </I></FONT></P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Our Adjusted EBITDA definition includes
Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net
impairment losses on financial and contract assets, but excludes translation gain/(loss), finance income, finance expense, share
of profit of equity accounted investees, gain on sale of investments, minority interest and other income/(expense). </I></P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Nevertheless, Adjusted EBITDA has limitations
as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of our results of operations,
as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared
in accordance with IFRS as issued by the IASB, to net profit, which we believe is the most directly comparable financial measure
calculated and presented in accordance with IFRS as issued by the IASB.</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Turkcell Group (million TRY)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,239.0</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,753.8</B></FONT></TD>
    <TD STYLE="width: 10%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>23.0%</I></B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>8,788.0</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>10,426.4</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>18.6%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,287.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,404.9)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>9.2%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(4,288.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(5,046.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.7%</I></FONT></TD></TR>
<TR STYLE="background-color: #B8CCE4">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBIT</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>952.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,348.9</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>41.7%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>4,500.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>5,379.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>19.6%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Finance income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,361.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">44.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,677.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">297.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(82.3%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Finance costs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,342.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(259.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(119.3%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(3,364.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(2,025.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(39.8%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Other income / (expense)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">46.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(128.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(375.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(140.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(346.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>147.4%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Share of profit of equity accounted investees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">0.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(19.1)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(0.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(15.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Consolidated profit from continued operations before income tax &amp; minority interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>980.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>987.3</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>0.7%</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,672.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>3,289.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>23.1%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Income tax expense </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(38.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(233.7)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>503.9%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(495.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(785.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>58.5%</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Consolidated profit from continued operations before minority interest</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>941.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>753.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(20.0%)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,177.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,504.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>15.0%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Discontinued operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">-</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">772.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Consolidated profit before minority interest</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>941.6</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>753.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(20.0%)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,177.3</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>3,276.7</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>50.5%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>NOTICE:</B></FONT>
<FONT STYLE="font-size: 9pt"><I>This release includes forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation
Reform Act of 1995. This includes, in particular, our targets for revenue, EBITDA, EBIT and capex for 2020. More generally, all
statements other than statements of historical facts included in this press release, including, without limitation, certain statements
regarding the launch of new businesses, our operations, financial position and business strategy may constitute forward-looking
statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such
as, among others, &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;believe&rdquo;,
&ldquo;continue&rdquo; and &ldquo;guidance&rdquo;. </I></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><I>Although Turkcell believes that the
expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations
will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified
in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome
of such forward looking statements, see our Annual Report on Form 20-F for 2018 filed with the U.S. Securities and Exchange Commission,
and in particular the risk factor section therein. We undertake no duty to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>The Company makes no representation as to
the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion
and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers,
employees or agents as to or in relation to the accuracy or completeness of the information contained in this press release or
any other written or oral information made available to any interested party or its advisers.</I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>ABOUT
TURKCELL: </B></FONT><FONT STYLE="font-size: 9pt"><I>Turkcell is a digital operator headquartered in Turkey, serving its customers
with its unique portfolio of digital services along with voice, messaging, data and IPTV services on its mobile and fixed networks.
Turkcell Group companies operate in 5 countries &ndash; Turkey, Ukraine, Belarus, Northern Cyprus, Germany. Turkcell launched LTE
services in its home country on April 1<SUP>st</SUP>, 2016, employing LTE-Advanced and 3 carrier aggregation technologies in 81
cities. Turkcell offers up to 10 Gbps fiber internet speed with its FTTH services. Turkcell Group reported TRY25.1 billion revenue
in FY19 with total assets of TRY45.7 billion as of December 31, 2019. It has been listed on the NYSE and the BIST since July 2000,
and is the only NYSE-listed company in Turkey. Read more at www.turkcell.com.tr.</I></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>For further information
please contact Turkcell</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #034EA1"><B><I>Investor Relations</I></B></P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #262626"><I>Tel: + 90 212 313 1888</I></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #262626"><I>investor.relations@turkcell.com.tr</I></P></TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #034EA1"><B><I>Corporate Communications:</I></B></P>
        <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #262626"><I>Tel: + 90 212 313 2321</I></P>
        <P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #262626"><I>Turkcell-Kurumsal-Iletisim@turkcell.com.tr</I></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>
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    <TD STYLE="padding-left: 5.4pt; padding-TOP: 3.4pt; padding-bottom: 2.4pt; background-color: #B3CAE3; width: 50%"><IMG SRC="image02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; width: 50%; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B>Fourth Quarter and Full Year 2019 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial Unicode MS,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: #034EA1 0.5pt solid; text-align: justify; color: #034EA1"><B>Appendix
A &ndash; Tables</B></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D"><B><I>Table: Net foreign exchange
gain and loss details</I></B></P>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Million TRY</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Turkcell Turkey</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,030.1</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(338.5)</FONT></TD>
    <TD STYLE="width: 12%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(132.9%)</I></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,816.0)</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(799.2)</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(56.0%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Turkcell International</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(15.3)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(368.4%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(117.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(49.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(57.7%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Other Subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">434.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(78.6)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(118.1%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(761.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(190.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(75.0%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net FX loss before hedging</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,470.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(432.4)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(129.4%)</I></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(2,695.0)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(1,039.6)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(61.4%)</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Swap interest income/(expense)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(177.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(144.7)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(18.4%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(496.3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(659.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>32.9%</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Fair value gain on derivative financial instruments<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,374.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">450.1</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(132.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,719.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">570.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(66.8%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net FX gain / (loss) after hedging</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(81.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(127.0)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>55.3%</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(1,471.7)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(1,128.9)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(23.3%)</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: gray">(1) Swap interest income
/ (expense) which was included in fair value gain on derivative financial instruments line in previous quarters has been presented
separately.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B><I>Table: Income
tax expense details</I></B></P>

<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Million TRY</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD></TR>
<TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q418</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q419</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY18</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY19</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Current tax expense</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(114.9)</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(62.5)</FONT></TD>
    <TD STYLE="width: 12%; border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(45.6%)</I></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(655.0)</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(570.5)</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(12.9%)</I></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Deferred tax income / (expense)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">76.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(171.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(324.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">159.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(215.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(234.9%)</I></FONT></TD></TR>
<TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Income Tax expense</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(38.7)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(233.7)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>503.9%</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>(495.5)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(785.6)</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>58.5%</I></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B><I>&nbsp;</I></B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 23pt 0 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>As at 31 December 2019</B></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.)</FONT></P>



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

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

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="0">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="0" STYLE="font-weight: bold"><B>Assets</B></TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 10pt">Property, plant and equipment</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 11%; text-align: center">11</TD><TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">12,458,491</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">11,116,316</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Right-of-use assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">15</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,783,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,649,602</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">12</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,308,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,050,172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Investment properties</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">14</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,283</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,425</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Trade receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">19</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,159</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,001</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Receivables from financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">20</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">884,686</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">21</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,513</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">18</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Investments in equity accounted investees</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,701</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,413</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">17</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">304,270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">421,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total non-current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,382,831</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">24,428,166</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">22</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Trade receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">19</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,133,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,473,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Due from related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">39</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Receivables from financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">20</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,319,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,318,255</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">21</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">933,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">711,928</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">35</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">845,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Financial asset at amortized cost</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Financial asset at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">25</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">24</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,238,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,419,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">23</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,327,004</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,091,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Subtotal</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,332,144</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,616,804</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Assets classified as held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">16</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,720,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Total current assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,332,144</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,337,109</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,714,975</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">42,765,275</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 3.5pt">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">26</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,200,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Share premium</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Treasury shares</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">26</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(144,152</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141,534</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,816,359</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,503,537</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Remeasurements of employee termination benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(63,539</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,871</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,202,526</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,359,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total equity attributable to equity holders of <BR> Turkcell Iletisim Hizmetleri AS (&ldquo;the Company&rdquo;)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,046,489</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">15,921,744</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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"><B>Non-controlling interests</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">36,455</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,810</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,082,944</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,053,554</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

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

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





<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The above consolidated statement of financial
position should be read in conjunction with the accompanying notes.</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 23pt 0 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>As at 31 December 2019</B></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.)</FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">31 December 2019</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">31 December 2018</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; padding-left: 10pt">Borrowings</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 11%; text-align: center">29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">12,677,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">13,119,636</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Employee benefit obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,747</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,722</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,165,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">862,360</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Contract liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,598</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">359,857</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">364,610</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total non-current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,976,506</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,971,673</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,628,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,035,909</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Current tax liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,117,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,788,174</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,948</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,812</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,068</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Contract liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255,756</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Derivative financial instruments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">86,617</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">165,265</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total current liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,655,525</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">11,740,048</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">27,632,031</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,711,721</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Total equity and liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,714,975</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">42,765,275</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>




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

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The above consolidated statement of financial
position should be read in conjunction with the accompanying notes.</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 23pt 0 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF PROFIT OR LOSS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2019</B></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Note</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2019</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2018</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">23,996,262</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">20,173,354</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">16,917,064</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Revenue from financial
    services</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,140,873</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">1,119,121</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">715,000</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    revenue</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">25,137,135</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">21,292,475</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,632,064</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Cost of revenue</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(16,816,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(13,751,195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(11,058,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Cost of revenue from
    financial services</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(266,775</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(394,798</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(291,828</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    cost of revenue</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(17,083,480</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(14,145,993</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(11,350,174</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,179,557</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6,422,159</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,858,718</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Gross profit from financial
    services</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">874,098</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">724,323</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">423,172</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    gross profit</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8,053,655</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">7,146,482</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">6,281,890</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other income</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">140,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">241,435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">74,438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Selling and marketing expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,555,189</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,626,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,005,420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Administrative expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(779,755</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(673,370</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(645,196</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Net impairment losses on financial and contract
    assets</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(338,857</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(346,390</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Other expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(487,295</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(381,582</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(773,329</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Operating
    profit</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">5,033,264</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">4,359,861</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,932,383</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Finance income</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">297,450</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,677,114</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">597,246</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Finance costs</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,025,118</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(3,364,072</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(920,112</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Net
    finance costs</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,727,668</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,686,958</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(322,866</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Share of loss of equity accounted investees</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(15,712</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(87</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Profit
    before income tax</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,289,884</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,672,816</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,609,517</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(785,630</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(495,481</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(571,758</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Profit
    from continuing operations</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,504,254</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,177,335</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,037,759</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Gain
    from discontinued operations (attributable to owners of the Company)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">772,436</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Profit
    for the year</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,276,690</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,177,335</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,037,759</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Profit for the year is
    attributable to:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Owners of the Company</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3,246,487</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,021,065</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,979,129</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Non-controlling interests</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">30,203</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">156,270</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">58,630</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">3,276,690</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,177,335</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">2,037,759</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">27</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1.49</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.93</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.90</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">27</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1.14</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.93</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.90</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Basic and diluted earnings per share for profit from discontinued operations attributable to owners of the Company (in full TL)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">27</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">0.35</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The above consolidated statement of profit or
loss should be read in conjunction with the accompanying notes.</P>

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



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 23pt 0 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME</B></P>

<DIV STYLE="border-bottom: Black 0.5pt solid; padding: 0in 0in 1pt">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All amounts disclosed in the
consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in Turkish
Liras unless otherwise stated.) </FONT></P>

</DIV>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Note</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2018</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2017</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left; padding-left: 3.5pt">Profit for the year</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">3,276,690</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,177,335</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">2,037,759</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Other comprehensive income/(expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Items that will not be reclassified to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Remeasurements of employee termination benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,385</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,738</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Income tax relating to remeasurements of employee termination benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,005</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,794</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">748</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,380</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,905</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,990</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Items that may be reclassified to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Exchange differences on translation of foreign operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431,810</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">424,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Exchange differences arising from discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Fair value reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash flow hedges <B>-</B> effective portion of changes in fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,488</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">630,191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash flow hedges <B>-</B> reclassified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(439,365</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(611,035</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cost of hedging reserve <B>-</B> changes in fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(390,267</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cost of hedging reserve <B>-</B> reclassified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,768</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,665</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Loss on hedges of net investments in foreign operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,389</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Income tax relating to these items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,728</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(154,409</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,299</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 3.5pt">-Income tax relating to exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,234</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,667</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,299</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 3.5pt">-Income tax relating to fair value reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(979</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 3.5pt">-Income tax relating to hedges of net investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 3.5pt">-Income tax relating to cost of hedging reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,634</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">-Income tax relating to cash flow hedges</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,933</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,214</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">286,858</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">367,333</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,150</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other comprehensive income/(loss) for the year, net of income tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">258,478</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">377,238</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(10,140</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Total comprehensive income for the year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,535,168</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,554,573</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,027,619</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Total comprehensive income for the year is attributable to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 7.1pt; padding-left: 3.5pt">Owners of the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,505,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,398,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,968,102</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 7.1pt; padding-left: 3.5pt">Non-controlling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,672</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">155,643</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,517</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,535,168</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,554,573</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,027,619</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Total comprehensive income for the year attributable to owners of the Company arises from:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,628,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,957,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,903,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Discontinued operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">877,422</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">441,534</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,993</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,505,496</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,398,930</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,968,102</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The above consolidated statement of comprehensive
income should be read in conjunction with the accompanying notes.</P>



<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2019</B></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>



<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Share capital</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Treasury shares</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Additional paid-in capital</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Share premium</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Legal Reserve (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Fair value Reserve (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Net investment Hedge (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Hedging reserve (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Cost of hedging reserve (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Reserve for non-controlling interest put option (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Remeasurements of employee <BR> termination benefit</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Foreign currency translation reserve (*)</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Retained<BR> earnings</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Non-controlling interests</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: center">Total<BR> equity</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; font-size: 5.5pt; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2017</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">(65,607</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">1,195,204</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">(494,197</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">(41,786</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">401,889</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">12,780,967</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">16,011,765</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">56,632</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: right">16,068,397</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Profit for the period</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">1,979,129</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">1,979,129</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">58,630</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">2,037,759</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other comprehensive income, net of income tax</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(45,848</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(2,990</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">37,811</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(11,027</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">887</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(10,140</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total comprehensive income/(loss)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(45,848</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(2,990</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">37,811</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">1,979,129</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">1,968,102</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">59,517</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,027,619</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Transfer to legal reserve</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">447,820</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(447,820</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Dividends paid</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">9,294</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(3,000,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(2,990,706</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(60,222</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(3,050,928</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2017</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(56,313</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">1,643,024</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(540,045</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(44,776</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">439,700</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">11,312,276</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">14,989,161</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">55,927</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">15,045,088</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2018</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(56,313</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">1,643,024</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(540,045</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(44,776</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">439,700</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">11,312,276</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">14,989,161</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">55,927</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">15,045,088</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Changes in accounting policy</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">518,874</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">518,874</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">518,874</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Restated total equity at 1 January 2018</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(56,313</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">1,643,024</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(540,045</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(44,776</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">439,700</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">11,831,150</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">15,508,035</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">55,927</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">15,563,962</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Profit for the period</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">2,021,065</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">2,021,065</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">156,270</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">2,177,335</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other comprehensive income, net of income tax</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">14,942</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(271,130</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(270,147</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">9,905</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">894,295</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">377,865</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(627</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">377,238</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total comprehensive income</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">14,942</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(271,130</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(270,147</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">9,905</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">894,295</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,021,065</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,398,930</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">155,643</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,554,573</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Transfer to legal reserves</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">592,898</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(592,898</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; padding-left: 3.5pt">Acquisition of treasury shares (-)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(94,620</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(94,620</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(94,620</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; padding-left: 3.5pt">Disposal of subsidiaries</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(20,982</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(20,982</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Dividends paid (Note 26)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">9,399</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(1,900,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(1,890,601</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(58,778</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(1,949,379</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2018</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(141,534</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">2,235,922</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">14,942</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(271,130</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(810,192</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(34,871</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">1,333,995</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">11,359,317</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">15,921,744</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">131,810</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">16,053,554</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2019</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(141,534</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">2,235,922</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">14,942</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(271,130</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(810,192</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">(34,871</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">1,333,995</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">11,359,317</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">15,921,744</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">131,810</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">16,053,554</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Profit for the period</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">3,246,487</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">3,246,487</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">30,203</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">3,276,690</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other comprehensive income, net of income tax</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">3,472</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(43,203</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(169,944</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">58,971</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(66,675</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(28,668</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">505,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">259,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(531</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">258,478</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total comprehensive income/(loss)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">3,472</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(43,203</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(169,944</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">58,971</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(66,675</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(28,668</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">505,056</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">3,246,487</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">3,505,496</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">29,672</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">3,535,168</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; padding-left: 3.5pt">Acquisition of treasury shares (-)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(9,998</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(9,998</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(9,998</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Transfer to legal reserve</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">537,183</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(537,183</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Dividends paid (Note 26)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">7,380</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(1,010,000</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(1,002,620</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(125,027</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; text-align: right">(1,127,647</TD><TD STYLE="font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Sale of associate (Note 16)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">876,867</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(1,388,905</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">143,905</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(368,133</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">(368,133</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2019</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(144,152</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">2,773,105</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">3,472</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(43,203</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(155,002</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(212,159</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">(63,539</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">450,146</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">13,202,526</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">18,046,489</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">36,455</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: right">18,082,944</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">(*) Included in Reserves in the consolidated statement of financial
position.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The above consolidated statement of changes
in equity should be read in conjunction with the accompanying notes.</P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2019</B></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center">Note</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 7pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">2019</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 7pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">2018</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 7pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">2017</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 7pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Profit for the year from</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 7pt; text-align: left; padding-left: 7.1pt">Continuing operations</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 7pt; text-align: right">2,504,254</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 7pt; text-align: right">2,177,335</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 7pt; text-align: right">2,037,759</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 7.1pt">Discontinued operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">772,436</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Profit for the year including discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">3,276,690</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">2,177,335</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">2,037,759</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Depreciation and impairment of property, plant and equipment and investment properties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">11-14</FONT></TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,199,830</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,894,445</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,501,579</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Amortization of intangible assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right"><FONT STYLE="font-size: 7pt">12-15</FONT></TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,846,735</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,393,529</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,095,401</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Net finance expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,442,773</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">983,881</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">165,387</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Fair value adjustments to derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(570,204</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,719,610</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(562,562</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Income tax expense</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">9</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">785,630</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">495,481</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">571,758</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">(Gain) on sale of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(47,169</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(43,727</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(33,837</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Unrealized foreign exchange losses on operating assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,832,636</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,954,304</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">966,340</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; padding-left: 3.5pt">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">920,924</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">796,520</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">980,040</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; padding-left: 3.5pt">Share of equity accounted investees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">15,712</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">87</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Adjustments to (earnings) due to disposal of assets held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(772,436</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">(Gain) on sale of subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(110,308</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Non-cash other adjustments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(15,557</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">11,915,564</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">9,821,937</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">6,721,865</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Change in operating assets/liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in trade receivables</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">19</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(881,333</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">273,110</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">613,404</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in due from related parties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">39</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,025</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,870</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,107</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in receivables from financial services</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,651,180</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(69,991</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,931,538</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in inventories</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">22</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,035</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(76,883</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">27,871</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in other current assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">23</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(299,790</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">53,957</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(198,268</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in other non-current assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">17</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(38,112</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">142,133</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">15,012</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in due to related parties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">39</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(33,135</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">40,072</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(4,099</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in trade and other payables</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">34</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">92,427</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(501,980</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(507,043</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in other non-current liabilities</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">28</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(8,122</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(242,384</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(82,018</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in employee benefit obligations</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">30</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(36,231</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(32,764</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(18,627</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in short term contract asset</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">21</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(223,146</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(711,928</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in long term contract asset</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">21</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(6,778</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,513</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">45,402</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">54,391</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">131,486</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in short term contract liability</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">32</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">34,652</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">255,756</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Change in long term contract liability</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">32</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,292</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">131,598</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Changes in other working capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(506,303</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(981,764</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(265,518</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Cash generated from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">11,728,627</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">8,145,877</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">4,503,634</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Interest paid</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,090,718</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,658,308</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(909,881</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Income tax paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(611,354</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(657,715</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(492,487</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Net cash inflow from operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">9,026,555</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">5,829,854</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">3,101,266</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><B>Cash flows from investing activities:</B></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Acquisition of property, plant and equipment</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">11</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,195,069</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,960,648</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,937,195</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Acquisition of intangible assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">12</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,821,111</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,264,912</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,172,847</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from sale of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">81,192</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">103,864</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">58,740</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from/(payments for) advances given for acquisition of property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">156,936</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(204,817</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">205,580</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Contribution of increase of share capital in joint ventures/associates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(38,000</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(19,500</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from sale of subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,219,644</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">118,528</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Payments for held to maturity investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(11,992</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Cash inflows from financial asset at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">84,655</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Cash outflows from financial asset at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(369,591</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(39,877</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Interest received</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">854,018</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">731,793</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">553,066</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Net cash outflow from investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(3,027,326</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(4,535,569</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(3,304,648</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Dividends received for treasury share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">7,380</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">9,399</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,924,363</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,054,345</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Repayments of derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,101,876</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(710,522</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from issues of loans and borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">29,060,490</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">44,341,070</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">24,102,643</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Proceeds from issues of bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">311,649</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,188,313</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">209,808</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; padding-left: 3.5pt">Repayment of borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(31,297,901</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(43,987,127</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(22,265,088</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; padding-left: 3.5pt">Repayment of bonds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(225,794</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(191,312</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(379,660</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Dividends paid to shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,010,000</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,900,000</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,990,706</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">Dividends paid to non-controlling interest in subsidiaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(125,027</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(58,778</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(60,222</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; padding-left: 3.5pt">Acquisition of treasury shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(9,998</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(94,620</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-left: 3.5pt">(Increase)/decrease in cash collateral related to loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">204,077</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(20,272</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(183,518</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Payments of lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(1,215,320</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">(1,164,879</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Net cash outflow from financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(3,477,957</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(534,383</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: right">(1,566,743</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Net increase/(decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">2,521,272</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">759,902</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">(1,770,125</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Cash and cash equivalents at 1 January</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">7,419,239</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">4,712,333</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">6,052,352</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Effects of exchange rate changes on cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">298,204</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">1,947,004</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: right">430,106</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Cash and cash equivalents at 31 December</TD><TD STYLE="font-size: 7pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">24</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: right">10,238,715</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: right">7,419,239</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: right">4,712,333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The above consolidated statement of cash flows
should be read in conjunction with the accompanying notes.</P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Notes to the consolidated financial statements</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2pt; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="font-size: 8pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>1. Reporting entity</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>8</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>2. Basis of preparation and summary of significant accounting policies</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>3. Financial risk management</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>40</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>4. Segment information</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>42</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>5. Revenue</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>45</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>6. Other income and expenses</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>47</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>7. Employee benefit expenses</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>48</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>8. Finance income and costs</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>48</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>9. Income tax expense</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>49</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>10. Expenses by nature</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>52</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>11. Property, plant and equipment</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>54</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>12. Intangible assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>56</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>13. Impairment of assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>59</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>14. Investment property</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>59</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>15. Right of use assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>61</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>16. Asset held for sale discontinued operation</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>62</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>17. Other non-current assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>63</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>18. Deferred tax assets and liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>63</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>19. Trade receivables and accrued revenue</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>64</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>20. Receivables from financial services</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>65</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>21. Contract assets </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>65</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>22. Inventory</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>65</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>23. Other current assets </B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>66</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>24. Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>66</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>25. Financial assets</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>67</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>26. Equity</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>68</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>27. Earnings per share</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>69</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>28. Other non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>70</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>29. Loans and borrowings</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>70</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>30. Employee benefit</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>73</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>31. Deferred revenue</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>74</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>32. Contract liabilities</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>74</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>33. Provisions</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>75</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>34. Trade and other payables</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>76</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>35. Derivative financial instruments</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>77</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>36. Financial instruments</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>88</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>37. Guarantees and purchase obligations</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>99</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>38. Commitments and contingencies</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>99</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>39. Related parties</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>103</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>40. Subsidiaries</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>107</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>41. Cash flow information</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>109</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>42. Subsequent events</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>109</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>1.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Reporting entity</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Turkcell Iletisim Hizmetleri
Anonim Sirketi (the &ldquo;Company&rdquo;) was incorporated in Turkey on 5 October 1993 and commenced its operations in 1994. The address of the Company&rsquo;s registered office is Maltepe Aydinevler
Mahallesi Inonu Caddesi No: 20, Kucukyali Ofispark/Istanbul. It is engaged in establishing and operating a Global System for Mobile
Communications (&ldquo;GSM&rdquo;) network in Turkey and regional states.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In April 1998, the Company signed
a license agreement (the &ldquo;2G License&rdquo;) with the Ministry of Transport and Infrastructure of Turkey (the &ldquo;Turkish
Ministry&rdquo;), under which it was granted a 25-year GSM license in exchange for a license fee of USD 500,000. The License permits
the Company to operate as a stand-alone GSM operator and releases it from some of the operating constraints in the Revenue Sharing
Agreement, which was in effect prior to the 2G License. Under 2G license, the Company pays in cash the Undersecretariat of the
Treasury (the &ldquo;Turkish Treasury&rdquo;) a monthly tax levy, namely a &lsquo;treasury share&rsquo; equal to 15% of the Company&rsquo;s
gross revenue from Turkish GSM operations. The Company continues to build and operate its GSM network and is authorized to, among
other things, set its own tariffs within certain limits, charge peak and off-peak rates, offer a variety of service and pricing
packages, issue invoices directly to subscribers, collect payments and deal directly with subscribers. Following the 3G tender
held by the Information Technologies and Communications Authority (&ldquo;ICTA&rdquo;) regarding the authorization for providing
IMT-2000/UMTS services and infrastructure, the Company has been granted the A-Type license (the &ldquo;3G License&rdquo;) providing
the widest frequency band, at a consideration of EUR 358,000 (excluding Value Added Tax (&ldquo;VAT&rdquo;)). Payment of the 3G
license was made in cash, following the necessary approvals, on 30 April 2009.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 26 August 2015, &ldquo;Authorization
Tender on IMT Services and Infrastructure&rdquo; publicly known as 4.5G license tender, was held by the ICTA and the Company was
awarded with a total frequency band of 172.4 MHz for 13 years. The tender price is EUR 1,623,460 (excluding VAT of 18%). IMT authorization period expires on 30 April
2029 and operators were able to commence service delivery for 4.5G starting from 1 April 2016. 2x1.4 MHz frequency band in 900MHz spectrum and 2 units of 2x5 MHz frequency bands in 2100 MHz spectrum were commenced
on 1 December 2015, while remaining packages were commenced on 1 April 2016. For details please refer to Note 12.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company is obliged to pay
the ICTA a monthly treasury share equal to 90% of 15% of gross revenue and 10% is paid for a universal service fund. In addition,
the Company pays annual contributions in an amount equal to 0.35% of net revenue to the ICTA&rsquo;s expenses and 5% of net revenue
to ICTA as a frequency fee (TRx).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company&rsquo;s parent is
Turkcell Holding A.S. (&ldquo;Turkcell Holding&rdquo;), which holds 51% of the Company&rsquo;s shares as of 31 December 2019. The
main shareholders of Turkcell Holding are Telia Finland Oy (&ldquo;Telia&rdquo;), Cukurova Group and Alfa Telecom Turkey Limited
(&ldquo;Alfa&rdquo;) according to the information obtained from public sources.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In order to ensure compliance with corporate governance principles
of the Capital Markets Board (&ldquo;CMB&rdquo;), three independent board members were appointed in 2013. Additionally, two board
members were appointed at the General Assembly dated 29 April 2013 as per the resolution of CMB. Also in 2013, two members were
chosen from the independent nominees list submitted by Telia to CMB. On 29 March 2018, in accordance with the shareholder proposal
at the Ordinary General Assembly, three new members were elected to serve for 3 years instead of three members who are not among
independent members appointed by the CMB. Two new board members were appointed on 7 and 8 March 2019 in lieu of board members who
had resigned at various dates in 2019.&nbsp;These two board members were reappointed for 3 years in Ordinary General Assembly Meeting
which was held on 12 September 2019. One of the board members resigned on 27 November 2019, and on 13 December 2019 a new board
member was appointed for the vacant seat. &nbsp;The Company&rsquo;s Board of Directors consists of a total of seven non-executive
members including three independent members as of 31 December 2019.</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>1.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Reporting entity (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The consolidated financial statements of
the Company as at and for the year ended 31 December 2019 comprise the Company and its subsidiaries (together referred to as the
&ldquo;Group&rdquo;) and the Group&rsquo;s interest in associates and a joint venture. Subsidiaries of the Company, their locations
and their nature of operations are disclosed in Note 40. The Company&rsquo;s and each of its subsidiaries&rsquo; and associate&rsquo;s
financial statements are prepared as at and for the year ended 31 December 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Basis of preparation and summary of significant accounting policies</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">This note provides a list of the significant
accounting policies adopted in the preparation of these consolidated financial statements to the extent they have not already been
disclosed in the other notes below. These policies have been consistently applied to all the years presented, unless otherwise
stated. The consolidated financial statements are for the Group consisting of the Company and its subsidiaries and the Group&rsquo;s
interest in associates and a joint venture.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(a)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Compliance with IFRS</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">The consolidated financial statements
of the Group have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) and interpretations
issued by the IFRS Interpretations Committee (&ldquo;IFRS IC&rdquo;) applicable to companies reporting under IFRS. The financial
statements comply with IFRS as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The accounting policies, presentation and
methods of computation are consistent with those of the previous financial year and corresponding reporting period, unless otherwise
stated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group adopted IFRS 9, &ldquo;Financial
Instruments&rdquo; and IFRS 15, &ldquo;Revenue from Contracts with Customers&rdquo; for the first time for the year commencing
1 January 2018. The Group also elected to early adopt IFRS 16, &ldquo;Leases&rdquo; for the first time for the year commencing
1 January 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The General
Assembly has the power to amend and reissue the financial statements</FONT>. <FONT STYLE="font-size: 11pt">The consolidated financial
statements as at and for the year ended 31 December 2018 were authorized for issue by the Board of Directors on 20 February 2019.
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -26.95pt">The consolidated
financial statements as at and for the year ended 31 December 2019 were authorized for issue by the Board of Directors on 20 February
2020 and updated to reflect subsequent events after the original date of authorization for inclusion in its annual report on Form
20-F.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(b)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Historical cost convention</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">The accompanying consolidated
financial statements are based on the statutory records, with adjustments and reclassifications for the purpose of fair presentation
in accordance with IFRS as issued by the IASB. The financial statements have been prepared on a historical cost basis, except for
the following measured at fair value:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 92%">Derivative financial instruments,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 92%">Consideration payable in relation to the acquisition of Belarusian Telecom,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 92%">Financial asset at fair value through other comprehensive income</TD></TR></TABLE>

<P STYLE="margin-top: 6pt; margin-bottom: 6pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(c)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Functional and presentation currency</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Transactions and balances</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Transactions denominated in foreign
currencies are translated into the functional currency using the exchange rates at the dates of the transactions. Monetary assets
and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange
rates at that date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Non-monetary assets and liabilities
denominated in foreign currencies that are measured at fair value are translated to the functional currency using the exchange
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are
reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such
as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and
translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income
are recognized in other comprehensive income.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Foreign exchange gains and losses are
recognized in profit or loss, except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 88%">For capitalized foreign exchange differences relating to borrowings to the extent that they are
regarded as an adjustment to interest costs eligible for capitalization.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Foreign exchange differences are
deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part
of the net investment in a foreign operation. Foreign exchange gains and losses are presented in the statement of profit or loss
on a net basis within finance income or finance costs.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(ii)</I></TD><TD STYLE="width: 93%"><I>Foreign operations</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The results and financial position
of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different
from the presentation currency are translated into the presentation currency as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 85%">Assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 85%">Equity for each balance sheet presented is translated at historic cost at the date of transaction,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 85%">Income and expenses for each statement of profit or loss and statement of comprehensive income
are translated at average monthly exchange rates (unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions) and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 85%">All resulting exchange differences are recognized in other comprehensive income and accumulated
in the foreign currency translation reserve, in equity.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On consolidation, exchange differences
arising from the translation of borrowings and other financial instruments designated as hedges of any net investment in foreign
entities are recognized in other comprehensive income. When a foreign operation is sold or the associated exchange differences
are reclassified to profit or loss, as part of the gain or loss on sale.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Goodwill and fair value adjustments arising
on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the
closing rate.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(d)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Use of estimates and judgments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">The preparation of the consolidated
financial statements requires the use of accounting estimates. Management also needs to exercise judgment in applying the Group&rsquo;s
accounting policies. Actual results may differ from these estimates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">Estimates and underlying assumptions
are reviewed on an ongoing basis. Alterations to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Information about significant
areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on
the amounts recognized in the consolidated financial statements are described below:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Allowance for doubtful
receivables</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group maintains an allowance for doubtful
receivables for estimated losses resulting from the inability of the Group&rsquo;s subscribers and customers to make required payments.
The Group bases the allowance on the likelihood of recoverability of trade receivables, receivables from financial services and
other receivables; when there was objective evidence of impairment as a result of one or more events that occurred after the initial
recognition of asset a loss event and that loss event had an impact on the estimated future cash flows of the financial asset or
group of financial assets that could be reliably estimated. The allowance is periodically reviewed. The allowance charged to expenses
is determined in respect of receivable balances, calculated as a specified percentage of the outstanding balance in each aging
group, with the percentage of the allowance increasing as the aging of the receivable progresses.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Capitalization and
useful lives of assets</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The useful lives and residual values of
the Group&rsquo;s assets are estimated by management at the time the asset is acquired and regularly reviewed for appropriateness.
The Group defines useful life of its assets in terms of the assets&rsquo; expected utility to the Group. This judgment is based
on the experience of the Group with similar assets. In determining the useful life of an asset, the Group also follows technical
and/or commercial obsolescence arising on changes or improvements from a change in the market. The useful lives of the telecommunication
licenses are based on the duration of the license agreements.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Gross versus net presentation
of revenue</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When the Group acts as principal in sale of
goods or rendering of services, revenue from customers and costs with suppliers are reported on a gross basis. When the Group acts
as agent in sale of goods or rendering of services, revenue from customers and costs related to suppliers are reported on a net
basis, representing the net margin earned. Whether the Group is acting as principal or agent depends on management&rsquo;s analysis
of both legal form and substance of the agreement between the Group and its business partners; such judgments impact the amount
of reported revenue and costs but do not impact reported assets, liabilities or cash flows.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Contracted handset sales</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company, the distributors and dealers
offer joint campaigns to the subscribers which may include the sale of device by the dealer and/or distributor and a communication
service to be provided by the Company. The Company does not recognize any revenue for the device in these transactions by considering
the factors below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify; text-indent: 0.5in">- The Company is not the
primary obligor for the sale of handset,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">- The Company does not
have control over the sale prices of handsets,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">- The Company has no inventory
risk,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">- The Company has no responsibility
on technical compatibility of equipment delivered to customers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">- The responsibility after
sale belongs to the distributor and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">- The Company does not
make any modification on the equipment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 1.65pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basis of preparation
and summary of significant accounting policies</B></FONT><B> (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(d)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Use of estimates and judgments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Multiple performance obligations and price allocation</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In arrangements which include multiple
elements where the Group acts as principal, the Group considers that these bundled elements involve consideration in the form of
a fixed fee or a fixed fee coupled with a continuing payment stream. A good or service is distinct if both of the following criteria
are met:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The good or service is capable of being distinct</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The promise to transfer the good or service is distinct within the context of the contract.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The arrangement consideration is allocated
to each performance obligation identified in the contract on a relative stand-alone selling prices. If an element of a transaction
is not distinct, then it is accounted for as an integral part of the remaining elements of the transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Income taxes</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The calculation of income taxes
involves a degree of estimation and judgment in respect of certain items whose tax treatment cannot be finally determined until
resolution has been reached with the relevant tax authority or, as appropriate, through formal legal process.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As part of the process of preparing
the consolidated financial statements, the Group is required to estimate the income taxes in each of the jurisdictions and countries
in which it operates. This process involves estimating the actual current tax exposure together with assessing temporary differences
resulting from differing treatment of items, such as deferred revenue and reserves for tax and accounting purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">The recognition of deferred tax
assets is based upon whether it is probable that future taxable income will be available, against which the temporary differences
can be utilized <FONT STYLE="font-family: Times New Roman, Times, Serif">to the extent the recovery from future taxable income
is not considered probable the deferred asset is adjusted accordingly</FONT>. Recognition, therefore, involves judgment regarding
the future financial performance of the particular legal entity in which the deferred tax asset has been recognized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Provisions, contingent liabilities and contingent assets</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As detailed and disclosed in Note 38, the
Group is involved in a number of investigations and legal proceedings (both as a plaintiff and as a defendant) during the year
arising in the ordinary course of business. All of these investigations and litigations are evaluated by the Group Management in
accordance with IAS 37 <I>&ldquo;Provisions, Contingent Liabilities and Contingent Assets&rdquo;</I> and disclosed or accounted in the consolidated
financial statements. Future results or outcome of these investigations and litigations might differ from Group Management&rsquo;s
expectations. As at the reporting date, the Group Management believes that appropriate recognition criteria and measurement basis
are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes
to enable users to understand their nature, timing and amount by considering current conditions and circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Annual impairment review </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">The Company tests annually whether
goodwill and intangible asset not yet available for use have suffered any impairment in accordance with IAS 36 <I>&ldquo;Impairment
of Assets&rdquo;</I>. Additionally, the carrying amounts of Company&rsquo;s nonfinancial assets are reviewed at each reporting
date to determine whether there is an indication of impairment. If any indication exists the assets recoverable amount is estimated
based on fair value less cost of disposal calculations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I></I></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 1.65pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basis of preparation
and summary of significant accounting policies</B></FONT><B> (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(d)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Use of estimates and judgments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Fair value measurements and valuation processes</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Some of the Company&rsquo;s assets and liabilities
are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or liability, the Company
uses market-observable data to the extent it is available. Where Level 1 and 2 inputs are not available, the Company can engage
third party qualified experts to perform the valuation, if necessary. The management works closely with the qualified external
experts to establish the appropriate valuation techniques and inputs to the model. Information about the valuation techniques and
inputs used in determining the fair value of various assets and liabilities is disclosed in<BR>
Note 36.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(e)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Changes in accounting policies</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Other than the adoption of the
new and revised standards as explained in Note 2(ae), the Group did not make any significant changes to its accounting policies
during the current year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, interest expense/income
and fair value of derivative financial instruments are shown netted off in the consolidated statement of profit or loss (Note 8).
The Company has presented financials of<BR>
31 December 2018 and 2017 accordingly. This classification has no impact on operating profit, profit for the year and cash flow
statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Interest expense and income for
derivative financial instruments and option premium charges are shown netted off under finance income (Note 8).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">As at 31 December 2019, interest
income and expense on financial assets measured at amortized cost are shown netted of on consolidated statement of profit or loss
(Note 8). The Company has presented financials of 31 December 2018 and 2017 accordingly which amount is TL 255,019 and TL 221,190.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">As at 31 December 2018 revenue
and cost of revenue from Turkcell Odeme Hizmetleri A.S. (&ldquo;Turkcell Odeme&rdquo;) has been classified under financial services
which amounted to TL 177,203 (2017: TL 109,337) and TL (34,253) (2017: TL (15,119)) respectively, and trade receivables from Turkcell
Odeme has been classified under receivables from financial services which amounted to TL 32,012 (Note 19). This classification
has no impact on operating profit, profit for the year and cash flow statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(f)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Changes in accounting estimates</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If the application of changes in the accounting
estimates affects the financial results of a specific period, the changes in the accounting estimates are applied in that specific
period, if they affect the financial results of current and following periods; the accounting estimate is applied prospectively
in the period in which such change is made. A change in the measurement basis applied is a change in an accounting policy, and
is not a change in an accounting estimate.</P>

<P STYLE="font: 11pt/105% Times New Roman, Times, Serif; margin: 6pt 0">The Company does not have significant changes in accounting
estimates during the year.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(g)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Comparative information and revision of prior period financial statements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The consolidated financial statements of
the Group have been prepared consistent with prior periods.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; padding-right: 1.65pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basis of preparation
and summary of significant accounting policies</B></FONT><B> (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(h)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Principles of consolidation and equity accounting</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Business combinations</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Business combinations are accounted for using
the acquisition method. The consideration transferred in a business combination comprises:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The fair value of the assets transferred,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Liabilities incurred to the former owners of the acquired business,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Equity interests issued by the Group,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The fair value of any asset or liability resulting from a contingent consideration arrangement,
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The fair value of any pre-existing equity interest in the subsidiary.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Acquisition-related costs are expensed as incurred.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Identifiable assets acquired and liabilities
and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values
at the acquisition date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Goodwill is measured as the excess of the
consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any
previously held equity interest in the acquired entity over the fair value of the net identifiable assets acquired. If those amounts
are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in
profit or loss as a bargain purchase. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling interest&rsquo;s proportionate share of the acquired entity&rsquo;s net identifiable
assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Where settlement of any part of cash consideration
is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate
used is the entity&rsquo;s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent
financier under comparable terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Contingent consideration
is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured
to fair value with changes in fair value recognized in profit or loss. Contingent consideration classified as equity is not subject
to remeasurement.&nbsp; Instead, any gain or loss at settlement is recorded as an adjustment to equity through other comprehensive
income</FONT>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If the business combination is achieved
in stages, the acquisition date carrying value of the acquirer&rsquo;s previously held equity interest in the acquiree is remeasured
to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(h)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Principles of consolidation and equity accounting (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 6pt; margin-bottom: 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(ii)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Subsidiaries</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsidiaries comprise all entities over
which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the
date that control ceases.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company reassesses whether or not it
controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control
listed above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Intercompany transactions, balances and
unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the Group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Non-controlling interests in the results
and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income,
statement of changes in equity and statement of financial position respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Non-controlling interest has not been attributed
to Belarus Telekom on the grounds that net assets of Belarus Telekom is negative, Belarus Telekom is financed solely by the Company
and management&rsquo;s assessment of relevant articles of the share purchase agreement with the non-controlling shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Turkcell Finansman A.&#350;. (&ldquo;Turkcell
Finansman&rdquo;) sold financial loans amounting to TL 87,589 on 14 April 2017 to Aktif Yat&#305;r&#305;m Bankas&#305; A.&#350;. Turkcell Varl&#305;k Finansman&#305; Fund (the &ldquo;Fund&rdquo;)
founded by Aktif Yat&#305;r&#305;m Bankas&#305; A.&#350;. in order to create funds for the issuance of Asset Backed Securities
(&ldquo;ABS&rdquo;) which will be issued by the Fund in a structure where Turkcell Finansman will act as the source organization.
Turkcell Finansman similarly sold second financial loans amounting to TL 89,607 on 22 August 2017, third financial loans amounting
to TL 90,272 on 16 February 2018, fourth financial loans amounting to TL 56,716 on 20 December 2018, fifth financial loans amounting to TL 45,983 on 24 July 2019, and sixth financial loans amounting to TL 69,183
on 30 December 2019. Turkcell Finansman transferred its contractual rights to receive cash flows from the financial loans that
have been sold to the Fund resulting in de-recognition of the related assets from its financial statements. Moreover, the Company
did not consolidate the Fund since the activities of the Fund are not controlled by the Company and the Fund has been defined as
a structured entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>2.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(h)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Principles of consolidation and equity accounting (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>Changes in ownership interests</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group treats transactions with
non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in
ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect
their relative interests in the subsidiary. Any difference between the amount of the adjustment to the non-controlling and any
consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When the Group ceases to consolidate
or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest
in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value
becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint
venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously
recognized in other comprehensive income are reclassified to profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If the ownership interest in a joint
venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts
previously recognized in other comprehensive income are reclassified to profit or loss where appropriate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iv)</I></TD><TD STYLE="text-align: justify"><I>Business combinations under common control</I></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Business combinations between
entities or businesses under common control are excluded from the scope of IFRS 3. In a business combination under common control,
assets and liabilities of the acquired entity are stated at predecessor carrying values. Any difference between the consideration
given and the aggregate book value of the assets and liabilities of the acquired entity at the date of the transaction is recognized
in equity. The acquired entity&rsquo;s results and financial position are incorporated as if both entities (acquirer and acquiree)
had always been combined, or using the results from the date when either entity joined the Group, where such a date is later.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(v)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Put option over shares relating to non-controlling interests</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Where a put option is written by the
Group on shares in an existing subsidiary held by non-controlling interests, the Group recognizes a financial liability at the
present value of the redemption amount to reflect the put option. If the ownership risks and rewards of the shares relating to
the put option is attributable to Group, the non-controlling interest is derecognized. The difference between the put option liability
and the non-controlling interests derecognized is recognized in equity. For business combinations after 1 January 2009, subsequent
changes in the fair value of the put option liability are recognized in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">Reserve for put option
over shares relating to non-controlling interests included in equity arises from the difference between the fair value of the put
option written by Fintur Holdings B.V. (&ldquo;Fintur&rdquo;) on non-controlling shares in one of its subsidiaries and the derecognized
non-controlling interests relating to that put option.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(h)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Principles of consolidation and equity accounting (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(vi)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Investments in associates and joint ventures </I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">An associate is an entity over which the
Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20%
and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting after initially
being recognized at cost.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">A joint venture is a joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. The results
and assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method
of accounting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Under the equity method of accounting,
an investment in an associate is initially recognized at cost and adjusted thereafter to recognize the Group&rsquo;s share of the
post-acquisition profits or losses of the investee in profit or loss, and the Group&rsquo;s share of movements in other comprehensive
income of the investee in other comprehensive income. Dividends received or receivable from associates are recognized as a reduction
in the carrying amount of the investment.</P>

<P STYLE="font: 11pt/13.5pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When the Group&rsquo;s share of
losses in an equity-accounted investment equals or exceeds its interest in that entity, including any other unsecured long-term
receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the
other entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Unrealized gains on transactions between
the Group and its associates are eliminated to the extent of the Group&rsquo;s interest in these entities. Unrealized losses are
also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity
accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On acquisition of an associate, any excess
of the cost of the investment over the Group&rsquo;s share of the net fair values of the associate&rsquo;s identifiable assets
and liabilities is recognized as goodwill, which is included in the carrying amount of the investment. Any excess of the Group&rsquo;s
share of the net fair value of the associate&rsquo;s identifiable assets and liabilities over the cost of the investment is included
as part of the Group&rsquo;s share of the associate profit or loss in the period in which the investment is acquired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The carrying amount of equity-accounted
investments is tested for impairment in accordance with the policy described in (Note 16). The Group measures an associate that
is classified as held for sale at the lower of its carrying amount at the date of classification as held for sale and fair value
less costs of disposal. Equity accounting ceases once an associate is classified as held for sale.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Classification</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">From 1 January 2018, the Group classifies its
financial assets in the following measurement categories:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- Those to be measured subsequently at
fair value (either through OCI or through profit or loss) and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- Those to be measured at amortized cost.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The classification depends on the Group&rsquo;s
business model for managing the financial assets and the contractual terms of the cash flows.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For assets measured at fair value, gains
and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading,
this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity
investment at fair value through other comprehensive income (FVOCI).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group reclassifies debt investments
when and only when its business model for managing those assets changes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Recognition and derecognition</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Regular way purchases and sales of
financial assets are recognized on trade date, the date on which the Group commits to purchase or sell the asset. Financial assets
are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the
Group has transferred substantially all the risks and rewards of ownership.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Measurement</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">At initial recognition, the Group measures
a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction
costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at
FVPL are expensed in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Financial assets with embedded derivatives
are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><I>Debt instruments</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsequent measurement of debt instruments
depends on the Group&rsquo;s business model for managing the asset and the cash flow characteristics of the asset. There are three
measurement categories into which the Group classifies its debt instruments:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- Amortized cost: Assets that are
held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured
at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate
method. Any gain or loss arising on derecognition is recognized directly in profit or loss.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- FVOCI: Assets that are held for
collection of contractual cash flows and for selling the financial assets, where the assets&rsquo; cash flows represent solely
payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the
recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognized in profit
or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from
equity to profit or loss. Interest income from these financial assets is included in finance income using the effective interest
rate method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- FVPL: Assets that do not meet the criteria
for amortized cost or FVOCI are measured at FVPL. A gain or loss on a debt instruments that is subsequently measured at FVPL is
recognized in profit or loss in the period in which it arises.<B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basi<FONT STYLE="font-size: 11pt">s
                                         of preparation and summary of significant accounting policies (continued)</FONT></B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><I>Measurement
(continued)</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><I>Equity instruments</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><I>The Group
subse</I></FONT><I>quently measures all equity investments at fair value. Where the Group&rsquo;s management has elected to present
fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses
to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in
profit or loss as other income when the Group&rsquo;s right to receive payments is established.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Changes in the fair value of financial
assets at FVPL are recognized in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses)
on equity investments measured at FVOCI are not reported separately from other changes in fair value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Impairment</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">From 1 January 2018, the Group assesses
on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI.
The impairment methodology applied depends on whether there has been a significant increase in credit risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Loss allowances are measured on either
of the following bases.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12 month expected credit losses (ECLs): these are ECLs that result from possible default events
within the 12 months after the reporting date and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Lifetime ECLs: these are ECLs that result from all possible default events over the expected life
of a financial instrument.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group applies lifetime ECL measurement
for all group companies except Turkcell Finansman which applies both 12 month and lifetime ECL (general approach).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Offsetting financial assets and financial
liabilities</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Financial assets and liabilities are offset
and the net amount presented in the statement of financial position where the Group has a legally enforceable right to offset the
recognized amounts, and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.
This policy had also been applied before 1 January 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Cash and cash
equivalents</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For the purpose of presentation in the
statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and
other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Trade receivables</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Trade receivables are amounts due from
customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in
one year or less they are classified as current assets. If not, they are presented as non-current assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Trade receivables are recognized initially
at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. See
Note 36 for a description of the Group&rsquo;s impairment policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Ba<FONT STYLE="font-size: 11pt">sis
                                         of preparation and summary of significant accounting policies (continued)</FONT></B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Trade
and other payables</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">These
amount</FONT>s represent liabilities for goods and services provided to the Group prior to the end of financial year which are
unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting
period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest
method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Borrowings</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Borrowings are initially recognized
at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between
the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings
using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the
loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until
the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down,
the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Borrowings are removed from the
statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference
between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration
paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Derivatives and hedging activities
</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Derivatives are initially recognized
at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end
of each reporting period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Forward foreign exchange, interest rate
and foreign exchange swaps (IRS, Cross Currency Swaps etc.) and option transaction fair values are calculated with market levels
of interest rates and Central Bank of Republic of Turkey (CBRT) exchange rates via Bloomberg financial terminal. If market levels
are not available for valuation date, fair value for forward contracts will be the value of the discounted future value of the
difference between contract price level and forward value of CBRT exchange rate with risk fee rates for the period. Interest rate
and currency swaps will be valued with the difference of the discounted cash flows of each leg of the swaps using risk free rates
and CBRT exchange rates. Option transactions will be valued with option pricing models using risk free rates and CBRT exchange
rates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The accounting for subsequent changes
in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being
hedged. The Group designates certain derivatives as hedges of a particular risk associated with the cash flows of recognized assets
and liabilities and highly probable forecast transactions (cash flow hedges).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">At inception of the hedge relationship,
the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash
flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk
management objective and strategy for undertaking its hedge transactions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Cash flow hedges that qualify for hedge accounting</I></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The effective portion of changes in
the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve
within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Derivatives
and hedging activities (continued)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><I>(i)</I></TD>
    <TD STYLE="width: 93%"><I>Cash flow hedges that qualify for hedge accounting (continued)</I></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I></I>Gains or
losses relating to the effective portion of the change in intrinsic value of the options are recognized in the cash flow hedge
reserve within equity. The changes in the time value of the options that relate to the hedged item (&ldquo;aligned time value&rdquo;)
are recognized within OCI in the costs of hedging reserve within equity.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Amounts accumulated in equity are
reclassified in the periods when the hedged item affects profit or loss, as follows:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- Where the hedged item subsequently
results in the recognition of a non-financial asset, both the deferred hedging gains and losses and the deferred time value of
the option contracts or deferred forward points, if any, are included within the initial cost of the asset. The deferred amounts
are ultimately recognized in profit or loss as the hedged item affects profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- The gain or loss relating to the effective
portion of the interest rate swaps hedging variable rate borrowings is recognized in profit or loss within finance cost at the
same time as the interest expense on the hedged borrowings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When a hedging instrument expires, or is
sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and
deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the recognition
of a non-financial asset. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred
costs of hedging that were reported in equity are immediately reclassified to profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Certain derivative instruments do not qualify
for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized
immediately in profit or loss.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group has started to apply hedge
accounting as of 1 July 2018 for existing participating cross currency swap and cross currency swap transactions in accordance
with IFRS 9 hedge accounting requirement. IFRS 9 includes new hedge accounting rules aiming alignment with risk management activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group enters into participating cross
currency swap and cross currency swap transactions in order to hedge the changes in cash flows of foreign exchange denominated
fixed and floating rate financial instruments. While applying cash flow hedge accounting, the effective portion of the changes
in the fair value of the hedging instrument is accounted for under &ldquo;other comprehensive income/expense items to be reclassified
to profit or loss&rdquo; as a &ldquo;hedging reserve&rdquo; in equity, and the ineffective portion is recognized in profit or loss.
The changes recognized in equity is reclassified and included in profit or loss in the same period when the hedged cash flows effect
the profit or loss. In addition, time value of options included in participating cross currency swaps are accounted for cost of
hedging and recognized under other comprehensive income.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The new effectiveness test model may
be qualitative depending on the complexity of hedging relationship provided that it is prospective only. The 80-125% range in IAS
39 is replaced by an objectives-based test that focuses on the economic relationship between the hedged item and the hedging instrument,
and the effect of credit risk on that economic relationship.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Under IFRS 9, a hedging relationship
is discontinued in its entirety when as a whole it ceases to meet the qualifying criteria after considering the rebalancing of
the hedging relationship. Voluntary discontinuation when the qualifying criteria are met is prohibited. Hedge accounting is discontinued
when the risk management objective for the hedging relationship has changed, the hedging instrument expires or is sold, terminated
or exercised, there is no longer an economic relationship between the hedged item and hedging instrument or when the effect of
credit risk starts dominating the value changes that result from the economic relationship.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Derivatives
and hedging activities (continued)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><I>(i)</I></TD>
    <TD STYLE="width: 93%"><I>Cash flow hedges that qualify for hedge accounting (continued)</I></TD></TR>
</TABLE>



<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When the Group discontinues hedge
accounting for a cash flow hedge it shall account for the amount that has been accumulated in the cash flow hedge reserve in accordance
as follows;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">-if the hedged future cash flows are
still expected to occur, that amount shall remain in the cash flow hedge reserve until the future cash flows occur.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">-When a hedging instrument expires, or
is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss
and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs, resulting in the
recognition of a non-financial asset. When the forecast transaction is no longer expected to occur, the cumulative gain or loss
and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><I>(ii)</I></TD>
    <TD STYLE="width: 93%"><I>Foreign currency hedge of net investments in foreign operations</I></TD></TR>
</TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">The Company designates
its foreign currency bank loans to hedge its net investment in a foreign operation. Foreign exchange gains or losses on the hedging
instrument relating to the effective portion of the foreign currency hedge of net investments in foreign operations are recognized
in other comprehensive income while any gains or losses relating to the ineffective portion is recognized in the income statement.
Tax effects of foreign exchange gains or losses on the hedging instrument relating to the effective portion of the foreign currency
hedge of net investments in foreign operations is recognized under other comprehensive income as well.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">On disposal of the foreign
operation, the cumulative value of any such gains or losses recorded in equity is transferred to the income statement (Note 16).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial instruments
- Accounting policies applied until 31 December 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&#9;</B><FONT STYLE="font-size: 11pt">The
Group has applied IFRS 9 retrospectively, but has elected not to restate comparative information for prior periods. As a result,
the comparative information provided continues to be accounted for in accordance with the Group&rsquo;s previous accounting policy.
Accounting policies that changed on adoption of IFRS 9 are as follows. The Group&rsquo;s new accounting policies are explained
above.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>i)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Classification</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Until 31 December 2017, the Group classified
its financial assets in the following categories:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Financial assets at fair value through profit or loss,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Loans and receivables,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Held-to-maturity investments, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Available-for-sale financial assets.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The classification depended on the purpose
for which the investments were acquired. Management determined the classification of its investments at initial recognition and,
in the case of assets classified as held-to-maturity, re-evaluated this designation at the end of each reporting period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial instruments
- Accounting policies applied until 31 December 2017 (continued)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(ii)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Reclassification</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group could choose to reclassify
a non-derivative trading financial asset out of the held for trading category if the financial asset was no longer held for the
purpose of selling it in the near term. Financial assets other than loans and receivables were permitted to be reclassified out
of the held for trading category only in rare circumstances arising from a single event that was unusual and highly unlikely to
recur in the near term. In addition, the Group could choose to reclassify financial assets that would meet the definition of loans
and receivables out of the held for trading or available-for-sale categories if the Group had the intention and ability to hold
these financial assets for the foreseeable future or until maturity at the date of reclassification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Reclassifications were made at fair
value as of the reclassification date. Fair value became the new cost or amortized cost as applicable, and no reversals of fair
value gains or losses recorded before reclassification date were subsequently made. Effective interest rates for financial assets
reclassified to loans and receivables and held-to-maturity categories were determined at the reclassification date. Further increases
in estimates of cash flows adjusted effective interest rates prospectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iii)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Subsequent measurement</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The measurement at initial recognition
did not change on adoption of IFRS 9.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsequent to initial recognition,
loans and receivables and held-to-maturity investments were carried at amortized cost using the effective interest method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Available-for-sale financial assets
and financial assets at fair value through profit or loss were subsequently carried at fair value. Gains or losses arising from
changes in the fair value were recognized as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">For &#8216;financial assets at fair value through profit or loss&#8217; <B>-</B> in profit or loss</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">For available-for-sale financial assets that are monetary securities denominated in a<BR>
foreign currency <B>-</B> translation differences related to changes in the amortized cost of the security were recognized in profit
or loss and other changes in the carrying amount were recognized in other comprehensive income</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">For other monetary and non-monetary securities classified as available-for-sale <B>-</B> in other
comprehensive income</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Details on how the fair value of financial
instruments is determined are disclosed in Note 36.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iv)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Impairment</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group assessed at the end of each
reporting period whether there was objective evidence that a financial asset or group of financial assets was impaired. A financial
asset or a group of financial assets was impaired and impairment losses were incurred only if there was objective evidence of
impairment as a result of one or more events that occurred after the initial recognition of the asset (a &ldquo;loss event&rdquo;)
and that loss event had an impact on the estimated future cash flows of the financial asset or group of financial assets that
could be reliably estimated. In the case of equity investments classified as available-for-sale, a significant or prolonged decline
in the fair value of the security below its cost was considered an indicator that the assets were impaired.<B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial instruments
- Accounting policies applied until 31 December 2017 (continued)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iv)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Impairment (continued)</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For loans and receivables, the amount
of the loss was measured as the difference between the asset&rsquo;s carrying amount and the present value of estimated future
cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset&rsquo;s original effective
interest rate. The carrying amount of the asset was reduced and the amount of the loss was recognized in profit or loss. If a loan
or held-to-maturity investment had a variable interest rate, the discount rate for measuring any impairment loss was the current
effective interest rate determined under the contract. As a practical expedient, the Group could measure impairment on the basis
of an instrument&rsquo;s fair value using an observable market price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If, in a subsequent period, the amount
of the impairment loss decreased and the decrease could be related objectively to an event occurring after the impairment was recognized
(such as an improvement in the debtor&rsquo;s credit rating), the reversal of the previously recognized impairment loss was recognized
in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Impairment testing of trade receivables
is described in Note 36.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If there was objective evidence of
impairment for available-for-sale financial assets, the cumulative<BR>
loss <B>-</B> measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that
financial asset previously recognized in profit or loss <B>-</B> was removed from equity and recognized in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Impairment losses on equity instruments
that were recognized in profit or loss were not reversed through profit or loss in a subsequent period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If the fair value of a debt instrument
classified as available-for-sale increased in a subsequent period and the increase could be objectively related to an event occurring
after the impairment loss was recognized in profit or loss, the impairment loss was reversed through profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(j)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Property, plant and equipment </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Recognition and measurement </I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Items of property, plant and equipment
are stated at historical cost less depreciation and impairment losses. Property, plant and equipment related to the Company and
its subsidiaries operating in Turkey are adjusted for the effects of inflation during the hyperinflationary period ended on 31
December 2005. Since the inflation accounting commenced on 1 January 2011, property, plant and equipment related to the subsidiaries
operating in Belarus are adjusted for the effects of inflation. However, the decrease in inflation rate in subsequent years led
the three-year cumulative rate as of the end of 2014 to decrease to 65%. Accordingly, the economy of Belarus was considered as
transitioning out of hyperinflationary status and in 2015 it was determined to be appropriate to cease applying IAS 29. Therefore,
subsidiaries operating in Belarus ceased applying IAS 29 in 2015.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Historical cost includes expenditure
that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes cost of materials and
direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use and the costs
of dismantling and removing the items and restoring the site on which they are located, if any.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Purchased software that is integral to
the functionality of the related equipment is capitalized as part of that equipment. When parts of an item of property, plant and
equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Gains and losses on disposals are determined
by comparing proceeds with the carrying amount. These are recognized included in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(j)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Property, plant and equipment (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify"><I>Recognition and measurement (continued)</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Changes in the obligation to dismantle,
remove assets on sites and to restore sites on which they are located, other than changes deriving from the passing of time, are
added or deducted from the cost of the assets in the period in which they occur. The amount deducted from the cost of the asset
shall not exceed the balance of the carrying amount on the date of change, and any excess balance is recognized immediately in
profit or loss. An asset&rsquo;s carrying amount is written down immediately to its recoverable amount if the asset&rsquo;s carrying
amount is greater than its estimated recoverable amount.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(ii)</I></TD><TD STYLE="text-align: justify"><I>Subsequent costs</I></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsequent costs are included
in the asset&rsquo;s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount
of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged
to profit or loss during the reporting period in which they are incurred.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>Depreciation</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Depreciation is calculated using the
straight-line method to allocate their cost, net of their residual values, over their estimated useful lives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Land is not depreciated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The estimated useful lives are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 53%">Buildings</TD>
    <TD STYLE="text-align: right; width: 30%">21
&ndash; 25 years</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Mobile network infrastructure</TD>
    <TD STYLE="text-align: right">4 &ndash; 20 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Fixed network infrastructure</TD>
    <TD STYLE="text-align: right">3 &ndash; 25 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Call center equipment</TD>
    <TD STYLE="text-align: right">4 &ndash; 8 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Equipment, fixtures and fittings&#9;</TD>
    <TD STYLE="text-align: right">2 &ndash; 10 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Motor vehicles</TD>
    <TD STYLE="text-align: right">4 &ndash; 6 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Leasehold improvements</TD>
    <TD STYLE="text-align: right">3 &ndash; 5 years</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Depreciation methods, useful lives and
residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iv)</I></TD><TD STYLE="text-align: justify"><I>Borrowing costs</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">General and specific borrowing costs
that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the
period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">Other borrowing
costs are expensed in the period in which they are incurred</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(k)</B></TD><TD><B>Intangible assets</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify"><I>Telecommunication licenses</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Separately acquired telecommunication licenses
are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less
amortization and impairment losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Amortization</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Amortization is recognized in the statement
of profit or loss on a straight-line basis by reference to the license period. The useful lives for telecommunication licenses
are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 53%">Telecommunications
licenses&#9;</TD>
    <TD STYLE="text-align: right; width: 30%">3 &ndash; 25 years</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 53.4pt; text-align: justify; text-indent: -3.75pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%">(<I>ii)</I></TD><TD STYLE="text-align: justify"><I>Computer software</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Acquired computer software licenses are
capitalized on the basis of the costs incurred to acquire and bring to use the specific software.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Costs associated with maintaining
computer software programs are recognized as an expense as incurred.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Development costs that are directly
attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible
assets when the following criteria are met:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It is technically feasible to complete the software such that it will be available for use,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Management intends to complete the software and use or sell it,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">There is an ability to use or sell the software,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">It can be demonstrated how the software will generate probable future economic benefits,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Adequate technical, financial and other resources to complete the development and to use or sell
the software are available and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The expenditure attributable to the software during its development can be reliably measured.</TD></TR></TABLE>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Directly attributable costs that are
capitalized as part of the software include employee costs and an appropriate portion of relevant overheads.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Research expenditure and development
expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized
as an expense are not recognized as an asset in a subsequent period.</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Capitalized development costs are
recorded as intangible assets and amortized from the point at which the asset is ready for use.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Amortization</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Amortization is recognized in the statement
of profit or loss on a straight-line basis over the estimated useful lives. The useful lives for computer software are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 53%">Computer software</TD>
    <TD STYLE="text-align: right; width: 30%">3 &ndash; 8 years</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Amortization methods, useful lives
and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(k)</B></TD><TD><B>Intangible assets (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>Other intangible assets</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other intangible assets that are acquired
by the Group which have finite useful lives are stated at historical cost adjusted for the effects of inflation during the hyperinflationary
period, where applicable, less amortization and impairment losses. Indefeasible Rights of Use (&ldquo;IRU&rdquo;) are rights to
use a portion of an asset&rsquo;s capacity granted for a fixed period of time. IRUs are recognized as intangible asset when the
Group has specific indefeasible rights to use an identified portion of an underlying asset and the duration of the right is for
the major part of the underlying asset&rsquo;s useful economic life. IRUs are amortized over the shorter of the underlying asset&rsquo;s
useful economic life and the contract term.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Amortization</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">Amortization is recognized in the statement of profit or loss
on a straight-line basis over the estimated useful lives. The useful lives for computer software are as follows:&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 53%">Transmission line software</TD>
    <TD STYLE="text-align: right; width: 30%">5 &ndash; 10 years</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Central betting system operating right</TD>
    <TD STYLE="text-align: right">7 &ndash; 10&#9;years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Customer base</TD>
    <TD STYLE="text-align: right">2 &ndash; 15 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Brand name</TD>
    <TD STYLE="text-align: right">9 &ndash; 10 years</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Indefeasible right of use</TD>
    <TD STYLE="text-align: right">15 years</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Amortization methods, useful lives and
residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Goodwill</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Goodwill on acquisitions of subsidiaries
is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events
or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains
and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Goodwill is allocated to cash-generating
units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating
units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are
identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(l)</B></TD><TD><B>Investment properties</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Recognition and measurement</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Investment properties are properties held
for rental yields and/or for capital appreciation (including property under construction for such purposes). Investment properties
are stated at historical cost less depreciation and impairment losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">An investment property is derecognized
upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from
the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Depreciation</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Depreciation is calculated using the straight-line
method to allocate their cost, net of their residual values, over their estimated useful lives. The estimated useful lives are
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-top: 6pt; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 53%">Investment Property</TD>
    <TD STYLE="text-align: right; width: 30%">25 - 45 years</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">Depreciation methods, useful lives and residual values are
reviewed, and adjusted if appropriate, at the end of each reporting period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(m)</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Inventories are stated at the lower
of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less
the estimated costs necessary to make the sale. Cost of inventory is determined using the weighted average method and comprises
all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Costs of purchased
inventory are determined after deducting rebates and discounts. At 31&nbsp;December&nbsp;2019 and 2018, inventories mainly consisted
of mainly mobile phones, modem, tablet, sim-cards, and <FONT STYLE="font-family: Times New Roman, Times, Serif">tower construction
materials</FONT>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(n)</B></TD><TD STYLE="text-align: justify"><B>Impairment of assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Goodwill and intangible assets that
have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events
or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which
the asset&rsquo;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&rsquo;s fair
value less costs of disposal and its value in use. Fair value is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. Value in use is the present value of
the future cash flows expected to be derived from an asset or cash-generating unit. For the purposes of assessing impairment, assets
are grouped at the lowest levels (cash-generating units) for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets. Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at the end of each reporting period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(o)</B></TD><TD STYLE="text-align: justify"><B>Employee benefits</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(i)</I></TD><TD STYLE="text-align: justify"><I>Short-term obligations</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Liabilities for salaries including
non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees&rsquo;
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
The liabilities are presented as trade and other payables in the statement of financial position.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(ii)</I></TD><TD STYLE="text-align: justify"><I>Termination benefits</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In accordance with the labor law in
Turkey, the Company and its subsidiaries in Turkey are required to make lump-sum payments to employees who have completed one
year of service and whose employment is terminated without cause or who retire, are called up for military service or die.
Such payments are calculated on the basis of 30 days&rsquo; pay up to a of maximum full TL 6,380 as at
31&nbsp;December&nbsp;2019 (31 December 2018: <FONT STYLE="font-family: Times New Roman, Times, Serif">TL 5,434)</FONT>,
per year of employment at the rate of pay applicable at the date of retirement or termination. Termination benefits paid to
key executive officers are presented as other expenses. Reserve for employee termination benefits is computed and reflected
in the consolidated financial statements on a current basis. <FONT STYLE="font-family: Times New Roman, Times, Serif">Discount
rate used for calculating employee termination benefit as of 31 December 2019 is 3.60% (31 December 2018: 4.41%). </FONT>The
reserve is calculated by estimating the present value of future probable obligation of the Company and its subsidiaries in
Turkey arising from retirement of employees. Reserve for employee termination benefits is calculated annually by independent
actuaries using the projected unit credit method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(o)</B></TD><TD STYLE="text-align: justify"><B>Employee benefits <FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iii)</I></TD><TD STYLE="text-align: justify"><I>Defined contribution plans</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For defined contribution plans, the
Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary
basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as
employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or
a reduction in the future payments is available.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(iv)</I></TD><TD STYLE="text-align: justify"><I>Share-based payments</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group provides a cash-settled share-based
payment plan for selected employees in return for their services. For cash-settled share-based payment transactions, the Group
measures services acquired and the liability incurred at the fair value of the liability. Liabilities for cash-settled share-based
payment plan are recognized as employee benefit expense over the relevant service period. The fair value of the liability is re-measured
at each reporting date and at the settlement date. Any changes in fair value are recognized in profit or loss for the period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>(v)</I></TD><TD STYLE="text-align: justify"><I>Personnel bonus</I></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Provision for bonus is provided
when the bonus is a legal obligation, or past practice would make the bonus a constructive obligation and the Group is able to
make a reliable estimate of the obligation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(p)</B></TD><TD STYLE="text-align: justify"><B>Provisions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">A provision is recognized if, as a result
of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that
an outflow of resources will be required to settle the obligation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Where there are a number of similar obligations,
the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole.
A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations
may be small.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Provisions are measured at the present
value of management&rsquo;s best estimate of the outflow required to settle the present obligation at the end of the reporting
period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized
as interest expense.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Onerous contracts</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Present obligation arising under an onerous
contract is recognized and measured as a provision. An onerous contract is considered to exist where the Group has a contract under
which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received
under it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Dismantling, removal and restoring sites
obligation</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group is required to incur certain
costs in respect of a liability to dismantle and remove assets and to restore sites on which the assets were located. The dismantling
costs are calculated according to best estimate of future expected payments discounted at a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the liability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(r)</B></TD><TD STYLE="text-align: justify"><B>Revenue</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Revenue is recognized at the amount
of the transaction price that is allocated to the performance obligation. The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognized
when control is transferred to the customer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Revenue from telecommunication services
includes postpaid and prepaid revenue from voice, data, messaging and value added services, interconnect revenue, monthly fixed
fees, SIM card sales and roaming revenue. An entity transfers control of a service over time and, therefore, satisfies a performance
obligation and recognizes revenue from telecommunication services over time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">With respect to prepaid revenue, the Group
generally collects cash in advance by selling prepaid top up to distributors. In such cases, the Group does not recognize revenue
until subscribers use the telecommunication services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Services may be bundled with other products
and services and these bundled elements involve consideration in the form of a fixed fee or a fixed fee coupled with a continuing
payment stream. A good or service is distinct if both of the following criteria are met:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The good or service is capable of being distinct,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The promise to transfer the good or service is distinct within the context of the contract.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The arrangement consideration is allocated
to each performance obligation identified in the contract on a relative stand-alone selling price. If an element of a transaction
is not a distinct, then it is accounted for as an integral part of the remaining elements of the transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Revenue from device sales is recognized
when control of the device has transferred, being the time when delivered to the end customer. For device sales made to intermediaries,
revenue is recognized the time when control of the device has transferred, being when the products are delivered to the intermediary
and the intermediary has no general right to return the device to receive a refund. If control is not transferred, revenue is deferred
until sale of the device to an end customer by the intermediary or expiry of any right of return.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group, the distributors and dealers
offer joint campaigns to the subscribers which may include the sale of device by the dealer and/or the distributor and the sale
of communication service by the Group. In certain campaigns, dealers make the handset sale to the subscribers, the instalments
of which will be collected by the Group based on the letters of undertaking signed by the subscribers. With the letter of undertaking,
the dealer assigns its receivables from handset sales to the distributor and the distributor assigns its receivables to the Group.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group pays the distributor the net present
value of the instalments to be collected from the subscribers and recognizes contracted receivables in its statement of financial
position. The undue portion of assigned receivables from the distributors which were paid upfront by the Group is classified as
&ldquo;undue assigned contracted receivables&rdquo; in trade receivables (Note 19). When monthly installment is invoiced to the
subscriber, related portion is presented as &ldquo;receivables from subscribers&rdquo;. The Group collects the contracted receivables
in installments during the contract period and does not recognize any revenue for the handset in these transactions as the Group
does not act as principal for the sale of handset.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Starting from 2014, subscribers have
the option to buy handsets using bank loans, the instalments of which are collected by the Group on behalf of the bank. The Group
does not bear any credit risk in these transactions. Since the Group collects receivables during the contract period and acts as
agent for the sale of handset, the Group does not recognize any revenue for the handset in these transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(r)</B></TD><TD STYLE="text-align: justify"><B>Revenue <FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Starting
</FONT>from 2016 the Group and distributors started to offer the option to buy a device through consumer financing loan, which
will be collected by Turkcell Finansman. The Group carries a risk of collection in these transactions. Turkcell Finansman collects
the purchased credit from the subscriber during the contract period, and does not record revenue related to the device since it
is not the main contractor in the device sale. Revenue from financial services comprise of interest income generated from consumer
financing activities. Interest income is recognized as it accrues, using the effective interest method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Monthly fixed fees represent a fixed amount
charged to postpaid subscribers on a monthly basis without regard to the level of usage. Fixed fees are recognized on a monthly
basis when billed. Monthly fixed fees are included in telecommunication services revenues.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Revenues from the betting business
comprise of mainly the net takings earned to a maximum of 1.4% of gross takings as the head agent of fixed odds betting games and
mobile agent revenues of 7.25% of mobile agency turnover after deducting VAT and gaming tax as the head agent. Revenues from the
betting business are recognized at the time all services related to the games are fully rendered. Under the agreement signed with
Spor Toto Te&#351;kilat M&uuml;d&uuml;rl&uuml;&#287;&uuml; A.&#350;. (&ldquo;Spor Toto&rdquo;), Inteltek Internet Teknoloji Yat&#305;r&#305;m
ve Dan&#305;&#351;manl&#305;k A.&#350;. (&ldquo;Inteltek&rdquo;) is obliged to undertake any excess payout, which is presented
on a net basis.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Azerinteltek QSC (&ldquo;Azerinteltek&rdquo;)
received authorization from Azeridmanservis Limited Liability Company set under the Ministry of Youth and Sport of the Republic
of Azerbaijan to organize, operate, manage and develop the fixed odds and paramutual sports betting business. Since Azerinteltek
acts as principal, total consideration received from the player less payout (distribution to players) and amounts collected from
players on behalf of Ministry of Sports is recognized at the time all services related to the games are fully rendered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Azerinteltek has been authorized for
Lottery games by Azerlotereya. Azerinteltek has been generating commission revenue over Lottery games turnover through its own
agencies by applying 15% commission rate according to the agreement between Azerinteltek and Azerlotereya. Commission revenues
are recognized at the time all services related to the games are fully rendered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">Call center
revenues are recognized at the time services are rendered during the contractual period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; background-color: white">When
the Group sells goods or services as a principal, revenue and operating costs are recorded on a gross basis. When the Group sells
goods or services as an agent, revenue and operating costs are recorded on a net basis, representing the net margin earned. Whether
the Group is considered to be acting as principal or agent in the transaction depends on management&rsquo;s analysis described
below and such judgments impact the amount of reported revenue and operating costs but do not impact reported assets, liabilities
or cash flows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Indicators that an entity is a principal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The entity is primarily responsible for fulfilling the promise to provide the specified good or service,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The entity has inventory risk before the specified good or service has been transferred to a customer or after transfer of
control to the customer,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The entity has discretion in establishing the price for the specified good or service.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 35.45pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(r)</B></TD><TD STYLE="text-align: justify"><B>Revenue <FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company and the Ministry of Transport
and Infrastructure of Turkey, Directorate General of Communications mutually agreed to extend the contract, to establish and operate
mobile communication infrastructure and operation in uncovered areas, until 30 June 2020 and to add mobile broadband services to
the existing infrastructure providing GSM services under Universal Service Law and to operate the new and existing networks together.
As of 31 December 2019, the Company has recognized TL 191,235 (31 December 2018: TL 376,765) revenue from its operations related to this contract. Since the Company acts as principal, revenue
and operating costs are reported on a gross basis in these consolidated financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The revenue recognition policy for
other revenues is to recognize revenue as services are provided.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Contract costs eligible for capitalization
as incremental costs of obtaining a contract comprise commission on sale relating to postpaid contracts with acquired or retained
subscribers. Contract costs are capitalized in the month of service activation if the Group expects to recover those costs. Contract
costs comprise sales commissions to dealers and to own salesforce which can be directly attributed to an acquired or retained contract.
Contract costs are classified as intangible assets in the consolidated financial statements. The asset is amortized on a straight-line
basis over the customer lifetime it relates to consistent with the pattern of recognition of the associated revenue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Revenue - Accounting policies applied
until 31 December 2017</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group adopted the new standard on the required
effective date using the modified retrospective method which requires the recognition of the cumulative effect of initially applying
IFRS 15, as at 1 January 2018, to retained earnings and not restate prior years. As a result, the comparative information provided
continues to be accounted for in accordance with the Group&rsquo;s previous accounting policy. Accounting policies that changed
on adoption of IFRS 15 are as follows. The Group&rsquo;s new accounting policies are explained above<FONT STYLE="letter-spacing: -0.05pt">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white; color: #222222"><I>Contract
cost</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Contract costs were capitalized under
prepaid expenses and amortized on a straight line basis over the contact term.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(s)</B></TD><TD STYLE="text-align: justify"><B><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
taxes </FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The income tax expense or credit for
the period is the tax payable on the current period&rsquo;s taxable income based on the applicable income tax rate for each jurisdiction
adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Income tax expense is recognized in
the statement of profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly
in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(s)</B></TD><TD STYLE="text-align: justify"><B><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
taxes (continued)</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The current income tax charge is calculated
on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company&rsquo;s
subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate
on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other
than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is
settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those
temporary differences and losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Deferred tax liabilities and assets are
not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the
Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will
not reverse in the foreseeable future.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Deferred tax assets and liabilities are
offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances
relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable
right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Companies within the Group may be entitled
to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g., the Research
and Development Tax Incentive regime in Turkey or other investment allowances). The Group accounts for such allowances as tax credits,
which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed
tax credits that are carried forward as deferred tax assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(t)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group does not have any potential
ordinary shares in issue, therefore basic and diluted earnings per share (&ldquo;EPS&rdquo;) are equal. Since basic and diluted
EPS are equal, the Group presents both basic and diluted EPS on one line described as &ldquo;Basic and diluted EPS&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Basic EPS is calculated by dividing
the profit attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during
the financial year, excluding treasury shares. In Turkey, entities can increase their share capital by distributing &ldquo;Bonus
share&rdquo; to shareholders from retained earnings. In computing earnings per share, such &ldquo;Bonus share&rdquo; distributions
are treated as issued shares. Accordingly, the retrospective effect for such share distributions is taken into consideration when
determining the weighted-average number of shares outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(u)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Government grants</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Grants from the government are recognized
at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached
conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Government grants relating to costs are
deferred and recognized in profit or loss over the period necessary to match them with the costs that they are intended to compensate.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">Government grants relating
to property, plant and equipment are included in non-current liabilities as deferred government grants, and are credited to profit
or loss on a straight-line basis over the expected useful lives of the related assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(v)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Non-current asset held for sale and discontinued operations </B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">Non-current assets are
classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through
continuing use, and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value
less costs of disposal.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">An impairment loss is recognized
for any initial or subsequent write-down of the asset to fair value less costs of disposal. A gain is recognized for any subsequent
increases in fair value less costs of disposal of an asset, but not in excess of any cumulative impairment loss previously recognized.
A gain or loss not previously recognized by the date of the sale of the non-current asset is recognized at the date of derecognition.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">An associate must meet
the conditions to be classified as held for sale. It is first measured in accordance with applicable standards. Such standard is
IAS 28, whereby the share of profits and remeasurement of carrying amounts are done in accordance with normal associate rules up
to the point of classification as held for sale.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">The associate or joint
venture is then measured in accordance with IFRS 5. It is measured at the lower of carrying amount and fair value less costs of
disposal. Equity accounting is ceased from the date the held for sale criteria are met.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">Non-current assets classified
as held for sale are presented separately from the other assets in the statement of financial position.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">A discontinued operation
is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line
of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area
of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented
separately in the statement of profit or loss.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(w)</B></TD><TD STYLE="text-align: justify"><B>Equity</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">Ordinary shares are classified
as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from
the proceeds.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">Where any Group company
purchases the Company&rsquo;s equity instruments, for example as the result of a share buy-back plan, the consideration paid, including
any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners of the Company
as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration
received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity
attributable to the owners of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(y)</B></TD><TD STYLE="text-align: justify"><B>Dividends</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify; text-indent: -0.3pt">Provision
is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the Company,
on or before the end of the reporting period but not distributed at the end of the reporting period.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(z)</B></TD><TD STYLE="text-align: justify"><B>Subsequent events</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Events after the reporting date; includes
all events between the reporting date and the date on which the financial statements are authorized for issue, even if any announcement
of profit or other selected financial information has been made publicly disclosed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 6pt 0">In case of events requiring correction after the reporting date,
the Group corrects this new situation accordingly. Events that are not required to be adjusted subsequent to the reporting date
are disclosed in the notes to the financial statements in the consolidated financial statements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(aa)</B></TD><TD STYLE="text-align: justify"><B>Leases</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 6pt 0">At inception of a contract, the Group assesses whether a contract
is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, The Group assesses whether:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; width: 94%">The contract involved the use of an identified asset <B>-</B> this may be specified explicitly
or implicitly;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; width: 94%">The asset should be physically distinct or represent substantially all of the
                                                       capacity of a physically distinct asset. If the supplier
has a substantive substitution right, the asset is not identified;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; width: 94%">The Group has the right to obtain substantially all of the economic benefits from the use of an
asset throughout the period of use and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">-</TD><TD STYLE="text-align: justify; width: 94%">The Group has the right to direct use of the asset. The Group has the right when it has the<BR>
decision-making rights that are most relevant to changing the how and for what purpose the asset is used. If these decision are
predetermined;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 87%">The Group has the right to operate the asset or,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 87%">The Group designed the asset in a way that predetermines how and for what purpose it is used.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">At inception or on reassessment of a
contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the
basis of their relative stand-alone prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Right of use asset </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group recognizes a right-of use asset
and a lease liability at the lease commencement date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The right of use asset is initially recognized
at cost comprising of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Amount of the initial measurement of the lease liability,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Any lease payments made at or before the commencement date, less any lease incentives received,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Any initial direct costs incurred by the Group and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset,
restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions
of the lease, unless those costs are incurred to produce inventories. The lessee incurs the obligation for those costs either at
the commencement date or as a consequence of having used the underlying asset during a particular period.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin: 6pt 0">The right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to the earlier of the end date of the useful life of the right-of-use asset or
the end date of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those property
and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability (Note 29).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(aa)</B></TD><TD STYLE="text-align: justify"><B>Leases (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Lease Liability </I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The lease liability is initially measured at
the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the Group&rsquo;s incremental borrowing rate. The Group uses its incremental
borrowing rate as the discount rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Lease payments included in the measurement
of the lease liability comprise the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Fixed payments, including in-substance fixed payments,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Variable lease payments that depend on an index or a rate, initially measured using the index or
rate as the commencement date,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">Amounts expected to be payable under a residual value guarantee and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 5%">-</TD><TD STYLE="text-align: justify; width: 95%">The exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewable period if the Group is reasonably certain to exercise an extension option, and penalties for
early termination of a lease if the Group is reasonably certain to terminate early.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">After initial recognition, the lease
liability is measured (a) increasing the carrying amount to reflect interest on lease liability; (b) reducing the carrying amount
to reflect the lease payments made, and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications
or to reflect revised in-substance fixed lease payments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Where, (a) there is a change in the lease
term as a result of reassessment of certainty to exercise an extension option, or not to exercise a termination option as discussed
above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events
and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments
by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the
interest rate implicit in the lease for the remainder of the lease term, or the its incremental borrowing rate at the date of reassessment,
if the interest rate implicit in the lease cannot be readily determined.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Where, (a) there is a change in the amounts
expected to be payable under a residual value guarantee; or (b) there is a change in the future lease payments resulting from a
change in an index or a rate used to determine those payments, including change to reflect changes in market rental rates following
a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount
rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses the revised
discount rate that reflects changes in the interest rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group recognizes the amount of the
remeasurement of lease liability as an adjustment to the right of use asset. Where the carrying amount of the right of use asset
is reduced zero and there is further reduction in the measurement of the lease liability, the Group recognizes any remaining amount
of the remeasurement in profit or loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group accounts for a lease modification
as a separate lease if both:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">-&nbsp;&nbsp;&nbsp;&nbsp;&#9;The modification increases the scope of
the lease by adding the right to use one or more underlying assets and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">-&#9;&nbsp;&nbsp;&nbsp;&nbsp;The consideration for the lease increases
by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone
price to reflect the circumstances of the particular contract.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(aa)</B></TD><TD STYLE="text-align: justify"><B>Leases (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>The Group as a Lessor </I></P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">When the Group acts an intermediate
lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a
sub-lease with reference to the right-of-use-asset arising from the head lease, not with reference to the underlying asset.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If an arrangement contains lease
and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Leases - Accounting policies
applied until 31 December 2017</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group adopted
IFRS 16 using modified retrospective approach - option 2 application under which the cumulative effect of initially applying the
Standard recognized at the date of initial application at 1 January 2018. As a result, the comparative information provided continues to be accounted for in accordance with the Group&rsquo;s
previous accounting policy. Accounting policies that changed on adoption of IFRS 16 are as follows. The Group&rsquo;s new accounting
policies are explained above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Leases of property, plant and equipment
where the Group, as lessee, had substantially all the risks and rewards of ownership were classified as finance leases. Finance
leases were capitalized at the lease&rsquo;s inception at the fair value of the leased property or, if lower, the present value
of the minimum lease payments. The corresponding rental obligations, net of finance charges, were included in other short-term
and long-term payables. Each lease payment was allocated between the liability and finance cost. The finance cost was charged to
the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability for each period. The property and equipment acquired under finance leases was depreciated over the asset&rsquo;s useful
life or over the shorter of the asset&rsquo;s useful life and the lease term if there was no reasonable certainty that the Group
will obtain ownership at the end of the lease term.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Leases in which a significant portion
of the risks and rewards of ownership were not transferred to the Group as lessee were classified as operating leases. Payments
made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line
basis over the period of the lease.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(ab)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>New standards
                                         and interpretations </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>i)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Amendments to IFRSs affecting amounts reported and/or disclosures in the consolidated financial
statements</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group has elected to early adopt the
&lsquo;Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform&rsquo; issued in September 2019. In accordance with
the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start
of the reporting period or were designated thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The amendments provide temporary relief
from applying specific hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have
the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should
continue to be recorded in the income statement. Furthermore, the amendments set out triggers for when the reliefs will end, which
include the uncertainty arising from interest rate benchmark reform no longer being present.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(ab)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>New standards
                                         and interpretations </B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>i)</B></TD><TD STYLE="text-align: justify"><B>Amendments to IFRSs affecting amounts reported and/or disclosures in the consolidated financial
statements (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In summary, the reliefs provided by the
amendments that apply to the Group are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">When considering the &#8216;highly probable&#8217; requirement, the
Group has assumed that the USD LIBOR interest rate on which our hedged debts are based does not change as a result of IBOR reform.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In assessing whether the hedge is expected to be highly effective
on a forward-looking basis the Group has assumed that the USD LIBOR interest rate on which the cash flows of the hedged debt and
the interest rate swap that hedges it are based is not altered by IBOR reform.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The Group has not recycled the cash flow hedge reserve relating to
the period after the reforms are expected to take effect.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Note 3 provides the required disclosures
of the uncertainty arising from IBOR reform for hedging relationships for which the Group applied the reliefs.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
 <TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>i)</B></TD><TD STYLE="text-align: justify"><B>Standards,
amendments and interpretations applicable as at 31 December 2019</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 88%"><FONT STYLE="font-size: 11pt"><B>Amendment to IFRS 9, &ldquo;Financial instruments&rdquo;</B></FONT><B>;
</B><FONT STYLE="font-size: 11pt">effective from annual periods beginning on or after 1 January 2019. This amendment confirmed
two points: (1) that reasonable compensation for prepayments can be both negative or positive cash flows when considering whether
a financial asset solely has cash flows that are principal and interest and (2) that when a financial liability measured at amortized
cost is modified without this resulting in de-recognition, a gain or loss should be recognized immediately in profit or loss. The
gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted
at the original effective interest rate. This means that the difference cannot be spread over the remaining life of the instrument
which may be a change in practice from IAS 39. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 88%"><B>Amendment to IAS 28, &ldquo;Investments in associates and joint venture&rdquo;;</B> effective
from annual periods beginning on or after 1 January 2019. These amendments clarify that companies account for long-term interests
in associate or joint venture to which the equity method is not applied using IFRS 9.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 88%"><B>IFRIC 23, &ldquo;Uncertainty over income tax treatments&rdquo;;</B> effective from annual periods
beginning on or after 1 January 2019. This IFRIC clarifies how the recognition and measurement requirements of IAS 12 &lsquo;Income taxes&rsquo;, are applied where there is uncertainty over income tax treatments. The IFRS IC had clarified
previously that IAS 12, not IAS 37 &ldquo;Provisions, contingent liabilities and contingent assets&rdquo;, applies to accounting
for uncertain income tax treatments. IFRIC 23 explains how to recognize and measure deferred and current income tax assets and
liabilities where there is uncertainty over a tax treatment. An uncertain tax treatment is any tax treatment applied by an entity
where there is uncertainty over whether that treatment will be accepted by the tax authority. For example, a decision to claim
a deduction for a specific expense or not to include a specific item of income in a tax return is an uncertain tax treatment if
its acceptability is uncertain under tax law. IFRIC 23 applies to all aspects of income tax accounting where there is an uncertainty
regarding the treatment of an item, including taxable profit or loss, the tax bases of assets and liabilities, tax losses and credits
and tax rates:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and summary of significant accounting policies (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>(ab)</B></TD><TD STYLE="text-align: justify; width: 93%"><B>New standards
                                         and interpretations </B></TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>ii)</B></TD><TD STYLE="text-align: justify; padding-right: 1.65pt"><B>Standards, amendments and interpretations applicable as at 31 December
2019 (continued)</B></TD></TR></TABLE>

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<TD STYLE="width: 7%"></TD><TD STYLE="padding-right: -11pt; padding-left: -11pt; width: 10%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 83%"><B>Annual improvements 2015-2017;</B> effective from annual periods beginning on
                                                                                                                        or after 1 January 2019. These amendments include minor changes to:</TD></TR></TABLE>

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<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">IFRS 3, &#8220;Business combinations&#8221;, - a company remeasures its previously held interest
in a joint operation when it obtains control of the business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">IFRS 11, &#8220;Joint arrangements&#8221;, - a company does not remeasure its previously held interest
in a joint operation when it obtains joint control of the business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">IAS 12, &#8220;Income taxes&#8221; - a company accounts for all income tax consequences of dividend
payments in the same way.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">IAS 23, &#8220;Borrowing costs&#8221; - a company treats as part of general borrowings any borrowing
originally made to develop an asset when the asset is ready for its intended use or sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 88%"><B>Amendments to IAS 19, &ldquo;Employee benefits&rdquo; on plan amendment, curtailment or settlement;</B>
effective from annual periods beginning on or after 1 January 2019. These amendments require an entity to:</TD></TR></TABLE>


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<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">Use updated assumptions to determine current service cost and net interest for the reminder of
the period after a plan amendment, curtailment or settlement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 12%"></TD><TD STYLE="width: 5%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 83%">Recognize in profit or loss as part of past service cost, or a gain or loss on settlement, any
reduction in a surplus, even if that surplus was not previously recognized because of the impact of the asset ceiling.</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>iii)</B></TD><TD STYLE="text-align: justify; padding-right: 1.65pt"><B>Standards,
                                         amendments and interpretations that are issued but not effective as at 31 December 2019</B></TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 93%"><B>Amendments to IAS 1 and IAS 8 on the definition of material;</B> effective from Annual periods
beginning on or after 1 January 2020. These amendments to IAS 1, &ldquo;Presentation of financial statements&rdquo;, and IAS 8,
&ldquo;Accounting policies, changes in accounting estimates and errors&rdquo;, and consequential amendments to other IFRSs:</TD></TR></TABLE>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif"></FONT></TD><TD STYLE="text-align: justify; width: 93%"><P STYLE="margin-top: 0; margin-bottom: 0">i) <FONT STYLE="font-size: 11pt">Use a consistent definition of materiality throughout IFRSs and the Conceptual Framework for Financial Reporting,<BR> ii) <FONT STYLE="font-size: 11pt">Clarify the explanation of the definition of material, and</FONT><BR> iii) Incorporate some of the guidance in IAS 1 about immaterial information<FONT STYLE="font-size: 11pt"></FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">This amendment has no material effect on the Group&rsquo;s financial statements.</FONT> <FONT STYLE="font-size: 11pt"></P></TD></TR></TABLE>



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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 93%"><FONT STYLE="font-size: 11pt"><B>Amendments
                                         to IFRS 3 - definition of a business;</B> effective from Annual periods beginning on
                                         or after 1 J</FONT>anuary 2020. This amendment revises the definition of a business.
                                         According to feedback received by the IASB, application of the current guidance is commonly
                                         thought to be too complex, and it results in too many transactions qualifying as business
                                         combinations. This amendment has no material effect on the Group&rsquo;s financial statements.</TD></TR></TABLE>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 28.35pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify; width: 93%"><B>IFRS 17, &ldquo;Insurance contracts&rdquo;;</B> effective from annual periods beginning on or
after 1 January 2021. This standard replaces IFRS 4, which currently permits a wide variety of practices in accounting for insurance
contracts. IFRS 17 will fundamentally change the accounting by all entities that issue insurance contracts and investment contracts
with discretionary participation features. This amendment has no material effect on the Group&rsquo;s financial statements.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

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<TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">This note explains the Group&rsquo;s
exposure to financial risks and how these risks could affect the Group&rsquo;s future financial performance. Current year profit
and loss information has been included where relevant to add further context.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s risk management policies
are set to determine and analyze the risks faced, to establish the appropriate risk limits and to observe the commitment to those
limits. These policies are constantly reviewed to make sure they reflect the Group&rsquo;s operations and the changes in market
conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0; text-align: justify"><B>Credit risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">At the reporting date, there
were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of
cash and cash equivalents, financial asset at fair value through other comprehensive income, financial asset at amortize cost,
derivative financial instruments, trade receivables, receivables from financial services, due from related parties and other assets
(Note 36).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Management has a credit policy in place
and the exposure to credit risk is monitored on an ongoing basis. The Group may require collateral in respect of financial assets.
Also, the Group may demand letters of guarantee from third parties related to certain projects or contracts. The Group may also
demand certain pledges from counterparties if necessary in return for the credit support it gives related to certain financings
(Note 19).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In monitoring customer credit risk, customers
are grouped according to whether they are subscribers, financial services customers, other corporate customers and aging profile,
maturity and existence of previous financial difficulties. Trade receivables and accrued income are mainly related to the Group&rsquo;s
subscribers. The Group&rsquo;s exposure to credit risk on trade receivables is influenced mainly by the individual payment characteristics
of postpaid subscribers. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect
of trade and other receivables. This allowance comprises the general provision which is determined based on a loss event.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Investments are preferred to be in
liquid securities. The counterparty limits are set monthly depending on their ratings from the most credible rating agencies and
the amount of their paid-in capital and/or shareholders equity. Policies are in place to review the paid-in capital and rating
of counterparties periodically to ensure credit worthiness.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group signs local and international
derivate agreements in order to be able to execute financial derivative transactions with financial institutions that are believed
to have sufficient credit ratings.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Group&rsquo;s policy is to
provide financial guarantees only to subsidiaries and distributors. At 31&nbsp;December&nbsp;2019, guarantees of TL 3,323,318 were
outstanding (31 December 2018: TL 4,988,580).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Liquidity risk </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Prudent liquidity risk management implies
maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations
when due and to close out market positions. At the end of the reporting period the Group held time deposits TL 632,022<BR>
(31 December 2018: TL 587,007) that are expected to readily generate cash inflows for managing liquidity risk. Due to the dynamic
nature of the underlying businesses, the Group Treasury maintains flexibility in funding by maintaining availability under committed
credit lines.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Management monitors rolling forecasts
of the Group&rsquo;s liquidity reserve (Note 36) and cash and cash equivalents (Note 24) on the basis of expected cash flows. In
addition, the Group&rsquo;s liquidity management policy involves projecting cash flows in major currencies and considering the
level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory
requirements and maintaining debt financing plans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

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<TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Market risk is the risk that changes
in market prices, such as foreign exchange rates, interest rates and equity prices affect the Group&rsquo;s income or the value
of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimizing the return on risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group uses derivatives in order to
manage market risks. All such transactions are carried at within the guidelines set by the Group Treasury.</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B><I>(i)</I></B></TD><TD STYLE="text-align: justify; width: 93%"><B><I>Foreign exchange risk</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group operates internationally and is exposed
to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD, EUR and RMB. Foreign exchange
risk arises from recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant
Group entity. The Group holds a significant portion of its cash and cash equivalent in foreign currencies in order to manage foreign
exchange risk. In addition, derivative financial instruments are used to manage exposure to fluctuations in foreign exchange rates
and as of 1 July 2018 the Company applies hedge accounting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Details of the Company&rsquo;s foreign
exchange risk is disclosed in Note 36.</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B><I>(ii)</I></B></TD><TD STYLE="text-align: justify; width: 93%"><B><I>Interest rate risk</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s exposure to interest
rate risk is related to its financial assets and liabilities. The Group manage its financial liabilities by providing an appropriate
distribution between fixed and floating rate loans. Floating rate exposures can be changed to fixed rate exposures based on short
term and long term market expectations via financial derivatives. The use of financial derivatives is governed by the Group Treasury&rsquo;s
policies approved by the Audit Committee, which provide written principles on the use of derivatives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s borrowings and receivables
are carried at amortized cost. The borrowings are periodically contractually repriced (Note 36) and to that extent are also exposed
to the risk of future changes in market interest rates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><I>Effect of IBOR reform</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Following the financial crisis, the reform
and replacement of benchmark interest rates such as USD LIBOR and other interbank offered rates (&lsquo;IBORs&rsquo;) has become
a priority for global regulators. There is currently uncertainty around the timing and precise nature of these changes. The Group&rsquo;s
risk exposure that is directly affected by the interest rate benchmark reform is its USD 65,338 7-year floating-rate debt. The
Group has hedged this debt with participating cross currency swap, and it has designated the participating cross currency swap
in a cash flow hedge of the variability in cash flows of the debt, due to changes in 6 month USD LIBOR that is the current benchmark
interest rate. The nominal amount of the hedging instruments in those hedging relationships is USD 65,338.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group treasury department oversees
The Group&rsquo;s USD LIBOR transition plan. This transition project will include changes to systems, processes, risk and valuation
models, as well as managing related tax and accounting implications. The Group currently anticipates that the areas of greatest
change will be amendments to the contractual terms of USD LIBOR-referenced floating-rate debt and participating cross currency
swap, and updating hedge designations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Effect of IBOR reform &ndash; significant
assumptions</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In calculating the change in fair value
attributable to the hedged risk of floating-rate debt, the Group has made the following assumptions that reflect its current expectations:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- The floating-rate debt will move to
an alternative benchmark rate during 2022, and the spread will be similar to the spread included in the participating cross currency
swap used as the hedging instrument;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management (continued)</B></TD></TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Market risk (continued)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><B><I>(ii)</I></B></TD><TD STYLE="text-align: justify"><B><I>Interest rate risk (continued)</I></B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Effect of IBOR reform &ndash; significant
assumptions (continued)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- No other changes to the terms of the
floating-rate debt are anticipated; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">- The Group has incorporated the uncertainty
over when the floating-rate debt will move to an alternative benchmark rate, the resulting adjustment to the spread, and the other
aspects of the reform that have not yet been finalized by adding an additional spread to the discount rate used in the calculation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Segment information</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group has two reportable segments in
accordance with its integrated communication and technology services strategy - Turkcell Turkey and Turkcell International. While
some of these strategic segments offer the same types of services, they are managed separately because they operate in different
geographical locations and are affected by different economic conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Operating segments are reported in a manner
consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker function
is carried out by the Board of Directors, however Board of Directors may transfer the authorities, other than recognized by the
law, to the General Manager and other directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Turkcell Turkey reportable segment includes
the operations of the Company, Turkcell Superonline Iletisim Hizmetleri A.S. (&ldquo;Turkcell Superonline&rdquo;), Turkcell Satis
ve Dijital Is Servisleri Hizmetleri A.S. (&ldquo;Turkcell Satis&rdquo;), group call center operations of Global Bilgi Pazarlama
Danismanl&#305;k ve Cagri Servisi Hizmetleri A.S. (&ldquo;Turkcell Global Bilgi&rdquo;), Turktell Bilisim Servisleri A.S. (&ldquo;Turktell&rdquo;),
Turkcell Teknoloji Arastirma ve Gelistirme A.S. (&ldquo;Turkcell Teknoloji&rdquo;), Kule Hizmet ve Isletmecilik A.S. (&ldquo;Global
Tower&rdquo;), Rehberlik Hizmetleri Servisi A.S. (&ldquo;Rehberlik&rdquo;), Turkcell Odeme and Turkcell Gayrimenkul Hizmetleri
A.S. (&ldquo;Turkcell Gayrimenkul&rdquo;). Turkcell International reportable segment includes the operations of Kibris Mobile Telekomunikasyon
Limited Sirketi (&ldquo;Kibris Telekom&rdquo;), East Asian Consortium B.V. (&ldquo;Eastasia&rdquo;), Lifecell LLC (&ldquo;lifecell&rdquo;),
Lifecell Ventures Co&ouml;peratief U.A (&ldquo;Lifecell Ventures&rdquo;), Beltel Telekomunikasyon Hizmetleri A.S. (&ldquo;Beltel&rdquo;),
CJSC Belarusian Telecommunications Network (&ldquo;Belarusian Telecom&rdquo;), LLC UkrTower (&ldquo;UkrTower&rdquo;), LLC Global
Bilgi (&ldquo;Global LLC&rdquo;), Turkcell Europe GmbH (&ldquo;Turkcell Europe&rdquo;), Lifetech LLC (&ldquo;Lifetech&rdquo;),
Beltower LLC (&ldquo;Beltower&rdquo;) and Lifecell Digital Limited (&ldquo;Lifecell Digital&rdquo;). The operations of these legal
entities aggregated into one reportable segment as the nature of services are similar and most of them share similar economic characteristics.
The other reportable segment mainly comprises the information and entertainment services in Turkey and Azerbaijan, non-group call
center operations of Turkcell Global Bilgi, Turkcell Finansman, Turkcell &Ouml;zel Finansman A.&#350;. (&ldquo;T&Ouml;FA&#350;&rdquo;),
Turkcell Enerji Cozumleri ve Elektrik Sat&#305;s Ticaret A.S (&ldquo;Turkcell Enerji&rdquo;) Paycell LLC (&ldquo;Paycell&rdquo;),
Turkcell Sigorta Arac&#305;l&#305;k Hizmetleri A.&#350; (&ldquo;Turkcell Sigorta&rdquo;), T&uuml;rkiye&rsquo;nin Otomobili Giri&#351;im
Grubu Sanayi ve Ticaret A.&#350;.(&ldquo;T&uuml;rkiye&rsquo;nin Otomobili&rdquo;) and Sofra Kurumsal ve &Ouml;d&uuml;llendirme
Hizmetleri A.&#350;.(&ldquo;Sofra&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Board primarily uses adjusted EBITDA
to assess the performance of the operating segments. Adjusted EBITDA definition includes revenue, cost of revenue excluding depreciation
and amortization, selling and marketing expenses and administrative expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Adjusted EBITDA is not a financial measure
defined by IFRS as a measurement of financial performance and may not be comparable to other similarly titled indicators used by
other companies. Reconciliation of Adjusted EBITDA to the consolidated profit for the year is included in the accompanying notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Turkcell Turkey</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All other segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment eliminations</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Total segment revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">21,487,156</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">18,092,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,002,789</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">1,456,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,217,979</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,113,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(570,789</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(370,772</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">25,137,135</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">21,292,475</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Inter-segment revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,318</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,703</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(396,768</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(254,760</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">570,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenues from external customers</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,407,838</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,046,231</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,908,086</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,387,323</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,821,211</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,858,921</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,137,135</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,292,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Adjusted EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,789,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,403,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">903,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">612,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765,798</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">801,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,426,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,787,982</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Net impairment losses on financial and contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(223,879</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(248,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,109</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,088</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(109,869</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,131</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(338,857</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(346,390</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Turkcell Turkey</B>&nbsp;</FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All other segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment eliminations</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Total segment revenue</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">18,092,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">15,340,866</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">1,456,980</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">1,067,078</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,113,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">1,297,545</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(370,772</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(73,425</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">21,292,475</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">17,632,064</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Inter-segment revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,757</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,897</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(254,760</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(771</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,425</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenues from external customers</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,046,231</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,309,109</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,387,323</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,026,181</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,858,921</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,296,774</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,292,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">17,632,064</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Adjusted EBITDA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,403,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,504,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">612,697</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">801,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,412</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,787,982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,228,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Net impairment (losses)/gains on financial and contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(248,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,088</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,070</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,131</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(346,390</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Profit for the period</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">3,276,690</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">2,177,335</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">2,037,759</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-style: italic; padding-left: 3.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 10.7pt"><I>Add(Less):</I></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">(Profit)/loss from discontinued operations</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">(772,436</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Profit from continuing operations</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">2,504,254</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">2,177,335</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">2,037,759</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Income tax expense</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">785,630</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">495,481</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">571,758</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Finance income</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(297,450</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(1,677,114</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(597,246</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Finance costs</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,025,118</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">3,364,072</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">920,112</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Other income</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(140,705</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(241,435</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(74,438</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Other expenses</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">487,295</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">381,582</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">773,329</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Depreciation and amortization</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">5,046,565</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,287,974</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,596,980</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-bottom: 1pt; padding-left: 3.5pt">Share of loss of equity accounted investees</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">15,712</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">87</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Consolidated adjusted EBITDA</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">10,426,419</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">8,787,982</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">6,228,254</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Geographical information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In presenting the information on the
basis of geographical segments, segment revenue is based on the geographical location of operations and segment assets are based
on the geographical location of the assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 3.5pt">Revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; padding-left: 3.5pt">Turkey</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">23,229,046</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">19,636,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">16,431,863</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Ukraine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,322,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">664,643</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Belarus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209,884</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Turkish Republic of Northern Cyprus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148,637</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Netherlands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Germany</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Azerbaijan</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">268,471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">174,021</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25,137,135</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,292,475</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,632,064</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Non-current assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> &nbsp;2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 3.5pt">Turkey</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">22,737,468</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">21,037,351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Ukraine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,030,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,751,277</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Belarus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293,622</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Turkish Republic of Northern Cyprus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,380</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Unallocated non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">197,255</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">168,536</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">26,382,831</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">24,428,166</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Revenue</B></TD></TR></TABLE>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Turkcell Turkey</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Turkcell International</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Other</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Intersegment eliminations</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Consolidated</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2019</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Telecommunication services</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">19,157,657</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">16,636,497</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">1,780,793</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">1,281,595</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">(60,147</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">(58,335</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">20,878,303</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; text-align: right"><FONT STYLE="font-size: 8pt">17,859,757</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Equipment revenues</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,130,135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,209,745</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">115,905</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">101,350</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,246,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,311,095</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Revenue from financial services</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,141,712</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,121,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(839</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(2,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,140,873</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,119,121</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Call center revenues</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">21,851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,954</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,008</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,763</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">308,126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">211,195</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(34,542</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(30,740</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">312,443</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">203,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Commission fees on betting business</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">132,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200,315</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">132,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">200,315</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Revenue from betting business</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">268,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">268,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">177,513</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">233,390</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">89,083</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">64,272</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">635,841</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">311,933</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(475,261</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(279,050</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">427,176</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">330,545</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,487,156</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">18,092,586</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,002,789</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">1,456,980</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,217,979</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">2,113,681</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(570,789</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">(370,772</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">25,137,135</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">21,292,475</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

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




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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Turkcell Turkey</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Turkcell International</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Other</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Intersegment eliminations</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Telecommunication services</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">16,636,497</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">14,159,955</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">1,281,595</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">952,246</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(58,335</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">(71,143</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">17,859,757</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">15,041,058</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Equipment revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,209,745</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,033,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,311,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,103,448</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Revenue from financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,121,768</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,647</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(754</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,119,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Call center revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,395</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,195</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,740</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,395</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,679</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Commission fees on betting business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Revenue from betting business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">233,390</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138,869</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,272</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37,325</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">311,933</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">911</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(279,050</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,867</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">330,545</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">183,972</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; padding-left: 5.4pt">Total</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,092,586</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,340,866</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,456,980</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,067,078</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,113,681</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,297,545</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(370,772</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(73,425</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,292,475</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,632,064</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 93%"><B>Revenue (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment eliminations</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-weight: bold; text-align: left; padding-left: 3.5pt">Telecommunication Services</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">19,157,657</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">1,780,793</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">(60,147</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">20,878,303</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">198,734</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">10,555</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">209,289</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">18,958,923</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,770,238</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(60,147</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">20,669,014</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Equipment Related</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,130,135</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">115,905</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,246,040</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">2,050,055</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">115,905</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">2,165,960</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">80,080</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">80,080</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenue from financial operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,141,712</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(839</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,140,873</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">222,930</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(839</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">222,091</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">918,782</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">918,782</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Call Center</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">21,851</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">17,008</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">308,126</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(34,542</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">312,443</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">21,851</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">17,008</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">308,126</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(34,542</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">312,443</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Commission fees on betting business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">132,300</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">132,300</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">132,300</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">132,300</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenue from betting business</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">All other segments</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">177,513</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">89,083</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">635,841</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(475,261</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">427,176</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">37,726</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">19,300</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">2,306</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(657</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">58,675</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">139,787</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">69,783</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">633,535</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(474,604</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">368,501</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">21,487,156</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,002,789</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,217,979</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(570,789</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">25,137,135</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">2,286,515</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">145,760</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">225,236</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(1,496</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">2,656,015</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">19,200,641</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,857,029</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,992,743</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(569,293</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">22,481,120</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify; text-indent: -27pt"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>5.</B></TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 93%"><B>Revenue (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment eliminations</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Consolidated</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-weight: bold; text-align: left; padding-left: 3.5pt">Telecommunication Services</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">16,636,497</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">1,281,595</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">(58,335</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 9pt; font-weight: bold; text-align: right">17,859,757</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">102,524</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(11,504</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">91,020</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">16,533,973</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,281,595</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(46,831</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">17,768,737</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Equipment Related</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,209,745</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">101,350</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,311,095</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,203,058</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">101,350</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,304,408</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">6,687</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">6,687</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenue from financial operations</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,121,768</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">(2,647</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,119,121</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">254,383</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(2,647</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">251,736</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">867,385</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">867,385</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Call Center</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">12,954</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">9,763</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">211,195</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(30,740</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">203,172</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">12,954</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">9,763</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">211,195</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(30,740</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">203,172</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Commission fees on betting business</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">200,315</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">200,315</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">200,315</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">200,315</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Revenue from betting business</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">268,470</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">268,470</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">268,470</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">268,470</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">All other segments</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">233,390</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">64,272</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">311,933</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(279,050</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">330,545</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">142,504</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">8,556</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">7,576</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">158,636</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">90,886</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">55,716</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">304,357</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(279,050</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">171,909</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">18,092,586</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,456,980</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">2,113,681</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(370,772</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">21,292,475</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">At a point in time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,448,086</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">109,906</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">261,959</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(14,151</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,805,800</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Over time</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">16,644,500</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,347,074</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">1,851,722</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">(356,621</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: right">19,486,675</TD><TD STYLE="font-size: 9pt; font-style: italic; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>6.</B></TD><TD STYLE="text-align: justify; padding-right: 1.7pt; width: 93%"><B>Other income and expense</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other income amounted to TL
140,705, TL 241,435 and TL 74,438 for the years ended<BR>
31 December 2019, 2018 and 2017, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other income for the year ended 31 December
2019 comprises gain on sale of fixed assets amounted to TL 47,169, rent income amounted to TL 6,522 and other miscellaneous expenses. Other income for the year ended 31 December 2018
consists of gain on sale of fixed assets amounted to TL 43,727, reversal of legal provisions amounted to TL 21,054 and other miscellaneous
expenses. Other income for the year ended 31 December 2017 comprises gain on sale of fixed assets amounted to TL 33,837 and other miscellaneous expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other expenses amounted to TL 487,295,
TL 381,582 and TL 773,329 for years ended 31 December 2019, 2018 and 2017, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other expenses for the year ended 31
December 2019 mainly consist of tax settlements, restructuring costs and litigation expenses amounted to TL 199,000, TL 91,710
and TL 29,444, respectively. Other expenses for the years ended 31 December 2018 and 2017 mainly consist of donations and litigation
expenses amounted to TL 176,321 (2017: TL 113,085) and TL 87,099 (2017: TL 585,585).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Employee benefit expenses</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Wages and salaries (*)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,503,611</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,030,641</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,746,147</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Employee termination benefits (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,799</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,862</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Defined contribution plans</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,785</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,361</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,107</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,548,195</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,069,142</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,787,116</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">(*) Wages and salaries include
compulsory social security contributions, bonuses and share based payments.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">(**) Remeasurements of employee
termination benefits for the years ended 31 December 2019, 2018 and 2017 amounting to<BR>
TL 36,385, TL (12,699) and TL 3,738 respectively are reflected in other comprehensive income.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Employee benefit expenses are recognized
in cost of revenue, selling and marketing expenses and administrative expenses.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Finance income and costs</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Recognized in the statement of
profit or loss:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Interest income</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">288,010</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">395,045</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">278,599</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net fair value gains on derivative financial instruments and interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">654,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,542</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cash flow hedges - reclassified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">568,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,440</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,766</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,105</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finance income</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">297,450</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,677,114</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">597,246</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net foreign exchange losses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,039,618</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,695,045</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(718,501</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net interest expenses for financial assets and liabilities measured at amortized cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(864,492</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(552,101</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193,311</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net fair value losses on derivative financial instruments and interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(550,438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cash flow hedges - reclassified to profit or loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">461,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,703</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(116,926</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,300</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finance costs</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,025,118</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,364,072</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(920,112</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net finance costs</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,727,668</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,686,958</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(322,866</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Finance incomes for the years ended
31 December 2019, are mainly attributable to interest income on bank deposits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Finance income for the years ended
31 December 2018 and 2017 are mainly attributable to interest income on contracted handset sales, changes in fair value of derivative
financial instruments, interest income on bank deposits and cash flow hedge.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Net foreign exchange losses mainly
include foreign exchange losses on borrowings, bonds issued and cash and cash equivalents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Finance costs for year ended 31
December 2019, 2018 and 2017 are mainly attributable to the financing costs of borrowings, foreign exchange losses from operating
and financing activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Foreign exchange losses from Belarusian
Telecom and lifecell exclude foreign exchange losses incurred in the foreign operations&rsquo; individual financial statements,
which have been recognized directly in equity under foreign currency translation reserve in the consolidated financial statements
in accordance with the accounting policy for net investment in foreign operations as disclosed in Note 2c.<BR STYLE="clear: both"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Income tax expense</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; text-align: left; text-indent: 6.4pt; padding-left: 3.5pt">&nbsp;Current income tax expense</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">(570,509</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">)</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">(654,953</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">)</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">(437,967</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;&nbsp;&nbsp;Deferred income tax (expense)/credit</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">(215,121</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">159,472</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">(133,791</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;<B>Total income tax expense</B></FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">(785,630</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">(495,481</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">(571,758</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">Income tax expense is attributable to profit from continuing operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; text-align: left"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Income tax relating to each component of other comprehensive income</B>&nbsp;</P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><B>2019</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Before tax</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><B>Tax
(expense)/<BR>
credit</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net of tax</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Foreign currency translation differences</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">536,796</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(99,234</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">437,562</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in cash flow hedge reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(217,877</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,933</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(169,944</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in cost of hedging reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,605</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,634</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Fair value reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(979</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Hedges of net investments in foreign operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,389</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,203</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Remeasurements of employee termination benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,005</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(28,380</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">307,201</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(48,723</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">258,478</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: left; padding-left: 5.4pt">2018</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Foreign currency translation differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">850,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,667</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">623,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in cash flow hedge reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,214</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Change in cost of hedging reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(347,602</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(271,130</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Remeasurements of employee termination benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,699</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,794</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,905</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">534,441</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(157,203</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">377,238</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: left; padding-left: 5.4pt">2017</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Foreign currency translation differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,299</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,150</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Remeasurements of employee termination benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,738</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">748</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,990</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">96,411</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(106,551</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,140</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify; text-indent: 63.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Income tax expense (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Reconciliation of income tax expense</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 3.5pt">Profit from continuing operations before income tax expense </TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">3,289,884</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,672,816</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,609,517</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">(Loss) from discontinued operations before income tax expense </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">772,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Profit before income tax expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,062,320</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,672,816</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,609,517</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -3.5pt; padding-left: 3.5pt">Tax at the Turkey&rsquo;s tax rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(893,710</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(588,020</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(521,903</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Difference in overseas tax rates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Effect of exemptions (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123,878</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,916</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Effect of amounts which are not deductible and permanent differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(134,538</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91,778</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(102,102</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax exemption from subsidiary sale (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">169,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Change in unrecognized deferred tax assets (***)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,865</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,551</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,340</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Adjustments for current tax of prior years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax effect of investment in associate and joint venture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,777</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,313</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,258</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Total income tax expense</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(785,630</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(495,481</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(571,758</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 9pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Mainly comprises of research and
development tax credit exemption effect. For the year ended 31 December 2018, includes the exemption effect of Fintur amounted
to TL 76,164.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(**) For the years ended 31 December 2019
and 2018, includes the Group&rsquo;s transfer of its total shareholding in Fintur and Azerinteltek, respectively (Note 39).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(***) Mainly comprises of tax losses for
which no deferred tax asset has been recognized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Turkish entities within the Group are
subject to corporate tax at the rate of 20%. Corporate tax is applied on taxable corporate income, which is calculated from the
statutory accounting profit by adding back non-deductible expenses, and by deducting&nbsp;tax exempt income. On 5 December 2017,
Turkey&rsquo;s Law No. 7061 on the Amendment of Certain Tax Laws and Some Other Laws, and which was adopted on<BR>
28 November 2017, was published in the Official Gazette. The Law increases the corporate tax rate under Corporate Tax Law, No.
5520, from the current 20% rate to 22% for tax years 2018, 2019, and 2020; the change took effect on the Law&rsquo;s date of publication.
The corporate tax rate is expected to decrease to 20% from 2021 onwards.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In Turkey, there is no procedure for
a final and definitive agreement on tax assessments. Companies file their tax returns&nbsp;by the 25th day of the fourth month&nbsp;following
the closing of the accounting year to which they relate. Corporate tax payment is made by the end of the month in which the tax
return is filed. The tax authorities may, however, examine such returns and the underlying accounting records, and may revise assessments
within a five-year period. Advance tax returns are filed on a quarterly basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In Turkey, the transfer pricing provisions
have been stated under Article 13 of Corporate Tax Law with the heading of &ldquo;disguised profit distribution via transfer pricing&rdquo;.
The General Communiqu&eacute; on disguised profit distribution via Transfer Pricing, dated 18 November 2007 sets out the details
of implementation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Income tax expense (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">If a taxpayer enters into transactions
regarding the sale or purchase of goods and services with related parties, where the prices are not set in accordance with arm&rsquo;s
length principle, then related profits are considered to be distributed in a disguised manner through transfer pricing. Such disguised
profit distributions through transfer pricing are not accepted as tax deductible for corporate income tax purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The deduction of 100% of the research and
development expenses is allowed when the taxpayers are made these expenditures exclusively for new technology and information researches.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Dividend payments of Turkish resident corporations
to Turkish real persons, foreign corporations and foreign real persons are subject to 15% withholding tax. It is possible to apply
reduced withholding tax rate for dividend payments made to abroad, under the scope of provisions of an applicable double taxation
treaty. On the other hand, dividend payments made to Turkish resident companies are not subject to withholding tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Dividend income of Turkish taxpayers received
from other Turkish taxpayers is exempted from corporate tax. However, dividends received from participation shares and stocks of
fund and investment partnerships cannot utilize from this exemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">75% of the profits arising from the sale
of affiliate shares, founders&rsquo; shares, redeemed shares and preemptive rights that are held by the corporations for at least
two years are exempted from corporate tax. However, as of 5 December 2017, the date of the publication of the Law No. 7061, 50%
of the profits arising from the sale of immovable properties included in the assets of corporations for two years are exempted
from corporate tax. The exemption rate had been 75% prior to this date. In order to benefit from these exemptions, profits must
be recorded under a passive fund account on the balance sheet and not withdrawn for 5 years. Also, the sale amounts must be received
until the end of the second calendar year following the sale.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Pursuant to Article 10/13-h of Law
No.7143 published in the Official Gazette dated 18 May 2018 and numbered 30425;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;&#9;</FONT><FONT STYLE="font-size: 11pt">For
the resident real persons and institutions,</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">Income from the sale of non-resident subsidiary shares,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">Participation income from non-resident subsidiaries,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">Commercial income through permanent establishment and permanent representatives abroad,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">including those obtained until the date
31 October 2018, are exempted from income tax or corporation tax under condition that incomes are transferred from the effective
date of Article until<BR>
31 December 2018. In accordance with the Presidential Decree dated 29 August 2018 and numbered 48, the terms of the Article have
been extended for 6 months. In this way, including those obtained until the date 30 April 2019, income from the sale of non-resident
subsidiary&rsquo;s shares are exempted from corporation tax under condition that incomes are transferred until 30 June 2019. &#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 21.3pt"><FONT STYLE="font-family: Symbol">&#183;&#9;</FONT>For
the resident real persons and institutions, income from the liquidation of non-resident institutions are exempt from income tax
or corporation tax under condition that incomes are transferred to Turkey until the date 31 December 2018. In accordance with the
President Decision dated<BR>
29 August 2018 and numbered 48, the terms of the Article have been extended for 6 months. In this way, income from the liquidation
of non-resident institutions are exempted from corporation tax under condition that incomes are transferred until 30 June 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 21.3pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify">Breakdown of expenses by nature
for the years ended 31 December 2019, 2018 and 2017 is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify"><I>Cost of revenue:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Depreciation and amortization (*)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(5,046,565</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(4,287,974</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(2,596,980</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cost of goods sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,278,283</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,284,180</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(965,054</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Treasury share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,191,427</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,884,556</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,669,807</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interconnection and termination expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,909,614</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,763,414</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,607,079</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Employee benefit expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,501,617</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,193,953</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,041,755</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Frequency expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(802,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(622,390</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(278,727</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Radio expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(734,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(508,884</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(844,941</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Transmission expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(335,980</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(326,080</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(218,221</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Universal service fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(297,053</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(256,454</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(221,431</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cost of revenue from financial services (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240,297</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(378,477</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(283,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Roaming expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,147</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(226,806</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(177,258</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Billing and archiving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,970</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,929</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,185</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,457,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,361,896</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,390,736</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(17,083,480</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(14,145,993</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,350,174</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) As at 31 December 2019, depreciation
and amortization expenses include depreciation and amortization expenses related to the financial services amounting to TL 26,478
(31 December 2018: TL 16,321; 31 December 2017: TL 8,828).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(**) As at 31 December 2019, cost of revenue
from financial services includes employee benefit expenses related to the financial services amounting to TL 11,358 (31 December
2018: TL 8,532; 31 December 2017: TL 4,789).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Selling and marketing expenses:</I>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Marketing expenses</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(554,538</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(551,127</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(532,989</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Employee benefit expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(551,801</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(440,976</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(394,421</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Selling expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349,269</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(555,158</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(898,936</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Frequency usage fees related to prepaid subscribers (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82,994</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(99,581</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(79,453</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(96,080</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,555,189</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,626,714</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,005,420</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(**) Starting from 1 January 2018, frequency
usage fees related to prepaid subscribers are shown under net impairment losses on financial and contract assets according to IFRS
9.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Administrative expenses:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Employee benefit expenses</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(483,419</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(425,681</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(346,151</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Collection expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,097</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,525</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,415</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Consultancy expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,308</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,252</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,247</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Travel and entertainment expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,644</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,406</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,957</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Maintenance and repair expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,610</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,867</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,342</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Rent expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,280</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net impairment expense recognized on receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(126,677</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(106,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(100,526</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(779,755</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(673,370</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(645,196</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -17.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -17.85pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Net impairment losses on financial
and contract assets:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net impairment losses on financial and contract assets</TD><TD STYLE="width: 5%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(338,857</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="width: 5%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(346,390</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">(338,857</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">(346,390</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>&nbsp;</I></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Property,
plant and equipment</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance as at 1&nbsp;January&nbsp;2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Transfers</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Impairment expenses/ (reversals)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Effects of movements in exchange rates</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance as at <BR> 31&nbsp;December 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; font-size: 8pt; text-align: left; padding-left: 3.5pt">Network infrastructure (All operational)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">19,132,278</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">708,891</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">(756,889</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">1,982,073</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">956,638</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">22,022,991</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Land and buildings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">929,901</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">52,877</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">220,637</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,908</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,211,323</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Equipment, fixtures and fittings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">803,500</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">97,225</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(48,813</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,446</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13,051</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">866,409</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Motor vehicles</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">40,106</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,833</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(491</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,070</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">44,518</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Leasehold improvements</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">327,492</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,418</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">317</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,617</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">335,837</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Construction in progress</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">512,087</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,354,918</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,058</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,216,841</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(3,125</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">21,347</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">666,328</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">21,745,364</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">3,223,162</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(808,258</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(12,368</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(3,125</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,002,631</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">25,147,406</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Accumulated depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Network infrastructure (All operational)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9,446,217</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,006,650</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(738,527</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">31,327</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14,543</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">622,603</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,382,813</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Land and buildings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">239,088</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">58,292</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(16,359</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,605</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">285,626</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Equipment, fixtures and fittings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">633,507</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">80,254</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,143</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(11,440</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">10,749</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">673,927</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Motor vehicles</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34,230</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,923</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(296</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">983</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">37,840</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Leasehold improvements</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">276,006</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">30,776</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(7</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">339</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,595</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">308,709</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">10,629,048</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,178,895</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(777,973</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">3,528</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">14,882</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">640,535</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">12,688,915</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net book amount</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">11,116,316</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">1,044,267</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(30,285</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(15,896</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(18,007</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">362,096</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">12,458,491</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 18.15pt 6pt 0; text-align: justify">Depreciation expenses for the
years ended 31 December 2019, 2018 and 2017 amounting to TL 2,196,902, TL 1,888,834 and TL 1,499,242, respectively include impairment
losses and are recognized in cost of revenue.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 15.65pt 6pt 0; text-align: justify">Impairment losses on property,
plant and equipment for the years ended 31 December 2019, 2018 and 2017 are TL 18,007, TL 34,382 and TL 39,721, respectively and
are recognized in depreciation expenses.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 15.65pt 6pt 0; text-align: justify">Capitalization rates and
amounts other than borrowings made specifically for the purpose of acquiring a qualifying asset are 6.5%, 6.8% and 10.0%, TL 123,449
and TL 75,054 and TL 66,513 for the years ended 31 December 2019, 2018 and 2017 respectively.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 8.5pt 6pt 0; text-align: justify">Impaired network <FONT STYLE="font-family: Times New Roman, Times, Serif">infrastructure
</FONT>mainly consists of damaged or technologically inadequate mobile and fixed network infrastructure investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify">Network <FONT STYLE="font-family: Times New Roman, Times, Serif">infrastructure
</FONT>mainly consists of mobile and fixed network infrastructure investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.65pt 6pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Property,
plant and equipment (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance as at 1&nbsp;January&nbsp;2018</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Transfers</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Impairment expenses/ (reversals)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposal of subsidiary</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Effects of movements in exchange rates</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Transfer to investment property</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance as at <BR> 31&nbsp;December 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 8pt; text-align: left; padding-left: 3.5pt">Network infrastructure (All operational)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">15,480,128</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">650,610</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">(232,888</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">2,270,262</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">(15,081</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">979,247</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">19,132,278</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Land and buildings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">786,058</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">28,828</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,535</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">156,540</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,831</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(45,821</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">929,901</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Equipment, fixtures and fittings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">728,202</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">59,311</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(15,827</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">10,712</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(4,041</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">25,143</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">803,500</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Motor vehicles</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">37,216</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,121</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(775</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,400</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,944</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">40,106</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Leasehold improvements</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">314,867</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,998</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(547</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,123</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,639</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,690</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">327,492</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Construction in progress</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">672,294</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,260,360</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(670</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(2,448,448</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(10,744</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">39,295</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">512,087</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">18,018,765</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">3,008,228</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(253,242</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(7,811</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(10,744</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(22,161</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,058,150</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(45,821</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">21,745,364</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Accumulated depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Network infrastructure (All operational)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,326,559</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,693,374</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(218,894</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">23,568</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(6,887</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">628,497</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9,446,217</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Land and buildings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">209,918</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,514</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(274</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,686</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(25,765</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">239,088</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Equipment, fixtures and fittings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">539,827</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">77,694</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,839</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">49</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,694</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,470</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">633,507</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Motor vehicles</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">31,306</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,637</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(712</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(918</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,917</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">34,230</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Leasehold improvements</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">245,747</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">30,233</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(547</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(1,639</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">2,200</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">276,006</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">8,353,357</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,854,452</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(231,266</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">23,638</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(12,138</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">666,770</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(25,765</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">10,629,048</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net book amount</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">9,665,408</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">1,153,776</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(21,976</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(7,811</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(34,382</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(10,023</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">391,380</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(20,056</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">11,116,316</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -27pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Intangible
assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Turkcell - 2G License</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">On 27 April 1998, the Company
was granted a 25-year GSM license (the &ldquo;2G License&rdquo;) for a consideration of USD 500,000, the carrying amount of the
2G license is TL 149,443 at 31&nbsp;December&nbsp;2019 (31 December 2018: TL 195,425) and it is amortized over 25 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"><B>Turkcell - 3G License</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">On 30 April 2009, the Company
signed a license agreement (the &ldquo;3G License&rdquo;) with the ICTA, which provides authorization for providing IMT 2000/UMTS
services and infrastructure. The Company acquired the A-type license providing the widest frequency band for a consideration of
EUR 358,000 (excluding VAT). The license is effective for 20 years starting from 30 April 2009. The carrying amount of the 3G License
is TL 359,071 at 31 December 2019 (31 December 2018: TL 397,543) and is amortized over 25 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Turkcell - 4.5G License</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 26 August 2015, the &ldquo;Authorization
Tender on IMT Services and Infrastructure&rdquo; publicly known as the 4.5G license tender, was held by the Information Technologies
and Communication Authority and the Company was granted a total frequency band of 172.4M Hz for 13 years for a consideration of<BR>
EUR 1,623,460 (excluding VAT).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">IMT authorization period expires on 30
April 2029 and operators commenced service delivery for 4.5G from 1 April 2016. 2x1.4 MHz frequency band in 900MHz spectrum and
2 units of 2x5 MHz frequency band in 2100 MHz spectrum were commenced on 1 December 2015, while remaining packages were commenced
on 1 April 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify">The carrying amount of the 4.5G
License is TL 3,723,232 at 31 December 2019 (31 December 2018: TL 4,125,743).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>12.</B></TD><TD STYLE="text-align: justify; padding-right: 1.45pt; width: 93%"><B>Intangible assets (continued)</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance at 1&nbsp;January&nbsp;2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Transfers</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Impairment</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Effects of movements in exchange rates</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance at 31 December 2019</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; font-size: 8pt; text-align: left; padding-left: 3.5pt">Telecommunication licenses</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">8,722,998</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">8,871</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">(17,035</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">29,161</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">388,622</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; text-align: right">9,132,617</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Computer software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,539,038</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,441,780</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(44,952</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">89,729</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">108,329</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">10,133,924</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Transmission line software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">73,139</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,240</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">74,379</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Central betting system operating right</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,981</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">445</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,426</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Indefeasible right of usage</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">117,618</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">117,618</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Brand name</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">700</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,740</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Customer base</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15,512</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15,512</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 3.5pt">Goodwill</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,834</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,834</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Subscriber acquisition cost</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,034,053</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,232,539</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,496</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">21,763</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,248,859</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 3.5pt">Other</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,005</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,334</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(61</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(8,972</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,636</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">93,942</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Construction in progress</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">18,007</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">85,202</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(96,991</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(585</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">7,819</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">13,452</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">19,622,225</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,821,111</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(101,544</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">12,927</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(585</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">529,169</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">22,883,303</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Accumulated amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Telecommunication licenses</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,948,235</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">611,197</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(17,035</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">90,554</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,632,968</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Computer software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,481,895</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">768,238</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(41,214</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,770</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,902</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">71,542</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,290,133</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Transmission line software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">67,017</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,585</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">71,602</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Central betting system operating right</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,074</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">301</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,375</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Indefeasible right of usage</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">31,855</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,565</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">40,420</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Brand name</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Customer base</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,211</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">437</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,648</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Subscriber acquisition cost</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">974,200</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">495,861</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,496</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">17,041</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,447,606</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">37,526</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">29,032</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(61</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(7,940</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">36</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">1,856</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">60,449</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">9,572,053</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,918,216</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(97,806</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(170</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,955</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">180,993</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">11,575,241</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net book amount</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">10,050,172</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">902,895</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(3,738</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">13,097</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(2,540</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">348,176</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">11,308,062</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 4.55pt; text-align: justify">Amortization expenses
for the years ended 31 December 2019, 2018 and 2017 amounting to TL 1,920,756, TL 1,580,319 and TL 1,095,401, respectively include
impairment losses and are recognized in cost of revenue.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 4.55pt; text-align: justify">Impairment losses on intangible
assets for the years ended 31 December 2019, 2018 and 2017 are TL 2,540, TL 3,232 and TL 1,986, respectively and are recognized
in amortization expenses.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 4.55pt; text-align: justify">Computer software includes
capitalized software development costs that meet the definition of an intangible asset. The amount of capitalized development costs
is TL 206,064 for the year ended<BR>
31 December 2019 (31 December 2018: TL 171,442). The amortization expenses related to capitalized software development costs for
the years ended 31 December 2019, 2018 and 2017 amounting to TL 47,591, TL 40,934 and TL 37,532, respectively are recognized in
cost of revenue.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 4.55pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>12.</B></TD><TD STYLE="text-align: justify; padding-right: 1.45pt; width: 93%"><B>Intangible assets (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance at 1&nbsp;January&nbsp;2018</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Impact of IFRS 15 adaption</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposals</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Transfers</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Impairment</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Disposal of subsidiary</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Effects of movements in exchange rates</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Balance at 31 December 2018</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-size: 8pt; text-align: left; padding-left: 3.5pt">Telecommunication licenses</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">8,139,628</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">6,394</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">(220,986</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">466,379</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">331,583</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 8pt; text-align: right">8,722,998</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Computer software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,117,116</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,175,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(4,822</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">159,453</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(18,370</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">110,621</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,539,038</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Transmission line software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">71,820</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,319</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">73,139</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Central betting system operating right</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,981</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,981</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Indefeasible right of usage</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">112,556</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,062</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">117,618</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Brand name</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Customer base</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15,512</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">15,512</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 3.5pt">Goodwill</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,834</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,834</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Subscriber acquisition cost</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,431,901</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">583,809</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">18,343</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,034,053</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 3.5pt">Other</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">42,749</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,473</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(37</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(191</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,005</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Construction in progress</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">127,637</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">485,815</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(618,032</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">22,587</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">18,007</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">15,678,873</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,431,901</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">2,264,912</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(225,845</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">7,811</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(18,561</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">483,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">19,622,225</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Accumulated amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Telecommunication licenses</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,419,230</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">533,311</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(184,582</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">180,276</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,948,235</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Computer software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,770,880</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">663,967</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(3,071</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,232</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(12,793</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">59,680</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,481,895</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Transmission line software</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">62,468</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,549</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">67,017</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Central betting system operating right</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,491</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">583</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,074</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Indefeasible right of usage</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">23,274</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,581</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">31,855</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Brand name</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,512</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">528</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,040</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Customer base</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,774</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">437</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,211</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 3.5pt">Subscriber acquisition cost</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">601,890</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">360,232</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">12,078</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">974,200</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">32,834</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">4,899</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(31</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(176</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">37,526</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">7,338,463</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">601,890</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">1,577,087</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(187,684</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">3,232</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">(12,969</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">252,034</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right">9,572,053</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net book amount</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">8,340,410</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">830,011</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">687,825</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(38,161</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">7,811</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(3,232</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">(5,592</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">231,100</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right">10,050,172</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>13.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Impairment of assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s cash-generating units (CGUs)
are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists,
then the recoverable amount of the CGU is estimated. The recoverable amount of the CGU is its fair value less cost of disposal.
At<BR>
31 December 2019, no impairment test has been carried out since there is no impairment indicator in any of the Group&rsquo;s CGUs.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>14.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Investment properties</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2018</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Cost</B></P></TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">145,759</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">99,938</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 5.4pt">Addition</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">987</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Transfer to property, plant and equipment</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(100,463</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">45,821</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">46,283</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">145,759</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 5.4pt">Accumulated depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(130,334</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(98,958</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 5.4pt">Transfer to property, plant and equipment</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">103,262</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(25,765</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 5.4pt">Depreciation and impairment charges</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 12.8pt">during the year</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(2,928</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(5,611</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(30,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(130,334</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net book amount</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">16,283</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">15,425</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Determination of the fair values
of the Group&rsquo;s investment properties</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group engages qualified external experts,
authorized by the Capital Markets Board of Turkey, to perform the valuation of investment properties. Management works closely
with the qualified external experts to establish the appropriate valuation techniques and inputs to the model. The fair values
of these investment properties were determined using a variety of valuation methods: <I>income capitalization approach </I>and
<I>market approach</I>. In estimating the fair values of the properties, the highest and best use of the property is its current
use.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Rent income from investment properties
during the year ended 31 December 2019 is TL 4,078 (31 December 2018: TL 3,092 and 31 December 2017: TL 2,821). There is TL 522 direct operating expense for investment properties
during the year ended 31 December 2019 (31 December 2018: None and 31 December 2017: TL 22).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>14.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Investment properties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s investment properties
and their fair values at 31 December 2019 and 2018 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>&nbsp;31 December 2019</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>&nbsp;Level 1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Valuation Method</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Gebze</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">21,520</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">Income capitalization approach</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Ankara</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">14,400</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">Market approach</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Istanbul</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">14,585</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">&nbsp;Market approach</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>50,505</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-indent: -4.5pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>&nbsp;31 December 2018</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>&nbsp;Level 1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Valuation Method</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Gebze</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">17,960</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">Income capitalization approach</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Ankara</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">15,915</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">Market approach</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;Investment properties in Istanbul</P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">13,800</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center">&nbsp;Market approach</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 9%; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>47,675</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Significant unobservable inputs and sensitivity
of fair values of respective investment properties are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In the &ldquo;income capitalization&rdquo;
approach, <FONT STYLE="color: #212121">a significant increase/(decrease) in rentals </FONT>will cause a significant increase/(decrease)&nbsp;in
the fair value. In addition, a slight decrease/(increase) in risk premium and discount rate which are calculated by considering
current market conditions will cause a significant increase/(decrease) in the fair value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In the &ldquo;market approach&rdquo;,&nbsp;a
significant increase/(decrease) in the market value of any properties which are located in similar areas with similar conditions
will cause a significant increase/(decrease)&nbsp;in the fair value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>15.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Right of use assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">As of 1 January
2018, The Company provided a right of use asset equal to the lease liability adjusted for prepaid or accrued rent payments. In
accordance with this methodology, the application of IFRS 16 does not impact the Group&rsquo;s retained earnings as of 1 January
2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">Closing balances
of right of use assets as of 31 December 2019 and 31 December 2018 and depreciation and amortization expenses for the years ended<BR>
31 December 2019 and 31 December 2018 is stated as below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tangible</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Site Rent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Building</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Network equipment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Right of way</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">License</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; padding-left: 3.5pt">Balance at 1 January 2019</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,021,638</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">135,158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">50,538</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">109,883</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,317,217</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">8,643</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">323,742</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">332,385</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,649,602</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Depreciation and amortization charge for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(506,386</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,605</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159,784</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(871,057</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,849</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,073</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,922</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(925,979</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Balance at 31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,082,193</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">96,073</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">69,036</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">132,364</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,379,666</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">22,984</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">380,446</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">403,430</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,783,096</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tangible</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intangible</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Site Rent</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Building</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Network equipment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Right of way</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">License</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; padding-left: 3.5pt">Balance at 1 January 2018</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,077,517</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">146,826</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">226,243</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">115,652</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,566,238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">12,321</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">12,321</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,578,559</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Depreciation and amortization charge for the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(451,850</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,563</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(181,741</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(81,325</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(758,479</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,458</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,273</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,731</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(813,210</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Balance at 31 December 2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,021,638</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">135,158</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">50,538</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">109,883</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,317,217</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,643</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">323,742</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">332,385</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,649,602</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.35pt 6pt 0; text-align: justify">As
at 31 December&nbsp;2019, the Company has additions to right of use assets amounting to TL 1,209,008 (31 December 2018: TL 1,156,973)
and interest expense on lease liabilities amounting to TL 282,769 (31 December 2018: TL 210,200). Depreciation expense amounting
to TL 925,979 (31 December 2018: TL 813,210) is recognized in cost of revenues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.35pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>16.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Asset held for sale and discontinued operations</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Disposal of Fintur </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">In
2016, the Group has committed to plan to exit from Fintur operations in relevant jurisdictions and &#9;initiated an active program
to locate a buyer for its associate. In this regard, Fintur has been classified as &#9;held for sale and reported as discontinued
operation starting from 1 October 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Equity
accounting for Fintur ceased as of from 1 October 2016, and in accordance with IFRS 5, Fintur &#9;has been measured at the lower
of the carrying amount and fair value less costs to sell.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The delay in the
sales process during 2018 was caused by events and circumstances beyond the Company&rsquo;s control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Fintur, has transferred its total shareholding
in Azertel Telekomunikasyon Yat&#305;r&#305;m D&#305;&#351; Ticaret A.&#350;. (&ldquo;Azertel&rdquo;) to Azerbaijan International
Telecom LLC (&ldquo;Azintelecom&rdquo;) at the price of<BR>
EUR 221,687 on 5 March 2018. The signing of definitive agreement, the transfer of shares to Azintelecom and the transfer of proceeds
to Fintur were completed simultaneously.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Fintur has completed the transfer of
all its shares in Geocell LLC to Silknet JSC on<BR>
20 March 2018, a joint stock company organized under the laws of Georgia, for a total consideration of USD 153,000 upon receiving
the necessary regulatory approvals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Fintur, has transferred its total shareholding
in Kcell JSC to Kazakhtelecom JSC (&ldquo;Kazakhtelecom&rdquo;), established in Kazakhstan, a fixed line operator controlled by
the government of the Republic of Kazakhstan through sovereign wealth fund Samruk-Kazyna for a total consideration of USD 302,571.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The definitive agreement has been signed
on 12 December 2018. The transfer of shares to Kazakhtelecom and the transfer of proceeds to Fintur were completed simultaneously
on 21 December 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company signed the definitive
agreement on 12 December 2018 to transfer its total shareholding in Fintur to the other shareholder of Fintur, Sonera Holding
B.V. (&ldquo;Sonera Holding&rdquo;). The transfer to Sonera Holding and the transfer of proceeds completed on 2 April 2019
subsequent to obtainment of regulatory approvals on 29 March 2019. The final transaction value is realized as TL 2,229,595
(EUR 352,851). The share transfer has been completed in 2019, gain on sale of the associate, amounting to TL 772,436 has been
recognized under profit from discounting operations in the consolidated financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Reconciliation of Fintur sales for the
period ended 31 December 2019 is stated as below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Consideration received or receivable:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; padding-bottom: 1pt; padding-left: 3.5pt">Cash</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">2,229,595</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Total disposal consideration</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,229,595</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Carrying amount of net assets sold</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,825,292</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Gain on sale before income tax and reclassification of foreign currency translation reserve</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">404,303</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Reclassification of foreign currency translation reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">368,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Income tax expense on gain</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Gain on sale after income tax</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">772,436</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsequent to recognition of Fintur disposal
for the three months period ended 31 March 2019, the Company has recognized compensation expense, which has been paid on 23 July
2019 according to Kcell Share Purchase Agreement amounting to TL 59,224 (USD 10,448).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>17.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Other non-current assets</B></TD></TR></TABLE>

<P STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Prepaid expenses</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">133,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">89,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Receivables from the Public Administration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,848</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Advances given for property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,894</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Deposits and guarantees given</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">VAT receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,318</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,045</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,572</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">304,270</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">421,306</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>18.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Deferred tax assets
and liabilities</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Recognized deferred
tax assets and liabilities</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Deferred tax assets and liabilities
at 31 December 2019 and 2018 are attributable to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Property, plant and equipment and intangible assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">145,242</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">106,128</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,915,567</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(936,167</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,770,325</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(830,039</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,926</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349,797</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(429,162</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(325,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(413,782</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 1pt; padding-left: 3.5pt">Reserve for employee termination benefits and provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,289</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax losses carried forward</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">224,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax allowances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,554</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other assets and liabilities (*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">668,327</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">248,251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(30,238</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(101,268</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">638,089</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146,983</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Deferred tax assets/(liabilities)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,355,603</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">802,550</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,331,891</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,512,178</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(976,288</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(709,628</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Offsetting</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,166,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(649,818</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,166,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">649,818</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net deferred tax assets/(liabilities)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">189,342</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">152,732</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,165,630</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(862,360</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(976,288</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(709,628</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify"><B>(*) </B>Mainly comprises of
loans, bonds, prepaid expenses and lease liabilities deferred tax assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Movement in deferred tax assets/ (liabilities)
for the years ended 31 December 2019 and 2018 were as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-weight: bold; text-align: left; padding-left: 3.5pt">Opening balance</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(709,628</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(555,062</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">IFRS 9 and 15 effects</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141,213</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Income statement charge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(215,121</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">159,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax charge relating to components of other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,723</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(157,203</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Prior year corporate tax base differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,608</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Exchange differences</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,816</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,014</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Closing balance, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(976,288</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(709,628</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="margin-top: 6pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="margin-top: 6pt; margin-bottom: 6pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>18.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Deferred tax assets and liabilities (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The
Group did not recognize deferred income tax assets of TL 6,588,723 (31 December 2018: TL 5,310,000) in respect of tax losses amounting
to TL 1,199,670 (31 December 2018: TL 972,730) that can be carried forward against future taxable income. </FONT>The unused tax
losses were incurred mainly by lifecell and Belarusian Telecom that are not likely to generate taxable income in the foreseeable
future.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Unused
tax losses will expire at the following dates:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B><U>Expiration Date</U></B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B><U>Amount</U></B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2020</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">297</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2021</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">220,895</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2022</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">135,055</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2023</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">204,933</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2024</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">346,592</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2025</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">1,201,315</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2026</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">51,353</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2027</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">579,546</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">2028</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">169,906</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Indefinite</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">3,678,831</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>6,588,723</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>19.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Trade receivables and accrued revenue</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Receivables from subscribers</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,090,242</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,647,236</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Accounts and notes receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">745,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555,436</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Undue assigned contracted receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">298,291</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">271,306</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,133,975</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,473,978</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Trade receivables are shown net of provision
for impairment amounting to TL 620,247, as at 31&nbsp;December 2019 (31 December 2018: TL 728,830). Movements in provision for impairment of trade receivables and due from related
parties are disclosed in Note 36. The accounts and notes receivable represent receivables from distributors and roaming receivables.
The Group&rsquo;s exposure to currency risk and credit risk arising from trade receivables are disclosed in Note 36.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Letters of guarantee received
with respect to the accounts and notes receivable amounted to TL 332,180 and TL 174,975 at 31 December 2019 and 2018, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The undue assigned contracted receivables
are the remaining portion of the assigned receivables from the distributors related to the handset campaigns which will be collected
from subscribers by the Company in instalments. When the monthly instalment is billed to the subscriber, that portion is transferred
to &ldquo;Receivables from subscribers&rdquo;. The Company measures the undue assigned contracted receivables at amortized cost,
bears the credit risk and recognizes interest income throughout the contract period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The accrued revenue represents accrued
revenue from subscribers. Due to the high volume of subscribers, there are different billing cycles. Accordingly, an accrual is
made at the end of each reporting period to accrue revenue for services rendered but not billed. The undue assigned contracted
receivables related to handset campaigns, which will be billed after one year amounted to TL 116,462 (31 December 2018: TL 115,001) is presented under non-current trade receivable amounted to TL 148,159 (31 December 2018: TL 115,001).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.)</FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>20.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Receivables from financial services</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 5.4pt">Current receivables from financial services</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">2,319,122</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">3,318,255</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Non-current receivables from financial services</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">123,136</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">884,686</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">2,442,258</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">4,202,941</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; background-color: white">Movements
in provision for impairment of receivables from financial services are disclosed in Note 36.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Starting
</FONT>from 2016 the Group and its distributors have offered handset campaigns where subscribers can buy handsets using loans placed
by Turkcell Finansman. The Group assumes credit risk in these transactions. Turkcell Finansman collects the loan from the subscriber
during the contract period and does not recognize handset revenue since it is not acting as principal in the handset sale.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>21.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Contract assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&#9;</B><I>Current
contract assets:&#9;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract assets</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">933,969</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">711,928</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">933,969</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">711,928</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>&#9;Non-current
contract assets:&#9;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract assets</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">10,291</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">3,513</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">10,291</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">3,513</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The contract assets represent contract
assets from subscribers. Due to the high volume of subscribers, there are different billing cycles. Accordingly, an accrual is
made at the end of each reporting period to accrue revenue for services rendered but not billed. Contracted receivables related
to handset campaigns, which will be billed after one year is presented under long term contract assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>22.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Inventory</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 0; text-align: justify">As of 31 December 2019, inventories
amounting to TL 178,399 which consist of mainly mobile phone, modem, tablet, sim card and tower construction materials (31 December
2018: TL 180,434).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 7.1pt 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.)</FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>23.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Other current assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Receivables from the Ministry of Transport and Infrastructure of Turkey</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">669,621</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">415,524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,881</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">VAT receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Receivables from tax office</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,392</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Advances given to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Other advances given (Note 40)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Restricted cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">156,126</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">151,532</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,327,004</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,091,512</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2018, restricted cash
amounting to TL 204,077 represents the deposits as guarantees in connection with the foreign currency loans utilized by Turkcell
Finansman.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>24.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Cash and cash equivalents</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 5.4pt">Cash in hand</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">131</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">144</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 5.4pt">Banks</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">10,238,310</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,413,113</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; text-indent: 8.8pt; padding-left: 5.4pt">- Demand deposits</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">632,022</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">587,007</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; text-indent: 8.8pt; padding-left: 5.4pt">- Time deposits</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">9,606,288</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,826,106</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Other cash and cash equivalents</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">274</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">5,982</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Cash and cash equivalents</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">10,238,715</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">7,419,239</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, the average
effective interest rates of TL, USD and EUR time deposits are 10.7%<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">,
2.3% and 0.4% (31 December 2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT> 22.5%<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">,
5.9% and 3.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">) </FONT>respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, average maturity
of time deposits is 38 days (31 December 2018: 35 days).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>25.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial assets</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Debt investments at fair
value through other comprehensive income</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Debt investments at FVOCI comprise the
following investments in listed and unlisted securities:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; font-weight: bold">Current Assets</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Listed debt securities</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">345,602</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">42,454</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">345,602</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">42,454</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Fair values</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December </B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2019</B>&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2018</B>&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Fair value hierarchy </B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Valuation technique </B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial assets at fair</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">value through other</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">comprehensive income</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">345,602</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42,454</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">Level 1</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pricing models based</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">on quoted market</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">prices at the end of the</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">reporting period.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>345,602</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>42,454</B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As of 31 December 2019 and
2018, the nominal and fair value amounts of financial assets are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>31 December 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Nominal amount (original currency)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: right"><B>Fair value (in TL)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Maturity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">EUR</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">2,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">15,026</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">16 February 2026</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">EUR</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">10,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">67,773</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">5 February 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">USD</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">300</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">1,878</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">21 February 2022</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">EUR</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">20,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">133,072</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">17 December 2021</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">EUR</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">17,990</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">121,456</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">29 May 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">USD</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">1,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">6,397</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">10 August 2024</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt"><B>Total financial assets&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>345,602</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>31 December 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Nominal amount (original currency)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 22%; padding-right: 3.5pt; padding-left: 3.5pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: right"><B>Fair value (in TL)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Maturity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">EUR</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">6,981</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">42,454</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">16 February 2026</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt"><B>Total financial assets</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>42,454</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">During the year, the following gains (losses)
were recognized in other comprehensive income.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Gains / (Losses) recognized in other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Related to debt securities</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">3,472</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">3,472</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>26.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Equity</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Share capital</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As at 31 December 2019, share
capital represents 2,200,000,000 (31 December 2018: 2,200,000,000) authorized, issued and fully paid shares with a par value of
TL 1 each. In this respect, share capital presented in the consolidated financial statements refers to nominal amount of registered
share capital.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Each holder of shares is entitled
to receive dividends as declared and is entitled to one vote at<BR>
a meeting in person or by proxy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Companies with their shareholding
percentage are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(%)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TL</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(%)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TL</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 11pt; text-align: left; padding-left: 3.5pt">Turkcell Holding</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; font-size: 11pt; text-align: center">51.00</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">1,122,000</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; font-size: 11pt; text-align: center">51.00</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">1,122,000</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Public Share</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">48.95</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,077,004</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">48.95</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,077,004</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">0.05</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">996</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">0.05</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">996</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">100.00</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,200,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">100.00</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,200,000</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Inflation adjustment to share capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(52,352</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(52,352</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Inflation adjusted capital</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">2,147,648</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">2,147,648</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As at 31 December 2019,
total number of shares pledged as security is 995,509 (2018: 995,509).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Legal reserves</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The legal reserves consist of first and second
reserves, appropriated in accordance with the Turkish Commercial Code (&ldquo;TCC&rdquo;). The TCC stipulates that the first legal
reserve is appropriated out of statutory profits at the rate of 5% per annum, until the total reserve reaches 20% of a company&rsquo;s
paid-in share capital. The second legal reserve is appropriated at the rate of 10% per annum of all cash dividends in excess of
5% of the paid-in share capital. Under the TCC, the legal reserves can only be used to offset losses and are not available for
any other usage unless they exceed 50% of paid-in share capital.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.4pt 6pt 0; text-align: justify"><B><I>Treasury shares</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">During 2019, the Company purchased 827,750
of its shares on-market with prices ranging from full TL 11.89 to full TL 12.24. The buyback was approved by the Board of Directors
on 27 July 2016 and 30 January 2017. Total amount of TL 9,998 was deducted from equity (2018: TL 94,620).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.4pt 6pt 0; text-align: justify"><B><I>Dividends</I></B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.4pt 6pt 0; text-align: justify"><B><I>Azerinteltek:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">According to the two resolution of the General
Assembly Meeting of Azerinteltek within 2018, shareholders decided to pay dividend amounting to AZN 5,959 (TL 13,103) from the
profit realized for the last quarter of 2017, dividend payment was made in 2018. The share purchase agreement of Azerinteltek was
signed on 15 November 2018 and the transfer of proceeds to Inteltek was completed on 27 December 2018. The Group have lost the
control over the subsidiary unconditionally on 27 December 2018 with transfer of money. The transfer of shares to Baltech was completed subsequently on 11 January 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>26.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Equity (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Dividends </I>(continued)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.4pt 6pt 0; text-align: justify"><B><I>Inteltek:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">According to the resolution of
the Ordinary General Assembly Meeting of Inteltek dated 15 March 2019, the shareholders resolved to pay a dividend amount equal
to TL 232,875 out of profits for the year ended 31 December 2018 and a dividend out legal reserves amount equal to TL 9,742. The
aggregate amount of dividends has been paid on 29 April 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">According to Board of Directors
Resolution of Inteltek dated 16 October 2019 the advanced dividend payment has been made in 17 October 2019 amounting to TL 35,220
for the first six months of 2019 profit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Turkcell:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">On 12 September 2019, the Company&rsquo;s
General Assembly has approved a dividend distribution for the year ended 31 December 2018 amounting to TL 1,010,000; this represents
a gross cash dividend of full TL 0.45909 per share. The dividend has been paid to the shareholders on 31 October 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>27.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Earnings per share</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Profit attributable to owners of the Company</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">3,246,487</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,021,065</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,979,129</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Weighted average number of shares (*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,183,922,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,184,750,233</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,193,184,437</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.49</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.93</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.90</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Refer to Note 26 - Treasury shares</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Profit from continuing operations attributable to owners of the Company</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,474,051</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,021,065</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,979,129</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Weighted average number of shares (*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,183,922,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,184,750,233</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,193,184,437</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1.14</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.93</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.90</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Refer to Note 26 - Treasury shares</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Profit from continuing operations attributable to owners of the Company</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">772,436</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Weighted average number of shares (*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,183,922,483</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,184,750,233</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,193,184,437</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Basic and diluted earnings per share for profit from discontinued operations attributable to owners of the Company (in full TL)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">0.35</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Refer to Note 26 - Treasury shares</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>28.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Other non-current liabilities</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: justify; padding-left: 11pt">Consideration payable in relation to <BR>the acquisition of Belarusian Telecom</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">359,554</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">358,304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.8pt; padding-left: 22pt">Deferred revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">303</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Deposits and guarantees received from dealers</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,809</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">359,857</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">364,610</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">A consideration payable in relation to
the acquisition of Belarusian Telecom represents the present value of the long-term contingent consideration payables to the seller.
Payment of USD 100,000 (equivalent to TL 594,020 as of 31 December 2019) is contingent on the financial performance of Belarusian Telecom, and based on management&rsquo;s
estimations, where the amount is expected to be paid in instalments between 2026 and 2030 (31 December 2018: the first quarter
of 2023). The discount rate used for calculating present value of the consideration payable in relation to the acquisition of Belarusian
Telecom as of 31 December 2019 is in a range from 5.2% to 6.1% (31 December 2018: 9.5%).</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>29.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Loans and borrowings</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 10pt">Unsecured bank loans</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">6,092,170</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">7,244,992</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 10pt">Secured bank loans</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,862</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 10pt">Lease liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,101,303</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,026,955</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Debt securities issued</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">5,483,921</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">4,845,827</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">12,677,394</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">13,119,636</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 10pt">Unsecured bank loans</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,712,297</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,281,855</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 10pt">Secured bank loans</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,415</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,318</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 10pt">Lease liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">431,752</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">387,001</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Debt securities issued</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">481,869</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">364,735</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">7,628,333</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">7,035,909</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -17.85pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>29.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Loans and borrowings (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, the Company
has utilized, USD 225,000 (equivalent to TL 1,336,545 as at 31 December 2019) and EUR 35,000 (equivalent to TL 232,771 as at 31 December 2019) comparatively, under loan agreement signed with
China Development Bank (&ldquo;CDB&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The annual interest rates of the USD
and EUR denominated loans utilized as part of the EUR 750,000 loan agreement between the Company and CDB, which were LIBOR + 2.22%
and EURIBOR + 2.20%, have been revised as LIBOR + 2.17% and EURIBOR + 2.15%, respectively. The updated rates are effective as of
10 April 2019. There have been no changes to the maturity or the repayment terms of the loan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company signed a loan agreement
of USD 150,000 with J.P.Morgan and AB Svensk Exportkredit within the framework of the insurance of the Swedish Export Credit Agency
(EKN). The availability period of the loan is until April 2021, to be utilized in three equal tranches each with a maturity of
10 years. The total annual cost of the loan is LIBOR + 2.10% for the first tranche and fixed 5.35% for the second and third tranches.
As at 31 December 2019, the Company has utilized USD 50,000 under this agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company signed a loan agreement of
EUR 50,000 with BNP Paribas Fortis SA/NV for general corporate purposes. The respective loan has a maturity of 3 years and 1 week
and its annual cost of funding is in Euribor + 2.05% - 1.85% range. Cost of funding can potentially decline to Euribor + 1.85%
subject to meeting sustainability based environmental objectives set as part of the loan agreement. These objectives include recycling
of electronic waste, use of solar energy for electricity consumption and reducing paper consumption through increased use of Dergilik
application. As of 31 December 2019, the Company has utilized EUR 50,000 under this agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, the Company
sold their debt securities issued with a total nominal value of USD 10,000 comprising portion of the debt securities issued previously added to its portfolio within the scope of the buy-back
decisions dated 27 July 2016 and 30 January 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In 2019, CMB approval has been taken on
issuance of management agreement based lease certificates in accordance with capital markets legislation in the domestic market,
in Turkish Lira terms, at an amount of up to TL 500,000, on various dates and at various amounts without public offering, as private
placement and/or to be sold to institutional investors. As at 8 October 2019, the Company has issued management agreement based
lease certificates through Halk Yat&#305;r&#305;m amounting TL 150,000 with the maturity of 4 February 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>29.</B></TD><TD STYLE="text-align: justify; padding-right: 1.4pt; width: 93%"><B>Loans and borrowings (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Terms and conditions of outstanding loans
are as follows:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">31 December 2019</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Currency</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Interest rate type</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nominal interest rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Payment <BR> period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nominal interest<BR> Rate</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Payment period</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Carrying amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; text-align: left; padding-left: 3.5pt">Unsecured bank loans</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">EUR</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; padding-left: 3.5pt">Floating</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">Euribor+1.3%-Euribor+2.2%</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">2020-2026</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">5,638,726</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">Euribor+1.2%-Euribor+3.4%</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">2019-2026</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">6,975,890</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Unsecured bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">USD</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Floating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Libor+1.5%-Libor+2.2%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2028</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,478,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Libor+2.0%-Libor+4.1%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,589,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Unsecured bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">TL</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">9.5%-11.5%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,442,818</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12.6%-25.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">873,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Unsecured bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">UAH</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11.5%-18.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,043,883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">21.5%-22.5%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">894,511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Unsecured bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">5.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">5.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2026</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,375</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Secured bank loans (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">BYN</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">11.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12.0%-16.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2020</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,180</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Debt securities issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">USD</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">5.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2028</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,810,989</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">5.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2028</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,135,565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Debt securities issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">TL</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">14.0%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">24.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,997</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">EUR</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">1.0%-7.9%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2031</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,786</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">1.0%-7.9%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2031</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,645</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">TL</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12.8%-45.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2048</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">735,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">16.1%-45.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2048</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">719,718</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">USD</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3.9%-10.8%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2027</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">3.9%-10.8%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2027</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,351</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">UAH</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 3.5pt">Fixed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">16.6%-24.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2067</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">16.6%-24.0%</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2067</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">418,390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 10pt">BYN</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">Fixed</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">11.7%-15.0%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2020-2028</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">94,998</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">12.0%-15.0%</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2019-2028</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,852</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,305,727</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,155,545</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 28.35pt; text-align: justify; text-indent: -28.35pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(*)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Belarusian Telecom pledged certain property,
plant and equipment to secure these bank loans. Also, these bank loans are secured by the Government of the Republic of Belarus</FONT>
(Note 37).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>30.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Employee benefits</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 5.4pt">Retirement pay liability provision</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">222,164</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">160,613</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Unused vacation provision</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">72,167</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">64,134</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">294,331</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">224,747</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Provision for employee termination benefits</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Movements in provision for employee termination
benefits are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 5.4pt">1 January</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">160,613</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">149,449</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Service cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,971</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Remeasurements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,385</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,699</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,957</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Benefit payments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(36,231</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,065</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 5.4pt">31 December</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">222,164</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">160,613</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 6pt 0; text-align: justify">The sensitivity of provision for
employee termination benefits to changes in the significant actuarial assumptions is:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>31 December 2019</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Discount Rate</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Inflation Rate</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 44%; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>Sensitivity Level</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% increase</B></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% decrease</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% increase</B></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% decrease</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Change in assumption</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(14.2%)</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">17.4%</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">17.9%</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(14.7%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Impact on provision for employee termination benefits</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(31,547)</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">38,657</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">39,767</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(32,658)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 6pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>31 December 2018</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Discount Rate</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Inflation Rate</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 44%; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>Sensitivity Level</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 13%; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% increase</B></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% decrease</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% increase</B></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>1% decrease</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Change in assumption</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(13.0%)</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">15.7%</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16.5%</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(13.7%)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Impact on provision for employee termination benefits</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(20,880)</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">25,216</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">26,501</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(22,004)</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 6pt 0; text-align: justify">The above sensitivity analyses
are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and
changes in some of the assumptions may be correlated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Defined contribution plans</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 6pt 0; text-align: justify">Obligations for contribution to
defined contribution plans are recognized as an expense in the consolidated statement of profit or loss as incurred. The Group
incurred TL 12,785, TL 9,361 and TL 8,107 in relation to defined contribution retirement plan for the years ended 31 December 2019,
2018 and 2017, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Share based payments</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group has a share performance based payment
plan (cash settled incentive plan) in order to build a common interest with its shareholders, support sustainable success, and
ensure loyalty of key employees. The KPIs of the plan are; the total shareholder return in excess of weighted average cost of capital
(WACC), and ranking of total shareholder return in comparison with BIST-30 and peer group. Bonus amount is determined according
to these evaluations, and it is distributed over a three-year payment plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As of 31 December 2019, the Group recognized
expenses of TL 28,199 regarding this plan<BR>
(31 December 2018: TL 26,224).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>31.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Deferred revenue</B></TD></TR></TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">Deferred revenue primarily consists
of rent income and it is classified as current at 31 December 2019 and 2018. The amount of deferred revenue is TL 56,544 and TL
8,948 as at 31 December 2019 and 2018, respectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>32.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Contract liabilities</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&#9;</B><I>Current
contract liabilities:&#9;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract liabilities</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">290,408</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">255,756</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">290,408</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">255,756</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>&#9;Non-current
contract liabilities:&#9;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract liabilities</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">141,890</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">131,598</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">141,890</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">131,598</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Contract liabilities primarily consists
of right of use sold but not used by prepaid subscribers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Revenue recognized in the current reporting
period relates to carried forward contract liabilities is TL 255,756 (2018: TL 181,710).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The following table shows unrealized performance
obligation result as of 31 December 2019;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications service</TD><TD STYLE="width: 10%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 11pt; text-align: right">182,023</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-bottom: 1pt; padding-left: 3.5pt">Other (*)</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">480,362</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Total</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">662,385</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0">(*) Consists of Hospital Revenue</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Management expects that 71% of the transaction
price allocated to the unsatisfied contracts as of<BR>
31 December 2019 will be recognized as revenue during the next reporting period. The remaining<BR>
29% will be recognized in the 2020 financial year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>33.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Provisions </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><I>Non<B>-</B>current provisions:</I></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Legal
    claims</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Obligations
    for dismantling, removing and site restoration</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-weight: bold; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Balance at 1 January 2019</FONT></TD><TD STYLE="width: 5%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9,364</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">259,358</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">268,722</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Provisions recognized</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">12,187</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,080</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">41,267</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Unwinding of discount</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Transfer to current provisions</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(7,916</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(7,916</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Effect of changes in
    exchange rates</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21,069</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">21,069</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Balance at 31 December
    2019</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">13,635</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">323,769</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">337,404</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Legal
    claims</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Obligations
                                         for dismantling, removing and site restoration</B></FONT></P></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; font-weight: bold; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Balance at 1
    January 2018</FONT></TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">8,887</FONT></TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">188,531</FONT></TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">197,418</FONT></TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Provisions recognized</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">5,859</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">47,580</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">53,439</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Unwinding of discount</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">9,760</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">9,760</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Transfer to current provisions</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">(5,382</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">(5,382</FONT></TD><TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Effect
    of changes in exchange rates</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">13,487</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 10pt">13,487</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Balance
    at 31 December 2018</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">9,364</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">259,358</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">268,722</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">Provision for legal claims are
recognized for the probable cash outflows related to legal disputes. Refer to Note 38.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">The Group is required to incur
certain costs in respect of a liability to dismantle and remove assets and to restore sites on which the assets were located. The
dismantling costs are calculated according to best estimate of future expected payments discounted at a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the liability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">It is expected that the obligations
for dismantling, removing and site restoration will be realized in accordance with the useful life of GSM services materials.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">Additions to obligations for
dismantling, removing and site restoration during the period are non-cash transactions and are recorded against property, plant
and equipment.<B>&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Obligations
for dismantling, removing and site restoration</FONT> are discounted using a discount rate of 6.1% at 31 December 2019 (31 December
2018: 5.1%).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>33.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Provisions (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><I>Current provisions:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Legal claims</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Bonus(*)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2019</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">8,593</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">298,475</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">307,068</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Provisions recognized</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,369</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">521,647</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">526,016</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Payments</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(4,344</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(501,234</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(505,578</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Transfers from non-current provisions</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,916</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,916</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Effect of changes in exchange rates</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">1,306</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">6,084</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">7,390</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">17,840</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">324,972</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">342,812</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Legal claims</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Bonus(*)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 11pt; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2018</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">605,679</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">229,520</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; font-weight: bold; text-align: right">835,199</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Provisions recognized/(reversed)(**)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(3,520</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">408,740</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">405,220</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Payments</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(626,214</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(338,650</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(964,864</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Unwinding of discount</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">26,185</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">26,185</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Transfers from non-current provisions</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">5,381</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">5,381</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Disposal of subsidiaries</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(2,070</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(2,070</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Effect of changes in exchange rates</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">1,082</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">935</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">2,017</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">8,593</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">298,475</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">307,068</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(*)</FONT>
Includes share-based payment <FONT STYLE="font-family: Times New Roman, Times, Serif">(Note 30).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">(**) Refer to Note 38.1 and
38.3 for legal claim.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>34.</B></TD><TD STYLE="text-align: justify; padding-right: 1.15pt; width: 93%"><B>Trade and other payables</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Payable to suppliers</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,728,485</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,372,512</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Accrued treasury share, universal service fund contribution and contributions to the ICTA&rsquo;s expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">465,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Accrued selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,747</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">202,074</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">402,453</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,117,471</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,788,174</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Payable to suppliers arises in the ordinary
course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">Taxes payables include VAT payables,
special communications taxes payable, frequency usage fees payable to the ICTA and personnel income taxes payable.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Accrued selling and marketing
expenses mainly result from services received from third parties related to the marketing activities of the Group, but not yet
invoiced.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.15pt; width: 93%"><B>Derivative financial instruments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The fair value of derivative financial
instruments at 31 December 2019 and 2018 are attributable to the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><B>Assets</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><B>Liabilities</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><B>Assets</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><B>Liabilities</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Held for trading</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">443,880</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 11pt; text-align: right">72,539</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">709,617</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">131,097</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Derivatives used for hedging</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">483,448</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">730,924</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Total</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">927,328</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">72,539</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,440,541</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">131,097</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">At 31 December 2019, the total held
for trading derivative financial assets of TL 845,513 (31 December 2018: TL 1,356,062) also includes a net accrued interest
expense of TL 81,815 (31 December 2018: TL 84,479) and the total held for trading derivative financial liabilities of TL
86,617 (31 December 2018: TL 165,265) also includes a net accrued interest expense of TL 14,078 (31 December 2018: TL
34,168).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Derivatives used for hedging</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Participating cross currency swap
and cross currency swap contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of participating cross currency swap and cross currency swap contracts for hedging purposes at 31 December 2019 are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Sell</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Buy</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Currency</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Notional amount</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Notional amount</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Fair Value</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Maturity</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><I><U>Participating cross currency swap contracts</U></I></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">1,820,280</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">433,400</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">148,066</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">23 October 2025</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">257,478</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">56,004</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">7,675</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">85,593</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">18,668</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">21,581</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">145,000</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">50,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">97,030</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">128,833</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">33,333</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">57,280</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">97,833</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">33,333</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">63,358</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">64,667</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16,667</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">28,394</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">245,951</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">46,670</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">9,893</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><I><U>Cross currency swap contracts</U></I></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">115,628</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">RMB</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">189,107</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">50,171</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>Derivatives used for hedge accounting financial assets</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>483,448</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">EUR 489,404 participating cross currency
swap contracts includes TL 833,786 guarantees after the CSA agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Held for trading</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Cross currency swap, participating
cross currency swap, FX swap and option contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of cross currency swap, participating cross currency swap, FX swap and option contracts for hedging purposes at 31 December 2019
are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Sell</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Buy</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Fair Value</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Maturity</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">242,873</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70,500</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">178,968</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 September 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">269,451</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70,500</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">148,452</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 December 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">137,952</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,625</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20 March 2023</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">138,816</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,044</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 March 2023</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">84,224</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,040</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,691</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 September 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">91,008</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,400</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,141</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 September 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35,818</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">RMB</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">45,259</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">944</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Participating cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">172,772</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,002</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,904</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">171,092</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,002</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,355</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">227,750</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,336</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,705</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77,520</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,097</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">261,912</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">46,670</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,195</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">108,349</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,668</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,930</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">135,051</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23,335</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,674</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">215,354</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,336</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,813</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">174,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,506</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15 June 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">186,050</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,669</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,936</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>FX swap contracts (*)</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">117,860</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">67</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27 February 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">117,900</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27 February 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Option contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">28,038</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">186</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">275,000</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">11</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3 January 2020</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><B>Held for trading derivative financial assets</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;436,295</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) There will be a purchase of USD 40,000
on 27 May 2020 in exchange for TL 241,046 in terms of the FX swap contract dated 27 November 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Currency forward contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of currency forward contracts for trading purposes at<BR>
31 December 2019 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Buy</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Notional amount</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Fair Value</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Maturity</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;30,000&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;2,081&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">28 February 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;7,500&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;952&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">30 March 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;7,500&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;916&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">29 June 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;10,000&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;1,038&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">30 March 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;10,000&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;1,016&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">29 June 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;7,500&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;797&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">30 March 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;7,500&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;785&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">29 June 2020</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>Held for trading derivative financial assets</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>7,585</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Held for trading</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>FX swap, interest swap and participating
cross currency swap contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of FX swap, interest swap and participating cross currency swap contracts for hedging purposes at 31 December 2019 are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Sell</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Buy</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Notional amount</B></TD>
    <TD STYLE="width: 3%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Fair Value</B></TD>
    <TD STYLE="width: 23%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Maturity</B></TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>FX swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,488</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,005)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">07 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">75,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">83,232</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,512)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">07 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">175,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">194,560</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,508)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">08 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,588</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,432)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">08 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,588</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,434)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;08 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">85,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">94,397</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,748)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">08 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">90,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,492</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,301)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22,332</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(510)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">175,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">195,346</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,875)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,825</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,448)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">78,154</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,036)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">90,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">100,484</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,612)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,825</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,448)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,211</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,860</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 February 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Interest swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">93,340</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">93,340</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,802)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">46,670</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">46,670</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,101)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,336</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,336</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(959)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,669</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">32,669</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(849)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Participating cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">105,848</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,668</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(14,265)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">162,552</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,002</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,691)</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total held for trading derivative financial liabilities</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(</B></FONT><B>72,539)</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Derivatives used for hedging</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Participating cross currency swap
and cross currency swap contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of participating cross currency swap and cross currency swap contracts for hedging purposes at 31 December 2018 are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Sell</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Buy</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Currency</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Notional amount</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Notional amount</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Fair Value</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>Maturity</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; line-height: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: left"><I><U>Participating cross currency swap contracts</U></I></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">1,650,000</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">500,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">208,462</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">23 October 2025</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">275,850</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">60,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">64,670</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">435,000</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">150,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">167,116</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">293,500</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">100,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">108,777</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">194,000</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">50,000</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">39,394</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">386,500</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">100,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">79,688</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">91,700</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">20,000</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">9,234</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><I><U>Cross currency swap contracts</U></I></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">TL</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">123,878</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">RMB</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">202,600</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">53,583</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><B>Derivatives used for hedge accounting financial assets</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>730,924</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">EUR 500,000 participating cross currency
swap contracts includes TL 690,146 guarantees after CSA agreement.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Held for trading</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>FX swap, cross currency swap and
participating cross currency swap contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of FX swap, cross currency swap, participating cross currency swap contracts for hedging purposes at 31 December 2018 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Sell</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Buy</B></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Fair Value</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Maturity</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>FX swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">266,760</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,715)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">266,510</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(3,465)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">719,996</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">135,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,774)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">212,736</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">40,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,300)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">265,925</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,880)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,366</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">253</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(48)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19 March 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,199</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">680</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(939)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,681</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">920</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(1,277)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,040</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(41)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,654</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">60,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(861)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,462</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,159</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(912)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,159</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(910)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">130,488</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(9,365)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20 March 2023</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">268,200</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5,791)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14 June 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">128,436</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(2,652)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19 June 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">169,368</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(24,895)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8 January 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">118,800</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(22,051)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 September 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">111,732</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,867</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,920</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14 February 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">185,100</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,296)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">183,300</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,642)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Participating cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">193,800</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30,000</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(7,148)</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16 September 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">113,400</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">20,000</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(17,051)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 April 2026</TD></TR>
<TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total Held for trading derivative financial liabilities</B></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;(131,097)</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Held for trading</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Cross currency swap contracts</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The notional amount and the fair value
of cross currency swap contracts for hedging purposes at 31 December 2018 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Sell</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Buy</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="border-bottom: Black 1pt solid">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Notional amount</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Currency</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Notional amount</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><B>Fair Value</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Maturity</B></TD>
    </TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
<TR>
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><I><U>Cross currency swap contracts</U></I></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">67,410</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,928</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28 January 2019</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">95,550</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36,751</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24 January 2019</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">52,164</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,620</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,870</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16 July 2019</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">69,744</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19,780</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38,636</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 July 2019</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">242,873</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70,500</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">160,594</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16 September 2020</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">269,451</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">70,500</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">131,437</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22 December 2020</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">191,300</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">USD</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,095</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13 February 2019</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">98,625</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">57,161</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13 June 2019</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">203,600</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,000</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">109,610</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 July 2019</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">97,997</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,500</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37,825</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19 December 2019</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">TL</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">105,280</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">EUR</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18,800</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,710</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23 September 2021</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total held for trading derivative financial assets</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709,617</B></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    </TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments and
risk management</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">This section explains the judgments and estimates
made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial
statements. To provide an indication of the reliability of the inputs used in determining fair value, the Group has classified
its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&bull; Level 1 inputs are quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&bull; Level 2 inputs are inputs, other
than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">&bull; Level
3 inputs are unobservable inputs for the asset or liability.</FONT>&#9;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Fair
    values</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>31 December<BR>
&nbsp;2019</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>31 December <BR>
2018</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Fair Value hierarchy</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Valuation Techniques</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">a) articipating cross currency</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">swap contracts (*)</FONT></P></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">495,436</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">653,142</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">Level 3</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Pricing models based on</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">discounted cash Present value of</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">the estimated future cash flows</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">based on unobservable yield curves</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">and end period FX rates</FONT></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>-Held for trading</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><I>62,159</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>(24,199)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>-Derivatives used for hedging</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><I>433,277</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>677,341</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">b) FX swap, currency, interest</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">swap and option contracts</FONT></P></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">351,768</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">656,302</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">Level 2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Prsent value of the estimated</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">future cash flows based on</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">observable yield curves and</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">end period FX rates</FONT></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>-Held for trading</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><I>301,597</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>602,719</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>-Derivatives used for hedging</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><I>50,171</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>53,583</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">c) Currency forward contracts</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">7,585</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">Level 2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">Forward exchange rates at the</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">balance sheet date</FONT></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>-Held for trading</I></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><I>7,585</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>-</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;(*) Since the bid-ask spread is unobservable
input; in the valuation of participating cross currency swap contracts, prices in the bid- ask price range that were considered
the most appropriate were used instead of mid prices. If mid prices were used in the valuation the fair value of participating
cross currency swap contracts would have been TL 116,684 lower as at<BR>
31 December 2019 (31 December 2018: TL 123,995).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;There
were no transfers between fair value hierarchy levels during the year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments and
risk management (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The following tables present the
Group&rsquo;s financial assets and financial liabilities measured and recognized at fair value at 31 December 2019 and 2018 on
a hedge accounting basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fair
    values</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Nominal
    Value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Maturity
    Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>31
    December 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>31
    December 2018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair
    Value hierarchy</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Hedge
    Ratio</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Change
    in intrinsic value of outstanding hedging instruments since 1 January </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Change
    in value of hedging item used to determine hedge effectiveness</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>Participating
    cross currency swap contracts</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">EUR Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">433,400</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">23
    October 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">148,066</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.75pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">208,462</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">293,774</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(293,774)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">EUR Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">56,004</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22 April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">7,675</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.75pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">64,670</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">36,344</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(36,344)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">USD Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">133,333</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">16
    September 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">246,062</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -4.9pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">394,975</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">61,424</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(61,424)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">USD Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">46,670</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,893</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">15,215</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(15,215)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">USD Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,668</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">21,581</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.05pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,234</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,436
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,436)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.05pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>Cross
    currency swap contracts</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.05pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">CNY Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">189,107</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">50,171</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: -2.05pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">53,583</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">19,172</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(19,172)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments and
risk management (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fair
    values</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Nominal
    Value </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Maturity
    Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>31
    December 2018</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>31
    December 2017</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair
    Value hierarchy</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Hedge
    Ratio</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Change
    in intrinsic value of outstanding hedging instruments since 1 July</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Change
    in value of hedging item used to determine hedge effectiveness</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><I>Participating
    cross currency swap contracts</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">EUR Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">500,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">23
    October 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">208,462</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">627,385</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">359,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(359,400)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">EUR Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">60,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">64,670</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,078</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">43,128</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(43,128)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">USD
    Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">400,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">16
    September 2020</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">394,975</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;224,560</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">179,388</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(179,388)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">USD Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">10
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,234</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">13,519</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(13,519)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><I>Cross
    currency swap contracts</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">CNY
    Contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">202,600</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">22
    April 2026</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">53,583</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">Level
    2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1:1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">15,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(15,600)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments
and risk management (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Movements in the participating cross currency
swap contracts for the years ended 31 December 2019 and 31 December 2018 are stated below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">653,142</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">950,862</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Cash flow effect</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(582,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(612,466</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">Total gain/loss:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 35.4pt">Gains recognized in profit or loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">424,874</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">314,746</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">495,436</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">653,142</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Net off / Offset</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Company signed a Credit
Support Annex (CSA) against the default risk of parties in respect of a EUR <FONT STYLE="font-family: Times New Roman, Times, Serif">433,400
</FONT>participating cross currency swap transaction executed on 15 July 2016 and restructured respectively on 26 May 2017 and
9 August 2018. Additionally, in the 25 June 2019, The Company signed a new CSA to EUR <FONT STYLE="font-family: Times New Roman, Times, Serif">56,004
</FONT>participating cross currency swap transaction. As per the CSA, the swap&rsquo;s current (mark-to-market) value will be determined
on the 10th and 24th calendar day of each calendar month, and if the mark-to-market value is positive and exceeds a certain threshold,
the bank will be posting cash collateral to the Company which will be equal to an amount exceeding the threshold (i.e. if the mark-to-market
value is negative, the Company would be required to post collateral to the bank by an amount exceeding the threshold).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">With respect to valuations,
on a bi-weekly basis, a transfer will take place between the parties only if the mark-to-market value changes by at least EUR 1,000.
Following the execution of CSA, the bank transferred to the Company EUR 224,843 as collateral (31 December 2019: TL 1,495,341)
which was the amount exceeding the threshold and the Company transferred EUR 99,473 as collateral to the bank (31 December 2019: TL 661,555) which was the amount exceeding the threshold. The Company clarified this with the derivative assets
included in the statement of financial position because it has the legal right to offset the collateral amount TL 833,786 that
it recognizes under the borrowings and intends to pay according to the net fair value. This amount was netted from the borrowings
and deducted from the derivative instruments in the balance sheet. As of 31 December 2019, were this transaction not conducted,
derivative financial instruments assets would have been TL 1,679,299 and current borrowings TL 8,462,119.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group uses various types of derivatives
to manage market risks. All such transactions are carried out within the guidelines set by the treasury and risk management department.
Generally, the Group seeks to apply hedge accounting to manage volatility in profit or loss.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments and
risk management (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Currency risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s risk management policy
is to hedge its estimated foreign currency exposure in respect of borrowing payments with various maturities at any point in time.
The Group uses participating cross currency contracts to hedge its currency risk, mostly with a maturity of over one year from
the reporting date. These contracts are generally designated as cash flow hedges.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group designates the hedge ratio,
between the amount of the hedged item and the hedging instrument is 1:1 to hedge its currency risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The time value of options in participating
cross currency swap contracts are included in the designation of the hedging instrument and are separately accounted for as a
cost of hedging, which is recognized in equity in a cost of hedging reserve. The Group&rsquo;s policy is for the critical terms
of the participating cross currency contracts to align with the hedged item.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group determines the existence of
an economic relationship between the hedging instruments and hedged item based on the currency, amount and timing of their respective
cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective
in offsetting changes in cash flows of the hedged item using the hypothetical derivative method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In these hedge relationships, the main sources
of ineffectiveness are;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>-</B> The effect of the counterparties&rsquo;
credit risk on the fair value of the swap contracts, which is not part of the hedged risk and associated credit risk considered
to be very low at inception in the fair value of the hedged cash flows attributable to the change in exchange rates;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>-</B> The entire fair value of the
derivative contracts including currency basis was designated as the hedging instrument in cash flow hedge. The hypothetical derivative
is modelled to exclude the impact of currency basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Interest rate risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group adopts a policy of ensuring
that its interest rate risk exposure is at a fixed rate. This is achieved partly by entering into fixed-rate instruments and partly
by borrowing at a floating rate and using cross currency and interest rate swaps as hedges of the variability in cash flows attributable
to movements in interest rates. The Group applies a hedge ratio of 1:1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group determines the existence of an economic
relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and
maturities and the notional or par amounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group assesses whether the derivative
designated in each hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using
the hypothetical derivative method.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In these hedge relationships, the main
sources of ineffectiveness are:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>-</B> The effect of the counterparties&rsquo;
credit risk on the fair value of the swap contracts, which is not part of the hedged risk and associated credit risk considered
to be very low at inception in the fair value of the hedged cash flows attributable to the change in interest rates;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>35.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Derivative financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair value of derivative instruments and
risk management (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0"><B>Cash flow sensitivity analysis for variable-rate instruments</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">A reasonable potential change of 100 basis
points in interest rates and 10% change in foreign exchange currency at the reporting date would have increased (decreased) equity
and profit or loss by the amounts shown below. This analysis assumes that all other variables remain constant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Profit or Loss</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity, net of tax</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">31 December 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Participating cross currency swap contracts</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">376,920</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">519,967</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(102,693</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(180,974</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Cross currency swap contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,631</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,516</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,644</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,114</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Cash Flow sensitivity (net)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">394,551</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">536,483</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(119,337</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(199,088</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; text-indent: -26.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Profit or Loss</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity, net of tax</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 11pt"><B>100 bp decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">31 December 2018</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 5.4pt">Participating cross currency swap contracts</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">937,845</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">9,455</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(360,596</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(259,066</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Cross currency swap contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,584</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">320</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,452</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,765</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Cash Flow sensitivity (net)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">969,429</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">9,775</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(359,144</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(254,301</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><P STYLE="margin-top: 0; margin-bottom: 0"><B></B></P>
                                                 <P STYLE="margin-top: 0; margin-bottom: 0"><B>36.</B></P></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Credit risk </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Exposure to credit risk:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The carrying amount of financial assets
represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -141.6pt; padding-left: 141.6pt">Trade receivables</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 11%; text-align: center">19</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">3,282,134</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,588,979</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">944,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">715,441</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Receivables from financial services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,442,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,202,941</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash and cash equivalents (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,238,584</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,419,095</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Participating cross currency swap and FX swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">845,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,356,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Other current assets (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287,469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Financial asset at fair value through profit or loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,409</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Financial asset at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,454</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Due from related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: center">39</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,477</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,533</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,208,078</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,635,383</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Cash in hand is excluded from
cash and cash equivalents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(**) Prepaid expenses, VAT receivable,
receivable from the Ministry of Transport and Infrastructure of Turkey, other and advances given are excluded from other current
assets and other non-current assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Credit risk (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B>Credit quality:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">The maximum exposure to credit
risk for trade and subscriber receivables, other assets and cash and cash equivalent arising from sales transactions, including
those classified as due from related parties at the reporting date by type of customer is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Other assets at <BR> 31 December 2019 (*)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Not Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>30 Days Past Due</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 60 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 90 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 120 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 150 Days Past Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than 150 Days &ndash; </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3 years Past Due</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3 - 4 years Past Due</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>4 - 5 years Past Due</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Gross Carrying Amount</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">11,075,880</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">383,055</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">109,594</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">134,229</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">74,380</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">63,995</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">807,941</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">299,149</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">180,029</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">13,128,252</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Loss Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,884</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">627,578</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(*)
Other Assets includes trade receivables, subscriber receivables, other assets, cash and cash equivalent and </FONT>due from related
parties<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Contract assets at <BR> 31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Not Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 30 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 60 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 90 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 120 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 150 Days Past Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than 150 Days &ndash; </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3 years Past Due</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3 - 4 years Past Due</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>4 - 5 years Past Due</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Gross Carrying Amount</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">948,950</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">948,950</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Loss Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,690</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Other assets from
    financial services at 31 December 2019 (**)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Not
    Due</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More
                                         Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>30
                                         Days Past Due</B></FONT></P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">More
    Than 60 Days Past Due</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">More
    Than 90 Days Past Due</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">More
    Than 120 Days Past Due</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">More
    Than 150 Days Past Due</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More
                                         Than 150 Days &ndash; </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3
                                         years Past Due</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More
                                         Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3
                                         - 4 years Past Due</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>More
                                         Than </B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>4
                                         - 5 years Past Due</B></FONT></P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Gross Carrying Amount</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,126,580</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">239,942</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">50,513</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">25,239</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">11,345</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">10,755</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">200,867</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,524</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,666,765</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Loss Allowance</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">15,773</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,780</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">859</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">452</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,466</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,036</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">131,645</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,489</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">163,500</FONT></TD><TD STYLE="font-size: 9pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(**) Other Assets includes trade
receivables, subscriber receivables, other assets and cash and cash equivalents from financial services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Credit
risk (continued)</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Credit
quality (continued):</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Other assets at <BR> 1 January 2019 (*)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Not Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>30 Days Past Due</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 60 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 90 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 120 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 150 Days Past Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than 150 Days &ndash; </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 years Past Due</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 - 4 years Past Due</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 4 - 5 years Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; padding-left: 3.5pt">Gross Carrying Amount</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">8,550,197</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">211,558</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">80,337</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">57,336</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">42,857</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">25,363</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">754,732</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">272,547</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">319,298</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">10,314,225</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 3.5pt">Loss Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214,893</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,431</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">281,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">730,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(*) Other Assets includes trade
receivables, subscriber receivables and other assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Contract assets at <BR> 1 January 2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Not Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 30 Days Past Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 60 Days Past Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 90 Days Past Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 120 Days Past Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 150 Days Past Due</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than 150 Days &ndash; </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 years Past Due</B></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 - 4 years Past Due</B></P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 4 - 5 years Past Due</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-left: 3.5pt">Gross Carrying Amount</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; text-align: right">722,811</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt; text-align: right">722,811</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Loss Allowance</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,370</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,370</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Other assets from financial services at 1 January 2019 (**)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Not Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>30 Days Past Due</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 60 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 90 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 120 Days Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 150 Days Past Due</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>More Than 150 Days &ndash; </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 years Past Due</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: right"><B>More Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>3 - 4 years Past Due</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">More Than 4 - 5 years Past Due</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; padding-left: 3.5pt">Gross Carrying Amount</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">2,974,069</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">469,599</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">65,999</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">47,705</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">24,498</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">19,394</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">215,954</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; text-align: right">3,817,218</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 3.5pt">Loss Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,690</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,651</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,273</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>






<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(**) Other Assets includes trade
receivables, subscriber receivables, other assets and cash and cash equivalents from financial services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B>Impairment losses</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Individual receivables, which are known
to be uncollectible are written off by reducing the carrying amount directly. The other receivables are assessed collectively to
determine whether there is objective evidence that an impairment has been incurred but not yet identified. The Group considers
that there is evidence of impairment if any of the following indicators are present:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Significant financial difficulties of the customer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Probability that the customer will enter bankruptcy or financial reorganization, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Default or delinquency in payments</TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Receivables for which an impairment
provision was recognized are written off against the provision when there is no expectation of recovering additional cash.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Impairment losses are recognized in profit
or loss within net impairment losses on financial and contract assets (Note 10). Subsequent recoveries of amounts previously written
off are credited against Net impairment losses on financial and contract assets (Note 10).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Movements in the provision for impairment
of trade receivables, contract assets, other assets and due from related parties are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2019</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Contract Asset</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December 2019</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Other Asset</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,370</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">730,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Provision for impairment recognized during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Amounts collected</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,858</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Transfer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,785</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Receivables written off during the year as uncollectible</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(346,049</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Exchange differences</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,782</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,690</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">627,578</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2018</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Contract Asset</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December 2018<BR> &nbsp;&nbsp;&nbsp;Other Asset</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,128</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">661,928</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Provision for impairment recognized during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">416,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Amounts collected</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(166,641</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Unused amount reversed (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(73,023</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Receivables written off during the year as uncollectible</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(118,553</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt">Disposal of subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,370</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">730,811</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) The Company signed a transfer of claim
agreement with a debt management company to transfer some of its doubtful receivables stemming from the years between 1998 to 2016.
Transferred doubtful receivables comprise of balances that the Company started legal proceedings for.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B>Impairment losses (continued)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Movements in the provision for impairment
of trade receivables, subscriber receivables, other assets and cash and cash equivalents from financial services are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>1
                                         December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>2019</B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">200,273</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">125,943</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Provision for impairment recognized during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Amounts collected</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Receivables written off during the year as uncollectible</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,067</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Exchange differences</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Unused amount reversed (*)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19,901</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">163,500</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">200,273</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) The Company signed a transfer of claim
agreement with a debt management company to transfer some of its doubtful receivables stemming from the year 2017. Transferred
doubtful receivables comprise of balances that the Company started legal proceedings for.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Liquidity risk </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The table below analyses the
Group&rsquo;s financial liabilities by considering relevant maturity groupings based on their contractual maturities for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify; padding-right: 1.1pt">all non-derivative financial liabilities, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify; padding-right: 1.1pt">gross settled derivative financial instruments for which contractual maturities
are essential for an understanding of the timing of the cash flows,</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 6 Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Carrying</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Contractual</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">6 months</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">6-12</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">1-2</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">2-5</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">More than 5</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Carrying</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Contractual</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">6 months</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">6-12</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">1-2</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">2-5</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">More than 5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">cash flows</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">or less</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Years</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">cash flows</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">or less</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">months</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 1.45pt">Non-derivative financial liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Secured bank loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">2,415</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(2,587</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(1,329</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(1,258</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">4,180</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(4,712</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(1,272</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(1,209</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">(2,231</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Unsecured bank loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,804,467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,200,775</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,246,288</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,586,232</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,338,152</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,196,346</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,833,757</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,526,847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,353,989</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,354,548</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,065,424</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,587,398</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,503,531</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,843,088</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Debt securities issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,965,790</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,446,514</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(318,861</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(168,861</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(337,723</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,013,168</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,607,901</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,210,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,733,943</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(228,838</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(149,564</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(299,128</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(897,385</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,159,028</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,533,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,454,914</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(382,558</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(261,285</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(404,785</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(662,767</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(743,519</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,413,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,497,426</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(372,682</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(273,273</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(410,826</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(666,760</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(773,885</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Trade and other payables*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,728,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,789,258</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,694,568</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,690</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,372,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,440,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,440,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,082</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,082</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,331</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,331</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.5pt; padding-left: 5.5pt">Consideration payable in relation to <BR> acquisition of Belarusian Telecom (Note 28)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">359,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(594,020</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(594,020</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">358,304</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(526,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(526,090</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 1.45pt"><B>Derivative financial liabilities</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 1.45pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6"><B></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 6">Participating Cross Currency Swap and<BR> FX swap contracts</FONT></P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(139,936</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,625</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,514</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,492</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,201</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165,265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,522</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.5pt">Buy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,577,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,947,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">708,073</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">536,707</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,444,271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,519,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">481,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.5pt">Sell</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,716,952</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,993,544</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(145,265</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(279,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(757,565</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(540,908</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,346,510</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,464,006</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(180,840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(234,766</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(466,898</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 1.45pt">TOTAL</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,492,465</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(32,640,086</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,701,790</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,126,951</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,106,174</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(9,921,773</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(9,783,398</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,096,957</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(27,504,030</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,387,594</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,489,470</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,286,623</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,579,244</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(8,761,099</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">* Advances received, license
fee accruals, taxes and withholding taxes payable are excluded from trade and other payables.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 11pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Foreign exchange risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s exposure to foreign
exchange risk at the end of the reporting period, based on notional amounts, was as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center">31 December 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">USD</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">EUR</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">RMB</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Foreign currency denominated assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 9pt; text-align: left; padding-left: 3.5pt">Other non-current assets</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">71</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">5,412</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Financial asset at fair value through other comprehensive income</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,393</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">50,721</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Due from related parties - current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">152</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">581</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Trade receivables and contract assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">17,383</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">38,496</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Other current assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">10,602</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">4,979</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Cash and cash equivalents</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">173,376</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,203,574</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">202,977</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">1,303,763</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Foreign currency denominated liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans and borrowings - non-current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(351,444</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(577,675</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(192,367</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Debt securities issued - non-current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(923,188</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Lease obligations - non-current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(2,399</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(19,282</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Other non-current liabilities</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(60,529</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans and borrowings - current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(402,507</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(385,371</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(44,880</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Debt securities issued - current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(55,060</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Lease obligations - current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(725</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(5,178</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Trade and other payables - current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(156,320</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(44,103</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(555</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Due to related parties</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,022</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(51</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(1,953,194</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(1,031,660</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(237,802</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans defined as hedging instruments (*)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">145,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Exposure related to derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Participating cross currency swap and FX swap contracts</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,830,226</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(430,816</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">234,367</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net exposure</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">80,009</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">(13,608</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">(3,435</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) The Company designated EUR 145,105
of bank loan, as hedging instruments in order to hedge the foreign currency risk arising from the translation of net assets of
the subsidiaries operating in Europe from EUR to Turkish Lira. Foreign exchange gains/losses of the related loans are recognized
under equity as &ldquo;gains/(losses) on net investment hedges&rdquo; in order to offset the foreign exchange gains/(losses) arising
from the translation of the net assets of investments in foreign operations to Turkish Lira.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The table above shows the Company&rsquo;s
distribution of balance sheet and derivative foreign exchange position should be taken into account with nominal values of the
option transactions. The Company monitors the delta adjusted position of the option transactions. As of 31 December 2019, the Company
has USD 129,825 net foreign currency position.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Foreign exchange risk (continued)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">USD</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">EUR</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">RMB</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Foreign currency denominated assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 9pt; text-align: left; padding-left: 3.5pt">Other non-current assets</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">222</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">11</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Financial asset at fair value through other comprehensive income</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">7,043</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Due from related parties-current</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,965</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">223</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Trade receivables and contract assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">15,786</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">52,140</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Other current assets</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">70,710</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">18,977</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Cash and cash equivalents</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">786,322</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">384,800</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">875,005</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">463,194</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Foreign currency denominated liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans and borrowings &ndash; non-current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(481,438</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(748,142</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(224,519</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Debt securities issued - non-current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(921,102</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Lease obligations - non-current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(4,719</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(24,068</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Other non-current liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(68,107</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans and borrowings - current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(390,876</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(523,595</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(29,244</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Debt securities issued - current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(55,074</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Rent lease obligations - current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,951</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(8,223</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Trade and other payables - current</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(233,805</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(32,946</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(70,553</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Due to related parties</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(686</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right">(52</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(2,158,758</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(1,337,026</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: right">(324,316</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Exposure related to derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Participating cross currency swap and FX swap contracts</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">1,082,036</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">811,167</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">202,600</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net exposure</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">(201,717</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">(62,665</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; font-weight: bold; text-align: right">(121,716</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Exposure to currency risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Sensitivity analysis</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The basis for the sensitivity analysis
to measure foreign exchange risk is an aggregate corporate-level currency exposure. The aggregate foreign exchange exposure is&#9;
composed of all assets and liabilities denominated in foreign currencies, the analysis excludes net foreign currency investments.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">A 10% strengthening/weakening of
the TL, UAH, BYN against the following currencies as at<BR>
31 December 2019 and 31 December 2018 would have increased/(decreased) profit or loss before by the amounts shown below. This analysis
assumes that all other variables, in particular interest rates, remain constant.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sensitivity analysis</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December 2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Profit/(Loss)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 40%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Appreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Depreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Appreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Depreciation of foreign currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">1- USD net asset/liability</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">47,527</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(47,527)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 22pt; text-indent: -7.1pt"><FONT STYLE="font-size: 8pt">2- Hedged portion of USD risk (-)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(6,135)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">6,135</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 8pt"><B>3- USD net effect (1+2)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>47,527</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(47,527)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(6,135)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,135</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">4- EUR net asset/liability</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(9,050)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,050</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">5- Hedged portion of EUR risk (-)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(39,558)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">39,558</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 8pt"><B>6- EUR net effect (4+5)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(9,050)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,050</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(39,558)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>39,558</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">7- Other foreign currency net asset/liability (RMB)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(290)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">290</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 22pt; text-indent: -7.1pt"><FONT STYLE="font-size: 8pt">8- Hedged portion of other foreign currency risk (-) (RMB)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,379)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">1,379</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 8pt"><B>9- Other foreign currency net effect (7+8)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(290)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>290</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,379)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,379</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total (3+6+9)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>38,187</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(38,187)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(47,072)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>47,072</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sensitivity analysis</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December 2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Profit/(Loss)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 40%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Appreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Depreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Appreciation of foreign currency</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Depreciation of foreign currency</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">1- USD net asset/liability</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(106,121)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">106,121</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 15.9pt; text-indent: -7.1pt"><FONT STYLE="font-size: 8pt">2- Hedged portion of USD risk (-)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(9,596)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,596</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>3- USD net effect (1+2)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(106,121)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>106,121</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(9,596)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,596</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">4- EUR net asset/liability</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(37,775)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">37,775</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">5- Hedged portion of EUR risk (-)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(23,613)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">23,613</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>6- EUR net effect (4+5)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(37,775)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>37,775</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(23,613)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>23,613</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.8pt"><FONT STYLE="font-size: 8pt">7- Other foreign currency net asset/liability (RMB)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(9,275)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">9,275</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 15.9pt; text-indent: -7.1pt"><FONT STYLE="font-size: 8pt">8- Hedged portion of other foreign currency risk (-) (RMB)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">364</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt">(364)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>9- Other foreign currency net effect (7+8)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(9,275)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,275</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>364</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(364)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total (3+6+9)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(153,171)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>153,171</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>(32,845)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>32,845</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Interest rate risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019 and 2018 the
interest rate profile of the Group&rsquo;s variable rate interest-bearing financial instruments was:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Effective</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Interest</B></P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">Carrying</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Effective</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>interest</B></P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">Carrying</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 3.5pt">Variable rate instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left; padding-left: 3.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD floating rate loans</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">29</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4.4</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(4,478,622</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4.3</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(4,589,157</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR floating rate loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,638,725</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,975,890</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Sensitivity analysis</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Cash flow sensitivity analysis
for variable rate instruments:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">An increase/decrease of interest rates
by 100 basis points would have (decreased)/increased equity and profit or loss by the amounts shown below. This analysis assumes
that all other variables, in particular foreign exchange rates, remain constant. The analysis is performed on the same basis at
31&nbsp;December&nbsp;2019 and 2018:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Profit or loss</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Equity</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.05in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>100 bps increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>100 bps decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>100 bps increase</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt"><B>100 bps decrease</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-left: 0.05in">31 December 2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1pt; padding-left: 0.05in">Variable rate instruments (financial liability)</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">(225,528</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">225,528</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.05in">Cash flow sensitivity (net)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(225,528</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">225,528</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-left: 0.05in">31 December 2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.05in">Variable rate instruments (financial liability)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(234,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">234,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.05in">Cash flow sensitivity (net)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(234,196</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">234,196</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair values </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><I>Fair value of the Group&rsquo;s financial
assets and financial liabilities that are measured at fair value on a recurring basis</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">This section explains the judgments and estimates
made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial
statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified
its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&bull; Level 1 inputs are quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&bull; Level 2 inputs are inputs, other
than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&bull; Level 3 inputs are unobservable
inputs for the asset or liability.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>36.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Financial instruments (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Fair values (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Valuation inputs and relationships to fair
value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 11pt">The following
table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurement
of contingent consideration.</FONT>&#9;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>Fair value at</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>Inputs</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt"><B>31 <BR>
December 2019</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt"><B>31 December 2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Unobservable</B></FONT></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Inputs</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 11%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>31 December 2019</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>31 December 2018</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 36%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>Relationship of unobservable inputs to fair value</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt">Contingent consideration </FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">359,554</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">358,304</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">Risk-adjusted discount &nbsp;rate</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">5.2% - 6.1%</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">9.5%</FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">An increase/decrease in the discount rate by 100 bps would change FV by TL (28,622) and TL 31,460, respectively.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">Expected settlement date</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">in instalments between 2026-2030</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">first quarter of 2023</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">If expected settlement date increase/decrease by 1-year, FV would change by TL (19,588) and TL 20,720, respectively.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Changes in <FONT STYLE="font-family: Times New Roman, Times, Serif">the
consideration payable in relation to acquisition of Belarusian Telecom f</FONT>or the years ended 31 December 2019 and 31 December
2018 are stated below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Opening balance</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">358,304</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">323,691</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Gains recognized in profit or loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Closing balance</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">359,554</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">358,304</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial
assets: </B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Carrying values
of a significant portion of financial assets do not differ significantly from their fair &#9;values due to their short-term nature.
Fair values of financial assets are presented in Note 25.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial liabilities:</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2018, fair values
of financial liabilities not materially different to their carrying amounts since the interest payable on those borrowings is either
close to current market rates or the borrowings are of a short term nature.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, for the
majority of the borrowings, the fair values are not materially different to their carrying amounts since the interest payable on
those borrowings is either close to current market rates or the borrowings are of a short term nature. Material differences are
identified only for the following borrowings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Carrying amount</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Fair </B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>value</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Bank loans</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">4,149,275</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">4,192,304</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, the
fair value of debt securities issued by the Company in 2015 with a nominal value of USD 500,000 and fixed interest rate (Note 29),
is TL 3,058,366 (31 December 2018: TL 2,380,855).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, the fair
value of debt securities issued by the Company in 2018 with a nominal value of USD 500,000 and fixed interest rate (Note 29), is
TL 2,961,300 (31 December 2018: TL 2,329,011).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Fair value of cash and cash equivalents
and debt securities issued are classified as level 1 and fair value of other financial assets and liabilities are classified as
level 2.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>37.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Guarantees and purchase obligations&#9;</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">At 31 December 2019, outstanding purchase
commitments with respect to property, plant and equipment, inventory, advertising and sponsorship amount to TL 819,508 (31&nbsp;December&nbsp;2018:
TL 1,353,789). Payments for these commitments will be made within 4 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Group is contingently liable
in respect of letters of guarantee obtained from banks and given to public institutions and private entities, and financial guarantees
provided to subsidiaries amounting to<BR>
TL 4,842,015 at 31 December 2019 (31 December 2018: TL 6,530,374).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>38.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Commitments and Contingencies&#9;</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>License Agreements</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0"><B><I>Turkcell:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 27 April 1998, the Company signed
the Agreement for grant of concession for the establishment and Operation of the Pan-European Mobile Telephone System, GSM (hereinafter&nbsp;referred
to as the &ldquo;License Agreement&rdquo;) with the Turkish Ministry. In accordance with the License Agreement, the Company was
granted a 25-year license for the provision of GSM services&nbsp;for a license fee of USD 500,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>3G License</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 30 April 2009, the Company signed
a separate License Agreement with ICTA which provides authorization for providing IMT 2000/UMTS services and establishment and
operation of the required infrastructure. The Company acquired the A license providing the widest frequency band for a consideration
of EUR 358,000 (excluding VAT). The license is effective for a duration of 20 years starting from 30 April 2009. According to the
agreement, the Company has provided IMT 2000/UMTS services starting from 30 July 2009.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>4.5G License</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The 4.5G licensing process is finalized by
the signing of the IMT License Commitments Document by the Company, whereby, ICTA granted the Company a 4.5G License on 27 October
2015. The 4.5G License is effective for 13 years until 30 April 2029. According to the License, the Company started to provide
4.5G services on 1 April 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B><I>Belarusian Telecom:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Belarusian Telecom owns a license,
issued on 28 August 2008, for a period of 10 years, which was valid till 28 August 2018. However, in accordance with the Edict
of the President of the Republic of Belarus dated 26 November 2015, numbered 475, the license is issued without limitation of the
period of validity. Starting from 1 March 2016 the license is valid from the date of the licensing authority&rsquo;s decision on
its issue and for an unlimited period. Under the terms of its license, Belarusian Telecom had been provided with additional time
by the license authority to fulfill all 2G signal coverage requirements regarding the settlements until the end of 2019. As of
31 December 2019, the Group considers that terms and obligations of the license agreement has been met.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>38.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Commitments and Contingencies (continued)&#9;</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>License Agreements (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B><I>lifecell:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">lifecell owns eleven activity
licenses, for GSM 900, a technology neutral license, issued for 3G, one license for international and long-distance calls and
eight PSTN licenses for eight regions in Ukraine. As of 31 December 2018, lifecell owned 27 frequency use licenses for IMT
(LTE-2600, LTE-1800, IMT-2000 (UMTS), GSM-900, GSM-1800, CDMA-800. Wi-fi and microwave Radio relay and Broadband Radio
Access, which are regional and national. Licenses for IMT (LTE-2600, LTE-1800) and GSM-1800 were issued on 4G tenders, held
in Q1&rsquo;2018. Additionally, lifecell holds a specific number range <B>-</B> three NDC codes for mobile networks, twenty
two permissions on a number resource for short numbers, eleven permissions on a number resource for SS-7 codes (7 regional
and 4 international), one permission on a number resource for Mobile Network Code, nine permissions on a number resource for
local ranges for PSTN licenses, two permissions on a service codes for alternative routing selection for international and
long-distance fixed telephony and one permission on a code for global telecommunication service &ldquo;800&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B><I>Inteltek:</I></B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Our affiliate, Inteltek, on
which the Company holds 55% of its shares, has been incorporated in order to establish and operate central system for games of
chance through multi-access electronic platforms.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Inteltek operated games of chance
and assigned mobile sub agencies to operate the fixed odds and paramutual betting games basing on the agreements executed with
Spor Toto. The term of the agreement executed between Spor Toto and Inteltek has been expired on 29 August 2019. In this context,
activities of Inteltek ceased on 29 August 2019.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">As at 31 December 2019, Inteltek
provided to Spor Toto letters of guarantee amounting TL 25,000 (31 December 2018: TL 184,752).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Subsequent to year end, the Company signed
a binding termsheet on 14 January 2020 to transfer its shareholding of 55% in Inteltek (Note 42).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Kibris Telekom: </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 27 April 2007, Kibris Telekom signed
the License Agreement for the Installation and Operation of a Digital, Cellular and, Mobile Telecommunication System (&ldquo;Mobile
Communication License Agreement&rdquo;) with the Ministry of Communications and Public Works of the Turkish Republic of Northern
Cyprus, effective from 1 August 2007, and replacing the previous GSM-Mobile Telephony System Agreement dated 25 March 1999. In
accordance with the Mobile Communication License Agreement, Kibris Telekom was granted an 18-year GSM 900, GSM 1800 and IMT 2000/UMTS
license for GSM 900 and GSM 1800 frequencies while the usage of IMT 2000/UMTS frequency bands is subject to the fulfillment of
certain conditions. On 14 March 2008, Kibris Telekom was awarded a 3G infrastructure license. In 2012, Kibris Telekom acquired
Internet Service Provider and Infrastructure establishment and operation licenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Lifecell Digital: </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In December 2018, Lifecell Digital acquired
an infrastructure license in order to operate as an Internet Service Provider in Turkish Republic of Northern Cyprus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>38.</B></TD><TD STYLE="text-align: justify; width: 93%"><B>Commitments and Contingencies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The following disclosures comprise
of material legal lawsuits, investigations and in-depth investigations against the Company.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Disputes on Special Communication
Tax and Value Added Tax</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>a)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Disputes on SCT for the year 2011 </I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Large Taxpayers Office levied
Special Communication Tax (SCT) and tax penalty on the Company as a result of the Tax Investigation for the year 2011. The Company
filed lawsuits for the cancellation of the notification regarding the aforementioned SCT assessment. The court partially accepted
and partially rejected the cases and the parties appealed the decisions regarding the parts against them. The cases are pending
at the appeal stage. The Large Taxpayers Office has collected TL 80,355 calculated for the parts against the Company for the assessment
of the SCT for the year 2011 by offsetting the receivables of the Company from Public Administrations. While the cases are pending
before the court of appeal the Company filed application for the restructuring as per Law no. 6736. The tax Office has rejected
the application. The Company has also filed a case for the cancellation of aforementioned rejection act of the Tax Office. The
hearing was held in this case and it is expected that the court will grant a decision.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Based on the management opinion,
an outflow of resources embodying economic benefits is deemed as less than probable on aforementioned transactions, thus, no provision
is recognized in the consolidated financial statements as at and for the year ended 31 December 2019 (31 December 2018: None).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><I>b)</I></TD><TD STYLE="text-align: justify; width: 93%"><I>Disputes on SCT and VAT for the years 2015, 2016 and 2017</I></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Turkish telecom sector players
including the Company have been subjected to a limited tax audit with respect of VAT and SCT for 2015 and 2016. At the end of the
tax audit process for the Company no issues to be criticized were identified for 2015. However, certain bundle offers and services
offered by the Company are subject to dispute by the tax authority for 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As of 31 December 2019, respectively
tax claims arising from SCT and VAT amounting to TL 134,537 and TL 113,367 including the principal and penalty amounts have been
notified to the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Large Taxpayers Office levied
Special Communication Tax (SCT) and tax penalty on the Company amounting to TL 85,125 in total, of which SCT amounting to TL 34,050
and penalty amounting to TL 51,075 based on the claim stated on Tax Investigation Reports prepared for the year 2015, that the Company should pay Special
Communication Tax over the prepaid card sales made by the distributors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Tax investigation closing
minute has been signed for the year 2016 and the Tax Investigation Reports delivered for the year 2016. Special Communication
Tax (SCT) and tax penalty on the Company amounting to TL 61,733 in total, of which SCT amounting to TL 24,693 and penalty
amounting to TL 37,040 based on the claim stated on Tax Investigation Reports prepared for the year 2016.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">As a result of the settlement
made with Tax Authority, an amount included late payment interest was settled as TL 199,000 for assessments above. Settled amount
has been paid within the legal term and assessments were closed in 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The investigation regarding SCT
for prepaid card sales made by the distributors for the year 2017 is still ongoing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>38.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Commitments and Contingencies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Disputes regarding the
Law on the Protection of Competition</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The investigation initiated by the Competition
Board with respect to the practices of the Company regarding the distributors and their dealers in the distribution network. With
this decision The Competition Board rejected the claims that the Company determined the resale price. But with the same decision,
The Competition Board decided to apply administrative fine on the Company amounting to TL 91,942, on the ground that the Company
forced its sub dealers to actual exclusivity. The Company filed a lawsuit for the stay of execution and cancellation of the aforementioned
Board decisions regarding the parts against itself. The Court rejected the case. The Company appealed the decision with the request
of the stay of the execution. The appeal process is ongoing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Three private companies filed a lawsuits
against the Company in relation with this case claiming in total of TL 112,084 together with up to 3 times of the loss amount to
be determined by the court for its material damages by reserving its rights for surpluses allegedly. Among these cases, in the
case filed for the compensation of total TL 110,484 material damages together with compensation amounting to 3 times of the damage
and interest, the court decided to reject the case in favor of the Company, at the hearing on 12 June 2019. The reasoned decision
was notified to the Company. The plaintiff appealed the case before Regional Administrative Court. The Company replied to plaintiff&rsquo;s
appeal request in due time. The appeal process, before Regional Administrative Court, is pending.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On the other hand, a lawsuit was filed
by a third party, for the cancellation of the part of the aforementioned Competition Board decision, regarding the rejection of
the claims that the Company determined the resale price. The Council of State cancelled this part of the aforementioned Competition
Board decision. Therewith Competition Board launched a new investigation. As a result of the new investigation The Competition
Board decided to apply administrative fine amounting to TL 91,942 on the Company. The reasoned decision was received to the Company
on 12 June 2019. The Company has taken all legal actions by requesting the cancellation of the aforementioned decision and its
withdrawal by the Competition Authority. Subsequently, the Competition Authority accepted some of the claims of the Company and
reduced the administrative fine to 61,294 TL with its decision. Short decision was notified to the Company. Following the notification
of the reasoned decision, all necessary legal actions shall be taken for the cancellation of the decision. Following this decision,
in the case filed for the cancellation of the Competition Board administrative fine of 91,942 TL, the court decided that there
is no need to render a decision because of devoid of essence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Based on the management opinion, the probability
of an outflow of resources embodying economic benefits is less than probable, thus, no provision is recognized in the consolidated
financial statements as at and for the year ended 31 December 2019 (31 December 2018: None).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Ministry of Trade Administrative
Fine</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Ministry of Trade prepared a report
upon the investigation initiated against the Company regarding subscriber agreements, distance contracts, value added services
and commitment campaigns including device procurement for the year 2015. The Company filed a lawsuit for a stay of execution and
cancellation of the Notice of Administrative Fine imposed by Istanbul Governorship Directorate of Commerce based on the aforementioned
Ministry report, amounting to TL 138,173 and the Decision of Administrative Fine of Istanbul Governorship Directorate of Commerce.
The Court rejected the stay of execution request of the Company. The Company objected to the decision, objection was rejected.
The hearing was held on 17 September 2019. The Court accepted the case in favor of the Company and cancelled the administrative
fine. &#304;stanbul Governorship appealed the case before Regional Administrative Court. The Company replied to the appeal request
in due time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Based on management opinion, the probability
of an outflow of resources embodying economic benefits is less than probable, and thus, no provision is recognized in the consolidated
financial statements as at and for the year ended 31 December 2019 (31 December 2018: None).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>38.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Commitments and Contingencies (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Other ongoing lawsuits
and tax investigations</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In addition to the aforementioned SCT investigation
for prepaid card sales, the following tax and treasury share investigations in the Company have commenced: (i) for 2017 fiscal
year regarding SCT for other transactions, (ii) 2018 fiscal year regarding SCT, Corporate Income Tax and Value Added Tax and, (iii)
treasury share investigation regarding July-August-September 2019 period.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Subject</FONT></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 19%">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">31 December 2019</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Anticipated Maximum Risk</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">(excluding accrued interest)</P></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">31 December 2018</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Anticipated Maximum Risk</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">(excluding accrued interest)</P></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">31 December 2019</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Provision</P></TD>
    <TD STYLE="text-align: center; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;31 December 2018</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">Provision</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Other Disputes </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18,763</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">JSC Kazakhtelecom initiated arbitration
proceedings against the Company related to its acquisition of JSC Kcell shares, which was subsidiary of the Fintur. The arbitration
proceeding is in a very early stage and no monetary claim has yet been presented.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Based on management opinion, an outflow
of resources embodying economic benefits for the cases above mentioned is deemed to be less than probable, and thus, no provision
is recognized in the consolidated financial statements as at and for the year ended 31 December 2019 (31 December 2018: None).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Due to probability of an outflow of resources
embodying economic benefits with regards to notification of Information and Communication Technologies Authority for wireless fee
related to 2018 fiscal year; based on management opinion in accordance with the relevant legislation while reserving right to take
legal action, totally TL 128,429 paid in November 2019 with reservation for 2018 and 2019 fiscal years and legal actions has been
taken. This payment is reflected in current year income statement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>39.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Related parties </B></TD></TR></TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Transactions with
key management personnel </I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">Key management personnel comprise the Group&rsquo;s members
of the Board of Directors and chief officers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">There are no loans to key management personnel as of 31 December
2019 and 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">The Group provides additional benefits to key management personnel
and contributions to retirement plans based on a pre-determined ratio of compensation.<FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 3.5pt">Short-term benefits</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">78,775</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">80,868</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">62,187</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Termination benefits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Share based payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,247</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,509</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Long-term benefits</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">653</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">755</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">548</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">142,395</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,217</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">75,848</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>39.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Related parties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The following balances are outstanding
at the end of the reporting period in relation to transactions with related parties:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Due from related parties</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">Telia Carrier Germany GmbH (&ldquo;Telia Carrier&rdquo;)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,588</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,741</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Emt Estonia (&ldquo;Emt&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Vimpelcom OJSC (&ldquo;Vimpelcom&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,138</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Kyivstar GSM JSC (&ldquo;Kyivstar&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">779</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,345</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,477</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,533</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">There is no net of allowance for doubtful
receivables of due from related parties at 31 December 2019<BR>
(31 December 2018: None).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Due from Telia Carrier, Emt, Vimpelcom
and Kyivstar are resulting from telecommunications services.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Due to related parties</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">31 December<BR> 2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">Turkcell Vakf&#305;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">9,145</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">39,544</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Sofra</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,942</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Telia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">469</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Kyivstar GSM JSC (&ldquo;Kyivstar&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,591</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Wind Telecomunicazioni S.P.A. (&ldquo;Wind&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Teliasonera International Carrier Switzerland Ag</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">664</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">318</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,082</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">45,331</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Due to Sofra mainly resulting from meal
coupon and card services received.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Due to Telia, Kyivstar and <FONT STYLE="font-family: Times New Roman, Times, Serif">Wind
</FONT>mainly resulting from telecommunications services received.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&rsquo;s exposure to currency
risk related to outstanding balances with related parties is disclosed in Note&nbsp;36.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The following transactions occurred with
related parties:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.4pt 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; font-weight: bold; border-bottom: Black 1pt solid">Revenue from related parties</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Sales to Sonera Holding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 11pt; text-align: left; padding-left: 3.5pt"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Revenue from sales of discontinued operations</P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>(Note 16)</U></P></TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">772,436</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Sales to Kyivstar (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">27,050</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">52,946</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">30,875</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Sales to Telia Carrier</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">12,934</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,941</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">10,020</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Sales to Vimpelcom (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,191</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">5,418</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,230</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Sales to Azercell Telecom LLC (&ldquo;Azercell&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunication services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">256</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,583</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Sales to other related parties</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">7,004</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">7,920</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">11,324</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.05in">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">825,615</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">74,481</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">61,032</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>39.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Related parties (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: justify; border-bottom: Black 1pt solid">Related party expenses</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Kyivstar (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">40,210</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">77,174</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 11pt; text-align: right">49,178</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Sofra</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Meal coupons and cards</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">8,874</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Telia Carrier</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">7,503</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,047</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">3,120</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Vimpelcom (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">1,228</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">2,751</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">10,853</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Wind (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">274</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,812</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Turkcell Vakf&#305;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-left: 3.5pt">Donation</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">44,247</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Azercell (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Telecommunications services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">79</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">734</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-left: 3.5pt">Charges from Hobim (***)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 3.5pt">Invoicing and archiving services</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">16,993</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-decoration: underline; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Charges from other related parties</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">9,799</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">17,001</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">60,089</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">144,909</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; font-weight: bold; text-align: right">97,879</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with Vimpelcom, Kyivstar and Wind include transactions until 18 June 2019,</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(**) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with Azercell include transactions until 5 March 2018,</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">(***) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with Hobim include transactions until 20 June 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Transactions with Kyivstar:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Kyivstar, an entity under common
control with Alfa, is rendering and receiving telecommunications services such as interconnection and roaming.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B><I>Transactions with Hobim:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The
Company had entered into invoice printing and archiving agreements with Hobim under which Hobim provided the Company with monthly
invoice printing services, managed the archiving of invoices and subscription documents. Prices of the agreements were determined
through the evaluation of alternative proposals.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B><I>Transactions with Vimpelcom:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Vimpelcom,
</FONT>an entity under common control with Alfa<FONT STYLE="letter-spacing: -0.1pt">, is rendering and receiving </FONT>telecommunications
services such as interconnection and roaming.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Transactions
with Telia Carrier:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Telia Carrier, a subsidiary of
Telia, is rendering and receiving telecommunications services such as interconnection and roaming.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>39.</B></TD><TD STYLE="width: 93%"><B>Related parties (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B><I>Transactions with Azercell:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">Azercell, a subsidiary of Telia<FONT STYLE="letter-spacing: -0.1pt">,
</FONT>is rendering and receiving telecommunications services such as interconnection and roaming.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Transactions
with Turkcell Vakf&#305;:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">On 11 October 2018, Turkcell Vakf&#305;<FONT STYLE="letter-spacing: -0.1pt">,
was incorporated for rendering social responsibility and donation transactions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Transactions
with Wind:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Wind,
</FONT>an entity under common control with Alfa<FONT STYLE="letter-spacing: -0.1pt">, is rendering and receiving </FONT>telecommunications
services such as interconnection and roaming.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B><I>Transactions
with Sofra:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Sofra,
a joint venture entity of Turkcell Odeme, BELB&#304;M Elektronik Para ve &Ouml;deme Hizmetleri A.&#350;. and Posta ve Telgraf Te&#351;kilat&#305;
A.&#350;. (&ldquo;PTT&rdquo;) is providing services via various means such as service coupons, meal coupons, meal card, electronic
coupon and/or smart card in vehicle payment.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>40.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Subsidiaries</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Group&rsquo;s ultimate
parent company is Turkcell Holding, while subsidiaries, associates and a joint venture of the Company as at 31&nbsp;December&nbsp;2019
and 31 December 2018 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B><U>Effective Ownership Interest</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Country of</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Incorporation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Business</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019 (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2018 (%)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Kibris Telekom</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Turkish Republic of</FONT></P>
                                                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Northern Cyprus </FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Global Bilgi </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Customer relations and human resources management</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turktell</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Information technology, value added GSM services and</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">entertainment investments</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Superonline </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications, television services and content services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Satis </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Sales, delivery and digital sales services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Eastasia</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Netherlands </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications investments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Teknoloji </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Global Tower</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications infrastructure business</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Rehberlik </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Directory Assistance</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lifecell Ventures </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Netherlands </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications investments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Beltel </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications investments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Gayrimenkul </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Property investments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Global LLC </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Ukraine</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Customer relations management</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">UkrTower</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Ukraine</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications infrastructure business</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Europe </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Odeme </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Payment services&nbsp;&nbsp;and e-money license</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">lifecell</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Ukraine </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Finansman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Consumer financing services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Beltower </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Republic of Belarus</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications Infrastructure business</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Enerji </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Electricity energy trade and wholesale and retail</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">electricity sales</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Paycell </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Ukraine</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Consumer financing services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lifecell Digital </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkish Republic of<BR>
Northern Cyprus</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8.5pt">T&Ouml;FA&#350;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Interest free consumer financing services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkcell Sigorta</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Insurance agency activities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Yaani Digital BV (*)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Internet search engine and browser services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Belarusian Telecom</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Republic of Belarus</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">80</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lifetech </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Republic of Belarus</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Information technology, programming and technical support</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">80</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Inteltek</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Information and Entertainment Services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">55</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B><U>Effective Ownership Interest</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Country of</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Incorporation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Business</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019 (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2018 (%)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fintur (Note 16)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Netherlands </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Telecommunications investments</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">41</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">T&uuml;rkiye&rsquo;nin Otomobili</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Electric passenger car &nbsp;development, production and trading activities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B><U>Effective Ownership Interest</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Joint Venture</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Country of</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31 December</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Incorporation</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Business</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019 (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2018 (%)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Sofra</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Turkey</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Meal coupons and cards</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">33</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(</FONT><FONT STYLE="font-size: 8pt">*</FONT><FONT STYLE="font-size: 9pt">)
</FONT><FONT STYLE="font-size: 8pt">On 13 May 2019, the Company signed a share purchase agreement to acquire 100% of the shares
of Yaani Digital BV (formerly &ldquo;NTENT Netherlands BV&rdquo;). The transfer of legal shares was completed on 14 May 2019. The acquisition date on which all
identifiable assets acquired and liabilities assumed is expected to be realized in 2020. As of 31 December 2019, TL 65,263 was
paid (Note 23). The outstanding payments are expected to be completed by the end of 2020, depending on the seller&rsquo;s fulfillment
of its obligations under the share purchase agreement</FONT><FONT STYLE="font-size: 9pt">.</FONT><B><BR STYLE="clear: both"></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>40.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Subsidiaries (continued)</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Details of non-wholly owned subsidiaries that
have material non-controlling interests in the Company are disclosed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.05in"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.05in"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 0.05in"><B>Name of subsidiary</B></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">Place of <BR>incorporation <BR>and principal <BR>place of business</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Proportion of ownership interests and voting rights held by non-controlling interest</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Profit/(loss) allocated to non-controlling interests</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Accumulated non-controlling interests</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2019</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2018</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2019</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2018</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2019</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right; border-bottom: Black 1pt solid">31<BR> December <BR>2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 11%; font-size: 8pt; padding-left: 0.05in">Inteltek</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 11%; font-size: 8pt; text-align: right; text-indent: 1.8pt; padding-left: 3.5pt">Turkey</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 8pt; text-align: right">45.00</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 8pt; text-align: right">45.00</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 8pt; text-align: right">30,182</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 8pt; text-align: right">105,112</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 8pt; text-align: right">36,307</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 8pt; text-align: right">131,506</TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Individually immaterial subsidiaries with non &ndash;controlling interest</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 1.8pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">21</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">51,158</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">148</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">304</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; padding-left: 0.05in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 1.8pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">30,203</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">156,270</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">36,455</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; text-align: right">131,810</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Summarized financial information in respect
of Inteltek is set out below. The summarized financial information below represents amounts before intragroup eliminations.</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><B><I>Inteltek</I></B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0">&nbsp;</P></TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right">31 December</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; text-align: left; padding-left: 0.75pt">Current assets</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">84,896</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 11pt; text-align: right">403,427</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Non-current assets</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,516</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">9,043</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Current liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">6,286</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">115,080</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Non-current liabilities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">4,444</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">5,154</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Equity attributable to owners</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">80,682</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">292,236</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.75pt">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 0.75pt">Revenue</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">141,783</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">208,239</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">(Expenses) / Income (net)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(74,711</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(93,133</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 0.75pt">Gain on Sale of Investments</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">118,476</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.75pt">Profit for the year</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">67,072</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">233,582</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Other comprehensive income/(loss) for the year</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">640</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">179</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Dividend paid to non-controlling interests</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(125,027</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(31,283</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Net cash (outflow)/inflow from operating activities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(63,238</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">31,380</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Net cash inflow from investing activities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">20,001</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">158,946</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-left: 0.75pt">Net cash outflow from financing activities</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(277,837</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(69,518</TD><TD STYLE="font-size: 11pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 0.75pt">Effects of foreign exchange rate
    fluctuations on cash and cash equivalents</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">14,979</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">56,949</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.75pt">Net cash (outflow)/inflow</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">(306,095</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right">177,757</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">The Company signed a binding
termsheet on 14 January 2020 to transfer its shareholding of 55% in Inteltek (Note 42).<B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>TURKCELL ILETISIM HIZMETLERI AS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt"><B>As at and for the year ended
31 December 2019</B></FONT></P>

<P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(All
amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units
and are expressed in Turkish Liras unless otherwise stated.) </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>41.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Cash flow information</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>Net financial liabilities
reconciliation:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Debt securities issued</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Loans</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Lease liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Derivative Assets, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 3.5pt">Balance at 1 January 2019</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(5,210,562</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(13,531,027</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,413,956</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(20,155,545</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,190,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(18,964,748</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(311,649</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,060,490</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(29,372,139</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,924,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,447,776</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash outflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">563,241</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,003,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,215,320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,782,208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,101,876</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,680,332</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other non-cash movements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,006,820</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,219,012</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,334,419</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,560,251</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,254,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,814,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Balance at 31 December 2019</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,965,790</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(12,806,882</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,533,055</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(20,305,727</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">758,896</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(19,546,831</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Debt securities issued</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Loans</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Lease liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Derivative Assets, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 3.5pt">Balance at 1 January 2018</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(1,875,521</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(10,537,908</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(122,720</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(12,536,149</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">871,288</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(11,664,861</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Increase in rent lease <BR>obligations (IFRS 16)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,036,380</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,036,380</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,036,380</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,188,313</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,728,604</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,916,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,054,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,862,572</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Cash outflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,339,377</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,164,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,936,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(710,522</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,225,874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Other non-cash movements</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,578,868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,603,892</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,419,735</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,602,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,314</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,626,809</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Balance at 31 December 2018</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,210,562</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,531,027</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,413,956</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(20,155,545</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,190,797</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(18,964,748</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 12pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 7%"><B>42.</B></TD><TD STYLE="text-align: justify; padding-right: 1.1pt; width: 93%"><B>Subsequent events</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company signed a binding termsheet
on 14 January 2020 to transfer its shareholding of 55% in Inteltek including all rights and liabilities to the other shareholder
of Inteltek, Intralot Iberia Holding SAU. The respective transaction is expected to be completed within the first half of 2020,
once the final share sale and purchase agreement (&ldquo;SPA&rdquo;) is signed and necessary legal approvals are obtained. The
final value of the transaction will be determined based on IFRS net book value of Inteltek and no material impact is expected on
our financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Company has decided to prepay the loan,
which was utilized under the credit agreement disclosed on 17 September 2015 and which is to mature on 16 September 2020. Accordingly,
the last two principal payments of the loan, which are due in June 2020 and September 2020 as per the credit agreement and which
in total amount to EUR 148.4 million and USD 166.7 million, will be performed on<BR>
23 March 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 6pt 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center"><B>&#9;SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.5in">Pursuant to the requirements of the
Securities Exchange Act of 1934, Turkcell Iletisim Hizmetleri A.S. has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt 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: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</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>Date:&nbsp;&nbsp;February 21, 2020</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid;"><FONT STYLE="font-size: 11pt; font-variant: small-caps">/s/</FONT><FONT STYLE="font-size: 11pt">Zeynel Korhan Bilek</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD nowrap>Name:&nbsp;&nbsp;</TD>
    <TD>Zeynel Korhan Bilek</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Treasury &amp; Capital Markets Management Director</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt 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: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</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>Date:&nbsp;&nbsp;February 21, 2020</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 nowrap>Name:&nbsp;&nbsp;</TD>
    <TD>Osman Yilmaz</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Finance - Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt 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: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</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>Date:&nbsp;&nbsp;February 21, 2020</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid;">/s/Kamil Kalyon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD nowrap>Name:&nbsp;&nbsp;</TD>
    <TD>Kamil Kalyon</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Reporting Director</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
