<SEC-DOCUMENT>0000947871-22-000258.txt : 20220222
<SEC-HEADER>0000947871-22-000258.hdr.sgml : 20220222
<ACCEPTANCE-DATETIME>20220222114825
ACCESSION NUMBER:		0000947871-22-000258
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220221
FILED AS OF DATE:		20220222
DATE AS OF CHANGE:		20220222

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:		22656580

	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>ss812055_6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
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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="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</P>

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

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

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Report on Form 6-K dated February 21, 2022</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Commission File Number: 001-15092</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 113.4pt"><DIV STYLE="font-size: 1pt; border-top: #999999 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 13.5pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center">TURKCELL ILETISIM HIZMETLERI A.S.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Translation of registrant&rsquo;s
name in English)</FONT></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&inodot;nevler Mahallesi &Idot;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&inodot; 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: 1pt 113.75pt"><DIV STYLE="font-size: 1pt; border-top: #999999 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 8pt 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;&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;&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;&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;&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 17, 2022 announcing Turkcell&rsquo;s
Fourth Quarter 2022 results and Q4 2022 IFRS Report.</P>

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

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_01.jpg" ALT=""></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><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>2021 RESULTS</B></P>

<P STYLE="font: 24pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B><I>&ldquo;STRONG PERFORMANCE
WITH A</I></B></P>

<P STYLE="font: 24pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #002395"><B><I>DIVERSIFIED BUSINESS
MODEL&rdquo; </I></B></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><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="image_02.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 2021 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</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="padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><B>HIGHLIGHTS</B></P></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-bottom: 3pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 86%; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">QUARTER HIGHLIGHTS</FONT></TD>
    <TD STYLE="width: 3%; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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 CEO, MURAT ERKAN</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-size: 12pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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">
    <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">&nbsp;&nbsp;&nbsp;8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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">
    <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: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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&inodot;br&inodot;s Turkcell</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">15</FONT></TD></TR>
 <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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>TECHFIN</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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">Paycell</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">Financell</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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 GROUP SUBSCRIBERS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-size: 12pt; color: #7F7F7F">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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: right"><FONT STYLE="font-size: 12pt; color: gray">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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: right"><FONT STYLE="font-size: 12pt; color: gray">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <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: right"><FONT STYLE="font-size: 12pt; color: gray">20</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 56.7pt; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 56.7pt; color: gray">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Please note that all financial
data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S. (the &ldquo;Company&rdquo;, or &ldquo;Turkcell&rdquo;) and
its subsidiaries and associates (together referred to as the &ldquo;Group&rdquo;), unless otherwise stated. </FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">We have four reporting segments:</FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; font-size: 8pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Turkcell Turkey&rdquo;
which comprises our telecom, digital services and digital business services 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.</FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; font-size: 8pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Turkcell International&rdquo;
which comprises all of our telecom and digital services related businesses outside of Turkey.</FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; font-size: 8pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Techfin&rdquo; which
comprises all of our financial services businesses. </FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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; font-size: 8pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&ldquo;Other&rdquo; which mainly
comprises our non-group call center and energy businesses, retail channel operations, smart devices management and consumer electronics
sales through digital channels and intersegment eliminations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; color: #7F7F7F">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; 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, 2021 refer
                                            to the same item as at December 31, 2020. For further details, please refer to our consolidated
                                            financial statements and notes as at and for December 31, 2021, which can be accessed via
                                            our website in the investor relations section (</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: Blue"><U>www.turkcell.com.tr</U></FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: #7F7F7F">).</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Selected financial information
presented in this press release for the fourth quarter and for the full year of 2020 and 2021 is based on IFRS figures in TRY terms unless
otherwise stated.</FONT></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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; color: #7F7F7F"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 8pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Year-on-year and quarter-on-quarter
percentage comparisons appearing in this press release reflect mathematical calculation.</FONT></TD></TR></TABLE>
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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="image_02.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 2021 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><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: 8pt 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>
    <TD STYLE="white-space: nowrap; width: 37%; 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: 8%; 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>Q420</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>Q421 <I></I></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #034EA1 1pt solid; border-right: #0D4BA0 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: 11%; 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>FY20</B></FONT></TD>
    <TD STYLE="width: 11%; 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>FY21 <I></I></B></FONT></TD>
    <TD STYLE="width: 12%; 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">7,872</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">10,192</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>29.5%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">29,104</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">35,921</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>23.4%</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">3,243</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">4,212</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>29.9%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">12,270</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">15,014</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>22.4%</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">41.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">41.3%</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>0.1pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">42.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">41.8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>(0.4pp)</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">1,608</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">2,136</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>32.8%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">6,296</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">7,722</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959"><I>22.7%</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">20.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">21.0%</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>0.6pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #595959">21.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1">21.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; color: #034EA1"><I>(0.1pp)</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">1,302</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">1,385</FONT></TD>
    <TD STYLE="border-right: #0D4BA0 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>6.3%</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">4,237</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">5,031</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>18.7%</I></FONT></TD></TR>
  </TABLE>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #0D4BA0 0.75pt solid">

<P STYLE="font: 8pt 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 2pt; text-align: justify; color: #034EA1"><B>FULL YEAR HIGHLIGHTS</B></P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Robust financial performance:
</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #0D0D0D">Group revenues
up 23.4% supported by upsell efforts, price adjustments and subscriber growth as well as the contribution of the techfin business, international
operations and equipment sales.</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #0D0D0D">EBITDA up 22.4%
leading to an EBITDA margin of 41.8%; EBIT up 22.7% resulting in an EBIT margin of 21.5%</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #0D0D0D">Net income
up 18.7% mainly on the back of robust operational performance and prudent financial risk management as well as the deferred tax income
impact that resulted from revaluation of assets</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #0D0D0D">TRY2.6 billion
dividends distributed</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Free cash flow<SUP>3</SUP>
generation of TRY1.1 billion; leverage<SUP>4</SUP> at 1.1x, despite FX fluctuations </FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Short FX position of US$191
million (in line with our FX neutral definition, which is between -US$200 million and +US$200 million)</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Strong operational momentum
continued:</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell Turkey subscriber
base up by 2.7 million net additions; the highest performance since 2007</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">1.7 million mobile postpaid
net additions; 0.5 million mobile prepaid net additions </FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">258 thousand fixed subscriber
net additions, highest since 2017; 223 thousand fiber net additions</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">653 thousand new fiber homepasses</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt; color: #0D0D0D">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; color: #0D0D0D">Mobile ARPU</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><SUP>5
</SUP><FONT STYLE="color: #0D0D0D">growth of 13.4%; </FONT>residential fiber ARPU growth of 10.6%</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; color: #0D0D0D">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">2022 guidance<SUP>6</SUP>;
revenue growth target of around 30%, EBITDA target of around TRY19 billion, and operational capex over sales ratio<SUP>7</SUP> target
of between 20% - 21%</FONT><FONT STYLE="font-size: 7pt; color: #5F5F5F">&#9; - </FONT></TD></TR></TABLE>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #0D4BA0 0.75pt solid">

<P STYLE="font: 8pt 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 2pt; text-align: justify; color: #034EA1"><B>FOURTH QUARTER HIGHLIGHTS</B></P>

</DIV>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Strong financial results:</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Group revenues up 29.5% year-on-year
on the back of strong performance of Turkcell Turkey, the robust contribution from international operations and boost in techfin segment
revenues </FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">EBITDA up 29.9% year-on-year
resulting in an EBITDA margin of 41.3%; EBIT up 32.8% year-on-year leading to an EBIT margin of 21.0%</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Group net income at TRY1.4
billion, which resulted from sustained operational performance, disciplined financial risk management in a volatile currency environment
and the positive impact of deferred tax income relating to the revaluation of assets</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Robust operational performance
maintained:</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Quarterly mobile postpaid subscriber
net additions of 330 thousand; postpaid subscriber share at 66.4% of mobile subscriber base</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&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="image_02.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 2021 Results</B></P>
</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Quarterly fixed subscriber
net additions of 84 thousand; all-time high quarterly fiber net additions of 74 thousand</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Year-on-year mobile ARPU<SUP>5</SUP>
growth accelerated to 17.8% mainly driven by upsell to higher tariffs, price adjustments and higher postpaid share </FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Residential fiber ARPU growth
of 12.8% year-on-year mainly on upsell efforts </FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Average monthly data usage
of 4.5G subscribers at 14.7 GB in Q421; smartphone penetration at 86%</FONT></TD></TR></TABLE>

<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Digital channels&rsquo; share<SUP>8</SUP>
in sales at 22.1%</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; 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) EBITDA is a non-GAAP financial
measure. See page 18 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) 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 0 2pt; text-align: justify; color: #5F5F5F">(4) We have revised the definition
of our net debt calculation to include &ldquo;financial assets at fair value through other comprehensive income&rdquo; reported under
current and non-current assets, and &ldquo;financial assets at amortized cost&rdquo;. We believe that these assets are highly liquid and
can be easily converted to cash without significant change in value.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(5) Excluding M2M</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 2020 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 0 2pt; text-align: justify; color: #5F5F5F">(7) Excluding license fee</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(8) Share of all sales from
digital channels (including voice, data, services &amp; smart devices) in Turkcell Turkey consumer sales (excluding fixed business) and
equipment related revenues in other segment. Beginning from this quarter, the data has been revised to include the revenues from postpaid
subscriber acquisitions, switches, tariff revisions from digital channels.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">For further details,
please refer to our consolidated financial statements and notes as at December 31, 2021 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>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify"><FONT STYLE="color: #5F5F5F">&nbsp;</FONT></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="image_02.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 2021 Results</B></P>
</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #034EA1 0.5pt solid">



<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #034EA1"><B>COMMENTS BY CEO, MURAT ERKAN</B></P>

</DIV>

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

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>With an accelerated robust performance,
we again exceeded our guidance </B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">2021 was a year of recovery for the whole
world after 2020 when social and economic challenges arising from the COVID-19 pandemic prevailed. The first half of the year, overshadowed
by variants of COVID-19 and the measures taken against them continued to impact social life and business activities. Thanks to widespread
vaccination programs in the second half of the year, rapid normalization has begun in our country, as in most parts of the world. Those
changes throughout the year have re-shaped our lives and consumer behavior alike. Meanwhile, two prevailing basic needs, which do not
change but rise in importance, were namely &ldquo;communication&rdquo; and &ldquo;digitalization&rdquo;. As Turkcell, we believe that
we are the leading brand that addresses these needs with our competencies and comprehensive ecosystem realizing a well-positioned strategy.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Thanks to the robust operational performance
in all of our services that meet changing customer needs, we achieved strong financial results in 2021 and exceeded our guidance, which
we have upgraded each quarter. Rising 23.4% year-on-year, consolidated revenues reached TRY35.9 billion and EBITDA<SUP>1</SUP> rose by
22.4% to TRY15.0 billion. Thanks to our solid balance sheet, prudent risk management approach and robust performance in all of our operations,
net income reached TRY5.0 billion rising 18.7% year-on-year. Despite the depreciation of the Turkish lira, we managed to keep our operational
capex<SUP>2</SUP> to sales ratio at 21.2% as planned.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>Record net additions of the past 14
years</B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">The consumer habits that changed during
the pandemic period have strengthened in 2021. The first half of the year that saw pandemic restrictions, including a 3-week full lockdown,
increased remote education and working practices, which highlighted the need for high speed and capacity in fixed broadband services.
In the second half of the year, increased mobility and tourist activity, especially over the summer months, boosted the demand for our
mobile services. The smart investments we made in our network by thinking ahead of our peers over many years have enabled us to continue
delivering the fastest high-quality communication services. As part of our customer-focused approach, we have taken actions at the right
time by analyzing customer behavior using AI, that has allowed us to manage churn at a reasonable level. Changing consumer habits have
revealed the need for higher capacity and greater internet speed, which in turn have enabled us to upsell to higher tariffs. Thanks to
these factors, we recorded 2.7 million yearly net additions, marking a record high of the past 14 years. We recorded 1.7 million postpaid
and 503 thousand prepaid subscribers, making for a net of 2.2 million mobile subscribers. The share of our postpaid subscribers in the
total mobile base rose to 66.4%. Accelerating towards the end of the year, mobile blended ARPU (excluding M2M) increased 17.8% in the
fourth quarter and 13.4% in 2021 overall mainly on upsell to higher packages, an expanding postpaid subscriber base and rising data and
digital services usage.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Fiber penetration in Turkey lags that
of the OECD countries and fixed broadband services provided by outdated technology solutions of low capacity and speed fail to meet user
needs. This also interrupts the development of new generation communication technologies that will pave the way for the future of Turkey.
Keeping this in mind, at the end of 2020 we announced our aim of increasing our national fiber roll out. Exceeding our target, we have
reached 653 new homes with our fiber infrastructure, adding 5 cities to our service area in 2021. Accordingly, the fiber subscriber base
expanded by 223 thousand net additions to 1.9 million in total. We have added a net 258 thousand fixed broadband subscribers, reaching
2.7 million. We also delivered a robust performance in IPTV services, which plays a significant role in keeping the fiber churn rate low.
Our IPTV subscriber base reached 1.1 million with a net 211 thousand additions. The residential fiber ARPU rose 10.6% and 12.8% year-on-year
in 2021 and Q421, respectively.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">The mobility restrictions of 2021 once
again underlined the significance of our digital channels, where a customer can top-up, purchase additional packages, subscribe to a digital
service, or even purchase electronic devices from a wide product range. The digital channel&rsquo;s share<SUP>3</SUP> in sales reached
22% at the year-end.</P>
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    <B> Fourth Quarter and Full Year 2021 Results</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>We continue to create value for our
customers and meet their needs with our strategic focus areas</B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">The users of our digital services, which
add value to our customers&rsquo; lives with a wide product portfolio, continue to increase day by day. The total downloads of BiP, Turkey&rsquo;s
communication platform, exceeded 90 million in 2021. 3-month active users of BiP are 2.5 times that of the previous year, at 26 million.
Having rapidly increased its worldwide recognition, BiP has continued to attract attention, especially in densely populated countries
such as Indonesia, Bangladesh, India, Pakistan and Malaysia. As of the year end, one in four active BiP users were from abroad. Considering
our customers&rsquo; needs, we&rsquo;ve continued to add new features to BiP throughout the year to improve the user experience. We aim
to make BiP a widely used global application with international operator cooperation that we plan to realize in the upcoming periods.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">TV+ has been the only TV service provider
to have continued to grow its market share steadily each quarter since 2017. With its rich content, TV+&rsquo;s IPTV customer base increased
by 24% to 1.1 million, while OTT TV users exceeded 800 thousand users, rising 40% year-on-year. Meanwhile, by surpassing its 1 million
milestone in June, our cloud storage service lifebox&rsquo;s paid users rose 45% to 1.3 million. Aiming to reach more users in 2021, we
offer BiP Meet, lifebox business and YaaniMail to our corporate customers in the B2B business model. All in all, the stand-alone revenues
of our digital services increased by 31% to TRY1.7 billion in 2021.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Offering tailored services to meet the
needs of the enterprises, Turkcell Digital Business Services, has contributed to the digital transformation of its customers with new
generation technologies such as data center, cloud, cyber security, systems integration, managed services, artificial intelligence, IoT,
big data and business applications, in addition to traditional fixed broadband services. With its various business partners and strong
infrastructure, we have achieved leadership in the IT service market two years ahead of schedule. In this period, we signed over 2,700
projects with a total contract value of TRY1.7 billion. The total revenues of Digital Business Services rose 29% to TRY2.3 billion. We
have a contract value (backlog) from system integration projects of TRY1.4 billion to be realized beyond 2022.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">Our techfin business grew by 27% with
the contribution of Financell and Paycell. Financell, providing financial solutions not only for consumers but also for the technological
needs of corporates, has increased its revenues by 32% in the fourth quarter of 2021, as its loan portfolio reached TRY2.1 billion. Turkey&rsquo;s
leading payment platform Paycell, continued to stand by our customers in a period of rapid change in payment habits. Reaching 6.6 million
users with an annual increase of 41%, Paycell&rsquo;s transaction volume across all services rose 49% to TRY14 billion. Pay Later, is
the main revenue generator of Paycell with a 72% share, has reached 4.1 million active users, rising 81%, while its transaction volume
almost doubled on a year-on-year basis. At the same time, the transaction volume over Paycell card has increased to sixfold of last year.
Paycell Android POS, offering a cost advantage by eliminating the need for corporates to make several agreements with banks, reached 6
thousand devices and thereby we had exceeded 17 thousand merchants at the end of the year. Thanks to the strong performance in all verticals,
Paycell has managed to increase its revenues by 64% in 2021. This year we have also initiated a partial stake sale in Paycell. We aim
to work with a strategic partner who will contribute to the growth of Paycell in existing and new markets with its know-how in techfin,
and help us elevate Paycell to the next level.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>We are taking bold steps towards our
sustainability goals</B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">As Turkcell, we are developing our technology
for a better world with our human-oriented and environmentally friendly business approach. Considering the importance of digitalization
that enables us to reduce carbon emissions and use energy efficiently, we offer digital services that contribute to the environment. An
important sustainability initiative of 2021 was the acquisition of the &Idot;zmir Karada&gbreve; Wind Power Plant. By acquiring this plant,
which has the capacity to meet the electricity needs of 2,500 base stations with its 18 MW installed capacity, we took an important step
towards becoming a company not only generating 100% renewable energy but also aiming to produce renewable energy. Indeed, we once again
underlined our commitment to become carbon neutral by 2050. By turning the competition element of the &ldquo;Women Developers of the Future&rdquo;
project into a &ldquo;Climathon,&rdquo; </P>

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    <B> Fourth Quarter and Full Year 2021 Results</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">we supported the equal presence of women in technology and nurtured ideas that seek solutions
to climate change through technology. With our &ldquo;Recycle into Education&rdquo; project, we have ensured the efficient use of resources
by recycling electronic waste. Our steady performance within the framework of these initiatives has also increased our access to sustainable
financing sources. Thanks to the agreement we signed with BNP Paribas in December, we increased the amount of the sustainability linked
loan we received in 2019 to EUR70 million, extending its term to 5 years.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">As Turkcell, we attach great importance
to making our technology accessible and thereby ensuring the equal participation of everyone in daily life. We strive for the equal participation
of all segments of society through technology with our digital inclusivity projects such as Whiz Kids, Digital Spring, and No Barriers.
By signing the GSMA&rsquo;s Principles for Driving the Digital Inclusion of Persons with Disabilities, we have become the first company
in Turkey, and among the first eight in the world.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">With a focus on being a good corporate
citizen, we announced the Principles of Sustainable Governance in June, a guide to the way we undertake social and environmental work
in all business processes. Our company, which has been listed on Borsa &Idot;stanbul and the NYSE since 2000, adopted the corporate governance
regulations applicable to it according to the legislation of both countries within the framework of best practices. We are among the companies
with the strongest corporate governance structure in Turkey. The fact that the Board of Directors evaluates its own performance on an
annual basis in line with specified criteria has begun to be discussed this year in terms of improving corporate governance in our Company.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify"><B>We are extending the accelerated momentum
of our financial performance to 2022</B></P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">2022 bears many social and economic uncertainties.
Although COVID-19 variants seem to have been brought under control with widespread vaccination programs, they remain on our watch-list.
Increasing raw material and labor costs, the energy and chip crisis, disruptions in the supply chain, and inflation, which has become
a global threat, make it difficult for us to clearly see the path ahead. Therefore, we are required to stress that we may update our financial
and operational targets throughout the year in light of prevailing macroeconomic fluctuations. At this stage, we target<SUP>4</SUP> revenue
growth of around 30% and EBITDA of around TRY19 billion for 2022. For this year, in which we aim to add a million subscribers, we forecast
an operational capex over revenues ratio<SUP>2</SUP> in the range of 20% - 21%.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">We are planning to share our strategy
and 3-year targets with you at the Turkcell Investor &amp; Analyst Day, which we will hold in Istanbul on April 12.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">In short, we have left a challenging year
behind us where, as a society, we have again seen clearly that communication and digitalization are unwavering, but transforming needs.
I would like to extend my thanks to all our employees for their dedicated efforts that cement our achievements, despite the weather and
burden of the pandemic. Additionally, I thank our management team for making our success permanent, and our Board of Directors for their
confidence and support. I also express my gratitude towards our customers and business partners who honor us with their trust.</P>

<P STYLE="font: 11pt/110% Calibri, Helvetica, Sans-Serif; margin: 0 0 7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(1) EBITDA is a non-GAAP financial
measure. See page 18 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) Excluding license fee</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(3) Share of all sales from
digital channels (including voice, data, services &amp; smart devices) in Turkcell Turkey consumer sales (excluding fixed business) and
equipment related revenues in other segment. Beginning from this quarter, the data has been revised to include the revenues from postpaid
subscriber acquisitions, switches, tariff revisions from digital channels.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">(4) 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 2020 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 0 2pt; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">&nbsp;</P>
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    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #034EA1 0.75pt solid">


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

</DIV>

<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; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: white"><B>Profit &amp; Loss Statement (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; 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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q420 </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q421 </B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 46%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>7,872.2</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>10,191.5</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>29.5%</I></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>29,103.7</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35,920.5</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>23.4%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Cost of revenue<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(3,938.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(5,019.9)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>27.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(14,361.3)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(17,938.1)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>24.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Cost of revenue<SUP>1</SUP>/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(50.0%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(49.3%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>0.7pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(49.3%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(49.9%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(0.6pp)</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Gross Margin<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>50.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>50.7%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>0.7pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>50.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>50.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(0.6pp)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(210.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(276.8)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>31.4%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(749.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(919.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.6%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Administrative expenses/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(2.7%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(2.7%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>-</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(2.6%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(2.6%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>-</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Selling and marketing expenses</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(400.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(576.6)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>43.9%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,373.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,778.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>29.5%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>Selling and marketing expenses/Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(5.1%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(5.7%)</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(0.6pp)</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(4.7%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(5.0%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B><I>(0.3pp)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Net impairment losses on financial and contract assets</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(79.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(106.7)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>34.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(349.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(271.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(22.4%)</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>3,243.0</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>4,211.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>29.9%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>12,270.3</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>15,013.8</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>22.4%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA Margin </B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.3%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>0.1pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>42.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>41.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(0.4pp)</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 9pt"><FONT STYLE="font-size: 9pt; color: #595959">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,634.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(2,075.5)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>27.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(5,974.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(7,291.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.0%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBIT<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,608.4</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,136.1</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>32.8%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>6,295.5</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>7,721.9</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>22.7%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBIT Margin</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>20.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.0%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>0.6pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>21.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(0.1pp)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Net finance income / (costs)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(381.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(1,769.5)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>363.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(1,131.7)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(2,900.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>156.3%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Finance income</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(316.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,643.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2,119.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3,592.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>69.5%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;&nbsp;Finance costs</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(65.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(4,413.0)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(3,251.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(6,492.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>99.7%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Other income / (expense)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(366.9)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(45.2)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(87.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(523.3)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(370.0)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(29.3%)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(0.1)</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.a</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(2.5)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(0.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(92.0%)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Share of profit of equity accounted investees</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(5.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">63.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(13.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">90.1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">447.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">999.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>123.3%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(387.2)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">490.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net Income</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,302.0</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,384.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>6.3%</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>4,237.1</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>5,031.1</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>18.7%</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 18 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; 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 by 29.5% year-on-year in Q421. This was driven mainly by the robust performance of Turkcell
Turkey supported by improved ARPU performance with the impact of price adjustments to reflect inflationary impacts and upsell efforts,
and a larger subscriber base. The strong topline performance of Turkcell International as well as the solid momentum in techfin revenues
also contributed to Group revenue growth.</FONT></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">Turkcell Turkey revenues, comprising 75% of Group
revenues, rose 26.9% year-on-year in Q421 to TRY7,689 million (TRY6,059 million).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Consumer segment revenues grew
21.2% year-on-year on the back of price adjustments to reflect inflationary impacts, upsell efforts and growing subscriber base.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Corporate segment revenues
rose 27.5% year-on-year driven mainly by the robust performance of digital business services, which grew 52.4% with increased number of
projects leading to all time high quarterly contract value.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Standalone digital services
revenues registered as part of the consumer and corporate businesses grew 32.4% year-on-year as the number of standalone paid users increased
35% year-on-year to 4 million.</FONT></TD></TR></TABLE>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="border-top: rgb(3,78,161) 1pt solid; text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 15%">&nbsp;</TD><TD STYLE="width: 70%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 15%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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="image_02.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 2021 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Wholesale revenues rose 89.3%
year-on-year to TRY687 million (TRY363 million), mainly on the traffic increase and data capacity upgrades of customers, as well as the
positive impact of currency movements.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Turkcell International revenues,
comprising 13% of Group revenues, rose 72.1% year-on-year to TRY1,286 million (TRY747 million). lifecell was the main driver of this robust
performance with strong subscriber and ARPU growth. Turkcell International revenues were also positively impacted by currency movements.</P>

<P STYLE="font: 6pt 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: #0D0D0D">Techfin segment revenues,
</FONT>comprising 3% of Group revenues, rose 46.4% to TRY330 million (TRY225 million). This was driven by a 74.9% rise in Paycell revenues
and 31.6% growth in those of the Finance company. Please refer to the Techfin section for details.</P>

<P STYLE="font: 6pt 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">Other subsidiaries&rsquo; revenues,
at 9% of Group revenues, including mainly non-group call center and energy business revenues, and consumer electronics sales revenues,
increased 5.4% to TRY886 million (TRY841 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; color: #0D0D0D">For the full year, Turkcell Group
revenues rose 23.4%.</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; color: #0D0D0D">Turkcell Turkey revenues grew 19.3%
to TRY27,224 million (TRY22,823 million).</P>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Consumer business rose 16.8%
mainly driven by strong subscriber net additions both in mobile and fixed segments, price adjustments and upsell efforts.</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Corporate revenues rose 21.1%
mainly supported by digital business services revenue growth of 28.9%.</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Standalone digital services
revenues from consumer and corporate segments grew 31.0% mainly driven by larger standalone paid user base.</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Wholesale revenues grew 47.2%
to TRY1,903 million (TRY1,293 million).</FONT></TD></TR></TABLE>

<P STYLE="font: 5pt 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 International revenues rose
47.5% to TRY3,750 million (TRY2,542 million).</P>

<P STYLE="font: 5pt 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">Techfin segment revenues rose 27.3%
to TRY1,076 million (TRY845 million).</P>

<P STYLE="font: 5pt 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 TRY3,871 million (TRY2,893 million) indicating to a 33.8% growth.</P>

<P STYLE="font: 5pt 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) decreased to 49.3% (50.0%) as a percentage of revenues in Q421.
This was driven mainly by the decline in cost of goods sold (1.1pp) and other cost items (0.2pp), despite the increase in radio expenses
(0.6pp) as a percentage of revenues.</FONT></P>

<P STYLE="font: 5pt 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) rose to 49.9% (49.3%) as a percentage of revenues. This was due mainly to the rise in cost of
goods sold (0.8pp), radio expense (0.3 pp) and other cost items (0.5pp), despite the decline in the treasury share (0.5pp) and interconnection
expenses (0.5pp) as a percentage of revenues.</P>

<P STYLE="font: 5pt 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>Administrative Expenses
</B></FONT><FONT STYLE="color: #0D0D0D">were at 2.7% (2.7%) as a percentage of revenues in Q421.</FONT></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; color: #0D0D0D">For the full year, administrative
expenses were at 2.6% (2.6%) 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>Selling and Marketing
Expenses</B></FONT> <FONT STYLE="color: #0D0D0D">increased to 5.7% (5.1%) as a percentage of revenues in Q421. This was driven mainly
by the rise in marketing expenses (0.7pp) and other cost items (0.2pp), despite the decline in selling expenses (0.3pp) as a percentage
of revenues. </FONT></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; color: #0D0D0D">For the full year, selling and marketing
expenses increased to 5.0% (4.7%) as a percentage of revenues due mainly to the rise in marketing expenses (0.3pp).</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>Net impairment losses
on financial and contract assets </B></FONT><FONT STYLE="color: #0D0D0D">was at 1.0% (1.0%) as a percentage of revenues in Q421.</FONT></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; color: #0D0D0D">For the full year, net impairment
losses on financial and contract assets was at 0.8% (1.2%) 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>EBITDA<SUP>1</SUP></B></FONT>
<FONT STYLE="color: #0D0D0D">rose by 29.9% year-on-year in Q421 leading to an EBITDA margin of 41.3% (41.2%). </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell Turkey&rsquo;s EBITDA
rose 23.7% to TRY3,252 million (TRY2,629 million) leading to an EBITDA margin of 42.3% (43.4%).</FONT></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/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #5F5F5F">(1) EBITDA is a non-GAAP
financial measure. See page 18 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income</P>
<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="break-before: page; 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="image_02.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 2021 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell International EBITDA
increased 79.2% to TRY628 million (TRY350 million) driving an EBITDA margin of 48.8% (46.9%) on 1.9pp improvement.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Techfin segment EBITDA rose
55.0% to TRY192 million (TRY124 million) with an EBITDA margin of 58.2% (55.0%), indicating to 3.2pp expansion.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The EBITDA of other subsidiaries
was at TRY140 million (TRY140 million).</FONT></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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">For the full year, EBITDA grew by
22.4% resulting in an EBITDA margin of 41.8% (42.2%).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell Turkey&rsquo;s EBITDA
rose 18.3% to TRY12,168 million (TRY10,283 million) leading to an EBITDA margin of 44.7% (45.1%).</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell International EBITDA
increased 56.3% to TRY1,828 million (TRY1,169 million) driving an EBITDA margin of 48.8% (46.0%) on 2.8pp improvement.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Techfin segment EBITDA rose
26.0% to TRY639 million (TRY507 million) with an EBITDA margin of 59.4% (60.0%).</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The EBITDA of other subsidiaries
was at TRY379 million (TRY310 million).</FONT></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: 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 27.0% year-on-year in Q421. For the full year depreciation and
amortization expenses increased 22.0%.</FONT></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>Net finance expense
</B></FONT><FONT STYLE="color: #0D0D0D">increased to TRY1,769 million (TRY382 million) in Q421. The higher net finance expense was due
mainly to higher net FX loss after hedging led by quarterly Turkish Lira depreciation. </FONT></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; color: #0D0D0D">For the full year net finance expense
increased to TRY2,901 million (TRY1,132 million) for the same reason.</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; color: #0D0D0D">See Appendix A for details of net
foreign exchange gain and loss.</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>Income tax expense:
</B></FONT><FONT STYLE="color: #0D0D0D">The current tax expense of TRY107 million was more than offset by TRY1,106 million deferred tax
income in Q421. </FONT></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; color: #0D0D0D">For the full year, deferred tax income
of TRY1,172 million and current tax expense of TRY682 million was reported, leading to an income tax gain of TRY490 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; color: #0D0D0D">Please note that in Q221 and Q421,
we made use of the right introduced by Article 11 of the Law No. 7326, that allows the revaluation of properties and depreciable economic
assets under certain conditions. As per the law, the respective assets can be revalued according to PPI until the year-end and a 2% tax
is applied for the revaluation difference. For revalued assets, the valuation difference can be depreciated and written-off as an expense.
This resulted in a positive impact on the deferred tax asset reported in the respective quarters. Please refer to our consolidated financial
statements and notes as at December 31, 2021 for details.</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>Net income </B></FONT>of
the Group increased by 6.3% to TRY1,385 million (TRY1,302 million) in Q421. <FONT STYLE="color: #0D0D0D">Despite higher net FX losses
after hedging in a volatile currency environment, </FONT>this resulted mainly from strong <FONT STYLE="color: #0D0D0D">operational performance
and the positive impact of deferred tax income relating to the revaluation of assets as explained above. </FONT></P>

<P STYLE="font: 6pt 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 18.7% to
TRY5,031 million (TRY4,237 million) on the back of strong operational performance and the deferred tax income impact, despite a higher
net finance expense due to FX volatility.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 305.1pt; text-align: justify">&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, 2021 increased to TRY18,629 million from TRY12,322
million as of September 30, 2021. This was driven mainly by the positive impact of currency movements. The third instalment payment of
the dividend distribution was also made during the quarter. Excluding FX swap transactions, 76% of our cash is in US$, 12% in EUR, and
12% in TRY.</FONT></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; color: #0D0D0D">Consolidated debt as of December
31, 2021 increased to TRY36,778 million from TRY24,805 million as of September 30, 2021 due mainly to the impact of currency movements.
Please note that TRY2,906 million of our consolidated debt is comprised of lease obligations.</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; color: #0D0D0D">Consolidated debt breakdown excluding
lease obligations:</P>
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<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="image_02.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 2021 Results</B></P>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Turkcell Turkey&rsquo;s debt
was at TRY30,609 million, of which TRY18,018 million (US$1,352 million) was denominated in US$, TRY9,188 million (EUR609 million) in EUR,
TRY930 million (CNY446 million) in CNY, and the remaining TRY2,472 million in TRY.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.25pt; text-align: justify; color: #0D0D0D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0D0D0D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.4pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The finance company had a debt
balance of TRY1,321 million, of which TRY284 million (US$21 million) was denominated in US$, and TRY362 million (EUR24 million) in EUR
with the remaining TRY675 million in TRY.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">The debt balance of lifecell
was TRY1,713 million, fully denominated in UAH.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt 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: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">Under the Other segment we
had a debt balance of TRY229 million (US$17 million), fully denominated in US$. </FONT></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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">TRY1,262 million of lease obligations
is denominated in TRY, TRY81 million (US$6 million) in US$, TRY303 million (EUR20 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: 6pt 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; color: #0D0D0D">Net debt<SUP>1</SUP> as of December
31, 2021 was at TRY16,717 million with a net debt to EBITDA ratio of 1.1 times. Excluding finance company consumer loans, our telco only
net debt was at TRY14,622 million with a leverage of 1.0 times.</P>

<P STYLE="font: 6pt 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">Turkcell Group had a short FX position of US$191
million as at the end of the fourth quarter (Please note that this figure takes advance payments into account). Due to significant currency
depreciation during the quarter, the strike levels of call options as part of some of participating cross currency swaps were exceeded.
This had a negative impact on our FX position during the quarter. The short FX position of US$191 million is in line with our FX neutral
definition, which is between -US$200 million and +US$200 million.</P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: justify; color: #5F5F5F">&nbsp;</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 TRY4,297 million
in</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">Q421. For the full year, capital
expenditures including non-operational items were at TRY11,479 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; color: #0D0D0D">For Q421 and the full year, operational
capital expenditures (excluding license fees) at the Group level were at 26.4% and 21.2% of total revenues, respectively.</P>

<P STYLE="font: 8pt 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-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q420</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>Q421</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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">1,904.2</FONT></TD>
    <TD STYLE="width: 13%; border-right: #002060 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,686.3</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">5,391.6</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">7,629.8</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;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">9.3</FONT></TD>
    <TD STYLE="border-right: #002060 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">42.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">-</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">971.2</FONT></TD>
    <TD STYLE="border-right: #002060 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,611.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">3,644.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3,849.6</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</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>2,884.7</B></FONT></TD>
    <TD STYLE="border-right: #002060 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>4,297.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>9,078.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>11,479.4</B></FONT></TD></TR>
  </TABLE>
<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;&nbsp;</P>

<P STYLE="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #5F5F5F">(1) We have revised the definition of our net
debt calculation to include &ldquo;financial assets at fair value through other comprehensive income&rdquo; reported under current and
non-current assets, and &ldquo;financial assets at amortized cost&rdquo;. We believe that these assets are highly liquid and can be easily
converted to cash without significant change in value.</P>

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    <B> Fourth Quarter and Full Year 2021 Results</B></P>
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  <TR STYLE="background-color: #034EA1">
    <TD ROWSPAN="2" STYLE="white-space: nowrap; border-top: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; 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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><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: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>36.7</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>39.4</B></FONT></TD>
    <TD STYLE="width: 8%; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>7.4%</I></B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>36.7</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>39.4</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>7.4%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">22.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">22.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.7%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3.3</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.9%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Prepaid </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">11.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.0</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>4.3%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">11.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>4.3%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Fiber </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,664.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,887.8</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.4%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,664.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,887.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.4%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">ADSL </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">707.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">754.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>6.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">707.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">754.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>6.7%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>591.2</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><I>603.6</I></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.1%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>591.2</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><I>603.6</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.1%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Cable </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">67.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(19.4%)</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">67.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(19.4%)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">IPTV </FONT><FONT STYLE="font-size: 8pt; color: #595959">(thousand)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">871.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,082.2</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>24.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">871.3</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,082.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>24.2%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Churn (%)<SUP>2</SUP></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: center">&nbsp;</TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; 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: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile Churn (%)<SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">3.0%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.5%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(0.5pp)</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.3%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.0%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(0.3pp)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Fixed Churn (%)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.9%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.6%</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(0.3pp)</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1.9%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1.5%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(0.4pp)</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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)<SUP>4</SUP></FONT></B></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="border-right: #034EA1 1.5pt solid; 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: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Mobile ARPU, </FONT><FONT STYLE="font-size: 8pt; color: #595959">blended </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">46.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>16.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">44.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">50.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>12.5%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">50.5</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">59.5</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>17.8%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">48.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.4%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Postpaid</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">59.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">68.2</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>14.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">58.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">62.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">67.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">78.3</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>15.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">65.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">71.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.8%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Prepaid</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">23.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">28.6</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">21.8</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">26.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>23.4%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">72.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">82.2</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">69.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">77.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>11.9%</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">&nbsp;&nbsp;&nbsp;Residential Fiber ARPU</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">73.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">83.0</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>12.8%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">70.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">78.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>10.6%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Average mobile data usage per user (GB/user)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>13.0</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>13.3</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>2.3%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>11.7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>13.3</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>13.7%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><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 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>548.6</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>548.7</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>0.0%</I></B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>518.7</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>551.2</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>6.3%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #00B4F0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(1) Superbox subscribers are included
in mobile subscribers.</P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(2) Churn figures represent average monthly
churn figures for the respective quarters.</P>

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

<P STYLE="font: 8pt 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 is disconnected at the latest by year-end. As
a regulatory requirement, we started to disconnect prepaid lines in accordance with the new ICTA regulation, which requires deactivation
of prepaid lines which lack residency documents by the 6<SUP>th</SUP> month of subscription starting from 2019. Furthermore, as required
by the ICTA, the line of a deceased customer should either be transferred to a successor/another user or terminated. Lines, which are
not transferred or terminated, are to be disconnected at the end of seven months.</P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(4) Starting from Q121, as a consequence
of the change in reportable segments, commission revenues resulting from devices and accessories sales have been excluded from the mobile
ARPU of Turkcell Turkey since these commissions are now reported under the Other segment.</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; color: #0D0D0D">Turkcell Turkey subscriber base grew
by 2.7 million net additions in FY21 to 39.4 million, thanks to our customer-centric approach, and retention focus supported by our data
analytics capabilities. Also, we believe that our broad range of offerings serving the needs of customers through a strong omnichannel
structure, and our superior network quality contributed to our robust net additions performance in FY21. This net addition performance
was the highest since 2007.</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: #0D0D0D">On the mobile front,
our subscriber base reached 35.6 million on 2.2 million net additions in FY21. This was mainly driven by 1.7 million net additions to
the postpaid subscriber base, which reached 66.4% (65.7%) of total mobile subscribers. We had 330 thousand quarterly postpaid net additions
in Q421. Our prepaid subscriber base also expanded by 503 thousand net additions in FY21, which was supported mainly by the robust tourism
activity in Q321 and supported by our retention efforts. In Q421, we had a net 358 thousand decline in our prepaid subscribers, </FONT>due
mainly to the disconnection of 480 thousand inactive prepaid subscribers during the quarter in line with our churn policy.</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; color: #0D0D0D"></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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #0D0D0D">On the fixed front, our fiber subscriber
base grew by all-time high quarterly net additions of 74 thousand supported by our accelerated fiber infrastructure investments and the
continued demand for high speed household broadband connections. We had 223 thousand net additions to our fiber subscriber base for the
full year. Total fixed subscribers reached 2.7 million on 84 thousand quarterly and 258 thousand annual net additions. Meanwhile, IPTV
customers reached 1.1 million on 70 thousand quarterly and 211 thousand annual net additions.</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; color: #0D0D0D">The average monthly mobile churn
rate was at 2.5% in Q421, and 2.0% in FY21, lowest level for last 4 years. Meanwhile the average monthly fixed churn rate was at 1.6%
in Q421 and 1.5% in FY21. Our customer-oriented and proactive approach, as well as our analytical capabilities, which enable us to make
the right offer to the right customer at the right time, led to a better customer retention performance in both mobile and fixed segments
on a year-on-year basis.</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: #0D0D0D">Our mobile ARPU (excluding
M2M) rose 17.8% year-on-year in Q421 driven mainly by price adjustments to reflect inflationary impacts and upsell to higher tariffs,
as well as larger postpaid subscriber base. </FONT>Mobile ARPU (excluding M2M) grew 13.4% for the full year mainly on the same drivers.</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: #0D0D0D">Our residential fiber
ARPU growth was 12.8% year-on-year in Q421. This was driven by upsell to higher tariffs and increased IPTV penetration. </FONT>Fiber residential
ARPU increased 10.6% for the full year.</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; color: #0D0D0D">Average monthly mobile data usage
per user rose 13.7% in FY21 to 13.3 GB with the rising number and data consumption of 4.5G users in FY21. Accordingly, the average mobile
data usage of 4.5G users reached 14.9 GB in FY21.</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: #0D0D0D">Total smartphone penetration
on our network reached 86% in Q421 on a 5.0pp year-on-year increase. 92% of those smartphones were 4.5G </FONT>compatible.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; 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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE></P>

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

<P STYLE="font: 4pt 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; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: white"><B>lifecell<SUP>1</SUP> Financial Data</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,913.8</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,406.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>25.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>6,835.8</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>8,482.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>24.1%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,042.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,319.1</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>26.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">3,630.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">4,751.2</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>30.9%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA margin (%)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>54.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>54.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>0.3pp</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>53.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>56.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>2.9pp</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Net income </FONT><FONT STYLE="font-size: 8pt; color: #595959">(million UAH)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2,736.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">237.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(91.3%)</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2,588.7</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">610.9</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(76.4%)</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1,545.7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,319.3</B></FONT></TD>
    <TD STYLE="border-right: rgb(3,78,161) 1.5pt solid; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(14.6%)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>3,482.4</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>3,593.6</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: 9pt; color: #595959"><B><I>3.2%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">531.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">996.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>87.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,775.6</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,805.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>58.0%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><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: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>289.6</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>544.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>88.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>944.0</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1,566.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>65.9%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">54.5%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>0.1pp</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">53.2%</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">55.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.6pp</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Net income </B></FONT><B><FONT STYLE="font-size: 8pt; color: #595959">(million TRY)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>731.9</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>98.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(86.6%)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>696.1</B></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>210.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #034EA1 1.5pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(69.7%)</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<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>had another quarter of solid revenue growth performance. Accordingly, lifecell revenues rose 25.7% year-on-year in Q421 in
local currency terms on the back of subscriber base expansion, as well as ARPU growth supported by price adjustments, increased data usage
and messaging revenues. lifecell&rsquo;s EBITDA grew 26.5% year-on-year leading to an EBITDA margin of 54.8%. This resulted from strong
topline performance and effective cost management initiatives.</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">lifecell revenues in TRY terms grew 87.5% year-on-year
in Q421 with strong operational performance and the positive impact of currency movements. lifecell&rsquo;s EBITDA in TRY terms grew by
88.0%, leading to an EBITDA margin of 54.6%.</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 24.1%, while its EBITDA increased 30.9% resulting in an EBITDA margin of 56.0%. lifecell also reported positive net income
in 2021. In TRY terms, lifecell registered revenue growth of 58.0% with an EBITDA margin of 55.8%.</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>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>Q420</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>Q421</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>FY20</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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>2</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>9.3</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>10.1</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>8.6%</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>9.3</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>10.1</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>8.6%</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>3</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">8.1</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">9.2</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>13.6%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">8.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">9.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.6%</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>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>185.5</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>179.0</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>(3.5%)</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><I>176.2</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>180.9</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>2.7%</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>69.6</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>80.2</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>15.2%</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>63.3</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>73.7</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>16.4%</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">79.9</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">88.5</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>10.8%</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>74.1</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: #034EA1">83.2</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>12.3%</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(2) 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: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F5F5F">(3) Active subscribers are those who
in the past three months made a revenue generating activity.</P>

<P STYLE="font: 6pt 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 9.2 million in Q421 thanks to its innovative and regional offers. Meanwhile, lifecell&rsquo;s 3-month active ARPU rose 10.8% year-on-year
on the back of higher data usage and price adjustments. Moreover, we deem the simplified MNP procedure, which came into effect as of December
1, 2021, as a positive step towards further strengthening of a fair competitive environment in the market.</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. Accordingly, 3-month active 4.5G users rose 32% year-on-year to 73% of total mobile data users as
at year end. Consequently, average data consumption per user rose by 13% in Q421, driven mainly by the higher data usage of 4.5G users.
lifecell sustained its leadership of the Ukrainian market in smartphone penetration, which was at 83% as at the end of Q421.</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">lifecell continued to expand its digital services
users in Q421. Thanks to continuous efforts to enrich its customer experience, lifecell&rsquo;s digital services 3-month active users
grew 33% year-on-year in Q421.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE>

<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; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>BeST<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; 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 STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; 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>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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="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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>1.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1.5</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>7.1%</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>1.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>1.5</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>7.1%</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">&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">1.1</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">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt 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>-</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">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: #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>-</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>37.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(5.8%)</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>138.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>145.7</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>5.0%</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">10.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">10.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.9%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">34.5</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">38.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>10.4%</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>27.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>28.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>1.1pp</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>24.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>26.1%</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>1.3pp</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">(7.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(7.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>5.6%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(31.2)</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">(31.6)</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>1.3%</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>11.0</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>16.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt 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>51.8%</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>46.5</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>63.5</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>36.6%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Revenue (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">114.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">157.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>37.9%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">395.4</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">507.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>28.4%</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 (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>31.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>44.7</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>43.7%</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>98.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>133.9</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>36.2%</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">27.3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">28.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.1pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">24.9%</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>1.5pp</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>(21.7)</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>(32.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #034EA1 1.5pt 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>51.6%</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>(88.9)</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: #034EA1"><B>(109.9)</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>23.6%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<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: 6pt 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
decreased by 5.8% year-on-year in local currency terms. This was due mainly to the contraction in handset sales despite the continued
rise in voice, data and messaging revenues. Excluding the handset revenues, service revenue growth was at 15.4%. BeST registered an EBITDA
of BYN10.1 million in Q421, which led to an EBITDA margin of 28.5%. BeST&rsquo;s revenues in TRY terms grew by 37.9% year-on-year in Q421
with an EBITDA margin of 28.4%.</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">For the full year, BeST revenues in local currency
terms grew by 5.0% mainly on the back of data revenues. BeST&rsquo;s EBITDA rose 10.4%, resulting in a 26.1% EBITDA margin on 1.3pp improvement.
In TRY terms, BeST revenues rose 28.4% with an EBITDA margin of 26.4%.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">BeST continued to lead the market in terms of 4G
geographical coverage. At the end of Q421, BeST provides LTE service to customers in 6 regions through over 3.4 thousand sites, which
grew by over 100 additions during the quarter. The expanding LTE coverage allows BeST to increase the penetration of its 4G subscribers.
Accordingly, 4G users comprised 71% of the 3-month active subscriber base as of Q421. Meanwhile, the average monthly data consumption
of subscribers rose 20% year-on-year to 14.7 GB.</P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">BeST sustained its efforts to increase the penetration
of its digital services, which supports ARPU growth and customer retention. Accordingly, 38% of 3-month active subscribers use at least
one digital service as of Q421. This quarter BeST introduced cloud gaming and digital book services to its customers. Moreover, digital
subscription solution introduced in Q320 continued to increase its share in the total subscriptions.</P>

<P STYLE="font: 4pt 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 ROWSPAN="2" STYLE="white-space: nowrap; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Kuzey K&inodot;br&inodot;s Turkcell<SUP>2</SUP> (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; 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 STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; 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>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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="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="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="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>0.6</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>0.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>0.6</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>20.0%</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">65.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">90.1</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>37.3%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">239.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">306.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>28.1%</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>21.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>35.3</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>61.9%</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>86.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>121.1</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>40.3%</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">33.2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">39.2%</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>6.0pp</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">36.0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">39.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>3.5pp</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>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>25.5</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>174.2%</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>34.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>68.3</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>95.7%</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">23.0</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">26.6</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>15.7%</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">68.1</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">74.2</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>9.0%</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">(2) Kuzey K&inodot;br&inodot;s Turkcell,
in which we hold a 100% stake, has operated in Northern Cyprus since 1999</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"><FONT STYLE="color: #034EA1"><B>Kuzey K&inodot;br&inodot;s
Turkcell</B></FONT> revenues increased by 37.3% year-on-year in Q421 on the back of the rise in mobile data, voice and handset sales revenues.
The EBITDA of Kuzey K&inodot;br&inodot;s Turkcell rose 61.9% yielding a 39.2% EBITDA margin.</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, Kuzey K&inodot;br&inodot;s Turkcell
revenues rose by 28.1% with the same drivers. The EBITDA grew 40.3% leading to an EBITDA margin of 39.5%.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; 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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE>

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

<P STYLE="font: 4pt 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; width: 46%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: white"><B>Paycell Financial Data (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>79.8</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>139.6</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>74.9%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>285.0</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>468.4</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>64.4%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">37.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">64.3</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>73.8%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">147.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">222.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>50.9%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA Margin (%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>46.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>46.1%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(0.3pp)</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>51.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>47.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>(4.2pp)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Net Income</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">26.1</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">48.7</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>86.6%</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">111.7</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">155.1</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>38.9%</I></FONT></TD></TR>
  </TABLE>
<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; color: #0D0D0D">Paycell saw another quarter of remarkable
performance. Accordingly, its revenues grew 74.9% year-on-year in Q421. The demand for digital payment services remained solid with changing
consumer behavior. Paycell continued to capture the increased demand with its diverse product portfolio including mobile payment services,
as well as Paycell card and payment facilitation solutions. Paycell&rsquo;s EBITDA rose 73.8% year-on-year leading to an EBITDA margin
of 46.1% in Q421.</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; color: #0D0D0D">The transaction volume of the Pay
Later service grew 93% year-on-year to TRY585 million. This was driven mainly by an 81% increase in 3-month active users of Pay Later
to 4.1 million, as well as higher merchant penetration supported by the dual growth strategy of Paycell. Meanwhile, the Paycell Card transaction
volume increased to TRY1.2 billion in Q421. Paycell also started to see a ramping up of the volume of its payment facilitation business.
Accordingly, the transaction volume over physical and virtual POS services reached TRY1.1 billion in Q421. Overall, the total transaction
volume reached TRY4.9 billion in Q421 doubling year-on-year, driven mainly by the rise in 3-month active users to 6.6 million and their
increased usage.</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; color: #0D0D0D">For the full year, Paycell registered
64.4% revenue growth and a total transaction volume of TRY13.7 billion. Meanwhile, Paycell&rsquo;s EBITDA grew 50.9% in FY21, indicating
a 4.2pp EBITDA margin contraction. The decline in the EBITDA margin was due mainly to the increased share of non-group revenues.</P>

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

<P STYLE="font: 6pt 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; width: 46%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="color: white"><B>Financell Financial Data (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Quarter</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: #034EA1">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q420</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="color: white"><B><I>y/y%</I></B></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Revenue</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>144.7</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>190.4</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>31.6%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>566.6</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>614.9</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>8.5%</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">96.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">128.9</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>34.3%</I></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">367.0</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">420.4</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>14.6%</I></FONT></TD></TR>
  <TR STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>EBITDA Margin (%)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>66.3%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>67.7%</B></FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>1.4pp</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>64.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>68.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B><I>3.6pp</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 9pt; color: #595959">Net Income</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">61.3</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">109.5</FONT></TD>
    <TD STYLE="border-right: #034EA1 1pt solid; border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>78.6%</I></FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">240.7</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">334.6</FONT></TD>
    <TD STYLE="border-bottom: #034EA1 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>39.0%</I></FONT></TD></TR>
  </TABLE>
<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; color: #0D0D0D">Financell&rsquo;s revenues grew by
31.6% year-on-year in Q421. This strong performance resulted mainly from higher loan portfolio and average interest rate on the loan portfolio
compared to the same period of the last year and increase in insurance revenues. Meanwhile, Financell reported EBITDA growth of 34.3%
year-on-year, resulting in an EBITDA margin of 67.7% in Q421. The EBITDA margin was positively impacted by the sale of doubtful receivables.
The 78.6% year-on-year rise in net income was impacted mainly by strong operational performance and fair valuation of derivative instruments.</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; color: #0D0D0D">Financell&rsquo;s revenues rose by
8.5% for the full year and EBITDA climbed 14.6% yielding an EBITDA margin of 68.4%.</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; color: #0D0D0D">Financell&rsquo;s loan portfolio
increased to TRY2.1 billion in Q421, from TRY1.9 billion in Q420, driven by higher lending to the corporate segment and higher mobility.
Moreover, due to a strong collection performance and customer portfolio improvement, Financell&rsquo;s cost of risk has remained healthy
throughout the year. Accordingly, average cost of risk declined to 0.4% in Q421 from 2.3% in Q420. Financell&rsquo;s market share for
loans granted in Turkey under TRY5 thousand was 22%.</P>

<P STYLE="font: 11pt 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">&nbsp;&nbsp;</P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; 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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE>

<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: 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 Group registered subscribers amounted to
approximately 51.6 million as of December 31, 2021. This figure is calculated by taking the number of subscribers of Turkcell Turkey,
and of 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&inodot;br&inodot;s Turkcell.</P>

<P STYLE="font: 8pt 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>Q420</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>Q321</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>Q421</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><I>y/y%</I></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><I>q/q%</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: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">22.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">23.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">23.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>7.7%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>1.7%</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">11.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">12.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>4.3%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(2.4%)</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">1,664.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,813.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,887.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>13.4%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>4.1%</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">707.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">739.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">754.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>6.7%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.1%</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"><I>591.2</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">613.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">603.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.1%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.6%)</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">67.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">59.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">54.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(19.4%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(8.7%)</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">871.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">1,011.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,082.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>24.2%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>6.9%</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>39.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>39.4</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>7.4%</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><I>0.3%</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">9.3</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: #034EA1">10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>8.6%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>2.0%</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">1.4</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>7.1%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>-</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Kuzey K&inodot;br&inodot;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">0.6</FONT></TD>
    <TD STYLE="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: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>20.0%</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>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>47.9</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>51.2</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>51.6</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>7.7%</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>0.8%</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>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: #034EA1 0.25pt solid">

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

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

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

</DIV>

<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: 8pt 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; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="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 STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" 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; width: 35%; border-bottom: #034EA1 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q420</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q321</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; 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="width: 8%; 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="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY20</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 8%; 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="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>GDP Growth (Turkey)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><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: #595959"><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: #034EA1"><B>n.a</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>n.a</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>n.a</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>1.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>n.a</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>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>14.6%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><B>19.6%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>36.1%</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>21.5pp</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>16.5pp</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>14.6%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>36.1%</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>21.5pp</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">7.3405</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">8.8433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">13.3290</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>81.6%</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>50.7%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">7.3405</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">13.3290</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>81.6%</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">7.8933</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">8.5212</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">11.0757</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>40.3%</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>30.0%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">7.0120</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">8.8797</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>26.6%</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>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">9.0079</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">10.3135</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">15.0867</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>67.5%</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>46.3%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">9.0079</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">15.0867</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>67.5%</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">9.3551</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">10.0656</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">12.6591</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>35.3%</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>25.8%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">8.0255</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">10.4810</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>30.6%</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>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">28.27</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">26.58</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">27.28</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(3.5%)</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>2.6%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">28.27</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">27.28</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(3.5%)</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">28.40</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">26.87</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">26.81</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(5.6%)</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>(0.2%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">27.04</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">27.34</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 STYLE="background-color: #B3CAE3">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>US$ / 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">2.5789</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">2.5083</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.5481</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.2%)</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>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">2.5789</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2.5481</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(1.2%)</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">2.6088</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">2.5088</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">2.5019</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>(4.1%)</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>(0.3%)</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">2.4605</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">2.5448</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>3.4%</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt; color: #034EA1"><B></B></FONT></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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE></FONT></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: 8pt 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; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Turkcell Group (million TRY)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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 STYLE="width: 10%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; 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>
    <TD STYLE="width: 9%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>Q420</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="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>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959"><B>Adjusted 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>3,243.0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>4,211.6</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>29.9%</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>12,270.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>15,013.8</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>22.4%</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">(1,634.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(2,075.5)</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>27.0%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(5,974.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(7,291.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>22.0%</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>1,608.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>2,136.1</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>32.8%</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>6,295.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>7,721.9</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>22.7%</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">(316.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,643.6</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>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">2,119.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3,592.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>69.5%</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">(65.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(4,413.0)</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">(3,251.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(6,492.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>99.7%</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">(366.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(45.2)</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>(87.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(523.3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(370.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(29.3%)</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">(5.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">63.6</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>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">(13.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">90.1</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 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>854.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>385.0</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>(54.9%)</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>4,626.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>4,541.1</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>(1.9%)</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">447.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">999.7</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>123.3%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(387.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">490.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>n.m.</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>1,302.0</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>1,384.7</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>6.4%</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>4,239.6</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>5,031.3</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>18.7%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify; color: #034EA1"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify; color: #034EA1"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify; color: #034EA1"><B></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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE></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 and capex for 2022. 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 2020 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 4 countries &ndash; Turkey, Ukraine, Belarus, and Northern Cyprus. 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 TRY35.9 billion revenue in FY21 with total assets of TRY70.7
billion as of December 31, 2021. 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>&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>

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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="image_02.jpg" ALT="">&nbsp;&nbsp;</TD>
    <TD STYLE="background-color: #B3CAE3; padding-right: 7.4pt; padding-top: 11.4pt; padding-bottom: 3.4pt; text-align: right; vertical-align: top; width: 50%"><P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #034EA1">
    <B> Fourth Quarter and Full Year 2021 Results</B></P>
</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #034EA1; border-bottom: #034EA1 0.5pt solid"><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; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Million TRY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; 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 STYLE="width: 12%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; 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>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>Q420</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="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>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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="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>254.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(4,137.2)</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>n.m.</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>(2,409.6)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1"><B>(5,538.5)</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>129.9%</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)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(97.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(89.2)</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>(8.8%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(404.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(422.4)</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: #595959">Fair value gain on derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(400.3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">2,613.3</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">2,133.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">3,312.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>55.3%</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>(243.4)</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>(1,613.1)</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>562.7%</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>(680.7)</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>(2,648.1)</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: #595959"><B><I>289.0%</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B>&nbsp;</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; width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: white"><B>Million TRY</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; 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 STYLE="width: 12%; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; 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>
    <TD STYLE="width: 11%; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</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>Q420</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>Q421</B></FONT></TD>
    <TD STYLE="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>FY20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: white"><B>FY21</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="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt; color: #595959">Current tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(136.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(106.6)</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>(21.7%)</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">(724.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">(681.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>(6.0%)</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">583.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,106.3</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>89.5%</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959">337.5</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #034EA1">1,171.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt; color: #595959"><I>247.2%</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>447.6</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>999.7</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>123.3%</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>(387.2)</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>490.2</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: #595959"><B><I>n.m</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 2pt 0 0; text-align: justify; color: #0D0D0D"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></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: bold 11.5pt Times New Roman, Times, Serif; margin: 0">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>As at 31 December 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><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="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Note</B></FONT></TD><TD STYLE="text-align: center; font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>31
    December<BR>
 2021</B></FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>31
    December<BR>
 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Assets</B></FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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="width: 46%; font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Property, plant and equipment</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; width: 11%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">18,002,779</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">13,902,730</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Right-of-use assets</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,983,648</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,380,174</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Intangible assets</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">14,661,779</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">12,367,784</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Investment properties</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">15</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">16,588</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">13,675</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">20</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">256,442</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">222,451</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Receivables from financial services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">137,559</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">75,717</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Contract assets</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">22</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">67,505</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">128,114</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Financial assets at fair value through
    other comprehensive income</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,376,645</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">19</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,799,612</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">836,608</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Investments in equity accounted investees</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">678,584</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">103,926</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other non-current
    assets</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">18</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,189,896</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">883,842</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    non-current assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">41,171,037</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">30,915,021</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">23</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">260,535</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">203,715</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trade receivables</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">20</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,186,929</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">3,465,797</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Due from related parties</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">145,095</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">16,476</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Receivables from financial services</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">21</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,014,626</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,886,381</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Contract assets</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">22</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,180,236</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">972,052</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Derivative financial instruments</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,131,070</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">917,437</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Financial assets at amortized cost</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,164</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">172,363</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Financial assets at fair value through
    other comprehensive income</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">26</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">51,166</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">529,610</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">25</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">18,628,665</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">11,860,555</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other current
    assets</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">24</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">909,120</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">558,986</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">Total
    current assets</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">29,511,606</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20,583,372</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; 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="padding-bottom: 2.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">Total
    assets</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">70,682,643</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">51,498,393</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; 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="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Equity</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Share capital</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">27</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,200,000</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,200,000</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Share premium</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">269</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">269</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Treasury shares</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">27</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(128,057</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(147,914</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">35,026</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">35,026</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reserves</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,446,661</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,400,000</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Remeasurements of employee termination
    benefit</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(225,892</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(94,684</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Retained earnings</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">18,234,018</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">16,392,070</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    equity attributable to equity holders of <BR> Turkcell Iletisim Hizmetleri AS (&ldquo;the Company&rdquo;)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22,562,025</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20,784,767</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Non-controlling
                                            interests</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">247</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">171</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    equity</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">22,562,272</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">20,784,938</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center; margin-top: 0; margin-bottom: 0">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">&nbsp;</P>

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

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</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: bold 11.5pt Times New Roman, Times, Serif; margin: 0">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"><B>As at 31 December 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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="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><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">Note</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">31
    December<BR>
    2021</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">31
    December<BR>
    2020</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; width: 11%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">27,929,720</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%; font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">16,353,685</FONT></TD><TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Employee benefit obligations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">31</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">614,613</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">381,923</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">615,797</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">411,931</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">19</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">928,554</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,337,831</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Contract liabilities</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">170,445</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">164,764</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other non-current
    liabilities</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">29</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">769,896</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">498,059</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    non-current liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">31,029,025</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">19,148,193</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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="padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><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>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Borrowings</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">8,848,413</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">5,232,737</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Current tax liabilities</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">241,686</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">134,175</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trade and other payables</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">35</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">6,720,679</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,976,605</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Due to related parties</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">65,156</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">40,355</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Deferred revenue</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">111,136</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">116,921</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Provisions</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">573,662</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">630,288</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Contract liabilities</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">33</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">459,289</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">315,070</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Derivative financial
    instruments</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">36</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">71,325</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">119,111</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    current liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">17,091,346</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">11,565,262</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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="padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><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">&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">&nbsp;</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: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    liabilities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">48,120,371</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">30,713,455</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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="padding-bottom: 1pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; text-align: center"><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">&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">&nbsp;</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: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt">Total
    equity and liabilities</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">70,682,643</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; 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: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 8pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">51,498,393</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center; margin-top: 0; margin-bottom: 0">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>

<!-- Field: Page; Sequence: 23 -->
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<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: bold 12pt Times New Roman, Times, Serif; margin: 0">CONSOLIDATED STATEMENT OF PROFIT OR LOSS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 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>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&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">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-weight: bold; border-bottom: Black 1pt solid">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; 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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-left: 3.5pt">Revenue</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; text-align: center">6</TD><TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">34,906,646</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">28,272,751</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">23,996,262</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">Revenue from financial services</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">6</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">1,013,896</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">830,987</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">1,140,873</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 revenue</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">35,920,542</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">29,103,738</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">25,137,135</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><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">Cost of revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">11</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">(24,940,126</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,161,096</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,816,705</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: 3.5pt">Cost of revenue from financial services</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">11</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">(289,848</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">(174,963</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">(266,775</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: 3.5pt">Total cost of revenue</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">(25,229,974</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">(20,336,059</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">(17,083,480</TD><TD STYLE="padding-bottom: 1pt; 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="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><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">Gross profit</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">9,966,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,111,655</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,179,557</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">Gross profit from financial services</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">724,048</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">656,024</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">874,098</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 gross profit</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">10,690,568</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">8,767,679</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">8,053,655</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><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">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">7</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">249,793</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,705</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">Selling and marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">11</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">(1,778,483</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,372,953</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,555,189</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">Administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">11</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">(919,023</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(749,612</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(779,755</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">Net impairment losses on financial and contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">11</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">(271,162</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(349,595</TD><TD STYLE="text-align: left">)</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></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 expenses</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">7</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">(619,837</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">(619,835</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">(487,295</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: 3.5pt">Operating profit</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">7,351,856</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">5,772,269</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">5,033,264</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="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><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">Finance income</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">9</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">3,592,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,119,483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,450</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">Finance costs</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">9</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">(6,492,878</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">(3,251,164</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">(2,025,118</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: 3.5pt">Net finance costs</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">(2,900,852</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">(1,131,681</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">(1,727,668</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-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><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: 3.5pt">Share of profit/(loss) of equity accounted investees</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">90,090</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">(13,775</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">(15,712</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: 3.5pt">Profit before income tax</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">4,541,094</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">4,626,813</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">3,289,884</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><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-bottom: 1pt; padding-left: 3.5pt">Income tax expense</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">10</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">490,184</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">(387,193</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">(785,630</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: 3.5pt">Profit from continuing operations</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">5,031,278</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">4,239,620</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">2,504,254</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="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><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: 1pt; padding-left: 3.5pt">Gain from discontinued operations (attributable to owners of the Company)</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">&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><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>
  <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><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: 1pt; padding-left: 3.5pt">Profit for the year</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">5,031,278</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">4,239,620</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">3,276,690</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="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><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">Profit for the year is attributable to:</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><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">Owners of the Company</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">5,031,098</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,237,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,246,487</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">Non-controlling interests</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">180</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">2,534</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">30,203</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">Total</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">5,031,278</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">4,239,620</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">3,276,690</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><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">Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">28</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">2.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.49</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">Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">28</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">2.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</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">Basic and diluted earnings per share for profit from discontinued operations attributable to owners of the Company (in full TL)</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">28</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">&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">0.35</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="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><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="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">The above consolidated statement of profit or loss should be read in conjunction with the accompanying
notes.</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="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: bold 12pt Times New Roman, Times, Serif; margin: 0">CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>For the year ended 31 December 2021</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">&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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; 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></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="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&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">5,031,278</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">4,239,620</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">3,276,690</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="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><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="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><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="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><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="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><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="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">31</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">(163,588</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,230</TD><TD STYLE="text-align: left">)</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></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="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">32,276</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">6,085</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">8,005</TD><TD STYLE="padding-bottom: 1pt; 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="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">(131,312</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">(31,145</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">(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="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><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="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><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="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">2,410,295</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,352</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></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="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">&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">104,986</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="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">(65,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,970</TD><TD STYLE="text-align: left">)</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></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="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">1,909,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523,123</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></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="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">36</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">(1,712,519</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,513,209</TD><TD STYLE="text-align: left">)</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></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="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">(1,266,102</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(589,856</TD><TD STYLE="text-align: left">)</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></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="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">81,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,212</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></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="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">(1,558,374</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(368,959</TD><TD STYLE="text-align: left">)</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></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="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">10</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">(355,266</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,028</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></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="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 STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(861,143</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">7,729</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(99,234</TD><TD STYLE="font-style: italic; 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="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 STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">13,099</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">483</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(979</TD><TD STYLE="font-style: italic; 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 cash flow hedges</TD><TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">36</TD><TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(55,912</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(5,957</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">47,933</TD><TD STYLE="font-style: italic; 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="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 STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">237,015</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">92,089</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(16,634</TD><TD STYLE="font-style: italic; text-align: left">)</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 hedges of net investments</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-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: right">311,675</TD><TD STYLE="padding-bottom: 1pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: right">72,684</TD><TD STYLE="padding-bottom: 1pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: right">12,186</TD><TD STYLE="padding-bottom: 1pt; font-style: italic; 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">(556,702</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">(652,279</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">286,858</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">Other comprehensive income/(loss) for the year, net of income tax</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">(688,014</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">(683,424</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">258,478</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="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="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">4,343,264</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">3,556,196</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">3,535,168</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="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><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="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><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="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">4,343,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,553,662</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></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="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">76</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">2,534</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">29,672</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; padding-bottom: 2.5pt; padding-left: 3.5pt">Total</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">4,343,264</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">3,556,196</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">3,535,168</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><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&nbsp;&nbsp;<BR> &nbsp;&nbsp;&nbsp;attributable to owners of the Company arises from:</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><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="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">4,343,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,553,662</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></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="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">&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><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="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: 2.5pt; padding-left: 3.5pt">Total</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">4,343,188</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">3,553,662</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">3,505,496</TD><TD STYLE="padding-bottom: 2.5pt; 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">&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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">For the year ended 31 December 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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">&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: center">&nbsp;</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Share capital</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Treasury shares</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Additional paid-in capital</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Share premium</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Legal Reserve (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Fair value Reserve (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Hedges of net investments in foreign operations (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Hedging reserve (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Cost of hedging reserve (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Reserve for non-controlling interest put option (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Remeasurements of employee <BR> termination benefit</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Foreign currency translation reserve (*)</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Retained<BR> earnings</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Total</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Non-controlling interests</TD><TD STYLE="font-size: 5.5pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 5.5pt; font-weight: bold; text-align: center; border-bottom: Black 2.5pt double">Total<BR> equity</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><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: 36%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt; padding-left: 3.5pt">Balance at 1 January 2019</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,200,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(141,534</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">35,026</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">269</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">2,235,922</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">14,942</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(271,130</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(810,192</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">(34,871</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">1,333,995</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">11,359,317</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">15,921,744</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">131,810</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 5.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 5.5pt; font-weight: bold; text-align: right">16,053,554</TD><TD STYLE="width: 1%; padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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</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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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 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">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: White">
    <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: rgb(204,238,255)">
    <TD STYLE="font-size: 5.5pt; text-align: left; padding-left: 3.5pt">Dividends paid (Note 27)</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 17)</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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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: 1pt; padding-left: 3.5pt">Balance at 31 December 2019</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="padding-bottom: 1pt; 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">(144,152</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">2,773,105</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(155,002</TD><TD STYLE="padding-bottom: 1pt; 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">(212,159</TD><TD STYLE="padding-bottom: 1pt; 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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">(63,539</TD><TD STYLE="padding-bottom: 1pt; 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">450,146</TD><TD STYLE="padding-bottom: 1pt; 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">13,202,526</TD><TD STYLE="padding-bottom: 1pt; 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">18,046,489</TD><TD STYLE="padding-bottom: 1pt; 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">36,455</TD><TD STYLE="padding-bottom: 1pt; 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">18,082,944</TD><TD STYLE="padding-bottom: 1pt; 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 2020</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">(144,152</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">2,773,105</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">3,472</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">(43,203</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">(155,002</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">(212,159</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">&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">(63,539</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">450,146</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">13,202,526</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">18,046,489</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">36,455</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">18,082,944</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-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">4,237,086</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">4,237,086</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">2,534</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">4,239,620</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; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(1,487</TD><TD STYLE="padding-bottom: 1pt; 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">(296,275</TD><TD STYLE="padding-bottom: 1pt; 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">3,957</TD><TD STYLE="padding-bottom: 1pt; 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">(395,555</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(31,145</TD><TD STYLE="padding-bottom: 1pt; 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">37,081</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(683,424</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(683,424</TD><TD STYLE="padding-bottom: 1pt; 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; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(1,487</TD><TD STYLE="padding-bottom: 1pt; 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">(296,275</TD><TD STYLE="padding-bottom: 1pt; 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">3,957</TD><TD STYLE="padding-bottom: 1pt; 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">(395,555</TD><TD STYLE="padding-bottom: 1pt; 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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">(31,145</TD><TD STYLE="padding-bottom: 1pt; 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">37,081</TD><TD STYLE="padding-bottom: 1pt; 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">4,237,086</TD><TD STYLE="padding-bottom: 1pt; 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">3,553,662</TD><TD STYLE="padding-bottom: 1pt; 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">2,534</TD><TD STYLE="padding-bottom: 1pt; 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">3,556,196</TD><TD STYLE="padding-bottom: 1pt; 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 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">235,920</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">(235,920</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; padding-left: 3.5pt">Acquisition of treasury shares (-)</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">(9,994</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><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">(9,994</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">(9,994</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">Dividends paid (Note 27)</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">6,232</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">(811,622</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">(805,390</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">(32,856</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">(838,246</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; padding-bottom: 1pt; padding-left: 3.5pt">Disposal of subsidiary</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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(5,962</TD><TD STYLE="padding-bottom: 1pt; 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">(5,962</TD><TD STYLE="padding-bottom: 1pt; 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: 1pt; padding-left: 3.5pt">Balance at 31 December 2020</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="padding-bottom: 1pt; 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">(147,914</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">3,009,025</TD><TD STYLE="padding-bottom: 1pt; 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">1,985</TD><TD STYLE="padding-bottom: 1pt; 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">(339,478</TD><TD STYLE="padding-bottom: 1pt; 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">(151,045</TD><TD STYLE="padding-bottom: 1pt; 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">(607,714</TD><TD STYLE="padding-bottom: 1pt; 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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">(94,684</TD><TD STYLE="padding-bottom: 1pt; 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">487,227</TD><TD STYLE="padding-bottom: 1pt; 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">16,392,070</TD><TD STYLE="padding-bottom: 1pt; 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">20,784,767</TD><TD STYLE="padding-bottom: 1pt; 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">171</TD><TD STYLE="padding-bottom: 1pt; 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">20,784,938</TD><TD STYLE="padding-bottom: 1pt; 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 2021</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">(147,914</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">3,009,025</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">1,985</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">(339,478</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">(151,045</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">(607,714</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">&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">(94,684</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">487,227</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">16,392,070</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">20,784,767</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">171</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">20,784,938</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">&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">5,031,098</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">5,031,098</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">180</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">5,031,278</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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(52,395</TD><TD STYLE="padding-bottom: 1pt; 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">(1,246,699</TD><TD STYLE="padding-bottom: 1pt; 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">141,299</TD><TD STYLE="padding-bottom: 1pt; 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">(948,059</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(131,208</TD><TD STYLE="padding-bottom: 1pt; 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">1,549,152</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(687,910</TD><TD STYLE="padding-bottom: 1pt; 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">(104</TD><TD STYLE="padding-bottom: 1pt; 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">(688,014</TD><TD STYLE="padding-bottom: 1pt; 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; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(52,395</TD><TD STYLE="padding-bottom: 1pt; 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">(1,246,699</TD><TD STYLE="padding-bottom: 1pt; 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">141,299</TD><TD STYLE="padding-bottom: 1pt; 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">(948,059</TD><TD STYLE="padding-bottom: 1pt; 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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">(131,208</TD><TD STYLE="padding-bottom: 1pt; 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">1,549,152</TD><TD STYLE="padding-bottom: 1pt; 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">5,031,098</TD><TD STYLE="padding-bottom: 1pt; 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">4,343,188</TD><TD STYLE="padding-bottom: 1pt; 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">76</TD><TD STYLE="padding-bottom: 1pt; 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">4,343,264</TD><TD STYLE="padding-bottom: 1pt; 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">603,363</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">(603,363</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 (Note 27)</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="padding-bottom: 1pt; 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">19,857</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(2,585,787</TD><TD STYLE="padding-bottom: 1pt; 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">(2,565,930</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">(2,565,930</TD><TD STYLE="padding-bottom: 1pt; 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: 1pt; padding-left: 3.5pt">Balance at 31 December 2021</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="padding-bottom: 1pt; 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">(128,057</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">3,612,388</TD><TD STYLE="padding-bottom: 1pt; 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">(50,410</TD><TD STYLE="padding-bottom: 1pt; 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">(1,586,177</TD><TD STYLE="padding-bottom: 1pt; 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">(9,746</TD><TD STYLE="padding-bottom: 1pt; 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">(1,555,773</TD><TD STYLE="padding-bottom: 1pt; 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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">(225,892</TD><TD STYLE="padding-bottom: 1pt; 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">2,036,379</TD><TD STYLE="padding-bottom: 1pt; 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">18,234,018</TD><TD STYLE="padding-bottom: 1pt; 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">22,562,025</TD><TD STYLE="padding-bottom: 1pt; 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">247</TD><TD STYLE="padding-bottom: 1pt; 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">22,562,272</TD><TD STYLE="padding-bottom: 1pt; 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: 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">&nbsp;</P>

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0">For the year ended 31 December 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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">&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: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&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="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 7pt; font-weight: bold; text-align: center">Note</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</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="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><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="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><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="vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 10%; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 1%; text-align: center">&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">5,031,278</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">4,239,620</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">2,504,254</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="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-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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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">772,436</TD><TD STYLE="padding-bottom: 1pt; 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="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 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">5,031,278</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">4,239,620</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">3,276,690</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="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><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="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><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 of property, plant and equipment and investment properties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">12-15</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">2,925,508</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">2,422,078</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">2,181,823</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 and right of use assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center"><FONT STYLE="font-size: 7pt">13-16</FONT></TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">4,326,567</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">3,530,056</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">2,844,195</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">Impairment on property, plant and equipment and intangible asset</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">39,838</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">22,645</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">20,547</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">Net finance expense</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">739,943</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">901,530</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">1,442,773</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">Fair value adjustments to derivatives</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,401,053</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">(2,016,859</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">(570,204</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">Income tax expense</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">10</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(490,184</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">387,193</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></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 property, plant and equipment</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(109,489</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">(23,950</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">(47,169</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">Unrealized foreign exchange losses on operating assets</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">13,281,421</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">4,384,197</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">1,832,636</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">Provisions</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,247,427</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">1,230,295</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">920,924</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">Share of (profit)/loss of associates and joint ventures</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(90,090</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">13,775</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">15,712</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">Loss on sale of subsidiary</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 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">1,387</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="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 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">(772,436</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">Non-cash other adjustments</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-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">(23,281</TD><TD STYLE="padding-bottom: 1pt; 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">(13,840</TD><TD STYLE="padding-bottom: 1pt; 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">(15,557</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; 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="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 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">24,477,885</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">15,078,127</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">11,915,564</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="font-size: 7pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Change in operating assets/liabilities</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><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">Change in trade receivables</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">20</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(869,718</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">(618,545</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">(881,333</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 due from related parties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">40</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(128,659</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">(11,208</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">10,025</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 receivables from financial services</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">21</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(200,765</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">429,950</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">23</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(56,820</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">(25,316</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">2,035</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 other current assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">24</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(74,817</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">547,475</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></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 assets</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">18</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(11,863</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">(71,752</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">(38,112</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 due to related parties</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">40</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">21,331</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">27,484</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">35</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">422,441</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">614,418</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></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 liabilities</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">29</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(30,658</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">739</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">31</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(51,138</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">(20,850</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">(36,231</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 short term contract asset</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">22</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(209,182</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">(38,636</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">(223,146</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 long term contract asset</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">22</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">60,609</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">(117,823</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">(6,778</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 deferred revenue</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(22,127</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">82,254</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">45,402</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 short term contract liability</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">33</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">5,681</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">24,662</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></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 liability</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">33</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">144,219</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">22,874</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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="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-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">(943,259</TD><TD STYLE="padding-bottom: 1pt; 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">(543,289</TD><TD STYLE="padding-bottom: 1pt; 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">(506,303</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">)</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 generated from operations</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 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">22,533,160</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">15,380,564</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">11,728,627</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="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><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">Interest paid</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,822,815</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">(1,653,675</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">(2,090,718</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">Income tax paid</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-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">(763,103</TD><TD STYLE="padding-bottom: 1pt; 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">(634,094</TD><TD STYLE="padding-bottom: 1pt; 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">(611,354</TD><TD STYLE="padding-bottom: 1pt; font-size: 7pt; text-align: left">)</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 inflow from operating activities</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-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">19,947,242</TD><TD STYLE="padding-bottom: 1pt; 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">13,092,795</TD><TD STYLE="padding-bottom: 1pt; 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">9,026,555</TD><TD STYLE="padding-bottom: 1pt; 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="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><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 flows from investing activities:</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><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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">12</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(5,568,300</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">(3,904,443</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">(3,195,069</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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">13</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(4,014,234</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">(3,375,915</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">(2,821,111</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="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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">190,153</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">99,843</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">81,192</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">Payment for acquisition of subsidiary, net of cash acquired</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">3</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">&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">(86,703</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">(Payments for)/proceeds from advances given for acquisition of property, plant and equipment</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(294,191</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">(501,339</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">156,936</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">Contribution of increase of share capital in joint ventures/associates</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(484,568</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">(76,000</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">(38,000</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 subsidiary</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 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">1,229</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">2,219,644</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">Cash inflows from sale of shares or borrowing instruments of other enterprises or funds</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">693,322</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">976,576</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">84,655</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 purchase of shares or borrowing instruments of other enterprises or funds</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,035,421</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">(972,188</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">(369,591</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/(outflows) from financial assets 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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">238,395</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">(23,298</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-bottom: 1pt; padding-left: 3.5pt">Interest received</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-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">1,223,866</TD><TD STYLE="padding-bottom: 1pt; 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">994,899</TD><TD STYLE="padding-bottom: 1pt; 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">854,018</TD><TD STYLE="padding-bottom: 1pt; 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 investing activities</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-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">(9,137,681</TD><TD STYLE="padding-bottom: 1pt; 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">(6,780,636</TD><TD STYLE="padding-bottom: 1pt; 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">(3,027,326</TD><TD STYLE="padding-bottom: 1pt; 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="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><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 flows from financing activities:</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><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">Dividends received for treasury share</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">19,857</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">6,232</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">7,380</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 derivative instruments</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,403,609</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">2,085,585</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">1,924,363</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">Repayments of derivative instruments</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,718,061</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">(866,650</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">(1,101,876</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">Proceeds from issues of loans and borrowings</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">13,033,337</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">22,983,201</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">29,060,490</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 bonds</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">192,157</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">494,987</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">311,649</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">Repayments of borrowings</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(12,496,149</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">(26,354,532</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">(31,297,901</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">Repayments of bonds</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(142,157</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">(455,878</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">(225,794</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 shareholders</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,585,787</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">(811,622</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">(1,010,000</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 non-controlling interest in subsidiaries</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 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">(32,856</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">(125,027</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">Acquisition of treasury shares</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 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">(9,994</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">(9,998</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">Payments of lease liabilities</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 STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,649,046</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">(1,302,335</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">(1,215,320</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">Other cash (outflows)/inflows from financing activities</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-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="padding-bottom: 1pt; 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">(3,951</TD><TD STYLE="padding-bottom: 1pt; 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">204,077</TD><TD STYLE="padding-bottom: 1pt; 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 financing activities</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-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">(3,942,240</TD><TD STYLE="padding-bottom: 1pt; 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">(4,267,813</TD><TD STYLE="padding-bottom: 1pt; 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">(3,477,957</TD><TD STYLE="padding-bottom: 1pt; 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="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><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">Net increase in 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">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&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">6,867,321</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">2,044,346</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">2,521,272</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="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><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 and cash equivalents at 1 January</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 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">11,860,555</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">10,238,715</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">7,419,239</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="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><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">Effects of exchange rate changes on 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">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&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">(107,995</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">)</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">(422,506</TD><TD STYLE="font-size: 7pt; font-weight: bold; text-align: left">)</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></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><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: 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="vertical-align: bottom; font-size: 7pt; text-align: center">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 7pt; text-align: center">25</TD><TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font-size: 7pt; text-align: center">&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">18,619,881</TD><TD STYLE="padding-bottom: 2.5pt; 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">11,860,555</TD><TD STYLE="padding-bottom: 2.5pt; 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">10,238,715</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 7pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0; text-align: center">The above consolidated statement of cash flows
should be read in conjunction with the accompanying notes.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B></B></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 6pt 5.4pt"><B>Notes to the consolidated financial statements</TD>
    <TD STYLE="padding: 6pt 5.4pt; text-align: right; vertical-align: middle"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt; width: 91%"><B>1.&nbsp;Reporting entity</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; width: 9%; vertical-align: middle"><B>8</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>2.&nbsp;Basis of preparation and summary of significant accounting policies</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>10</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>3.&nbsp;Business combinations</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>37</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>4.&nbsp;Financial risk management</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>38</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>5.&nbsp;Segment information</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>40</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>6.&nbsp;Revenue</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>44</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>7.&nbsp;Other income and expense</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>46</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>8.&nbsp;Employee benefit expenses</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>47</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>9.&nbsp;Finance income and costs</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>47</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>10.&nbsp;Income tax expense</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>48</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>11.&nbsp;Expenses by nature</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>51</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>12.&nbsp;Property, plant and equipment</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>53</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>13.&nbsp;Intangible assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>55</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>14.&nbsp;Impairment of assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>58</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>15.&nbsp;Investment properties</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>58</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>16.&nbsp;Right of use assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>60</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>17.&nbsp;Discontinued operations</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>61</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>18.&nbsp;Other non-current assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>61</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>19.&nbsp;Deferred tax assets and liabilities</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>62</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>20.&nbsp;Trade receivables</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>63</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>21.&nbsp;Receivables from financial services</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>63</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>22.&nbsp;Contract assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>64</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>23.&nbsp;Inventory</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>64</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>24.&nbsp;Other current assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>64</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>25.&nbsp;Cash and cash equivalents</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>65</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>26.&nbsp;Financial assets</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>65</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>27.&nbsp;Equity</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>67</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>28.&nbsp;Earnings per share</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>68</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>29.&nbsp;Other non-current liabilities</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>68</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>30.&nbsp;Loans and borrowings</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>69</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>31.&nbsp;Employee benefits</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>71</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>32.&nbsp;Deferred revenue</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>72</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>33.&nbsp;Contract liabilities</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>72</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>34.&nbsp;Provisions</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>73</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>35.&nbsp;Trade and other payables</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>74</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>36.&nbsp;Derivative financial instruments</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>75</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>37.&nbsp;Financial instruments</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>83</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>38.&nbsp;Guarantees and purchase obligations</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>93</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>39.&nbsp;Commitments and Contingencies</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>93</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>40.&nbsp;Related parties</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>97</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>41.&nbsp;Subsidiaries</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>101</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>42.&nbsp;Investments accounted for using the equity method</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>102</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 6pt 5.4pt"><B>43.&nbsp;Cash flow information</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>103</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 6pt 5.4pt"><B>44.&nbsp;Subsequent events</B></TD>
    <TD STYLE="text-align: right; padding: 6pt 5.4pt; vertical-align: middle"><B>103</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"></P>

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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>&#9;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 8pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Reporting entity</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 6pt 0; text-align: justify">Turkcell Iletisim Hizmetleri Anonim Sirketi
(the &#8220;Company&#8221; or &#8220;Turkcell&#8221;) was incorporated in Turkey on 5 October 1993 and commenced its operations in 1994. The address of the Company&#8217;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
(&#8220;GSM&#8221;) network in Turkey and regional states.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 6pt 0; text-align: justify">In April 1998, the Company signed a license
agreement (the &#8220;2G License&#8221;) with the Ministry of Transport and Infrastructure of Turkey (the &#8220;Turkish Ministry&#8221;),
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 &#8220;Turkish Treasury&#8221;)
a monthly tax levy, namely a 'treasury share' equal to 15% of the Company'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 (&#8220;ICTA&#8221;)
regarding the authorization for providing IMT-2000/UMTS services and infrastructure, the Company has been granted the A-Type license (the
&#8220;3G License&#8221;) providing the widest frequency band, at a consideration of EUR 358,000 (excluding Value Added Tax (&#8220;VAT&#8221;)).
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: 0 0 6pt; text-align: justify">On 26 August 2015, &#8220;Authorization Tender
on IMT Services and Infrastructure&#8221; publicly known as &#8220;4.5G license&#8221; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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&#8217;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: 0 0 6pt; text-align: justify">As of 31 December 2021, the capital shares and
voting rights of TVF Bilgi Teknolojileri &#304;letisim Hizmetleri Yat&#305;r&#305;m Sanayi ve Ticaret Anonim Sirketi (&#8220;TVF BTIH&#8221;)
and IMTIS Holdings S.a r l. (&#8220;IMTIS Holdings&#8221;) in the Company are 26.2% and 19.8%, respectively since 22 October 2020. The
proportion of the Company&#8217;s shares that are traded in domestic and foreign stock exchanges are 53.95% (Note 27).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Group&#8217;s immediate and ultimate parents
are TVF BTIH, wholly owned by Turkiye Varlik Fonu (&#8220;TVF&#8221;), and TVF respectively as of 31 December 2021. TVF has been established with the Law No. 6741 and published in the Official Gazette dated
26 August 2016.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>1.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Reporting entity (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">15% of the total issued shares of Turkcell,
owned by TVF BTIH, have been re-classified as a separate class of Group A Shares (the &#8220;Group A Shares&#8221;);</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">A nomination privilege has been created on the Group A Shares, allowing the holders thereof to nominate
four candidates for appointment of five members of the board of directors of the Company; a voting privilege has been created on the Group
A Shares, allowing the holders thereof to cast six votes for each Group A Share in respect of the appointment of</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">five members of the board of directors of the Company, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">the chairman of the presiding committee of the general assembly of shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">All shareholders of the Company (including the holders of Group A Shares) are entitled to cast one vote
per share on all other matters submitted to a vote of Turkcell&#8217;s shareholders, including the appointment of the residual four members
of the board of directors of Turkcell (including independent ones);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The chairman of the board of directors shall be elected among the members of the board of directors elected
through the exercise of the privileges granted to Group A Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">The meeting quorum requirement of the board of directors requires five members constituting the majority
of full number of its members, and the decision quorum requires the affirmative vote of at least five members present in the meeting;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">So long as the above mentioned privileges are in effect, unlimited authority to represent and bind Turkcell
regulated under Article 370 of Turkish Commercial Code shall be exercised by two members of the board of directors of the Company, including
at least one member of the board of directors of the Company appointed through the exercise of the said privileges by the holders of Group
A Shares.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">The Company&#8217;s board of directors
consists of a total of nine non-executive members including three independent members as of 31 December 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 0in">The consolidated financial statements
of the Company as at and for the year ended 31 December 2021 comprise the Company and its subsidiaries (together referred to as the &#8220;Group&#8221;)
and the Group&#8217;s interest in associates and a joint venture. Subsidiaries of the Company, their locations and their nature of operations
are disclosed in Note 41. The Company&#8217;s and each of its subsidiaries&#8217; and associate&#8217;s financial statements are prepared
as at and for the year ended 31 December 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 0in"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0 0 6pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">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&#8217;s interest
in an associate and a joint venture.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(a)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Compliance with IFRS</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">The consolidated financial
statements of the Group have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) and interpretations
issued by the IFRS Interpretations Committee (&#8220;IFRS IC&#8221;) applicable to companies reporting under IFRS. The financial statements
comply with IFRS as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">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: 0 0 6pt; text-align: justify; text-indent: 0in">The General Assembly has the
power to amend and reissue the financial statements. The consolidated financial statements as at and for the year ended 31 December 2020
were authorized for issue by the Board of Directors on 19 February 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The consolidated financial
statements as at and for the year ended 31 December 2021 were authorized for issue by the Board of Directors on 17 February 2022 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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(b)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Historical cost convention</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 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" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt">Derivative financial instruments,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt">Consideration payable in relation to the acquisition of Belarusian Telecom,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify; padding-right: 1.7pt">Financial asset at fair value through other comprehensive income.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6.5pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(c)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Functional and presentation currency</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Transactions and balances</I></FONT></TD></TR>
</TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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 6.5pt; 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 assets 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 assets 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: 0 0 6pt; text-align: justify">Foreign exchange gains and losses are recognized
in profit or loss, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -12.8pt"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">For capitalized foreign exchange differences relating to borrowings to the extent that they are regarded
as an adjustment to interest costs eligible for capitalization. </FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Foreign operations</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assets and liabilities for each balance sheet
presented are translated at the closing rate at the date of that balance sheet,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity for each balance sheet presented is translated
at historic cost at the date of transaction,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All resulting exchange differences are recognized
in other comprehensive income and accumulated in the foreign currency translation reserve, in equity.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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 any borrowings forming part of the net investment are repaid
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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(d)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Use of estimates and judgments</B></FONT></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&#8217;s
accounting policies. Actual results may differ from these estimates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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 6.5pt 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: 0 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&#8217;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 is objective evidence of impairment as a result of one or more events that occurred after the initial recognition
of asset and that events have 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&#8217;s
assets are estimated by management at the time the asset is acquired and regularly reviewed for appropriateness. The Group defines useful
lives of its assets in terms of the assets&#8217; 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: 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&#8217;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: 0; 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: 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: 0; text-align: justify; text-indent: 0.5in">- The Company has no inventory
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(d)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Use of estimates and judgments (continued)</B></FONT></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" WIDTH="100%" STYLE="font: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">The good or service is capable of being distinct, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">The promise to transfer the good or service is distinct within the context of the contract.</FONT></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 based on 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: 0 1.1pt 6.5pt 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 profits will be available against which unrecognized tax losses and temporary
differences can be utilized. 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: 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 39, the Group
is involved in a number of investigations and legal proceedings (both as a plaintiff and as a defendant) arising in the ordinary course
of business. All these investigations and litigations are evaluated by the Group Management and disclosed (unless information concerning
provisions are very sensitive, and full disclosure could prejudice the outcome of cases) or accounted for in the consolidated financial
statements. Future results or outcome of these investigations and litigations might differ from these Group Management&#8217;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: 0; text-align: justify">The Group&#8217;s non-current 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&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&#8217;s
fair value less costs of disposal and value in use.</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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(d)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Use of estimates and judgments (continued)</B></FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some of the Company&#8217;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. 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 Note 37.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(e)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Changes in accounting policies</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify; text-indent: 0in">Other than the adoption of the
new and revised standards as explained in Note 2(z), the Group did not make any significant changes to its accounting policies during
the current year.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(f)</B></FONT></TD>
  <TD STYLE="text-align: left; width: 92%"><FONT STYLE="font-size: 11pt"><B>Changes in accounting estimates</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 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: 0 0 12pt">The Company does not have significant changes in accounting
estimates during the year.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(g)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Comparative information and revision of prior period financial statements</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 0; text-align: justify; text-indent: 0in">The Group divided its reporting
segment into two groups according to its previous assessment. Relevant groups had been established within the framework of an integrated
communication and technology service delivery strategy and in a way to ensure economic integrity. Considering current developments, the
Management has made an evaluation regarding the updating of the reportable segments according to the strategies of the Company, and has
planned to add the Techfin reportable segment. Turkcell Finansman A.S. (&#8220;Turkcell Finansman&#8221;), Turkcell Odeme Hizmetleri A.S.
(&#8220;Turkcell Odeme&#8221;), Paycell LLC (&#8220;Paycell&#8221;) and Turkcell Sigorta Aracilik Hizmetleri A.S (&#8220;Turkcell Sigorta&#8221;)
will be included in Techfin reportable segment. The operating results of the mentioned companies were disclosed in the Other reportable
segment within the scope of the previous reporting framework. In addition to the mentioned changes, Turkcell Satis ve Dijital Is Servisleri
Hizmetleri A.S. (&#8220;Turkcell Satis&#8221;), which are reported under Turkcell Turkey reportable segment is separated as digital business
services and other Turkcell Satis operations: integrated corporate business solutions, city hospitals, equipment and corporate terminal
activities will be continued to be reported under Turkcell Turkey reportable segment as digital business services, while other Turkcell
Satis operations which include retail channel operations, smart devices management and consumer electronics sales through digital channels
will be reported in the Other reportable segment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group has made the above-mentioned classifications
in the notes (Note 5 and Note 6) to the consolidated financial statements as of 31 December 2020. These classifications have 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 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(h)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Principles of consolidation and equity accounting</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Business combinations</I></FONT></TD></TR>
</TABLE>




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

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">The fair value of the assets transferred,</LI>

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">Liabilities incurred to the former owners of the acquired business,</LI>

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">Equity interests issued by the Group,</LI>

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">The fair value of any asset or liability resulting from a contingent consideration
arrangement, and</LI>

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">The fair value of any pre-existing equity interest in the subsidiary.</LI>

</UL>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 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&#8217;s proportionate share of the acquired entity&#8217;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&#8217;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: 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 12pt; text-align: justify">If the business combination is achieved in stages,
the acquisition date carrying value of the acquirer&#8217;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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Subsidiaries</I></FONT></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">&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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(h)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Principles of consolidation and equity accounting (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Subsidiaries (continued)</I></FONT></TD></TR>
</TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 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 12pt; text-align: justify">Non-controlling interest has not been attributed
to Belarus Telekom is financed solely by the Company and management&#8217;s assessment of relevant articles of the share purchase agreement
with the non-controlling shareholder.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Changes in ownership interests</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: 0 0 6.5pt; 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 12pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iv)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Business combinations under common control</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 12pt; margin-left: 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&#8217;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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(v)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Put option over shares relating to non-controlling interests</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(h)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Principles of consolidation and equity accounting (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(v)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Put option over shares relating to non-controlling interests (continued)</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 12pt; margin-left: 0; text-align: justify">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. (&#8220;Fintur&#8221;) on non-controlling shares in one of its subsidiaries and the derecognized
non-controlling interests relating to that put option.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(vi)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Investments in associates and joint ventures</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 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&#8217;s share of the post-acquisition profits
or losses of the investee in profit or loss, and the Group&#8217;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&#8217;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&#8217;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&#8217;s share of the net fair values of the associate&#8217;s identifiable assets and liabilities
is recognized as goodwill, which is included in the carrying amount of the investment. Any excess of the Group&#8217;s share of the net
fair value of the associate&#8217;s identifiable assets and liabilities over the cost of the investment is included as part of the Group&#8217;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: 3pt 0 12pt; text-align: justify">The carrying amount of equity-accounted investments
is tested for impairment. 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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments</B></FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis
of preparation and summary of significant accounting policies <FONT STYLE="font-family: Times New Roman, Times, Serif">(continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 1.7pt 6pt 0; text-align: justify"><I>Classification (continued)</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The classification depends on the Group&#8217;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: 0 0 6pt; 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: 0 0 6.5pt; 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: 0 0 6.5pt; text-align: justify"><I>Recognition and derecognition</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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 12pt; 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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Debt
instruments</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">Subsequent measurement of debt instruments
depends on the Group&#8217;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&#8217; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.7pt; margin-bottom: 12pt; margin-left: 0; text-align: justify"><I>Measurement
(continued)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><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"><I></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group subsequently measures all equity investments
at fair value. Where the Group&#8217;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&#8217;s right to receive payments is
established.</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: 0 0 6.5pt; text-align: justify"><I>Impairment</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 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: 9pt 0 0; text-align: justify">Loss allowances are measured on either of the
following bases.</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">12 month expected credit losses (ECLs): these are ECLs that result from possible
default events within the 12 months after the reporting date and</LI>

</UL>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; text-align: justify; font-size: 11pt">Lifetime ECLs: these are ECLs that result from all possible default events
over the expected life of a financial instrument.</LI>

</UL>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify">The Group applies simplified lifetime ECL measurement
for all group companies except Turkcell Finansman which applies both 12 month and lifetime ECL (general approach). Financial instruments
subject to ECL measurement mainly consist of trade receivables.</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.</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: 0 0 6.5pt; 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 37
for a description of the Group&#8217;s impairment policies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><B>Trade and other payables</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 6pt 0; text-align: justify">These amounts 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: 0 1.7pt 6pt 0; text-align: justify"><B>Related parties</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">A related party is a person or
entity that is related to the Group.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">(a) A person or a close member
of that person&#8217;s family is related to the Group if that person:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(i) has control or joint
control of the Group</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(ii) has significant influence
over the Group; or</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(iii) is a member of the
key management personnel of the Group or of a parent of the Group.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">(b) An entity is related to the
Group if any of the following conditions applies:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(i) The entity and the Group
are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(ii) One entity is an associate
or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(iii) Both entities are joint
ventures of the same third party.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(iv) One entity is a joint
venture of a third entity and the other entity is an associate of the third entity.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(v) The entity is a post-employment
benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the
sponsoring employers are also related to the Group.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(vi) The entity is controlled
or jointly controlled by a person identified in (a).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 35.4pt; text-align: justify">(vii) A person identified
in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the
entity).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.7pt 3pt 35.45pt; text-align: justify">(viii) The entity, or any member
of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting
entity</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.7pt 3pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.7pt 3pt 35.45pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: 0 0 6pt; 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: 0 0 6.5pt; text-align: justify"><B>Derivatives and hedging activities </B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Derivative instruments are initially recognized
at the acquisition cost reflecting the fair value on the date on which a derivative contract is entered into and are subsequently remeasured
at fair value. The derivative instruments of the Group mainly consist of participating cross currency swap contracts, cross currency /interest
rate swap contracts, foreign currency swap contracts and currency forward contracts instruments. These derivative transactions, even though
providing effective economic hedges under the Group risk management position, do not generally qualify for hedge accounting under the
specific rules and are therefore treated as derivatives held for trading in the consolidated financial statements. The fair value changes
for these derivatives are recognised in the consolidated income statement.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Fair values of foreign exchange forwards,
interest rate and foreign exchange swaps (IRS, Cross Currency Swaps etc.) and options are calculated with market levels of interest rates
and Central Bank of Republic of Turkey (&#8220;CBRT&#8221;) exchange rates via valuation methods and pricing instruments correspondent
with market standards. 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 free 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/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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. The hedging transactions of the Group that qualify for hedge accounting are accounted
for as follows:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Fair value hedge</I></FONT></TD></TR>
</TABLE></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">Changes in the fair value of derivatives
that are designated and qualified as fair value hedges are recorded in the income statement, together with any changes in the fair value
of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of hedged asset or liability attributable
to the hedged risk is recorded as part of the carrying value of the hedged asset or liability during the effective hedging relationship.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the
effective interest method is used, is amortised using a recalculated effective interest rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 3pt 0; text-align: justify"><I></I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Cash
flow hedge</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 3pt 0; text-align: justify">Hedges of exposures to variability
in cash flows that are attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast
transaction and could affect profit and loss are designated as cash flow hedges by the Group in accordance with IFRS 9 hedge accounting
requirement.</P>

<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. 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 (&#8220;aligned time value&#8221;) 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/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 Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under IFRS 9, 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. 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: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial
instruments (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Derivatives
and hedging activities (continued)</B></FONT></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/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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Foreign
currency hedge of net investments in foreign operations</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">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 (Note 36)</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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 17).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(j)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Property, plant and equipment</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Recognition and measurement</I></FONT></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: 0 0 6.5pt; 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: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0 0 6.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left"></FONT><TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(j)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Property, plant and equipment (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Recognition and measurement (continued)</I></FONT></TD></TR>
</TABLE></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; 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: 0 0 6.5pt; text-align: justify">Gains and losses on disposals are determined
by comparing proceeds with the carrying amount. These are included in profit or loss.</P>

<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&#8217;s carrying
amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable
amount.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Subsequent costs</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">Subsequent costs are included in the
asset&#8217;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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Depreciation</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: 0; text-align: justify">Land is not depreciated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">The estimated useful lives
are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></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 STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 60%">Mobile network infrastructure</TD>
  <TD STYLE="width: 30%">4 &#8211; 20 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Fixed network infrastructure</TD>
  <TD>3 &#8211; 25 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Call center equipment</TD>
  <TD>4 &#8211; 8 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Buildings</TD>
  <TD>21
&#8211; 25 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Equipment, fixtures and fittings</TD>
  <TD>2 &#8211; 10 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Motor vehicles</TD>
  <TD>4 &#8211; 6 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Electricity power plant</TD>
  <TD>20 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Leasehold improvements</TD>
  <TD>3 &#8211; 5 years</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;&#9;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iv)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Borrowing costs</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 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
to get ready for their intended use or sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(k)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Telecommunication licenses</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></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>

<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" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 60%">Telecommunications
licenses</TD>
  <TD STYLE="width: 30%">3 &#8211; 25 years</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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Company has been granted the 2G, 3G and 4.5G
licenses on 27 April 1998, 30 July 2009 and 26 August 2015, respectively. The licenses are effective for 25, 20 and 13 years, respectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Computer software</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 0; text-align: justify">Acquired computer software licenses are capitalized
based on 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: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">It is technically feasible to complete the software such that it will be
available for use,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Management intends to complete the software and use or sell it,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">There is an ability to use or sell the software,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">It can be demonstrated how the software will generate probable future economic
benefits,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Adequate technical, financial and other resources to complete the development
and to use or sell the software are available and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The expenditure attributable to the software during its development can
be reliably measured.</FONT></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: 0 0 6.5pt; 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 60%">Computer software</TD>
  <TD STYLE="width: 30%">3 &#8211; 8 years</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6.5pt; 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: 12pt 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(k)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Other intangible assets</I></FONT></TD></TR>
</TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 (&#8220;IRU&#8221;) are rights to use a
portion of an asset&#8217;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's useful economic life. IRUs are amortized over the shorter of the underlying asset's useful economic life and the contract term.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 60%">Indefeasible right of use</TD>
  <TD STYLE="width: 30%">15 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Transmission line software</TD>
  <TD> 5 &#8211; 10 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Brand name</TD>
  <TD> 9&#8211; 10 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Customer base</TD>
  <TD>2
&#8211; 15 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Subscriber acquisition cost</TD>
  <TD>2 &#8211;  6 years</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Electricity production license</TD>
  <TD>20 years</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;&#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0; text-align: justify"><I>Goodwill</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 0 12pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(l)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Investment properties</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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 3pt; 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: 0 0 6pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 9pt"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(l)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Investment properties (continued)</B></FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 60%">Investment Property</TD>
  <TD STYLE="width: 30%">25 - 45 years</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#9;&#9; </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(m)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Inventories</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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;2021 and 2020, inventories mainly consisted of
mobile phone and its accessories, tablet, sim-cards, </FONT>tower construction materials and other electronic products<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(n)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Impairment of assets</B></FONT></TD></TR>
</TABLE></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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&#8217;s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset&#8217;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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(o)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Employee benefits</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(i)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Short-term obligations</I></FONT></TD></TR>
</TABLE>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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&#8217;
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 employee benefit obligations in the statement of financial position.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(o)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Employee benefits (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(ii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Termination benefits</I></FONT></TD></TR>
</TABLE>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 based on 30 days' pay up to a of maximum full TL 8.2 as at
31&nbsp;December&nbsp;2021 (31 December 2020:</FONT> TL <FONT STYLE="font-family: Times New Roman, Times, Serif">7.1</FONT>)<FONT STYLE="font-family: Times New Roman, Times, Serif">,
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>Discount rate used for calculating employee termination benefit as of
31 December 2021 is 2.9% (31 December 2020: 3.0%). <FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iii)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Defined contribution plans</I></FONT></TD></TR>
</TABLE></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(iv)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Share-based payments</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 received 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><I>(v)</I></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><I>Personnel bonus</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(p)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Provisions</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 3pt 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: 3pt 0; text-align: justify">Provisions are measured at the present value of
management&#8217;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: 3pt 0; text-align: justify"><I>&nbsp;</I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><I></I></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(p)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Provisions</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 0 0 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(q)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Revenue</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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 6.5pt; 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. The Company transfers control of these services over time and, therefore, satisfies the performance
obligations 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: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">The good or service is capable of being distinct, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">The promise to transfer the good or service is distinct within the context of the contract.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 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 at the time when control of the device has been transferred, being when the products are delivered to the intermediary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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.</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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(q)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Revenue (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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 &#8220;undue assigned
contracted receivables&#8221; in trade receivables (Note 20). When monthly installment is invoiced to the subscriber, related portion
is presented as &#8220;receivables from subscribers&#8221;. The Group collects the contracted receivables in installments during the
contract period and does not recognize any revenue for the handset in these transactions when 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">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 when it does not act as principal for the sale of device. 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 Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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&#8217;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: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">The entity is primarily responsible for fulfilling the promise to provide the specified good or service,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 11pt">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,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt 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: 11pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The entity has discretion in establishing the price for the specified good
or service.</FONT></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 31 December 2021 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
2021, the Company has recognized TL 252,049 (31 December 2020: TL 223,965) 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 the consolidated financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: 0 0 6.5pt; text-align: justify">Contract costs eligible for capitalization
as incremental costs of obtaining a contract comprise commission on sale relating to prepaid and 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, consistent with the pattern of recognition of the associated revenue.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(r)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Income
taxes</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">The income tax expense or credit for
the period is the tax payable on the current period&#8217;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: 0 0 6.5pt; 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">The current income tax charge is calculated based
on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company&#8217;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 based on 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 tax 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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 0pt 0; text-align: justify"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(s)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Earnings per share</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">The Group does not have any potential
ordinary shares in issue, therefore basic and diluted earnings per share (&#8220;EPS&#8221;) are equal. Since basic and diluted EPS are
equal, the Group presents both basic and diluted EPS on one line described as &#8220;Basic and diluted EPS&#8221;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 &#8220;Bonus share&#8221; to shareholders
from retained earnings. In computing earnings per share, such &#8220;Bonus share&#8221; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(t)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Government grants</B></FONT></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 12pt; 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. 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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(u)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Non-current assets held for sale and discontinued operations</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 1.45pt; margin-bottom: 6pt; margin-left: 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 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>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.45pt 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(v)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Equity</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.7pt; margin-bottom: 6pt; margin-left: 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 12pt 0; text-align: justify">Where any Group company purchases
the Company&#8217;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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(w)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Dividends</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 1.45pt; margin-bottom: 12pt; margin-left: 0; text-align: justify; text-indent: -0.3pt">Provision
is made for 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(x)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Subsequent events</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 1.45pt; margin-bottom: 6pt; margin-left: 0; text-align: justify; text-indent: -0.3pt">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; margin: 3pt 0 12pt; text-align: justify">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 consolidated financial statements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(y)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Leases</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The contract involved the use of an identified asset <B>-</B> this may be
specified explicitly or implicitly;</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">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;</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">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 </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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The Group has the right to direct use of the asset. The Group has the right
when it has the decision-making rights that are most relevant to changing the how and for what purpose the asset is used. If these decisions are predetermined;</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The Group has the right to operate the asset or, </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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The Group designed the asset in a way that predetermines how and for what
purpose it is used. </FONT></TD></TR></TABLE>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(y)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Leases (continued)</B></FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: 0 0 6pt; text-align: justify">The right of use asset is initially recognized
at cost comprising of:</P>

<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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Amount of the initial measurement of the lease liability,</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Any lease payments made at or before the commencement date, less any lease
incentives received,</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Any initial direct costs incurred by the Group and</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">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 31).</P>

<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: 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&#8217;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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Fixed payments, including in-substance fixed payments,</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Variable lease payments that depend on an index or a rate, initially measured
using the index or rate as the commencement date,</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Amounts expected to be payable under a residual value guarantee and </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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">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. </FONT></TD></TR></TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(y)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Leases (continued)</B></FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: 0 0 6pt; 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: 0 0 6pt; text-align: justify">The Group accounts for a lease modification
as a separate lease if both:</P>

<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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The modification increases the scope of the lease by adding the right to
use one or more underlying assets and</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: 14.2pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">-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.</FONT></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: 0 0 8pt; 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: 0 0 8pt; 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 Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(z)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>New
standards and interpretations</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Standards, amendments and interpretations applicable as at 31 December 2021</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify"></P>


<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 7pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amendments to IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform
Phase 2; </B>effective from annual periods beginning on or after 1 January 2021. The Phase 2 amendments address issues that arise from
the implementation of the reforms, including the replacement of one benchmark with an alternative one. The Phase 2 amendments provide
additional temporary reliefs from applying specific IAS 39 and IFRS 9 hedge accounting requirements to hedging relationships directly
affected by IBOR reform. The Group has chosen early implementation of interest rate benchmark reform-Phase 2, and the alternative benchmark
will be used from beginning on 1 January 2022.</FONT></TD></TR></TABLE>

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<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"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amendments to IFRS 4 Insurance Contracts &#8211; deferral of IFRS 9;
</B>effective from annual periods beginning on or after 1 January 2023. These amendments defer the date of application of IFRS 17 by two
years to 1 January 2023 and change the fixed date of the temporary exemption in IFRS 4 from applying IFRS 9, Financial instrument until
1 January 2023.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(z)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>New standards and interpretations (continued)</B></FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>i)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Standards, amendments and interpretations applicable as at 31 December 2021
(continued)</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amendment to IFRS 16, &#8216;Leases&#8217; &#8211; Covid-19 related rent
concessions Extension of the Practical expedient;</B> as of March 2021, this amendment extended till June 2022 and effective from 1 April
2021.As a result of the coronavirus (COVID-19) pandemic, rent concessions have been granted to lessees. Such concessions might take a
variety of forms, including payment holidays and deferral of lease payments. On 28 May 2020, the IASB published an amendment to IFRS 16
that provides an optional practical expedient for lessees from assessing whether a rent concession related to COVID-19 is a lease modification.
Lessees can elect to account for such rent concessions in the same way as they would if they were not lease modifications. In many cases,
this will result in accounting for the concession as variable lease payments in the period(s) in which the event or condition that triggers
the reduced payment occurs. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify; text-indent: 0.3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>ii)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Standards,
amendments and interpretations that are issued but not effective as at 31 December 2021</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 6pt 0; text-align: justify; text-indent: 0.3pt"><B></B></P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>IFRS 17, &#8216;Insurance contracts&#8217;; </B>effective from annual
periods beginning on or after 1 January 2023. 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. </FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amendments to IAS 1, Presentation of financial statements&#8217; on classification
of liabilities; </B>effective date deferred until accounting periods starting not earlier than 1 January 2024. These narrow-scope amendments
to IAS 1, &#8216;Presentation of financial statements&#8217;, clarify that liabilities are classified as either current or non-current,
depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity
or events after the reporting date (for example, the receipt of a waiver or a breach of covenant). The amendment also clarifies what IAS
1 means when it refers to the &#8216;settlement&#8217; of a liability.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>A number of narrow-scope amendments to IFRS 3, IAS&nbsp;16, IAS 37 and
some annual improvements on IFRS 1, IFRS&nbsp;9, IAS 41 and IFRS 16; </B>effective from Annual periods beginning on or after 1 January
2022.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><B>Amendments to IFRS 3</B>, &#8216;Business
combinations&#8217; update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements
for business combinations.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><B>Amendments to IAS 16</B>, &#8216;Property,
plant and equipment&#8217; prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling
items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and
related cost in profit or loss.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><B>Amendments to IAS 37</B>, &#8216;Provisions,
contingent liabilities and contingent assets&#8217; specify which costs a company includes when assessing whether a contract will be loss-making.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Annual improvements make minor amendments
to IFRS 1, &#8216;First-time Adoption of IFRS&#8217;, IFRS 9, &#8216;Financial instruments&#8217;, IAS 41, &#8216;Agriculture&#8217; and
the Illustrative Examples accompanying IFRS 16, &#8216;Leases&#8217;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>2.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Basis of preparation and summary of significant accounting policies (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>(z)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>New
standards and interpretations (continued)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>ii)</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Standards,
amendments and interpretations that are issued but not effective as at 31 December 2021</B></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8;</B>
effective from annual periods beginning on or after 1 January 2023. The amendments aim to improve accounting policy disclosures and to
help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. </FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 6pt 0 6pt 35.7pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Amendment to IAS 12 &#8211; Deferred tax related to assets and liabilities
arising from a single transaction;</B> from annual periods beginning on or after 1 January 2023. These amendments require companies to
recognise deferred tax on transactions that, on initial recognition give rise to equal amounts of taxable and deductible temporary differences.</FONT></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The Group does not expect material impact of new
standards and interpretations on the Group&#8217;s accounting policies.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>3.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Business combinations</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company's 100% owned subsidiary Turkcell
Enerji has signed a Share Transfer Agreement to acquire the entire shares of Boyut Grup Enerji Elektrik Uretim ve Insaat Sanayi ve Ticaret
A.S. (&quot;Boyut Enerji&quot;) on 6 July 2021. The respective transaction is based on an enterprise value of USD 29,600. After adjusting
for the net debt of Boyut Enerji, the Group made a payment of USD 10,972. USD 500 of this amount shall be paid after two-years as from
the agreement date. The control power of Boyut Enerji has transferred to the Group as of 18 August 2021. At the time the financial statements
were authorized for issue, goodwill, identifiable assets and liabilities has been accounted in accordance with IFRS 3, &#8220;Business
Combinations&#8221;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The details of the goodwill calculation, total
consideration amount and the net assets acquired 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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-size: 11pt; text-align: left; padding-left: 3.5pt">Total consideration amount</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">95,534</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-style: italic; text-align: left; padding-left: 3.5pt">- Cash consideration amount</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">92,259</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-style: italic; text-align: left; padding-left: 3.5pt">- Contingent and deferred consideration amount (Note 29)</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">3,275</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">Net assets acquired</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">(87,123</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">Goodwill (Note 13)</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">8,411</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 provisional fair values of identifiable assets
and liabilities in accordance with IFRS 3 arising from the acquisition 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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-left: 3.5pt">Cash and cash equivalents</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">5,556</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">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,737</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">Property, plant and equipment (Note 12)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,933</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">Intangible assets (Note 13)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,881</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">Other non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(151,892</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">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,879</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">Due to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,510</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37</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">Employee benefit obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(77</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">Deferred tax 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">(48,755</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: 2.5pt; padding-left: 3.5pt">Fair value of total identifiable net assets (100%)</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">87,123</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: 12pt 1.7pt 6pt 0; text-align: justify"><B></B></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>3.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Business
combinations (continued)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.7pt; margin-bottom: 6pt; margin-left: 0; text-align: justify">The
details of cash outflow due to acquisition 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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-left: 3.5pt">Total consideration - cash</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">92,259</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">Cash and cash equivalents - acquired</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">(5,556</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: 2.5pt; padding-left: 3.5pt">Cash outflow due to acquisition (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">86,703</TD><TD STYLE="padding-bottom: 2.5pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>4.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial risk management</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">This note explains the Group&#8217;s exposure
to financial risks and how these risks could affect the Group&#8217;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 0; text-align: justify">The Group&#8217;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&#8217;s operations and the changes in market conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 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">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, contract assets, trade receivables, receivables from financial services, due from related parties and other current and non-current
assets (Note 37).</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 20).</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 contract assets are mainly related to the Group&#8217;s subscribers.
The Group&#8217;s exposure to credit risk on trade receivables and contract assets is influenced mainly by the individual payment characteristics
of postpaid subscribers. The Group establishes a provision for impairment losses based on its historical events and future expectations
in respect of trade receivables and contract assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; 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 6.5pt; 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: 0 1.1pt 6.5pt 0; text-align: justify">The Group&#8217;s policy is to provide
financial guarantees only to subsidiaries and distributors. At 31&nbsp;December&nbsp;2021, guarantees of TL 3,914,303 were outstanding
(31 December 2020: TL 2,171,281).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 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 demand deposits of TL 3,045,179 (31 December 2020: TL 975,753) 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 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>4.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><B>Liquidity risk (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 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 demand deposits of TL 3,045,179 (31 December 2020: TL 975,753) 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 0; text-align: justify">Management monitors rolling forecasts of the
Group&#8217;s liquidity reserve (Note 37) and cash and cash equivalents (Note 25) on the basis of expected cash flows. In addition, the
Group&#8217;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 6.5pt; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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&#8217;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. 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B><I>(i)</I></B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B><I>Foreign exchange risk</I></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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 since 1
July 2018 the Company applies hedge accounting. Details of the Company&#8217;s foreign exchange risk is disclosed in Note 37.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B><I>(ii)</I></B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B><I>Interest rate risk</I></B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Group&#8217;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&#8217;s policies approved by the Audit Committee, which provide written principles on the use of derivatives. </FONT>The Group&#8217;s
borrowings and receivables are carried at amortized cost. The borrowings are periodically contractually repriced (Note 37) and 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 0 6.5pt; text-align: justify"><I>Effect of IBOR reform</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The reform and replacement of benchmark interest
rates such as USD LIBOR and other interbank offered rates (&#8216;IBORs&#8217;) has become a priority for global regulators. There are
ongoing studies for these changes. The Group&#8217;s risk exposure that is directly affected by the interest rate benchmark reform is
its USD 305,360 floating-rate debt. The Group has hedged this debt with participating cross currency, cross currency and interest swaps, and
it has designated at 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 after the publication of Phase-2 in August 2020. The nominal amount of
these derivative instruments is USD 290,997 and the nominal amount of the hedged part of these instruments is USD 183,425.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>4.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial risk management (continued)</B></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Group treasury department oversees the Group&#8217;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 the USD LIBOR-referenced floating-rate debt and the participating cross currency swap and updating hedge designations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><I>Effect of IBOR reform &#8211; significant
assumptions</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In calculating the change in fair value attributable
to the hedged risk of the 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: 0 0 6pt; 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: 0 0 6pt; 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: 0 0 12pt; 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>5.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Segment information </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">In accordance with its integrated communication
and technology services strategy, Group has reportable segments which are Turkcell Turkey, Turkcell International and Techfin. 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/13pt 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/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Turkcell Turkey reportable segment includes
the operations of Turkcell, Turkcell Superonline Iletisim Hizmetleri A.S. (&#8220;Turkcell Superonline&#8221;), group call center operations
of Global Bilgi Pazarlama Danismanlik ve Cagri Servisi Hizmetleri A.S. (&#8220;Turkcell Global Bilgi&#8221;), Turktell Bilisim Servisleri
A.S. (&#8220;Turktell&#8221;), Turkcell Teknoloji Arastirma ve Gelistirme A.S. (&#8220;Turkcell Teknoloji&#8221;), Kule Hizmet ve Isletmecilik
A.S. (&#8220;Global Tower&#8221;), Atmosware Teknoloji Egitim ve Danismanlik A.S (&#8220;Atmosware Teknoloji&#8221;), Rehberlik Hizmetleri
Servisi A.S. (&#8220;Rehberlik&#8221;), Turkcell Gayrimenkul Hizmetleri A.S. (&#8220;Turkcell Gayrimenkul&#8221;), Lifecell Dijital Servisler
ve Cozumler A.S. (&#8220;Lifecell Dijital Servisler&#8221;), Lifecell Bulut Cozumleri A.S. (&#8220;Lifecell Bulut&#8221;), Lifecell TV
Yayin ve Icerik Hizmetleri A.S. (&#8220;Lifecell TV&#8221;), Lifecell Muzik Yayin ve Iletim A.S. (&#8220;Lifecell Muzik&#8221;), BiP Iletisim
Teknolojileri ve Dijital Servisler A.S. (&#8220;BiP A.S.&#8221;), Turkcell Satis&#8217;s digital business services (Note 2) and Turkcell
Dijital Is Servisleri A.S. (&#8220;Turkcell Dijital&#8221;).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Turkcell International reportable segment
includes the operations of Lifecell LLC (&#8220;lifecell&#8221;), CJSC Belarusian Telecommunications Network (&#8220;Belarusian Telecom&#8221;),
Kibris Mobile Telekomunikasyon Limited Sirketi (&#8220;Kibris Telekom&#8221;), East Asian Consortium B.V. (&#8220;Eastasia&#8221;), Lifecell
Ventures Cooperatief U.A (&#8220;Lifecell Ventures&#8221;), Beltel Telekomunikasyon Hizmetleri A.S. (&#8220;Beltel&#8221;), LLC UkrTower
(&#8220;UkrTower&#8221;), LLC Global Bilgi (&#8220;Global LLC&#8221;), Turkcell Europe GmbH (&#8220;Turkcell Europe&#8221;), Lifetech
LLC (&#8220;Lifetech&#8221;), Beltower LLC (&#8220;Beltower&#8221;), Lifecell Digital Limited (&#8220;Lifecell Digital&#8221;), Yaani
Digital BV (&#8220;Yaani&#8221;) and BiP Digital Communication Technologies B.V (&#8220;BiP B.V.&#8221;).</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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>4.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Techfin reportable segment includes the operations
of Turkcell Finansman, Turkcell Odeme, Paycell and Turkcell Sigorta. 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.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Other reportable segment mainly comprises
the information and entertainment services in Turkey, non-group call center operations of Turkcell Global Bilgi, Turkcell Enerji, Boyut
Enerji and Turkcell Satis&#8217;s other operations.</P>

<P STYLE="font: 11pt/13pt 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 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>5.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Techfin</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment Eliminations</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; 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-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</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><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" 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" 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: 52%; font-size: 8.5pt; text-align: left; padding-left: 1.4pt">Total segment revenue</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">27,223,543</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">22,822,872</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">3,750,081</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">2,542,410</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">1,075,742</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">845,189</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">4,930,019</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">3,603,236</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">(1,058,843</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">(709,969</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">35,920,542</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">29,103,738</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; text-align: left; padding-left: 1.4pt">Inter-segment revenue</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">(175,173</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">(135,542</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">(99,353</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">(87,955</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">(61,846</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">(14,202</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">(722,471</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">(472,270</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">1,058,843</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">709,969</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">&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: 8.5pt; font-weight: bold; text-align: left; padding-left: 1.4pt">Revenues from external customers</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">27,048,370</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">22,687,330</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">3,650,728</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">2,454,455</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">1,013,896</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">830,987</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">4,207,548</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">3,130,966</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">35,920,542</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">29,103,738</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: 8.5pt; text-align: left; padding-left: 1.4pt">Adjusted EBITDA</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">12,167,845</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">10,283,439</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">1,828,333</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">1,169,488</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">638,946</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">507,164</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">401,086</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">338,188</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">(22,397</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">(27,981</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">15,013,813</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">12,270,298</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: 8.5pt; text-align: left; padding-left: 1.4pt">IFRS 9 impairment loss provision</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">(251,870</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">(295,978</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">(7,785</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">(2,845</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">(10,436</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">(50,356</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">(1,071</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">(416</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><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">(271,162</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">(349,595</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -17.85pt"><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>&nbsp;</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Techfin</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment Eliminations</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8.5pt; 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-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2019</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><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" 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" 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: 52%; font-size: 8.5pt; text-align: left; padding-left: 1.4pt">Total segment revenue</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">22,822,872</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">19,954,368</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">2,542,410</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">2,002,789</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">845,189</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">1,144,023</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">3,603,236</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">2,661,444</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">(709,969</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">(625,489</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">29,103,738</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: right">25,137,135</TD><TD STYLE="width: 1%; font-size: 8.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; text-align: left; padding-left: 1.4pt">Inter-segment revenue</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(135,542</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(134,016</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(87,955</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(94,703</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(14,202</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(840</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(472,270</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(395,930</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">709,969</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">625,489</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 1.4pt">Revenues from external customers</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>22,687,330</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>19,820,352</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>2,454,455</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>1,908,086</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>830,987</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>1,143,183</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>3,130,966</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>2,265,514</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>&mdash;&nbsp;&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>&mdash;&nbsp;&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>29,103,738</B></TD><TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 8.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 8.5pt; text-align: right"><B>25,137,135</B></TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; text-align: left; padding-left: 1.4pt">Adjusted EBITDA</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">10,283,439</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">8,626,020</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">1,169,488</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">903,896</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">507,164</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">660,962</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">338,188</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">267,656</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(27,981</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(32,115</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">12,270,298</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">10,426,419</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; text-align: left; padding-left: 1.4pt">IFRS 9 impairment loss provision</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(295,978</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(223,879</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(2,845</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(5,109</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(50,356</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(363</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(416</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(109,506</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(349,595</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD><TD STYLE="font-size: 8.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8.5pt; text-align: right">(338,857</TD><TD STYLE="font-size: 8.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -17.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -17.85pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: -27pt"><B>&nbsp;</B></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>5.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Segment information (continued)</B></FONT></TD></TR>
</TABLE>


<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: 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">2021</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">2020</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></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">5,031,278</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">4,239,620</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">3,276,690</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: 10.7pt">Add/(Less):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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">&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; 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></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">5,031,278</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">4,239,620</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">2,504,254</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">(490,184</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">387,193</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">785,630</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">(3,592,026</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">(2,119,483</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">(297,450</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">6,492,878</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">3,251,164</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">2,025,118</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">(249,793</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">(96,585</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">(140,705</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">619,837</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">619,835</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">487,295</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">7,291,913</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">5,974,779</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">5,046,565</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 profit/(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">(90,090</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">13,775</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">15,712</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">15,013,813</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">12,270,298</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">10,426,419</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: 12pt 0 6pt; text-align: justify"><B>Geographical information</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">In presenting the information based on 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: 0 1.45pt 0 0; text-align: justify"><B>&nbsp;</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">2021</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">2020</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></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">32,269,797</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">26,648,183</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">23,229,046</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">2,832,145</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,800,983</TD><TD STYLE="text-align: left">&nbsp;</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></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">508,289</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">395,363</TD><TD STYLE="text-align: left">&nbsp;</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></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">290,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,652</TD><TD STYLE="text-align: left">&nbsp;</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></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">19,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,863</TD><TD STYLE="text-align: left">&nbsp;</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">Germany</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">694</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">2,154</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">35,920,542</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">29,103,738</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">25,137,135</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: 0 1.45pt 0 0; text-align: justify"><B>&nbsp;</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">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;2021</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 2020</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">31,970,383</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">26,165,209</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">6,566,537</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,390,246</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">493,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264,864</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">268,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244,710</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">1,872,144</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">849,992</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">41,171,037</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">30,915,021</TD><TD STYLE="padding-bottom: 2.5pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>6.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Revenue</B></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt 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">Turkcell Turkey</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">Techfin</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">Other</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 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">2021</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">2020</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">2021</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">2020</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">2021</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">2020</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">2021</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">2020</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">2021</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">2020</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">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-left: 1.4pt">Telecommunication services</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; text-align: right">25,791,341</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">21,676,482</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">3,479,631</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">2,299,682</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">&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">(66,525</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">(58,659</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">29,204,447</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">23,917,505</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: 1.4pt">Equipment revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,257,639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,901</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">2,832,180</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,208,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,219</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,662</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,160,713</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,316,984</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: 1.4pt">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">1,075,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">845,189</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">(61,846</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,013,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830,987</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.4pt">Call center revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,566</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">540,553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(65,313</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,344</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">569,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431,971</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: 1.4pt">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">128,295</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">105,431</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">102,277</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">85,261</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">&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><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">1,557,286</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">979,701</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">(815,940</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">(564,102</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">971,918</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">606,291</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; padding-bottom: 2.5pt; padding-left: 1.4pt">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">27,223,543</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">22,822,872</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">3,750,081</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">2,542,410</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">1,075,742</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">845,189</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">4,930,019</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">3,603,236</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">(1,058,843</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">(709,969</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">35,920,542</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">29,103,738</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: 0 1.65pt 6.5pt 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: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Techfin</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment Eliminations</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 9pt; 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-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">2020</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">2019</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">2020</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">2019</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">2020</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">2019</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">2020</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">2019</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">2020</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">2019</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">2020</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">2019</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 9pt; text-align: left; padding-left: 1.4pt">Telecommunication services</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">21,676,482</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">19,157,657</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">2,299,682</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">1,780,793</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; 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: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; 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: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; 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: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; 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: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">(58,659</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">(60,147</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">23,917,505</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: right">20,878,303</TD><TD STYLE="width: 1%; 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: 1.4pt">Equipment revenues</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">1,006,576</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">637,029</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">122,901</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">115,905</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">&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">2,208,169</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">1,497,765</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">(20,662</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">(4,659</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">3,316,984</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">2,246,040</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: 1.4pt">Revenue from financial services</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">&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">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">845,189</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">1,141,712</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">&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">(14,202</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">(839</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">830,987</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">1,140,873</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: 1.4pt">Call center revenues</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,008</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">415,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,344</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82,468</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">431,971</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312,443</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; padding-bottom: 1pt; padding-left: 1.4pt">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">105,431</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">89,905</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">85,261</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">89,083</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">2,311</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">979,701</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">855,553</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">(564,102</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">(477,376</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">606,291</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">559,476</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 1.4pt">Total</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">22,822,872</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">19,954,368</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">2,542,410</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">2,002,789</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">845,189</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">1,144,023</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">3,603,236</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">2,661,444</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">(709,969</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">(625,489</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">29,103,738</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">25,137,135</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>6.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B><B>Revenue (continued)</B></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Techfin</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment Eliminations</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; 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: 40%; font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Telecommunication services</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">25,791,341</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">3,479,631</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">(66,525</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">29,204,447</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">229,120</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">26,085</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(1</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">255,204</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">25,562,221</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3,453,546</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(66,524</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">28,949,243</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Equipment related</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">1,257,639</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">120,113</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">2,832,180</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">(49,219</TD><TD STYLE="font-weight: bold; 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">4,160,713</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1,035,373</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">120,113</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,832,180</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(49,219</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3,938,447</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">222,266</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">222,266</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Revenue from financial services</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">1,075,742</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">(61,846</TD><TD STYLE="font-weight: bold; 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">1,013,896</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">441,404</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(61,846</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">379,558</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">634,338</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">634,338</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Call center</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">46,268</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">48,060</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">540,553</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">(65,313</TD><TD STYLE="font-weight: bold; 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">569,568</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">46,268</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">48,060</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">540,553</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(65,313</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">569,568</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">All other segments</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">128,295</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">102,277</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">1,557,286</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">(815,940</TD><TD STYLE="font-weight: bold; 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">971,918</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">6,013</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">351</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">46,625</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2,953</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">50,036</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">122,282</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">101,926</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1,510,661</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(812,987</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">921,882</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; padding-left: 2.25pt">Total</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">27,223,543</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">3,750,081</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">1,075,742</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">4,930,019</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">(1,058,843</TD><TD STYLE="font-weight: bold; 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">35,920,542</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1,270,506</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">146,549</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">441,404</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,878,805</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(114,019</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">4,623,245</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">25,953,037</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3,603,532</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">634,338</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,051,214</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(944,824</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">31,297,297</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 0 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 0 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell Turkey</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Turkcell International</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Techfin</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Intersegment Eliminations</TD><TD STYLE="font-size: 8.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8.5pt; 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: 40%; font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Telecommunication services</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">21,676,482</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">2,299,682</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">(58,659</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">23,917,505</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">254,619</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">14,821</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">269,440</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">21,421,863</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,284,861</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(58,659</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">23,648,065</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Equipment related</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">1,006,576</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">122,901</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">2,208,169</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">(20,662</TD><TD STYLE="font-weight: bold; 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">3,316,984</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">918,344</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">122,901</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,208,169</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(20,662</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3,228,752</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">88,232</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">88,232</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Revenue from financial services</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">845,189</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">(14,202</TD><TD STYLE="font-weight: bold; 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">830,987</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">245,223</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(14,202</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">231,021</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">599,966</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">599,966</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">Call center</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">34,383</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">34,566</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">415,366</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">(52,344</TD><TD STYLE="font-weight: bold; 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">431,971</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">34,383</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">34,566</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">415,366</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(52,344</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">431,971</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; text-align: left; padding-left: 2.25pt">All other segments</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">105,431</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">85,261</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">979,701</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">(564,102</TD><TD STYLE="font-weight: bold; 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">606,291</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">10</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">9,132</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">52,958</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(4,342</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">57,758</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">105,421</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">76,129</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">926,743</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(559,760</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">548,533</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-weight: bold; padding-left: 2.25pt">Total</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">22,822,872</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">2,542,410</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">845,189</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">3,603,236</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">(709,969</TD><TD STYLE="font-weight: bold; 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">29,103,738</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-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">At a point in time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1,172,973</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">146,854</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">245,223</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,261,127</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(39,206</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">3,786,971</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8.5pt; font-style: italic; text-align: left; padding-left: 2.25pt">Over time</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">21,649,899</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2,395,556</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">599,966</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1,342,109</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(670,763</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">25,316,767</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 0 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 0 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 1.7pt 0 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>7.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Other income and expense</B></FONT></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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 3.5pt">Gain on sale of fixed assets</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">109,489</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">23,950</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">47,169</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">Gain on modification of lease contract</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,484</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">Rent income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,960</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,839</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,522</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">Non-interest income from banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,477</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">96,409</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">37,711</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">83,053</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">Other income</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">249,793</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">96,585</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">140,705</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: 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: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Litigation expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(313,049</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(387,352</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(303,879</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">Revaluation tax expense (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(156,577</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="text-align: left; padding-left: 3.5pt">Donation expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,481</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(60,778</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">Supplementary contributions to retailers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,492</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,804</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">Subscriber returns (**)</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">(22,722</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">Restructuring cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,993</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,051</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91,710</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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">(50,245</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">(89,128</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">(91,706</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: 2.5pt; padding-left: 3.5pt">Other 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">(619,837</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">(619,835</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">(487,295</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) It consists of 2% tax expense paid over the value
increase resulting from the revaluation of the properties and depreciable economic assets (Note 10).</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(**) It consists of the transfer of the expired portion
of the returns that cannot be made to the subscribers due to various reasons despite the performance of all obligations specified in the
legislation, to the Evrensel Fund.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>8.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Employee benefit expenses</B></FONT></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">2021</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">2020</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></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">3,435,969</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">2,820,500</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">2,434,790</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">58,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,879</TD><TD STYLE="text-align: left">&nbsp;</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></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">20,004</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">14,677</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">12,785</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">3,514,385</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">2,874,056</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">2,479,374</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 1.4pt 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: 0 1.7pt 6pt 0; text-align: justify">(**) Remeasurements of employee termination
benefits for the years ended 31 December 2021, 2020 and 2019 amounting to<BR>
<FONT STYLE="background-color: white">TL 163,588</FONT>, TL 37,230 and TL 36,385 respectively are reflected in other comprehensive income.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 12pt 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" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>9.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Finance income and costs</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.7pt; margin-bottom: 6pt; margin-left: 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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 5.4pt">Cash flow hedges - reclassified to profit or loss</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,631,491</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">1,410,997</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Net fair value gains and interest on derivative financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,258,961</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317,820</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: 5.4pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">662,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">288,010</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">39,060</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">23,971</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">9,440</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">3,592,026</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">2,119,483</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">297,450</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">(5,538,543</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,409,550</TD><TD STYLE="text-align: left">)</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></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">(918,087</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(811,439</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(874,535</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 and interest on derivative financial instruments</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">(550,438</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">Cash flow hedges - reclassified to profit or loss</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">461,133</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">(36,248</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">(30,175</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">(21,660</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">(6,492,878</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">(3,251,164</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">(2,025,118</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">(2,900,852</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">(1,131,681</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">(1,727,668</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">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: 0 1.7pt 6pt 0; text-align: justify">Foreign exchange losses from Belarusian
Telecom and lifecell exclude foreign exchange losses incurred in the foreign operations&#8217; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 6pt 0; text-align: justify">Interest income and expense on financial
assets measured at amortized cost are shown as netted of on consolidated statement of profit or loss. The Company has gross interest income
and expense on financial assets at amortized cost amounting to TL 387,708, TL (1,305,795), TL 281,993, TL (1,093,432), and TL 316,932, TL (1,191,467) for the years ended 31 December 2021, 2020 and 2019, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.7pt 6pt 0; text-align: justify">Foreign exchange gains and losses are
shown as netted of on consolidated statement of profit or loss. The company has gross foreign exchange gains and losses amounting to TL
9,011,204, TL (14,549,747), TL 2,398,635, TL (4,808,185) and TL 1,110,260, TL (2,149,878) for the years ended 31 December 2021, 2020 and 2019, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.7pt 0 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>10.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Income tax expense</B></FONT></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">2021</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">2020</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></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; padding-left: 3.5pt">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">(681,513</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">(724,688</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">(570,509</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: 1pt; padding-left: 3.5pt">Deferred income tax credit/(expense)</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">1,171,697</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">337,495</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">(215,121</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">Total income tax expense</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">490,184</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">(387,193</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">(785,630</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: 12pt 0 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="text-align: justify; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B>Income tax relating to each component of other comprehensive income</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;2021</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: 0; text-align: center"><B>Tax (expense)/</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>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">2,410,295</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">(861,143</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">1,549,152</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">197,211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,912</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,299</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 cost of hedging reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,185,074</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(948,059</TD><TD STYLE="text-align: left">)</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">(65,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,395</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">Hedges of net investments in foreign operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,558,374</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">311,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,246,699</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="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">(163,588</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</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">32,276</TD><TD STYLE="padding-bottom: 1pt; 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">(131,312</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; 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">(365,024</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">(322,990</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">(688,014</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</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="font-weight: bold; text-align: left; padding-left: 5.4pt">2020</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">29,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,081</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">9,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,957</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,957</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">(487,644</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,089</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(395,555</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">Fair value reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,970</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">483</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,487</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">Hedges of net investments in foreign operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(368,959</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,684</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(296,275</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">(37,230</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">6,085</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">(31,145</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">(856,537</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">173,113</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">(683,424</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</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="font-weight: bold; text-align: left; padding-left: 5.4pt">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></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">536,796</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">437,562</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 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>
  </TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>10.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Income tax expense (continued)</B></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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">2021</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">2020</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></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">4,541,094</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">4,626,813</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">3,289,884</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="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><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></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="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">4,541,094</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">4,626,813</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">4,062,320</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; 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="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">(1,135,274</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,017,899</TD><TD STYLE="text-align: left">)</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></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">16,711</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,825</TD><TD STYLE="text-align: left">)</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></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">231,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,718</TD><TD STYLE="text-align: left">&nbsp;</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Revaluation effect of tangible and intangible assets (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,641,145</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="text-align: left; padding-left: 3.5pt">Previously unrecognized tax losses used to reduce deferred tax expense (**)</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">665,842</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">Utilization of previously unrecognized tax losses</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">6,746</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">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">(467,266</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(123,738</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Tax exemptions from sale of subsidiary and associate (***)</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">169,936</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">Change in unrecognized deferred tax assets (****)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,970</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,094</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,681</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">Adjustments for current tax of prior years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,115</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,667</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Effect of increase in corporate tax rate in Turkey</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,709</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,119</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: 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">(13,514</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,794</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,592</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: 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">1,941</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">1,399</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">1,777</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">490,184</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">(387,193</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">(785,630</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: 2pt 0; text-align: justify">(*) With Article 11 of the Law No. 7326 published
in the Official Gazette on 9 June 2021, the opportunity to revalue the properties and depreciable economic assets on the effective date
of the law was introduced. The provision of the article can be used until 31 December 2021. These assets will be valued with the Producer
Price Index (&#8220;PPI&#8221;) rate and tax, calculated 2% of valuation difference, paid in 3 installments (at two-month intervals) at
the rate of 2%. For revalued assets, the valuation difference can be depreciated and written off as an expense. Within the scope of the
law amendment, deferred tax asset has been recognised in the statement of financial position based on the revaluation records for fixed
assets in the legal book, and the deferred tax income related to this asset has been recorded in the consolidated statement of profit
or loss.</P>

<P STYLE="font: 9pt/13pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">(**) Mainly comprises the deferred tax credit
of TL 665,842 which relates to the carried-forward tax losses of lifecell. lifecell has recorded positive taxable profits for the year
ended 31 December 2020, mainly as a result of increased subscriber numbers and cost management. The Group has concluded that the deferred
tax assets will be recoverable using the estimated future taxable profits based on the business plan of lifecell. The tax losses can be
carried forward indefinitely and have no expiry date.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">(***) For the years ended 31 December 2019, includes
the Group&#8217;s transfer of its total shareholding in Fintur and Azerinteltek, respectively.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2pt 0; text-align: justify">(****) Mainly comprises of unused 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">On 22 April 2021, a temporary article is added
to the Turkey&#8217;s Corporate Tax Law No. 5220 which was published in the Official Gazette. The Law increases the corporate tax rate
under Corporate Tax Law from the current 20% rate to 25% for the tax year 2021 and to 23% rate for the tax year 2022; the change took
effect on the Law&#8217;s date of publication. It is expected to continue with 20% afterwards.</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>10.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Income tax expense (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 0; text-align: justify">In Turkey, there is no procedure for a final and
definitive agreement on tax assessments. Companies file their tax returns by the end of the fourth month 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 0; text-align: justify">In Turkey, the transfer pricing provisions have
been stated under Article 13 of Corporate Tax Law with the heading of &#8220;disguised profit distribution via transfer pricing&#8221;.
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 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'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/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 0; text-align: justify">The earnings arising from the
sale of founding shares, redeemed shares and priority rights, which the institutions have for at least two full years in their assets
are exempted from corporate tax for 75%. The earnings arising from the sale of immovables, which the institutions have for at least two
full years in their assets are exempted from corporate tax for 50%. The exempted earnings are transferred to another account in any way
other than being added to the capital within five years or withdrawn from the business or taxes not accrued on time due to the exception
applied for the part transferred to the head office by limited taxpayer institutions are considered to be lost. The sales must be collected
until the end of the second calendar year following the sale</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.65pt 6.5pt 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>10.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Income tax expense (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 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: 3pt 0; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</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: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.35pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income from the sale of non-resident subsidiary
shares,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.35pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Participation income from non-resident subsidiaries,
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 7.35pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commercial income through permanent establishment
and permanent representatives abroad,</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 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&#8217;s
shares are exempted from corporation tax under condition that incomes are transferred until 30 June 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 21.25pt"><FONT STYLE="font: 11pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">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 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">7532 Law on amending the Tax Procedure Law and
Corporate Tax Law was enacted on 20 January 2022. It has been decided that the financial statements will not be subject to inflation adjustment
in the 2021 and 2022 accounting periods, including the provisional accounting periods, and in the provisional tax periods of the 2023
accounting period, regardless of whether the conditions for the inflation adjustment within the scope of the Repeated Article 298 are
met. In line with the Law No. 7352, inflation adjustment will be applied to the financial statements dated 31 December 2023, and the profit/loss
difference arising from the inflation adjustment will not be taxed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>11.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Expenses by nature</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 6pt 0; text-align: justify">Breakdown of expenses by nature for
the years ended 31 December 2021, 2020 and 2019 is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 0 0; text-align: justify"><I>Cost of revenue:</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">2021</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">2020</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></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">(7,291,913</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">(5,974,779</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">(5,046,565</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">(4,377,966</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,301,984</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">Share of Turkish Treasury (Note 1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,816,508</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,418,800</TD><TD STYLE="text-align: left">)</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></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">(2,608,009</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,247,647</TD><TD STYLE="text-align: left">)</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></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">(2,085,343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,741,591</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,447,037</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">Radio expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,258,037</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(921,153</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">(1,032,410</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(887,243</TD><TD STYLE="text-align: left">)</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></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">(565,820</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(426,036</TD><TD STYLE="text-align: left">)</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></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">(388,817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(330,932</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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">(340,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(214,478</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">(223,050</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,237</TD><TD STYLE="text-align: left">)</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></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">(2,241,819</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">(1,736,179</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">(1,561,544</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">(25,229,974</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">(20,336,059</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">(17,083,480</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: 3pt 0; text-align: justify">(*) As at 31 December 2021, depreciation and amortization
expenses include depreciation and amortization expenses related to the financial services amounting to TL 66,798 (31 December 2020: TL
39,726; 31 December 2019: TL 26,478).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(**) As at 31 December 2021, cost of revenue from financial
services includes employee benefit expenses related to the financial services amounting to TL 31,722 (31 December 2020: TL 18,166; 31
December 2019: TL 11,358).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>11.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Expenses by nature (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify"><I>Selling and marketing 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">2021</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">2020</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></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">(779,470</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">(634,367</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">(547,136</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">Marketing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(733,381</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(507,921</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(554,538</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">(163,974</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(173,064</TD><TD STYLE="text-align: left">)</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></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">(101,658</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">(57,601</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">(104,246</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">(1,778,483</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">(1,372,953</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">(1,555,189</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: 3pt 0 6pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; 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">2021</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">2020</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></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">(617,850</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">(479,932</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">(473,843</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">Consultancy expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,534</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,105</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Service expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,971</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(58,255</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,756</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">Collection expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,224</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,189</TD><TD STYLE="text-align: left">)</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></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">(27,419</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,139</TD><TD STYLE="text-align: left">)</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></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">(17,938</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,009</TD><TD STYLE="text-align: left">)</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></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">(84,087</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">(68,983</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">(83,497</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">(919,023</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">(749,612</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">(779,755</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: 3pt 0 6pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; 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">2021</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">2020</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></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">(271,162</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">(349,595</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">(338,857</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">)</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">(271,162</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">(349,595</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">(338,857</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: 3pt 0 6pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify"><I></I></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; text-align: justify"><I></I></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>12.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Property, plant and equipment </B></FONT></TD></TR>
</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; 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 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;2021</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">Acquisition through business combination</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; 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: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Transfer to investment property</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: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Effects of movements in exchange rates</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">Balance as at <BR> 31&nbsp;December 2021</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">24,923,118</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">1,415,616</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">(435,571</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">4,084,711</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">&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">4,319,376</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">34,307,250</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">1,485,249</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">40,466</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,191</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">185,428</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">(14,021</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">33,470</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">1,720,401</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">955,894</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">87,930</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(25,762</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">16,858</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">27</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">67,137</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,102,084</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">44,999</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,162</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,399</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">156</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">6,220</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">51,138</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">342,093</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,849</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(32,476</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">546</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">10,746</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">329,758</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">Electricity production power plant</TD><TD 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">103,750</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">103,750</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">681,299</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">4,217,377</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">(4,817</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">(4,298,421</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">(20,000</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">235,130</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">810,568</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">28,432,652</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">5,772,400</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">(511,216</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">(10,878</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">103,933</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">(20,000</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">(14,021</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">4,672,079</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">38,424,949</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 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: rgb(204,238,255)">
    <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">13,090,823</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,762,649</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(372,950</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">4,493</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">3,311,476</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">18,796,491</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">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">354,312</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">82,528</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">(3,804</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">(9,999</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">20,388</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">443,425</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">717,871</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">66,229</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(21,141</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">&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">58,242</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">821,201</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">40,027</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,373</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,399</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">&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">6,104</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">47,105</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">326,889</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,698</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(31,026</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">&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">8,465</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">312,026</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">Electricity production power plant</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">1,922</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">&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">&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">&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">1,922</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">14,529,922</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">2,924,399</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">(431,320</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; 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; 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">4,493</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">(9,999</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">3,404,675</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">20,422,170</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">13,902,730</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">2,848,001</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">(79,896</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">(10,878</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">103,933</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">(24,493</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">(4,022</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">1,267,404</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">18,002,779</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 1.5pt 6pt 0; text-align: justify">Depreciation expenses for the years
ended 31 December 2021, 2020 and 2019 amounting to TL 2,948,892, TL 2,425,566 and TL 2,196,902, respectively include impairment losses
and are recognized in cost of revenue.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.4pt 6pt 0; text-align: justify">Impairment losses on property, plant
and equipment for the years ended 31 December 2021, 2020 and 2019 are TL 24,493, TL 4,185 and TL 18,007, respectively and are recognized
in depreciation expenses.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.4pt 6pt 0; text-align: justify">Capitalization rates and amounts
other than borrowings made specifically for the purpose of acquiring a qualifying asset are 7.6%, 12.4% and 18.5%; TL 183,951 and TL 100,051
and TL 123,449 for the years ended 31 December 2021, 2020 and 2019 respectively.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.4pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impaired
network </FONT>infrastructure <FONT STYLE="font-family: Times New Roman, Times, Serif">mainly consists of damaged or technologically inadequate
mobile and fixed network infrastructure investments.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5pt 6.5pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Network
</FONT>infrastructure <FONT STYLE="font-family: Times New Roman, Times, Serif">mainly consists of mobile and fixed network infrastructure
investments.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.5pt 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>12.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Property, plant and equipment (continued) </B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 0 3pt; 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">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;2020</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">Disposal of subsidiaries</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">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">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 2020</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">22,022,991</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">818,989</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">(699,727</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">2,671,001</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">(15,536</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">&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">125,400</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">24,923,118</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">1,211,323</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">68,667</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,004</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">212,943</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">(6,781</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">1,101</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,485,249</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">866,409</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">93,428</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,954</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">8,961</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(3,482</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">1,532</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">955,894</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">44,518</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,098</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,690</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</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">77</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">44,999</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">335,837</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,149</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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</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">341</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,574</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">402</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">342,093</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">666,328</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">2,921,952</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">(11,372</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">(2,898,087</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">(2</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">2,480</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">681,299</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">25,147,406</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">3,912,283</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">(725,809</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">(4,841</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">(20,596</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">(2</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">(6,781</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">130,992</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">28,432,652</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">11,382,813</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,270,537</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(656,472</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">(15,536</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">4,183</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">105,298</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">13,090,823</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">285,626</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">73,594</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">(5,528</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">620</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">354,312</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">673,927</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">53,914</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7,865</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">(3,287</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">1,182</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">717,871</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">37,840</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,714</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,593</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</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">70</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">40,027</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">308,709</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">19,622</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">(49</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">(1,574</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">181</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">326,889</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">12,688,915</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">2,421,381</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">(665,979</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">(20,401</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">4,183</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">(5,528</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">107,351</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">14,529,922</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">12,458,491</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">1,490,902</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">(59,830</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">(4,841</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">(195</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">(4,185</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">(1,253</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">23,641</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">13,902,730</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: 4pt 0 3pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 0 3pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>13.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 0 3pt; text-align: justify"></P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 0; text-align: justify">The carrying amounts of 2G, 3G and
4.5G licenses are TL 57,478, TL 276,957 and TL 2,882,117, respectively (31 Decemer 2020: TL 103,460, TL 320,599 and TL 3,320,721, respectively).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 0; text-align: justify"><B>lifecell</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">lifecell owns nine activity licenses: a technology
neutral license, issued for 3G, one license for international and long-distance calls and seven PSTN licenses for seven regions in Ukraine.
As of 31 December 2021, lifecell owns twenty frequency use licenses for IMT (LTE-2600, LTE-1800, LTE-900), IMT-2000 (UMTS), GSM-900, GSM-1800,
and microwave Radiorelay and Broadband Radio Access, which are regional and national. Additionally, lifecell holds a specific number range
&#8212; three NDC codes for mobile network, twenty-eight permissions on a number resource for short numbers, ten permissions on a number
resource for SS-7 codes (six regional and four international), one permission on a number resource for Mobile Network Code, eight permissions
on a number resource for local ranges for PSTN licenses, two permissions on service codes for alternative routing selection for international
and long-distance fixed telephony, and one permission on a code for global telecommunication service &#8220;800&#8221;. The carrying amount
of lifecell&#8217;s licenses is TL 2,054,249 (31 December 2020: TL 1,217,173).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; 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"><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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>13.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 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;2021</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">Acquisition through business combinations</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; 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: 0; text-align: right"><B>Balance at</B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December 2021</B></P></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: 5%; font-size: 8pt; text-align: right">9,188,733</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">279</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">(830</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">18</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">&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">1,554,745</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">10,742,945</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">11,835,827</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">2,003,373</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(73,673</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">131,439</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">540,882</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14,437,848</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">88,499</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">764</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">89,263</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">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">159,995</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,127</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">166,122</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">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">9,483</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">534</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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</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">592</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">1,650</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">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">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">15,512</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-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">40,010</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">8,411</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">48,421</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">4,787,853</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,804,368</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(56,666</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">110,045</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,645,600</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">Electricity production license</TD><TD 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">182,881</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">182,881</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">186,743</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">63,722</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">(457</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">6,274</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">256,282</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">1,142</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">135,067</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">(551</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">(120,714</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">799</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">15,743</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">26,313,797</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">4,014,234</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">(131,768</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">10,878</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">191,292</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">2,214,395</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">32,612,828</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></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></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">4,253,203</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">662,888</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(830</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">26</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">537,662</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,452,949</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">7,304,194</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,324,586</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(73,471</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">15,319</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">437,734</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">9,008,362</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">79,073</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">846</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">79,919</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">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">56,974</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,532</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">68,506</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">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">32</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(33</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">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">7,345</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">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">13,085</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">13,522</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">2,133,755</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">995,510</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(56,666</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">93,030</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,165,629</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">Electricity production license</TD><TD 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">3,382</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">3,382</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">98,689</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">52,106</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; 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; 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">640</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">151,435</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">13,946,013</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">3,051,319</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">(131,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; 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; 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">15,345</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">1,069,372</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">17,951,049</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></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">12,367,784</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">962,915</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">(768</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">10,878</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">191,292</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">(15,345</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">1,145,023</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">14,661,779</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: 6pt 0; text-align: justify">(*) As of 31 December 2021, the consolidated financial
statements include goodwill amounting to TL 32,834, TL 8,411 and TL 7,176 regarding Turkcell Superonline, Boyut Enerji (Note 3) and Yaani
respectively<BR>
(31 December 2020: 40,010). No impairment test for goodwill has been performed due to immaterial to consolidated financial statements.</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>13.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets (continued)</B></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 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;2020</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 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 subsidiaries</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">Acquisition through business combinations</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; text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Balance at</B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December 2020</B></P></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">9,132,617</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">695</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">(32,445</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">10,110</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">&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">77,756</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">9,188,733</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">10,133,924</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,621,210</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(31,808</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">107,819</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">(10,164</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">14,846</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">11,835,827</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">74,379</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">14,120</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">88,499</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">12,426</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&mdash;&nbsp;&nbsp;</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">9,709</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">32,668</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">159,995</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">7,740</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,518</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">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">9,483</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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">7,176</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">40,010</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">3,248,859</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,573,606</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(37,307</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">2,695</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">4,787,853</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">93,942</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">20,968</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(388</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">39</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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">71,652</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">530</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">186,743</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">13,452</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">134,089</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">(712</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">(145,795</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">&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">108</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">1,142</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">22,883,303</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">3,375,915</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">(102,660</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">4,841</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">(22,590</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">78,828</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">96,160</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">26,313,797</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">3,632,968</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">636,749</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">(28,052</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">(7,700</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">19,238</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">4,253,203</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">6,290,133</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,023,203</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(24,295</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">18,460</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(10,164</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">6,857</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,304,194</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">71,602</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">7,471</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">79,073</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">12,375</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&mdash;&nbsp;&nbsp;</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">40,420</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">8,854</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">7,700</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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">56,974</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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">7,040</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">12,648</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD 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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">13,085</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">1,447,606</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">721,637</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">(37,307</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; 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">&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">1,819</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">2,133,755</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">60,449</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">38,158</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">(107</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; 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; 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">&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">189</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">98,689</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">11,575,241</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">2,436,509</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">(89,761</TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; 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; 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">18,460</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">(22,539</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">28,103</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">13,946,013</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">11,308,062</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">939,406</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">(12,899</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">4,841</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">(18,460</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">(51</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">78,828</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">68,057</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">12,367,784</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: 6pt 0; text-align: justify">(*) On 13 May 2019, Turkcell signed a share purchase
agreement to acquire 100% of the shares of Yaani (formerly &quot;NTENT Netherlands BV&quot;). The transfer of legal shares was completed
on 14 May 2019. The acquisition date has been determined as 1 June 2020. The total consideration transferred amounting to USD 12,310 (TL
78,828) has been accounted for under &#8216;Goodwill&#8217; in the 30 June 2020 financial statements. In accordance with a purchase price
allocation report prepared by qualified external experts, total acquisition amount has been allocated to &#8216;Intangible assets&#8217;
amounting to USD 10,472 (TL 71,652) and &#8216;Goodwill&#8217; amounting to TL 7,176. Management worked closely with the qualified external
experts to establish the appropriate valuation techniques and inputs to the model.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 0; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>13.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Intangible assets (continued)</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4pt 1.45pt 4pt 0; text-align: justify">Amortization expenses for the years
ended 31 December 2021, 2020 and 2019 amounting to TL 3,066,664, TL 2,454,969 and TL 1,920,756, respectively include impairment losses
and are recognized in cost of revenue. Impairment losses on intangible assets for the years ended 31 December 2021, 2020 and 2019 are
TL 15,345, TL 18,460 and TL 2,540, respectively and are recognized in amortization expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; 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 345,369 for the year
ended 31 December 2021 (31 December 2020: TL 244,204). The amortization expenses related to capitalized software development costs for the years
ended 31 December 2021, 2020 and 2019 amounting to TL 44,347, TL 46,601 and TL 47,591, respectively are recognized in cost of revenue.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>14.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Impairment of assets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group&#8217;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 31 December 2021, no impairment test has been carried out since there was no indication of impairment in any of the Group&#8217;s CGUs.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>15.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Investment properties</B></FONT></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> 2021</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: 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2020</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"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Cost</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Opening balance</P></TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">37,079</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">46,283</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Addition</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-left: 5.4pt">Disposal</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">(15,985</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">Transfer to property, plant and equipment</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">14,021</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">6,781</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: 5.4pt">Closing balance</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">51,100</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">37,079</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-left: 5.4pt">Accumulated depreciation</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">Opening balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,404</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,000</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">Transfer to property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,999</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,528</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">Depreciation and impairment charges during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,109</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(697</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">Disposal</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">12,821</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: 5.4pt">Closing balance</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">(34,512</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">(23,404</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 5.4pt">&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="padding-bottom: 1pt; 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="padding-bottom: 1pt; 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; padding-bottom: 2.5pt; padding-left: 5.4pt">Net book amount</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">16,588</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">13,675</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify"><B>Determination of the fair values
of the Group&#8217;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: income capitalization approach and market approach. 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 2021 is TL 6,872 (31 December 2020: TL 5,855 and 31 December 2019: TL 4,078). There is no direct operating expense for investment properties during the
year ended 31 December 2021 (31 December 2020: TL 294 and 31 December 2019: 522).</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>15.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Investment properties (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The Group&#8217;s investment properties and their
fair values at 31 December 2021 and 2020 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; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>31 December 2021</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 11%; 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; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><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: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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">52,725</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">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"><FONT STYLE="font-size: 11pt">Investment properties in Ankara</FONT></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">32,315</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">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"><FONT STYLE="font-size: 11pt">Investment properties in Istanbul</FONT></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">6,705</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Market 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"><FONT STYLE="font-size: 11pt">Investment properties in Adana</FONT></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">3,765</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">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: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment properties in Aydin</P></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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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">3,600</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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"><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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Market 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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>46,385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>52,725</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: 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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>31 December 2020</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 STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Valuation Method</B></FONT></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: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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">22,340</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Income capitalization 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: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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">15,160</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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">Market 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: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Investment properties in Aydin</P></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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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">2,515</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</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"><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">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">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">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>17,675</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>22,340</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">&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 &#8220;income capitalization&#8221; 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 &#8220;market approach&#8221;,&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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>16.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Right of use assets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; background-color: white">Closing balances of
right of use assets as of 31 December 2021 and 31 December 2020 and depreciation and amortization expenses for the years ended 31 December 2021 and 31 December 2020 is stated as 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="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Tangible</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Intangible</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Site Rent</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Building</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">Network equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Vehicles</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Other</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</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">Right of way</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>License</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2021</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">1,182,847</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">306,343</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">218,104</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">159,769</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">111,462</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">1,978,525</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">24,956</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">376,693</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">401,649</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">2,380,174</TD><TD STYLE="width: 1%; font-weight: bold; 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">Depreciation and amortization charge for the year</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">(688,321</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">(67,500</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">(297,333</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">(50,291</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">(94,141</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">(1,197,586</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">(19,575</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">(58,087</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">(77,662</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">(1,275,248</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 2021</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">1,521,783</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">283,175</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">262,267</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">135,530</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">103,956</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">2,306,711</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">45,307</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">631,630</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">676,937</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">2,983,648</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="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: right; padding-bottom: 1pt; padding-left: 3.5pt">&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 COLSPAN="21" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Tangible</B></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 COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Intangible</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; 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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Site Rent</B></P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Building</B></P></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"><B>Network equipment</B></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Vehicles</B></P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Other</B></P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</B></P></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"><B>Right of way&nbsp;&nbsp;</B></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>License</B></P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</B></P></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Total</B></P></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-left: 3.5pt">Balance at 1 January 2020</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">1,082,193</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">126,057</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">70,235</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">40,199</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">60,982</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">1,379,666</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">22,984</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">380,446</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">403,430</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">1,783,096</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-bottom: 1pt; padding-left: 3.5pt">Depreciation and amortization charge for the year</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">(576,941</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">(54,902</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">(275,038</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">(43,916</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">(78,364</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">(1,029,161</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">(18,657</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">(45,729</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">(64,386</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">(1,093,547</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 2020</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">1,182,847</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">306,343</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">218,104</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">159,769</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">111,462</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">1,978,525</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">24,956</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">376,693</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">401,649</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">2,380,174</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: 0; text-align: justify; background-color: white">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 1.35pt; margin-bottom: 0; margin-left: 0">As at
31 December&nbsp;2021, the Company has additions to right of use assets amounting to TL 1,692,693 (31 December 2020: TL 1,791,823) and
interest expense on lease liabilities amounting to TL 359,240 (31 December 2020: TL 289,718). Depreciation and amortization expenses amounting
to TL 1,275,248 (31 December 2020: TL 1,093,547) are recognized in cost of revenues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 1.35pt; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 1.35pt; margin-bottom: 0; margin-left: 0"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>17.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Discontinued operations</B></FONT></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: 6pt 0; text-align: justify; text-indent: -4.5pt">&#9;In 2016, the Group has
committed to the 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: 6pt 0; text-align: justify; text-indent: -4.5pt">&#9;Equity accounting for
Fintur ceased as of 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 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. (&#8220;Sonera
Holding&#8221;). The transfer to Sonera Holding and the transfer of proceeds completed on 2 April 2019 subsequent to receipt 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 discontinued operations in the consolidated financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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="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: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December 2019</B></P></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="text-align: left; padding-left: 3.5pt">Gain on sale before income tax and reclassification of foreign currency translation reserve</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">404,303</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">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 12pt; text-align: justify; text-indent: 454.5pt">Subsequent to recognition
of gain on sale of Fintur 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>18.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Other non-current assets</B></FONT></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">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Advances given for property, plant and equipment</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">855,490</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">561,298</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">Deposits and guarantees given</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,401</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">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,096</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141,201</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 the Public Administration</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">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">VAT receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,025</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">359</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">1,069</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">1,189,896</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">883,842</TD><TD STYLE="padding-bottom: 2.5pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>19.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Deferred tax assets and liabilities</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 0 1.15pt 6pt 0; text-align: justify">Deferred tax assets and liabilities at
31 December 2021 and 2020 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">2021</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">2020</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">2021</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">2020</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">2021</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">2020</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">412,728</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">123,871</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">(953,814</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">(2,117,594</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">(541,086</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">(1,993,723</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">Derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,922</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(520,298</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(407,740</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(514,376</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(380,563</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: 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">235,581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,295</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,362</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,286</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,313</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">Trade and other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,095</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(149,827</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,219</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(123,316</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 losses carried forward</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,101,043</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">(3,254</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,155,781</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,097,789</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">62,692</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,158</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-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">62,692</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,158</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">551,660</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">638,991</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">(104,118</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">(2,872</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">447,542</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">636,119</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="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"><B>2,469,678</B></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">2,181,426</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">(1,598,620</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">(2,682,649</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">871,058</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">(501,223</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">(670,066</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">(1,344,818</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">670,066</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">1,344,818</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="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"><B>1,799,612</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><B>836,608</B></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(928,554</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><B>(1,337,831</B></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>871,058</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><B>(501,223</B></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><B>)</B></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 3pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 1.7pt 3pt 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: 3pt 0; text-align: justify">Movement in deferred tax assets/ (liabilities)
for the years ended 31 December 2021 and 2020 were 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="3" STYLE="font-size: 11pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 11pt; font-weight: bold; text-align: left; padding-left: 3.5pt">Opening balance</TD><TD STYLE="width: 8%; 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: 12%; font-size: 11pt; font-weight: bold; text-align: right">(501,223</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 8%; 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: 12%; font-size: 11pt; font-weight: bold; text-align: right">(976,288</TD><TD STYLE="width: 1%; font-size: 11pt; font-weight: bold; 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">Income statement charge</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">1,171,697</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">337,495</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">Tax charge relating to components of other comprehensive 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">(322,990</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">173,113</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; padding-left: 3.5pt">Acquisition through business combinations</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">(48,755</TD><TD STYLE="font-size: 11pt; 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></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">Exchange differences</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">572,329</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">(35,543</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; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Closing balance, net</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">871,058</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">(501,223</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: 3pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The Group
did not recognize deferred income tax assets of TL 981,441 (31 December 2020: TL 551,847) in respect of tax losses amounting to 5,368,360 (31 December 2020: TL 2,986,951) that can be carried forward against future taxable income.
</FONT>The unused tax losses were incurred mainly by 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: 3pt 0; text-align: justify; text-indent: 17.85pt">Unused tax losses will expire
at the following dates:</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 COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Expiration Date</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="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 43%; text-align: right">2022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 43%; text-align: right">249,297</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,937</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">&nbsp;</TD><TD STYLE="text-align: right">2024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">632,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,198,295</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">&nbsp;</TD><TD STYLE="text-align: right">2026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,078,582</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">&nbsp;</TD><TD STYLE="text-align: right">2028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,740</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2029</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">&nbsp;</TD><TD STYLE="text-align: right">2030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,963</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 11pt">Indefinite</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">89,108</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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"><FONT STYLE="font-size: 11pt"><B>Total</B></FONT></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">5,368,360</TD><TD STYLE="padding-bottom: 2.5pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the year ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>20.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Trade receivables</B></FONT></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> 2021</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> 2020</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">2,575,698</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">2,263,544</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">1,143,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">766,921</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">467,693</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">435,332</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">4,186,929</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">3,465,797</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 623,491 as at 31&nbsp;December 2021 (31 December 2020: TL 617,932). Movements in provision for impairment of trade receivables and due from related
parties are disclosed in Note 37. The accounts and notes receivable represent receivables from distributors and roaming receivables. The
Group&#8217;s exposure to currency risk and credit risk arising from trade receivables are disclosed in Note 37.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 6.5pt 0; text-align: justify">Letters of guarantee received with respect
to the accounts and notes receivable amounted to TL 657,904 and TL 351,698 at 31 December 2021 and 2020, 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 &#8220;Receivables
from subscribers&#8221;. 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 12pt; text-align: justify">The undue assigned contracted receivables related
to handset campaigns, which will be billed after one year amounted to TL 169,570 (31 December 2020: TL 172,261) is presented under non-current
trade receivable amounted to TL 256,442 (31 December 2020: TL 222,451).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>21.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Receivables from financial services</B></FONT></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> 2021</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> 2020</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">Non-current receivables from financial services</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">137,559</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">75,717</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: 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: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">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">2,014,626</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">1,886,381</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: 0 1.1pt 0 0; text-align: justify; text-indent: 177.95pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 6pt 0; text-align: justify; background-color: white">Movements in
provision for impairment of receivables from financial services are disclosed in Note 37.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; background-color: white">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 the
Group does not recognize handset revenue unless it is acting as principal in the handset sale.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify; background-color: white"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>22.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Contract assets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -27.2pt"><I>&nbsp;</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-weight: bold; border-bottom: Black 1pt solid">Non-current contract 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> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract assets</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">67,505</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">128,114</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -27.2pt"><I>&nbsp;</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-weight: bold; border-bottom: Black 1pt solid">Current contract 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> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract assets</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">1,180,236</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">972,052</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">The contract assets represent contract assets
from subscribers. Contract asset is recorded when revenue is recognized in advance of the Group&#8217;s right to bill and receive consideration.
The contract asset will decrease as services are provided and billed. Contract assets also include contracted receivables related to handset
campaigns, and the portion which will be billed after one year is presented under long term contract assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>23.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Inventory</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 7.1pt 0 0; text-align: justify">As of 31 December 2021, inventories amounting
to TL 260,535 which consist of mainly mobile phone and its accessories, tablet, sim-cards and tower construction materials (31 December
2020: TL 203,715).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 7.1pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>24.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Other current assets</B></FONT></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> 2021</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> 2020</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">306,806</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">224,563</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 taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,918</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">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">174,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,657</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">Advances given to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,141</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">90,645</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,490</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">12,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,864</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">31,779</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">45,353</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">909,120</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">558,986</TD><TD STYLE="padding-bottom: 2.5pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>25.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Cash and cash equivalents</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 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="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> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 5.4pt">Cash in hand</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">184</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">179</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Banks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,640,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,858,067</TD><TD STYLE="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; text-indent: 8.8pt; padding-left: 5.4pt">- Demand deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,045,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">975,753</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 8.8pt; padding-left: 5.4pt">- Time deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,595,648</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">10,882,314</TD><TD STYLE="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: 5.4pt">Other cash and cash equivalents</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">8,354</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">Impairment loss provision</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">(12,346</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">(6,045</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: 2.5pt; padding-left: 5.4pt">Cash and cash equivalents</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">18,628,665</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">11,860,555</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
at 31 December 2021, the average effective interest rates of TL, USD, EUR and RMB time deposits are 27.7%</FONT><FONT STYLE="background-color: white">,
1.3%, 0.5% and 0.3% (31 December 2020</FONT>: <FONT STYLE="font-family: Times New Roman, Times, Serif">17.4%</FONT><FONT STYLE="background-color: white">,
2.8%,1.8% and 0.7%</FONT>) <FONT STYLE="font-family: Times New Roman, Times, Serif">respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">As at 31 December 2021, average maturity of time
deposits is 29 days (31 December 2020: 30 days).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of 31 December 2021, the net amount of
cash and cash equivalents is TL 18,619,881 excluding the interest income accrual amounting to TL 8,784.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>26.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial assets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 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 1.15pt 0 0; text-align: justify">Debt investments at FVOCI comprise the
following investments in listed and unlisted securities:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify"><B>&nbsp;</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; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</TD></TR>
  <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">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Listed debt securities</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">1,376,645</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">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">2021</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">2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Listed debt securities</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">51,166</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">529,610</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Fair values</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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2021</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: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2020</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">Fair value hierarchy</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Valuation technique&nbsp;</B></P></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>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 18%; font-size: 11pt; text-align: left; padding-left: 5.4pt">Financial assets at fair value through other comprehensive income</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">&mdash;&nbsp;&nbsp;</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: 16%; text-align: right">272,334</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: 15%; text-align: right">Level 2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: left; padding-left: 5.4pt">Present value of the estimated future cash flows based on observable yield curves and period end FX rates</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,427,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">257,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Level 1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt">Pricing models based on quoted market prices at the end of the reporting period.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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><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="text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&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-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">1,427,811</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">529,610</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">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify"><B>&nbsp;</B>&nbsp;</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="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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>26.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial assets (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Debt investments at fair value
through other comprehensive income (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6.5pt 0; text-align: justify">As of 31 December 2021 and 2020, the
notional 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 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Notional 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: 0; text-align: right"><B>Fair value </B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(in TL)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; 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: top; background-color: rgb(204,238,255)">
    <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">&nbsp;1,995 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;31,347 </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: top; background-color: White">
    <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">&nbsp;15,189 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;216,874 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">8 July 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">TL</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;24,312 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;25,583 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">2 March 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">TL</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;24,108 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;25,583 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">2 March 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;21,000 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;286,017 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">14 July 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;996 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;13,479 </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; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;19,824 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;250,956 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">14 October 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;2,168 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;27,595 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">26 January 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;25,000 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;319,874 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">22 June 2026</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;18,470 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">&nbsp;230,503 </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">25 March 2027</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <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</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>1,427,811</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 1.1pt 6.5pt 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 2020</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 29%; padding-right: 3.5pt; padding-left: 3.5pt"><B>Currency</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt"><B>Notional 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: 0; text-align: right"><B>Fair value </B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>(in TL)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 36%; 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; background-color: rgb(204,238,255)">
    <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">10,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">91,229</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; background-color: White">
    <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">20,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">181,105</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">13 March 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">20,000</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">178,375</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; background-color: White">
    <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">1,995</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">19,718</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; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">TL</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">24,108</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">24,819</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">2 March 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">TL</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">24,312</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">24,362</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">2 March 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></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">1,966</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; background-color: White">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">USD</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">996</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">8,036</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; background-color: rgb(204,238,255)">
    <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</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>529,610</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 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: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">31 December</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="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</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">2020</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">Gains / (Losses) recognized in other comprehensive income</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: 56%; text-align: left; padding-left: 3.5pt">Related to debt securities</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(65,494</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(1,970</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-bottom: 1pt; padding-left: 3.5pt">Related to debt securities, tax effect</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">13,099</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">483</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: 1pt; padding-left: 3.5pt">&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">(52,395</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">(1,487</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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>27.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Equity</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify"><B><I>Share capital</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify">As at 31 December 2021, share capital represents
2,200,000,000 (31 December 2020: 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: 0 1.1pt 6.5pt 0; text-align: justify">Each holder of shares is entitled to
receive dividends as declared and their vote entitlements are determined as explained in Note 1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 6.5pt 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 2021</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 2020</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; padding-left: 3.5pt">Public Share</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">53.95</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">1,187,004</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">53.95</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">1,187,004</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: 3.5pt">TVF BTIH</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">26.20</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">576,400</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">26.20</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">576,400</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">IMTIS Holdings</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">19.80</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">435,600</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">19.80</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">435,600</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-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">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="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">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: 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: 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="font-size: 11pt; text-align: right">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="font-size: 11pt; text-align: right">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: rgb(204,238,255)">
    <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="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="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="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="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: White">
    <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="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="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="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="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: 6pt 0; text-align: justify">As at 31 December 2021, total number of shares
pledged as security is 995,509 (2020: 995,509).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The legal reserves consist of first and second reserves,
appropriated in accordance with the Turkish Commercial Code (&#8220;TCC&#8221;). 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&#8217;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: 3pt 1.4pt 3pt 0; text-align: justify"><B><I>Treasury shares</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During 2020, the Company purchased 816,290 of its
shares on-market with prices ranging from full<BR>
TL 12.09 to full TL 12.35 and the buyback was approved by the Board of Directors on 27 July 2016 and<BR>
30 January 2017. During 2021, there have been no treasury shares buyback (2020: TL 9,994).</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 3pt 1.4pt 3pt 0; text-align: justify"><B><I>Dividends</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><B><I>Turkcell:</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
16 March 2021, the Company&#8217;s General Assembly has approved a dividend distribution for the year ended </FONT>31 December 2020 <FONT STYLE="font-family: Times New Roman, Times, Serif">amounting
to TL 2,585,787 (2020:TL 811,622); this represents </FONT>a gross cash dividend of full TL 1,17535 <FONT STYLE="font-family: Times New Roman, Times, Serif">per
share. The dividend has been paid to the shareholders on 4 May 2021, 3 August 2021 and 2 November 2021 to the shareholders.</FONT></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>28.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Earnings per share</B></FONT></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: right; border-bottom: Black 1pt solid">2021</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">2020</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></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">5,031,098</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">4,237,086</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">3,246,487</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">2,183,106,193</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">2,183,106,193</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">2,183,922,483</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">2.30</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">1.94</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">1.49</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: 0 0 6.5pt; text-align: justify; text-indent: -27pt">&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>Numerator:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&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%; 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">5,031,098</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">4,237,086</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">2,474,051</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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: rgb(204,238,255)">
    <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">2,183,106,193</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">2,183,106,193</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">2,183,922,483</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: 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">2.30</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">1.94</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">1.14</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: 0 0 6.5pt; text-align: justify; text-indent: -27pt"><B>&nbsp;</B></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>Numerator:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&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%; text-align: left; padding-left: 5.4pt">Profit from discontinuing operations attributable to owners of the Company</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><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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <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: rgb(204,238,255)">
    <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">2,183,106,193</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">2,183,106,193</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">2,183,922,483</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: 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">&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><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"></TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">(*) Refer to Note 27 - Treasury shares</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>29.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Other non-current liabilities</B></FONT></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: 11pt; 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">2021</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">2020</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: justify; padding-left: 3.5pt">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">758,261</TD><TD STYLE="width: 1%; 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">475,879</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: 3.5pt">Consideration payable in relation to the acquisition of Boyut Enerji</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,275</TD><TD STYLE="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="font-size: 11pt; text-align: left; padding-left: 3.5pt">Deferred 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">5,838</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">22,180</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-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">2,522</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; 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">&mdash;&nbsp;&nbsp;</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="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">769,896</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">498,059</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: 3pt 0 6pt; text-align: justify">Consideration payable in relation to
the acquisition of Belarusian Telecom represents the present value of the long-term contingent consideration payable to the seller. Payment
of USD 100,000 (equivalent to TL 1,332,900 as of 31 December 2021) is contingent on the financial performance of Belarusian Telecom,
and based on management&#8217;s estimations, the amount is expected to be paid in instalments between 2026 and 2031 (31 December 2020:
in instalments between 2025-2030). The discount rate used for calculating present value of the consideration payable in relation to the
acquisition of Belarusian Telecom as of 31 December 2021 ranges between 6.8% and 8.0% (31 December 2020: 4.3% and 5.6%).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>30.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Loans and borrowings</B></FONT></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: 11pt; 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> 2021</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> 2020</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">13,084,545</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">7,779,354</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">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">271,468</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">151,543</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">2,012,810</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">1,521,713</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">12,560,897</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">6,901,075</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">27,929,720</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">16,353,685</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">6,866,411</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">4,049,824</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">241,411</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">144,261</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">893,055</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">577,173</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">847,536</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">461,479</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">8,848,413</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">5,232,737</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 company has used loans in accordance with
the loan agreement previously signed with J.P.Morgan and AB Svensk Exportkredit under the Swedish Export Credit Organization (&#8220;EKN&#8221;)
insurance. As of&nbsp;31 December 2021, the Company has used USD 20,248 loan on 26 February 2021, respectively, with a fixed interest rate of 3.84%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The company has used loans in accordance with
the loan agreement previously signed with China Development Bank on 10 August 2020. As of 31 December 2021, the Company has used RMB 147,286,
EUR 57,124 and RMB 77,177 loan on 18 March 2021, 19 March 2021 and 21 October 2021, respectively, with a fixed interest rate of 5.15%
for RMB loans and Euribor+2.29% for the EUR.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 29 December 2021, the company extended the
maturity of existing 50,000 EUR Sustainability Indexed Loan from May 2022 to December 2026 of which was previously signed on 13 May 2019
with BNP Paribas Fortis SA/NV. In addition, the principal amount of subject loan is increased to EUR 70,000 with additional EUR 20,000
utilization.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On 6 July 2021, 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 600,000, on various dates and at various amounts without public offering, as private placement and/or
to be sold to institutional investors within one year. On 17 November 2021, the Company has issued management agreement based lease certificates
through Halk Varlik Kiralama A.S. amounting TL 100,000 with the maturity of 3 March 2022.</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: 6pt 0; text-align: justify"><B>&nbsp;</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left"></B><TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>30.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Loans
and borrowings (continued)</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 6pt; margin-left: 0; text-align: justify">Terms and conditions of outstanding loans
are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; 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; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&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: center; border-bottom: Black 1pt solid">Currency</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest rate type</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: center; border-bottom: Black 1pt solid">Nominal interest rate</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: center; border-bottom: Black 1pt solid">Payment <BR> period</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: center; border-bottom: Black 1pt solid">Carrying amount</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: center; border-bottom: Black 1pt solid">Nominal interest rate</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: center; border-bottom: Black 1pt solid">Payment period</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: center; border-bottom: Black 1pt solid">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%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">EUR</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 9pt; text-align: center; padding-left: 3.5pt">Floating</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: 7%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">Euribor+1.9%-Euribor+2.3%</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; 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: 7%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2022-2028</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; 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: 7%; font-size: 9pt; text-align: right">9,188,487</TD><TD STYLE="width: 1%; font-size: 9pt; 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: 7%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">Euribor+2.0%-Euribor+2.2%</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; 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: 7%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">2021-2026</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; 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: 7%; font-size: 9pt; text-align: right">5,624,277</TD><TD STYLE="width: 1%; font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">USD</FONT></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: center; padding-left: 3.5pt">Floating</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"><FONT STYLE="font-size: 9pt">Libor+2.1%-Libor 2.2%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2028</FONT></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">3,639,052</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"><FONT STYLE="font-size: 9pt">Libor+2.1%-Libor+2.4%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2028</FONT></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">2,384,622</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="text-align: left; padding-left: 3.5pt">Unsecured bank loans</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"><FONT STYLE="font-size: 9pt">TL</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">14.8%-29.0%</FONT></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">2022</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">3,044,848</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"><FONT STYLE="font-size: 9pt">6.5%-16.9%</FONT></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">2021</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">1,627,198</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">UAH</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">8.0%-10.9%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2024</FONT></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">1,712,723</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"><FONT STYLE="font-size: 9pt">6.0%-10.9%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2023</FONT></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">980,207</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="text-align: left; padding-left: 3.5pt">Unsecured bank loans</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"><FONT STYLE="font-size: 9pt">USD</FONT></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: center; padding-left: 3.5pt">Fixed</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">3.8</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"><FONT STYLE="font-size: 9pt">2022-2030</FONT></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">1,072,858</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">3.8</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"><FONT STYLE="font-size: 9pt">2021-2030</FONT></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">501,036</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">RMB</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">4.9%-5.2%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2028</FONT></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">930,395</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"><FONT STYLE="font-size: 9pt">5.2%-5.5%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2026</FONT></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">283,273</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="text-align: left; padding-left: 3.5pt">Unsecured bank loans</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"><FONT STYLE="font-size: 9pt">EUR</FONT></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: center; padding-left: 3.5pt">Fixed</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">1.7</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">2022</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">362,593</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"><FONT STYLE="font-size: 9pt">1.5%-1.8%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2022</FONT></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">428,565</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">USD</FONT></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: center; padding-left: 3.5pt">Floating</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"><FONT STYLE="font-size: 9pt">Libor+1.6% &amp; Libor+1.9%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2026</FONT></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">360,212</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"><FONT STYLE="font-size: 9pt">Libor+1.7%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2023</FONT></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">259,427</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="text-align: left; padding-left: 3.5pt">Secured bank loans</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"><FONT STYLE="font-size: 9pt">USD</FONT></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: center; padding-left: 3.5pt">Fixed</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">2.6</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"><FONT STYLE="font-size: 9pt">2022-2026</FONT></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">152,667</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">&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="text-align: left; padding-left: 3.5pt">Secured bank loans</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"><FONT STYLE="font-size: 9pt">EUR</FONT></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: center; padding-left: 3.5pt">Floating</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">&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"><FONT STYLE="font-size: 9pt">Euribor+1.3%</FONT></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">2021</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">36,377</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="text-align: left; padding-left: 3.5pt">Debt securities issued</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"><FONT STYLE="font-size: 9pt">USD</FONT></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: center; padding-left: 3.5pt">Fixed</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">5.8</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"><FONT STYLE="font-size: 9pt">2022-2028</FONT></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">13,306,495</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">5.8</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"><FONT STYLE="font-size: 9pt">2021-2028</FONT></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">7,311,688</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">TL</FONT></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: center; padding-left: 3.5pt">Fixed</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">16.3</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">2022</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">101,938</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">15.0</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">2021</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">50,866</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="text-align: left; padding-left: 3.5pt">Lease 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"><FONT STYLE="font-size: 9pt">TL</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">9.8%-45.0%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2048</FONT></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">1,262,449</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"><FONT STYLE="font-size: 9pt">9.8%-45.0%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2048</FONT></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">1,201,988</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">UAH</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">7.6%-25.7%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2069</FONT></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">1,074,000</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"><FONT STYLE="font-size: 9pt">8.1%-24.0%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2069</FONT></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">555,597</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="text-align: left; padding-left: 3.5pt">Lease 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"><FONT STYLE="font-size: 9pt">EUR</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">1.0%-10.0%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2034</FONT></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">303,265</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"><FONT STYLE="font-size: 9pt">1.0%-10.0%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2034</FONT></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">185,557</TD><TD STYLE="font-size: 9pt; 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 STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">BYN</FONT></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: center; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">11.5%-15.8%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2028</FONT></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">185,618</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"><FONT STYLE="font-size: 9pt">11.5%-15.0%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2028</FONT></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">99,259</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="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Lease liabilities</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"><FONT STYLE="font-size: 9pt">USD</FONT></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="font-size: 9pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">Fixed</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"><FONT STYLE="font-size: 9pt">3.9%-10.9%</FONT></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"><FONT STYLE="font-size: 9pt">2022-2028</FONT></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">80,533</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"><FONT STYLE="font-size: 9pt">3.9%-10.9%</FONT></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"><FONT STYLE="font-size: 9pt">2021-2028</FONT></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">56,485</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: 2.5pt; padding-left: 3.5pt">&nbsp;</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="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="text-align: left">&nbsp;</TD><TD STYLE="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: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; 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">36,778,133</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</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="padding-bottom: 2.5pt; text-align: left">&nbsp;</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="padding-bottom: 2.5pt; 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">21,586,422</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt">&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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>31.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Employee benefits</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; 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>&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> 2021</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> 2020</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">514,118</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">301,459</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">100,495</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">80,464</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">614,613</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">381,923</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: 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">2021</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">2020</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">301,459</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">222,164</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">62,749</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,304</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">163,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,230</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">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,535</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">Benefit payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(51,138</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,774</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">Acquisition through business combinations</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">77</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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">514,118</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">301,459</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 1.15pt 6pt 0; text-align: justify">The sensitivity of provision for employee
termination benefits to changes in the significant actuarial assumptions is:</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-weight: bold; border-bottom: Black 1pt solid">31 December 2021</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">Interest Rate</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">Inflation Rate</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Sensitivity Level</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">1% increase</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">1% decrease</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">1% increase</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">1% decrease</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: 3.5pt">Change in assumption</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">(13.4</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">16.3</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">16.5</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">(13.8</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Impact on provision for 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">(68,892</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">83,801</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">84,829</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">(70,948</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 3pt 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-weight: bold; border-bottom: Black 1pt solid">31 December 2020</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">Interest Rate</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">Inflation Rate</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Sensitivity Level</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">1% increase</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">1% decrease</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">1% increase</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">1% decrease</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: 3.5pt">Change in assumption</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">(14.1</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">17.3</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">17.6</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">(14.6</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 3.5pt">Impact on provision for 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">(42,566</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">52,122</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">53,117</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">(43,953</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.05pt 0 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 0 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 20,004,
TL 14,677 and TL 12,785 in relation to defined contribution retirement plan for the years ended 31 December 2021, 2020 and 2019, 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: 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 2021, the Group has not recognized
any expenses regarding this plan (31 December 2020: TL 12,085).</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>32.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Deferred revenue</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 12pt 0; text-align: justify">Deferred revenue primarily consists
of rent income and it is classified as current at 31 December 2021 and 2020. The amount of deferred revenue is TL 111,136 and TL 116,921
as at 31 December 2021 and 2020, respectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>33.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Contract liabilities</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 3pt 27.35pt; text-align: justify; text-indent: -27.35pt"></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 contract 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">31 December<BR> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract liabilities</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">170,445</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">164,764</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 3pt; 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-weight: bold; border-bottom: Black 1pt solid">Current contract 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">31 December<BR> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Contract liabilities</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">459,289</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">315,070</TD><TD STYLE="width: 1%; padding-bottom: 1pt; 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
relating to carried forward contract liabilities is TL 315,070 (2020: TL 290,408).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">The following table shows unsatisfied performance
obligation result as of 31 December 2021;</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 2021</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 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">Telecommunications service</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,485,719</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">900,816</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">Equipment revenues</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">1,061,141</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">423,948</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: 2.5pt; padding-left: 3.5pt">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">2,546,860</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">1,324,764</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: 12pt 0 0; text-align: justify">Management expects that 56% of the
transaction price allocated to the unsatisfied contracts as of 31 December 2021 will be recognized as revenue during next reporting
periods. The remaining 44% will be recognized in the 2022 financial year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>34.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Provisions</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.15pt; margin-bottom: 0; margin-left: 0; text-align: justify"><I>Non<B>-</B>current provisions:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.15pt; margin-bottom: 0; margin-left: 0; text-align: justify"><I></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">Legal claims</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">Obligations for dismantling, removing and site restoration</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: 46%; font-weight: bold; padding-left: 3.5pt">Balance at 1 January 2021</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">16,894</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">395,037</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">411,931</TD><TD STYLE="width: 1%; 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">Provisions recognized</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,443</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">Payments</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">(3,068</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,068</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Unwinding of discount</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">37,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,727</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">Transfer to current provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,198</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">(10,198</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Remeasurements</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">(375</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(375</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">Effect of changes in exchange rates</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">145,337</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">145,337</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; padding-bottom: 2.5pt; padding-left: 3.5pt">Balance at 31 December 2021</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">19,662</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">596,135</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">615,797</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-right: 1.15pt; margin-bottom: 0; margin-left: 0; text-align: justify"><I>&nbsp;</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>&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">Obligations for dismantling, removing and site restoration</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 2020</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">13,635</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">323,769</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">337,404</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">11,033</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">11,791</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">22,824</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; 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">(3,951</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">(3,951</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; 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">21,521</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">21,521</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">Transfer to 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">(7,774</TD><TD STYLE="font-size: 11pt; 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">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">(7,774</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">Remeasurements</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">39,504</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">39,504</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; 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">&mdash;&nbsp;&nbsp;</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">2,403</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">2,403</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 2020</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">16,894</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">395,037</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">411,931</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<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 39.</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">&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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>34.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Provisions (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.15pt; margin-bottom: 0; margin-left: 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 2021</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">253,633</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">376,655</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">630,288</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">221,453</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">659,066</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">880,519</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">(420,663</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">(567,025</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">(987,688</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">10,198</TD><TD STYLE="font-size: 11pt; 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><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">10,198</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">2,400</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">37,945</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">40,345</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 2021</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">67,021</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">506,641</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">573,662</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt; width: 46%">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right; width: 11%"><FONT STYLE="font-size: 11pt"><B>Legal claims (**)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right; width: 11%"><FONT STYLE="font-size: 11pt"><B>Bonus (*)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; font-weight: bold; text-align: right; width: 11%"><FONT STYLE="font-size: 11pt"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; font-weight: bold; text-align: left; width: 1%">&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">Balance at 1 January 2020</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">17,840</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">324,972</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">342,812</TD><TD STYLE="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">232,879</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">590,187</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">823,066</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">(6,109</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">(537,598</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">(543,707</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">7,774</TD><TD STYLE="font-size: 11pt; 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><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">7,774</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">1,249</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">(906</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">343</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 2020</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">253,633</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">376,655</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">630,288</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: 0 0 5pt; text-align: justify">(*) <FONT STYLE="font-family: Times New Roman, Times, Serif">Includes
share-based payment</FONT> (Note 31).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 12pt 0; text-align: justify">(**) Refer to Note 39.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>35.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Trade and other payables</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2021</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">2020</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">4,615,606</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">3,467,338</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">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">668,260</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">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">652,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533,440</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">74,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,696</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">379,060</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">214,871</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">6,720,679</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">4,976,605</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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify">The fair value of derivative financial instruments
at 31 December 2021 and 2020 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 2021</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 2020</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">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">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">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">Liabilities</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="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">1,181,740</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">&mdash;&nbsp;&nbsp;</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">360,047</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">41,132</TD><TD STYLE="width: 1%; font-size: 11pt; 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 hedge accounting</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">999,577</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">60,518</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">642,623</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">66,851</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-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">2,181,317</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">60,518</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">1,002,670</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">107,983</TD><TD STYLE="padding-bottom: 1pt; 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; text-align: justify">At 31 December 2021, the total held for
trading derivative financial assets of TL 2,131,070 (31 December 2020: TL 917,437) also includes a net accrued interest expense of
TL 50,247 (31 December 2020: TL 85,233) and the total held for trading derivative financial liabilities of TL 71,325 (31
December 2020: TL 119,111) also includes a net accrued interest expense of TL 10,807 (31 December 2020: TL 11,128).</P>

<P STYLE="font: 10pt 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; text-align: justify">The notional amount and the fair value of
derivatives used for hedging contracts at 31 December 2021 and 2020 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 STYLE="text-align: right">&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 2021</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 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</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">Notional value <BR> in original currency</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">Fair value</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">Notional value <BR> in original currency</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">Fair value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1pt solid">Maturity date</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Hedge ratio</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">Change in intrinsic value of outstanding hedging instruments since 1 January 2021</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">Change in intrinsic value of outstanding hedging instruments since 1 January 2020</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">Participating cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <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: White">
    <TD STYLE="width: 10%; text-align: center; padding-left: 5.4pt">EUR Contracts</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">300,200</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: 8%; text-align: right">174,747</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">366,800</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">221,937</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; padding-left: 5.4pt">October 2025</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; padding-left: 5.4pt">01:01</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">963,374</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">962,903</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: center; padding-left: 5.4pt">EUR Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,365</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,443</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">April 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">01:01</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt">USD Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">206,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216,054</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">270,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">April 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">01:01</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">533,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,123</TD><TD STYLE="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: 5.4pt">Cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <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: White">
    <TD STYLE="text-align: center">RMB Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01:01</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,858</TD><TD STYLE="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: 5.4pt">Interest rate swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; 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: White">
    <TD STYLE="text-align: center">USD Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,319</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,851</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">April 2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">01:01</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-bottom: 1pt; padding-left: 5.4pt">Derivatives used for hedge accounting</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="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">939,059</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">&nbsp;</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">575,772</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: right; 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: center; 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>
  </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">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">EUR 340,220 (2020: EUR 414,812) participating
cross currency swap contracts includes TL 1,170,728 (2020: TL 1,121,303) guarantees after the CSA agreement.</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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6.5pt; text-align: justify">The notional amount and the fair value
of derivatives used held for trading contracts at 31 December 2021 and 2020 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 STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</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">Notional value <BR> in original currency</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">Fair value</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">Maturity</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">Notional value <BR> in original currency</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">Fair value</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">Maturity</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">Participating cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: 40%; font-size: 9pt; text-align: center; padding-left: 5.4pt">EUR Contracts</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: 6%; font-size: 9pt; text-align: right">66,700</TD><TD STYLE="width: 1%; font-size: 9pt; 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: 6%; font-size: 9pt; text-align: right">243,478</TD><TD STYLE="width: 1%; font-size: 9pt; 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: 6%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">April 2026</FONT></TD><TD STYLE="width: 1%; font-size: 9pt; 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: 6%; font-size: 9pt; text-align: right">90,881</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">230,033</TD><TD STYLE="width: 1%; font-size: 9pt; 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: 6%; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 9pt">April 2026</FONT></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: center">USD Contracts</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">36,000</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">58,890</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"><FONT STYLE="font-size: 9pt">November 2025</FONT></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">32,008</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">31,334</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"><FONT STYLE="font-size: 9pt">April 2026</FONT></TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">Cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: center; padding-left: 5.4pt">EUR Contracts</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">24,000</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">168,900</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"><FONT STYLE="font-size: 9pt">December 2022</FONT></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">7,200</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">20,853</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"><FONT STYLE="font-size: 9pt">September 2021</FONT></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: center; padding-left: 5.4pt">USD Contracts</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">36,572</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">284,868</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"><FONT STYLE="font-size: 9pt">March 2023-November 2025</FONT></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">34,286</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">62,715</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"><FONT STYLE="font-size: 9pt">March 2023</FONT></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: center">RMB Contracts</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">32,342</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">50,842</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"><FONT STYLE="font-size: 9pt">April 2026</FONT></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">38,801</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">14,535</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"><FONT STYLE="font-size: 9pt">April 2026</FONT></TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">Interest rate swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: center; padding-left: 5.4pt">EUR Contracts</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">35,000</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">11,780</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"><FONT STYLE="font-size: 9pt">September 2028</FONT></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">&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: center; padding-left: 5.4pt">USD Contracts</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">&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">17,778</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">258</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"><FONT STYLE="font-size: 9pt">September 2028</FONT></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-style: italic; text-align: left; padding-left: 5.4pt">FX swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: center; padding-left: 5.4pt">USD Contracts</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">200,000</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">193,504</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"><FONT STYLE="font-size: 9pt">January 2022</FONT></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">10,000</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">319</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"><FONT STYLE="font-size: 9pt">January 2021</FONT></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-style: italic; text-align: left; padding-left: 5.4pt">Currency forward contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: center; padding-bottom: 1pt; padding-left: 5.4pt">USD 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">175,000</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">169,478</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"><FONT STYLE="font-size: 9pt">January 2022-March 2022</FONT></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><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><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-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Held for trading financial 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">&nbsp;</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">1,181,740</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">&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="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">360,047</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">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; text-align: justify"><B>Held for trading (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 6.5pt; text-align: justify">The notional amount and the fair value
of derivatives used held for trading contracts at 31 December 2021 and 2020 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 STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</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">Notional value <BR> in original currency</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">Fair value</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">Maturity</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">Notional value <BR> in original currency</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">Fair value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</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">Participating cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 9pt; text-align: center">USD Contracts</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: 6%; 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%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; 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: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; 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: 6%; font-size: 9pt; text-align: right">45,000</TD><TD STYLE="width: 1%; font-size: 9pt; 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: 6%; font-size: 9pt; text-align: right">(9,701</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font-size: 9pt; text-align: center">November 2025</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">Cross currency swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">EUR Contracts</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">&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">43,900</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">(13,684</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">December 2021-2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">USD Contracts</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>&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">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</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">(6,747</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">November 2025</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">Interest rate swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">USD Contracts</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">&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">22,222</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">(1,141</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">September 2028</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">FX swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">USD Contracts</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">&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">82,735</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">(7,046</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: center; padding-left: 5.4pt">January 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 5.4pt">Currency forward contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 9pt; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">USD 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">&mdash;&nbsp;&nbsp;</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><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><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">6,000</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">(2,813</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="font-size: 9pt; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">January-December 2021</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">Held for trading financial 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">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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><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="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">(41,132</TD><TD STYLE="padding-bottom: 1pt; font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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">&#8226; 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">&#8226; 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">&#8226; Level 3 inputs are unobservable inputs
for the asset or liability.</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; width: 30%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 30%"><FONT STYLE="font-size: 9pt"><B>Fair Value hierarchy</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 30%"><FONT STYLE="font-size: 9pt"><B>Valuation Techniques</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">a) Participating cross currency swap contracts (*)</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: center"><FONT STYLE="font-size: 9pt">Level 3</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"><FONT STYLE="font-size: 9pt">Pricing models based on discounted cash Present value of the estimated future cash flows based on unobservable yield curves and end period FX rates</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">b) FX swap, currency, interest swap and option contracts</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: center"><FONT STYLE="font-size: 9pt">Level 2</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"><FONT STYLE="font-size: 9pt">Present value of the estimated future cash flows based on observable yield curves and end period FX rates</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">c) Currency forward contracts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">Level 2</FONT></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: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Forward exchange rates at the balance sheet date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(*) 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 253,788 lower as at 31 December 2021 (31 December 2020: TL 168,882).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">There were no transfers between fair value hierarchy
levels during the year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of 31 December 2021, the Company has no financial
assets and liabilities carried at fair value on a non-recurring basis.</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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; 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"><B>Fair value (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Movements in the participating cross currency swap
contracts for the years ended 31 December 2021 and 31 December 2020 are stated below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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="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 2021</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 2020</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">797,060</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</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">495,436</TD><TD STYLE="width: 1%; font-weight: bold; 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">45,951</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(695,892</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: 25.5pt">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">206,118</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">997,516</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">1,049,129</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">797,060</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: 9pt 0 0; text-align: justify"><B>Net off / Offset</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6.5pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company signed a Credit Support Annex (CSA) against the default risk of parties in respect of a EUR </FONT>300,200 <FONT STYLE="font-family: Times New Roman, Times, Serif">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>40,020 <FONT STYLE="font-family: Times New Roman, Times, Serif">participating
cross currency swap transaction. As per the CSA, the swap&#8217;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).</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 3pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 293,643 as collateral (31 December 2021: TL
4,430,104) which was the amount exceeding the threshold (EUR 10,000) and the Company transferred EUR 216,043 as collateral to the bank
(31 December 2021: TL 3,259,376) which was the amount exceeding the threshold (EUR 10,000). 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 </FONT>1,170,728
<FONT STYLE="font-family: Times New Roman, Times, Serif">(31 December 2020: 1,121,303) 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. </FONT>As of 31 December 2021, if this transaction was not conducted, derivative financial instruments assets, liabilities
and borrowings would have been TL 3,167,736, TL (62,737) and TL 10,019,141 respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify"><B>Market risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; 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: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">The Group&#8217;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: 5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">The Company 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. 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: 5pt 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">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&#8217;s policy is for the critical terms of the participating cross currency
contracts to align with the hedged item.</P>

<P STYLE="font: 5pt 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">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: 6pt 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">In these hedge relationships, the main sources of
ineffectiveness are;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>-</B> The effect of the counterparties&#8217; 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: 6pt 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"><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: 6pt 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">The Company&#8217;s future contracts are designated
as hedging instruments against the spot foreign exchange rate risk (USD/TL) associated with highly probable device purchases. In this
context, the Group started to apply cash flow hedge accounting effective from 23 December 2021. The amount of forward currency contracts
associated within this scope amounted to USD 10,131 as of 31 December 2021 Total net financial income after tax recognised under &#8220;cash
flow hedges&#8221; in the statement of other comprehensive income of 2021.</P>

<P STYLE="font: 6pt 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">The Company&#8217;s bank loans are designated as hedging
instruments against the spot foreign exchange rate risk (USD/TL) associated with highly probable electricity sales. In this context, the
Group started to apply cash flow hedge accounting effective from 10 September 2021. The amount of loans associated within this scope amounted
to USD 16,987 as of 31 December 2021. The after tax foreign exchange loss recognised under &#8220;cash flow hedges&#8221; in the statement
of other comprehensive income of 2021.</P>

<P STYLE="font: 6pt 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">The Company&#8217;s lease liabilities are designated
as hedging instruments against the spot foreign exchange rate risk (EUR/TL) associated with highly probable EUR telecommunication revenues.
In this context, the Group started to apply cash flow hedge accounting effective from 1 October 2021. The amount of lease liabilities
associated within this scope amounted to EUR 15,922 as of 31 December 2021. The after tax foreign exchange loss recognised under &#8220;cash
flow hedges&#8221; in the statement of other comprehensive income of 2021.</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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>36.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Derivative financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; 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: 3pt 0"><B>Currency risk (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company designated EUR 245,758 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
&#8220;gains/(losses) on net investment hedges&#8221; 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. The after tax foreign exchange loss recognised
under &#8220;cash flow hedges&#8221; in the statement of other comprehensive income of 2021 in the scope of cash flow hedge amounted
to TL 1,246,699 (2020: TL 296,275; 2019: TL 43,203).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 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: 3pt 0 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: 3pt 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: 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: 3pt 0 0; text-align: justify"><B>-</B> The effect of the counterparties&#8217;
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: 0 0 3pt"><B>Cash flow sensitivity analysis for variable-rate instruments</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 3pt; 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 2021</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">1,199,942</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">2,230,500</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">(620,462</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">(1,445,257</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">159,719</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">(33,859</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">(220,694</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">(186,611</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">1,359,661</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">2,196,641</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">(841,156</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">(1,631,868</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&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 2020</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">1,158,627</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">849,915</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">(516,772</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">(247,934</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">49,843</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">45,528</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">11,132</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">12,642</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">1,208,470</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">895,443</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">(505,640</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">(235,292</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</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><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="font: 3pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments</B></FONT></TD></TR>
</TABLE>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 6.5pt 0; text-align: justify"><B>Exposure to credit risk:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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">2021</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">2020</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="width: 11%; text-align: right">20</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">4,443,371</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">3,688,248</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="text-align: right">22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,247,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,100,166</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="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,152,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,962,098</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="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,628,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,860,376</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 financial instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,131,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">917,437</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 &amp; non-current assets (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,822</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 assets at amortized cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,164</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,363</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 assets at fair value through other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,427,811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">529,610</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="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</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">145,095</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">16,476</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="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="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">30,374,968</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">20,371,596</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 6.5pt; text-align: justify">(*) Cash in hand is excluded from cash and
cash equivalents.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; text-align: justify">(**) Prepaid expenses, VAT receivable, receivable
from the Ministry of Transport and Infrastructure of Turkey and advances given are excluded from other current assets and other non-current
assets.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 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: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Other assets at <BR> 31 December 2021 (*)</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; 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>30 Days 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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">25,748,284</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">324,138</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">123,488</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">56,496</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">38,589</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">43,037</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">741,625</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">380,437</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">156,598</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">27,612,692</TD><TD STYLE="width: 1%; 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 Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,564</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">637,650</TD><TD STYLE="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">(*) Other Assets includes trade receivables,
subscriber receivables, derivative financial instruments, financial assets, other assets, cash and cash equivalent and <FONT STYLE="font-family: Times New Roman, Times, Serif">due
from related parties</FONT>.</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> 31 December 2021</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">Less 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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">1,253,982</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">&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">&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">&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%; 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">1,253,982</TD><TD STYLE="width: 1%; 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 Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,241</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">&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 STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,241</TD><TD STYLE="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">&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">Other assets from financial services at 31 December 2021 (**)</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; 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>30 Days 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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">1,878,048</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">232,589</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">20,374</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">9,861</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">11,571</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">5,819</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">75,940</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">5,963</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">4,114</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">2,244,279</TD><TD STYLE="width: 1%; 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 Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,947</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,114</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">92,094</TD><TD STYLE="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">(**) Other Assets includes trade receivables
and subscriber receivables from financial services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">&nbsp;</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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 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 (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="font-size: 8pt; font-weight: bold; border-bottom: Black 1pt solid">Other assets at <BR> 1 January 2021 (*)</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; 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>30 Days 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">16,188,078</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">296,758</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">62,726</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">45,682</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">36,112</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">31,368</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">727,462</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">290,736</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">257,790</TD><TD STYLE="width: 1%; font-size: 9pt; 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">17,936,712</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">Loss Allowance</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">71,273</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">5,042</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">3,148</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">3,726</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">5,334</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">5,947</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">250,393</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">163,799</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">118,718</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">627,380</TD><TD STYLE="font-size: 9pt; 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">(*) Other Assets includes trade receivables,
subscriber receivables, derivative financial instruments, financial assets, other assets, cash and cash equivalent and <FONT STYLE="font-family: Times New Roman, Times, Serif">due
from related parties</FONT>.</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 2021</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">Less 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">1,105,409</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; 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: 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">1,105,409</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">Loss Allowance</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">5,243</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><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">5,243</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 1.1pt 6.5pt 0; text-align: justify; text-indent: -27pt"><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">Other assets from financial services at 1 January 2021 (**)</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; 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>30 Days 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">Less 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">Less 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">Less 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">Less 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>4 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: 0; text-align: right"><B>Less Than </B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>5 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">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: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">1,798,720</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">109,724</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">22,023</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">8,714</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">7,021</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">6,044</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">157,821</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">5,479</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 9pt; text-align: right">1,100</TD><TD STYLE="width: 1%; font-size: 9pt; 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">2,116,646</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">Loss Allowance</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">11,483</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">1,192</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">407</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">204</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">3,483</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">3,146</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">128,084</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">5,449</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">1,100</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">154,548</TD><TD STYLE="font-size: 9pt; 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">(**) Other Assets includes trade receivables
and subscriber receivables from financial services.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Impairment losses</B></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: 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2021</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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: 0; text-align: right"><B>31 December 2021</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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">5,243</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">627,380</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">998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459,711</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 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">(200,225</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 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">(300,405</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">Disposal of subsidiaries</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-bottom: 1pt; padding-left: 5.4pt">Exchange differences</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">51,189</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">6,241</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">637,650</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: 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2020</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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 2020<BR> 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">4,690</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">627,578</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">553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">452,506</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 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">(153,674</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 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">(300,119</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">Disposal of subsidiaries</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">(49</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="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">1,138</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">5,243</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">627,380</TD><TD STYLE="padding-bottom: 2.5pt; 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">&nbsp;</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>

<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: 0; text-align: right"><B>&nbsp;</B></P><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>31 December</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>2021</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> 2020</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">154,548</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">163,500</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">66,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">126,246</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">(56,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,036</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 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">(96</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">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">(73,132</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">(59,066</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: 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">92,094</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">154,548</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">(*) Turkcell Finansman signed a transfer of claim
agreement with a debt management company to transfer some of its doubtful receivables stemming from the years 2016 and 2020. Transferred
doubtful receivables comprise of balances that Turkcell Finansman 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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Liquidity risk </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 6.5pt 0; text-align: justify">The table below analyses the Group&#8217;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: 0; margin-bottom: 6.5pt"><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: 0; margin-bottom: 6.5pt"><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>

<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: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">Contractual</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">6 months</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">6-12</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">1-2</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">2-5</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">More than 5</TD><TD STYLE="font-size: 6pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center">Carrying</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">Contractual</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">6 months</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">6-12</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">1-2</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center">More than 5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">cash flows</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">or less</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">Months</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">Years</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">cash flows</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">or less</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">months</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; text-align: center; border-bottom: Black 1pt solid">years</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; 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-size: 6pt; font-weight: bold; text-align: left; padding-left: 3.5pt">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%; font-size: 6pt; text-align: left; padding-left: 3.5pt">Secured bank loans</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">512,879</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(529,928</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(122,908</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(121,959</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(145,849</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(139,212</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">295,804</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(306,496</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(91,265</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(54,792</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(107,483</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">(52,956</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 6pt; 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: 3.5pt">Unsecured bank loans</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">19,950,956</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(21,636,278</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(5,169,649</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,850,068</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,428,360</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(9,688,566</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,499,635</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">11,829,178</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(12,828,540</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,040,325</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,136,973</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(2,197,659</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(5,426,921</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,026,662</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 3.5pt">Debt securities issued</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">13,408,433</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(17,479,087</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(489,609</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(384,875</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(769,750</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(8,590,541</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(7,244,312</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">7,362,554</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(10,044,816</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(264,517</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(211,957</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(423,914</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(4,941,992</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(4,202,436</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 3.5pt">Lease liabilities</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">2,905,865</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(4,593,322</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(693,003</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(569,289</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(725,070</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,273,652</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,332,308</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">2,098,886</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,210,148</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(480,282</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(360,908</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(540,721</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(987,430</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(840,807</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 3.5pt">Trade and other payables*</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">4,615,606</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(4,812,238</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(4,808,900</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,338</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">3,467,338</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,611,158</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(3,609,779</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(430</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(949</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; 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: 3.5pt">Due to related parties</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">65,156</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(87,294</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(87,294</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">40,355</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(40,355</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(40,355</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 3.5pt">Consideration payable in <BR>relation to acquisition of Belarusian Telecom and Boyut Enerji (Note 29)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">761,536</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,339,566</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(6,665</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(73,310</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(1,259,591</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">475,879</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(734,050</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(24,382</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(709,668</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 6pt; text-align: left; padding-left: 3.5pt"><P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>Derivative financial</B></P> <P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0"><B>liabilities</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><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: 6pt; text-align: left; padding-left: 3.5pt">Participating Cross Currency Swap and FX swap contracts</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">71,325</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">159,206</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">20,366</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">19,747</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">20,922</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">98,171</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">119,111</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(265,863</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(44,853</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(46,645</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(70,212</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(101,591</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">(2,562</TD><TD STYLE="font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 6pt; padding-left: 3.5pt">&nbsp;&nbsp;&nbsp;Buy</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">2,633,924</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">286,409</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">287,361</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">539,356</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">1,520,798</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">3,077,236</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">792,428</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">363,174</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">579,502</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">1,055,551</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; text-align: right">286,581</TD><TD STYLE="font-size: 6pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 6pt; padding-bottom: 1pt; padding-left: 3.5pt">&nbsp;&nbsp;&nbsp;Sell</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(2,474,718</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(266,043</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(267,614</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(518,434</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(1,422,627</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(3,343,099</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(837,281</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(409,819</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(649,714</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(1,157,142</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD><TD STYLE="font-size: 6pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 6pt; text-align: right">(289,143</TD><TD STYLE="padding-bottom: 1pt; font-size: 6pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt; padding-left: 3.5pt">TOTAL</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">42,291,756</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(50,318,507</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(11,350,997</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(2,909,782</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(5,054,772</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(19,667,110</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(11,335,846</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">25,785,685</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(31,143,819</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(7,673,769</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(1,811,705</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(3,340,938</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(11,535,272</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 6pt; font-weight: bold; text-align: right">(6,782,135</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 6pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 1.15pt 6pt 0; text-align: justify">&nbsp;</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="margin-top: 0; margin-bottom: 0"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; text-align: justify">The Group&#8217;s exposure to foreign exchange
risk at the end of the reporting period, based on notional amounts, was 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 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 2021</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%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">188</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</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">&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="font-size: 9pt; 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="text-align: right">85,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,453</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="font-size: 9pt; text-align: left; padding-left: 3.5pt">Due from related parties - current</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">13</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-size: 9pt; text-align: left; padding-left: 3.5pt">Trade receivables and contract assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,135</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="font-size: 9pt; text-align: left; padding-left: 3.5pt">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,079</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">Cash and cash equivalents</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">814,899</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">141,110</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">71,600</TD><TD STYLE="padding-bottom: 1pt; 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-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">925,142</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">183,653</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">85,679</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="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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(302,607</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(504,992</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(344,052</TD><TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(942,374</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="font-size: 9pt; text-align: left; padding-left: 3.5pt">Lease obligations - non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,460</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,829</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: 9pt; text-align: left; padding-left: 3.5pt">Other non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,888</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="font-size: 9pt; text-align: left; padding-left: 3.5pt">Loans and borrowings - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(89,379</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(205,687</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(102,395</TD><TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,938</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="font-size: 9pt; text-align: left; padding-left: 3.5pt">Lease obligations - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,589</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,274</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: 9pt; text-align: left; padding-left: 3.5pt">Other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(953</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,752</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: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 3.5pt">Trade and other payables - current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96,236</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,010</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(363,670</TD><TD STYLE="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-bottom: 1pt; padding-left: 3.5pt">Due to related parties</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">(305</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 3.5pt">&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">(1,550,424</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">(756,849</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">(810,117</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">&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: 9pt; text-align: left; padding-left: 3.5pt">Financial liabilities defined as hedging instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">261,680</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-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-left: 3.5pt">Participating cross currency swap and FX swap contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">244,583</TD><TD STYLE="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">32,022</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">167,476</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">Currency forward 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">517,242</TD><TD STYLE="padding-bottom: 1pt; 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><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="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 3.5pt">Net exposure</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">153,530</TD><TD STYLE="padding-bottom: 2.5pt; 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">(279,494</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">(556,962</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 6.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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="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 2020</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">69</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">8,848</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">64,956</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">&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">&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">13,234</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">15,239</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">11,769</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">3,737</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">1,061,644</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">85,856</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">4,801</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">1,095,564</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">169,799</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">4,801</TD><TD STYLE="padding-bottom: 1pt; 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="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">(342,930</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">(543,680</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">(160,398</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">(940,137</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">(6,822</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">(17,000</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">(64,829</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">(85,526</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">(244,057</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">(92,931</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">(55,938</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">(721</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">(3,598</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">(174,039</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">(23,944</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">(487,738</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">&mdash;&nbsp;&nbsp;</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">(11</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">(1,670,942</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">(832,290</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">(741,067</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">Financial liabilities 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">164,634</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-left: 3.5pt">Participating cross currency swap and FX swap contracts</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">440,036</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">535,939</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">190,421</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-bottom: 1pt; padding-left: 3.5pt">Currency forward 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">256,118</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><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-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">120,776</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">38,082</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">(545,845</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 1.1pt 6.5pt 0; text-align: justify; text-indent: -28.35pt"><B>&nbsp;</B></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: 0 0 6pt; text-align: justify">A 10% strengthening/weakening of the TL,
UAH, BYN, EUR against the following currencies as at 31 December 2021 and 31 December 2020 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Sensitivity analysis</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border-right: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">31 December 2021</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Profit/(Loss)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Appreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Depreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Appreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Depreciation of foreign currency</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">1- USD net asset/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">204,640</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</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">(204,640</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</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="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -7.1pt; padding-left: 15.9pt">2- Hedged portion of USD risk (-)</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><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">(12,446</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">12,446</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: 1pt; padding-left: 5.4pt">3- USD net effect (1+2)</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">204,640</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">(204,640</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">(12,446</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">12,446</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">4- EUR net asset/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">(421,664</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">421,664</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">&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-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">5- Hedged portion of EUR risk (-)</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><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">(7,632</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">7,632</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: 1pt; padding-left: 5.4pt">6- EUR net effect (4+5)</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">(421,664</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">421,664</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">(7,632</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">7,632</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">7- Other foreign currency net asset/liability (RMB)</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">(116,071</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">116,071</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: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -7.1pt; padding-left: 15.9pt">8- Hedged portion of other foreign currency risk (-) (RMB)</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><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">1,918</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">(1,918</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: 8pt; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">9- Other foreign currency net effect (7+8)</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">(116,071</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">116,071</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">1,918</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">(1,918</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Total (3+6+9)</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">(333,095</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">333,095</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">(18,160</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">18,160</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Sensitivity analysis</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="border-right: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">31 December 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Profit/(Loss)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Appreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Depreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Appreciation of foreign currency</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid">Depreciation of foreign currency</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">1- USD net asset/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">88,656</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</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">(88,656</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; 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; text-indent: -7.1pt; padding-left: 15.9pt">2- Hedged portion of USD risk (-)</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><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">(14,984</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">14,984</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: 1pt; padding-left: 5.4pt">3- USD net effect (1+2)</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">88,656</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">(88,656</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">(14,984</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">14,984</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">4- EUR net asset/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">34,304</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">(34,304</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">&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-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">5- Hedged portion of EUR risk (-)</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><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">(79,669</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">79,669</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: 1pt; padding-left: 5.4pt">6- EUR net effect (4+5)</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">34,304</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">(34,304</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">(79,669</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">79,669</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="17" STYLE="font-size: 10pt; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: 8.8pt; padding-left: 5.4pt">7- Other foreign currency net asset/liability (RMB)</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">(61,036</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">61,036</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-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -7.1pt; padding-left: 15.9pt">8- Hedged portion of other foreign currency risk (-) (RMB)</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><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">(192</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">192</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: 1pt; padding-left: 5.4pt">9- Other foreign currency net effect (7+8)</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">(61,036</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">61,036</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">(192</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">192</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: 8pt; font-weight: bold; padding-bottom: 1pt; padding-left: 5.4pt">Total (3+6+9)</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">61,924</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">(61,924</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">(94,845</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">94,845</TD><TD STYLE="padding-bottom: 1pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Interest rate risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">As at 31 December 2021 and 2020 the interest
rate profile of the Group&#8217;s variable rate interest-bearing financial instruments was:</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="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">31 December 2021</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 2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">Note</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: right">Effective Interest Rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font-weight: bold; vertical-align: bottom">Carrying Amount</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">Effective interest rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: right">Carrying 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 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><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: 35%; text-align: right; padding-left: 3.5pt">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">30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">3.1</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">(3,999,264</TD><TD STYLE="width: 1%; font-size: 10pt; 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">3.2</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">(2,644,049</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: right; padding-left: 3.5pt">EUR floating rate loans</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 STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.3</TD><TD STYLE="font-size: 10pt; text-align: left">%</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">(9,188,487</TD><TD STYLE="font-size: 10pt; text-align: left">)</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">(5,660,654</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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: 0 0 6pt; 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;2021
and 2020:</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: 12pt Univers, Helvetica, Sans-Serif; text-align: justify">&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">Profit or loss</TD><TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Equity</B></FONT></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="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"><FONT STYLE="font-size: 11pt; letter-spacing: -0.1pt"><B>100 bps increase</B></FONT></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"><FONT STYLE="font-size: 11pt; letter-spacing: -0.1pt"><B>100 bps decrease</B></FONT></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"><FONT STYLE="font-size: 11pt; letter-spacing: -0.1pt"><B>100 bps increase</B></FONT></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"><FONT STYLE="font-size: 11pt; letter-spacing: -0.1pt"><B>100 bps decrease</B></FONT></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="font-size: 11pt; font-weight: bold; padding-left: 0.05in">31 December 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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: 11pt; text-align: left; padding-bottom: 1pt; padding-left: 0.05in">Variable rate instruments (financial liability)</TD><TD STYLE="width: 3%; 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: 10%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">(103,782</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">)</TD><TD STYLE="width: 3%; 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: 10%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">103,782</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; 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: 10%; 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><TD STYLE="width: 3%; 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: 10%; 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="font-size: 11pt; text-align: left; padding-bottom: 2.5pt; padding-left: 0.05in">Cash flow sensitivity (net)</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">(103,782</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">103,782</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; 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">&mdash;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; 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-left: 0.05in">31 December 2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><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-bottom: 1pt; padding-left: 0.05in">Variable rate instruments (financial liability)</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">(23,510</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">23,510</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; 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">&mdash;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</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; text-align: left; padding-bottom: 2.5pt; padding-left: 0.05in">Cash flow sensitivity (net)</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">(23,510</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">23,510</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; font-weight: bold; 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">&mdash;&nbsp;&nbsp;</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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: 0; text-align: justify">Fair value of the Group&#8217;s financial assets and
financial liabilities that are measured at fair value on a recurring basis</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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">&#8226; 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">&#8226; 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">&#8226; 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: 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)&#8239;</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Fair values (continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Valuation inputs and relationships to fair value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 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 COLSPAN="2" 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: 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: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt"><B>31 <BR>
December 2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt"><B>31 December 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 0.05in; padding-left: 0.05in">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Inputs</B></FONT></P></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 2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 12%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt"><B>31 December 2020</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 29%; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><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: bottom; 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: 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></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt">Contingent consideration </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">758,261</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">475,879</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">Risk-adjusted discount rate</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">6.8%-8.0%</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">4.3%-5.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">An increase/decrease in the discount rate by 100 bps would change FV by <BR>
TL (51,092) and TL 55,485, respectively.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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"><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"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">in instalments between 2026-2031</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">in instalments between 2025-2030</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">If expected settlement date extended/shortened by 1-year, FV would change by TL (53,167) and TL 57,145, respectively.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes
in </FONT>the consideration payable in relation to acquisition of Belarusian Telecom f<FONT STYLE="font-family: Times New Roman, Times, Serif">or
the years ended 31 December 2021 and 31 December 2020 are stated below: </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">2021</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">2020</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">475,879</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">359,554</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">Losses 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">282,382</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">116,325</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">758,261</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">475,879</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0 6.5pt; text-align: justify"><B>Financial
assets: </B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; 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 26.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify"><B>Financial liabilities:</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">As at 31 December 2021 and 31 December
2020; 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.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">The carrying amounts and fair values
of non-current borrowings and current portion of non-current borrowings are as follows:</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify; text-indent: -27pt"><I>&nbsp;</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; font-style: italic; border-bottom: Black 1pt solid">As at 31 December 2021:</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">Carrying amount</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: 0; text-align: right"><B>Fair </B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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%; text-align: left; padding-left: 5.4pt">Bank loans</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">16,696,250</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">16,622,479</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">Debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,306,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,233,743</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: justify"><I>&nbsp;</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; font-style: italic; border-bottom: Black 1pt solid">As at 31 December 2020:</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">Carrying amount</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: 0; text-align: right"><B>Fair </B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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%; text-align: left; padding-left: 5.4pt">Bank loans</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,615,559</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">4,646,152</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">Debt securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,311,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,949,084</TD><TD STYLE="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>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>37.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Financial instruments (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify"><B>Fair values (continued)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Financial liabilities
(continued):</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 12pt; 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>38.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Guarantees and purchase obligations</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">At 31 December 2021, outstanding purchase
commitments with respect to property, plant and equipment, inventory, advertising and sponsorship amount to TL 1,311,359 (31&nbsp;December&nbsp;2020:
TL 840,208). Payments for these commitments will be made within 4 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 12pt 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 TL 6,936,046 at 31 December 2021 (31 December 2020: TL 4,146,811).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>39.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Commitments and Contingencies</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 3pt 0; text-align: justify">The following disclosures comprise
of material lawsuits and investigations against the Company.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 3pt 0; text-align: justify"><B>Disputes on Special Communication
Tax and Value Added Tax</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><I>Disputes on SCT for the year 2011 </I></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 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 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. In this case, with the decision that notified to the Company on 14 April 2020, the Council of State decided
to cancel the rejection act regarding the application for the restructuring. The Large Taxpayers Office and Ministry of Treasury and Finance
appealed the decision. The Company replied the appeal request in due time. As a result of the appeal process, The Council of State Plenary
Session of the Tax Law Chambers, approved the first instance court decision in favor of the Company with its definitive judgment. Thus,
the case was finalized in favor of the Company, the assessment of the SCT for the year 2011 was structured within the scope of Law No.
6736 and 47,534 TL overpaid amount was returned to the Company in 2021 by deduction from the debts of the Company to the State.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the cases regarding the cancellation of the SCT assessment for the year 2011, Council of State accepted the appeal and decided to reverse
the first instance court decisions in favor of the Company, on the ground that; in the case filed for the cancellation of the rejection
act regarding the request to restructure the cases filed for the year 2011, the court decided in favor of the Company and since the mentioned
case will affect these cases, finalization of the respective decision should be waited. The Large Taxpayers Office applied for the correction
of the decisions. The Company replied to application for the correction of the decisions. The Council of State, rejected the correction
of decision requests of the Large Taxpayers Office, in favor of the Company. In 2021, </FONT>The Court decided there is no need to make
ruling regarding the essence of the cases<FONT STYLE="font-family: Times New Roman, Times, Serif">, due to the fact that the amount of
the SCT assessment for the year 2011, which are the subject of the lawsuit, was structured within the scope of the Law No. 6736.<B>&#9;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>39.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Commitments and Contingencies (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><B>Disputes regarding the Law on
the Protection of Competition</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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. As a result
of the investigation the Competition Board rejected the claims that Turkcell 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 on 8 December 2011
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, but the Council of State Plenary Session of the Chambers for Administrative Cases decided
to approve the first instance court&#8217;s decision. The Company made an individual application to the Constitutional Court, against
the respective decision within due time. The Constitutional Court process is pending.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Also, the Large Taxpayers Office issued
a payment order regarding the aforementioned administrative fine. The Company has not made any payments and filed a lawsuit for the stay
of execution and cancellation of the payment order. The Court accepted the case. The Large Taxpayers Office appealed the decision. As
a result of the appeal process, due to the reverse decision of the Council of State about the first instance court decision, the case
file was sent to the first instance court. The Court rejected the case. The Company appealed the decision. The appeal process is pending.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 three 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 plaintiff appealed the case before Regional Court of Justice. The Regional Court of Justice decided to revoke the decision
of the first instance court, stating that a new decision should be made after the procedural actions within the scope of the file were
re-executed and the expert report was received. The expert report has been submitted to its file, and the Company has submitted its statements
and objections regarding the report in due time. In accordance with our objections, The Court decided to obtain an expert report from
a new expert committee, mentioning that there was a clear contradiction between the expert reports in the case. Whole cases are pending.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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 Turkcell determined the resale price. The Council of State cancelled this part of the aforementioned Competition Board decision.
Thereafter Competition Board launched a new investigation and as a result of it the Competition Board decided to apply administrative
fine amounting to TL 91,942 on the Company. The Company has taken all legal actions by requesting the cancellation of the aforementioned
decision and its withdrawal by the Competition Authority. The Competition Authority accepted some of the objections of the Company and
reduced the administrative fine to TL 61,294 with its decision.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The aforementioned fine that amount of
TL 61,294 was paid with twenty five percent discount on 9 April 2020, in the amount of TL 45,971. Then, a lawsuit was filed on 10 April 2020 for cancellation of the aforementioned administrative
fine. The hearing was held on 19 January 2021 in this case. The Court rejected the case. The company appealed the case before Regional
Administrative Court. The Regional Administrative Court rejected the appeal request. The Company appealed the decision in due time. The
appeal process is pending.</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="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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>39.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Commitments and Contingencies (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Ministry of Commerce Administrative
Fine</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As a result of the investigation conducted
by the Ministry of Commerce for the year 2015, against the Company due to the alleged violation on distance contracts, hire purchase agreements
and subscriber agreements, Ministry of Commerce imposed an administrative fine in the amount of TL 138,173. The Company filed a lawsuit
for the cancellation of the related transactions. The Court accepted the case in favor of the Company and cancelled the administrative
fine. Istanbul Governorship appealed the decision before Regional Administrative Court. Regional Administrative Court rejected the appeal
request in favor of the Company. Istanbul Governorship appealed the decision before the Council of State. The Company replied this request
in due time. As a result of the appeal process, the Council of State decided to reverse the Regional Administrative Court&#8217;s decision
and decided to send the case file to the Regional Administrative Court to redecide after having an expert examination. The Regional Administrative
Court decided to abide the Council of State&#8217;s decision and conduct an expert examination on the file. The expert report has been
submitted to the case file. Statements and objections regarding the report were submitted to the case file due time. While the trial was
pending, an application was made to the Istanbul Governorship Provincial Directorate of Commerce on 28 September 2021 for the administrative
fine of TL 138,173, which was imposed by the Governorship of Istanbul and whose cancellation was requested in the file case, restructured
with a cash payment option within the scope of Article 3 of the Law No.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">7326,
titled &quot;Receivables that are not finalized or are in the litigation phase&quot;. Thus, the administrative fine amounting to TL 138,173
restructured by paying TL 51,815 on 1 November 2021 and the lawsuit was finalized. </FONT>The Regional Administrative Court decided there
is no need to make ruling regarding the essence of the case<FONT STYLE="font-family: Times New Roman, Times, Serif">, due to waiving the
case according to the Law No. 7326. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>ICTA Investigation Regarding the R&amp;D Obligations
(Period of 2013-2016)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6.5pt; text-align: justify">ICTA initiated an investigation on the
obligation of investing to products in electronic communication network and communication services, partly from suppliers which have a
R&amp;D center in Turkey; partly from the products manufactured in Turkey by SME suppliers which are established to develop products or
systems in Turkey; and partly from products that are certified to be domestic goods within the framework of the relevant legislation.
As a result of the investigation ICTA has decided to imposed an administrative fine of TL 18,031 to Turkcell. The administrative fine
notified to Turkcell on 29 January 2021 and was paid on 26 February 2021 as TL 13,523 with taking on the account the early payment discount (1/4). The Company
filed totally ten different lawsuits for the cancellation of the administrative fines. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
cases are pending.</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><B>ICTA Investigation Regarding the
R&amp;D Obligations (Period of 2016-2017)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">ICTA initiated an investigation on
the obligation of investing to products in electronic communication network and communication services, partly from suppliers which have
a R&amp;D center in Turkey; partly from the products manufactured in Turkey by SME suppliers which are established to develop products
or systems in Turkey; and partly from products that are certified to be domestic goods within the framework of the relevant legislation.
As a result of the investigation ICTA has decided to imposed an administrative fine of TL 31,139 to Turkcell. The administrative fine
notified to Turkcell on 29 January 2021 and was paid on 26 February 2021 as TL 23,354 with taking on the account the early payment discount (1/4). The Company
filed totally seven different lawsuits for the cancellation of the administrative fines. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
cases are pending.</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>
<TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>39.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Commitments and Contingencies (continued)</B></FONT></TD></TR>
</P>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><B>ICTA Investigation on Service
Outage during the Ramadan Feast</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">As a result of the investigation
carried out by the ICTA in order to examine whether the obligations arising from the relevant legislation regarding service interruptions
during the Ramadan Feast are fulfilled; ICTA decided to impose an administrative fine of TL 3,156 to Turkcell. The administrative fine,
which has been notified to Turkcell on 07 September 2021, was paid on 6 October 2021 as a total sum of 2,367 TL (with a discount of 25%)
by taking advantage of the early payment discount. After notification of the Board Decision to the Company, the Company applied to ICTA
with the demand of withdraw of the Board Decision. The application of the Company was tacitly rejected by ICTA.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><B>ICTA &#8211; Doubling Campaign
</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">ICTA decided to impose an administrative
fine of TL 25,246 to Turkcell as a result of the inspection carried out on the grounds that the fee increases in the Doubling Campaign
and notification made in this context were contrary to the relevant legislation. The administrative fine, which was notified to Turkcell
on 07 September 2021, was paid on 6 October 2021 as a total sum of TL 18,934 (with a discount of 25%) by taking advantage of the early
payment discount. After notification of the Board Decision to the Company, the Company applied to ICTA with the demand of withdraw of
the Board Decision. The application of the Company was tacitly rejected by ICTA.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify"><B>Other ongoing lawsuits and tax
investigations</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">In 2019, JSC Kazakhtelecom initiated
arbitration proceedings against the Company related to its acquisition of JSC Kcell shares, which was subsidiary of the Fintur. The total
claim against Turkcell and other shareholder Telia Company A.B. amounts to TL 549,000 (USD 66,000) plus interest, of which Turkcell&#8217;s
share amounts to TL 157,000 (USD 19,000) under the scope of agreements signed by parties. On the other hand, JSC Kazakhtelecom has initiated
another arbitration case against the Company and</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">Telia Company A.B. with the claim
of indemnification due to revocation of a frequency license. A settlement agreement has been signed between the parties for both arbitration cases and JSC Kazakhtelecom waived both arbitration proceedings
with the payment of the settlement fee. In 2021, the total amount paid by our Company as the settlement fee is TL 51,894 (USD 6,201)</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">Probability of an outflow of resources
embodying economic benefits for 2018 and 2019 fiscal years with regards to notification of Information and Communication Technologies
Authority for radio fee related to 2018 fiscal year was considered by the Company management. In this respect, TL 128,429 was paid in
November 2019 by reserving our right to take legal actions and legal actions were taken for 2018 fiscal year. The lawsuits are pending.
On the other hand, additional TL 13,465 for 2018/December was paid with reservation on 29 January 2021 with regards to notification of
Information and Communication Technologies Authority for the same reason.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">Closing minutes have been signed
in 2021 fiscal year for treasury share investigation related with first and second quarter of 2021 fiscal year and third and fourth quarter
of 2020 fiscal year. Closing minute has been signed for treasury share investigation related with third quarter of 2021 fiscal year on
10 January 2022.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In addition, following tax investigations
which were started previous periods (i) transactions for 2017 fiscal year regarding SCT, (ii) 2018 fiscal year transactions regarding
SCT, Corporate Income Tax and Value Added Tax. As a result of the investigations, Company has been imposed tax assessment. Company's Board
of Directors resolved that our Company shall benefit from restructuring provisions as per the Law No. 7326. The process was completed
upon payment of TL 257,783 by our Company on 1 November, 2021.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 0 6pt; 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>39.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Commitments and Contingencies (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin-right: 1.15pt; margin-bottom: 6pt; margin-left: 0; text-align: justify"><B>Other ongoing lawsuits and
tax investigations (continued)</B></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">In addition, in accordance with the
&quot;Contract for the Establishment and Operation of Mobile Communication Infrastructure Service in Settlements Without Mobile Coverage&quot;
signed with the Ministry of Transport and Infrastructure, since the fees reflected to the Ministry should be subject to special communication
tax and assessment has been made for the 2015 and 2016 periods. Application has been made for the assessment on 11 December 2020 to benefit
for the structuring provisions of the Law No.7256 and the application has been approved. In this context, TL 51,174 was paid on 1 March
2021 in advance.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">On the other hand, mobile payment
services provided by Turkcell Odeme were investigated within the scope of the Law No. 6493 and secondary legislation issued pursuant to
this Law. As a result of the investigation, an administrative fine was imposed on Turkcell Odeme in the amount of TL 18,763. Turkcell
Odeme filed a lawsuit for the cancellation of the aforementioned administrative fine. The hearing was held on 30 December 2020 in this
case. The Court decided to accept the case in favor of the Company and cancelled the administrative fine subject to the case. The defendant
appealed the decision before the Regional Administrative Court. The Company replied this appeal request in due time. The appeal process
is pending.</P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">While this case was ongoing, the
Tax Office sent a payment order for collection of the aforementioned administrative fine. Turkcell Odeme filed a lawsuit for the cancellation
of the payment order. The Court accepted the case and cancelled the payment order. Tax office appealed the decision before the Regional
Administrative Court. The Company replied this appeal request in due time. The Regional Administrative Court, rejected the appeal request
of the Tax Office in favor of the Company. The defendant <FONT STYLE="font-family: Times New Roman, Times, Serif">appealed the decision
before the Council of State. The Company replied this request in due time. The appeal process is pending.</FONT></P>

<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">Based on the management opinion,
an outflow of resources embodying economic benefits is deemed as probable on some of the aforementioned lawsuits and investigations, thus,
TL 53,603 provision is recognized in the consolidated financial statements as at and for the period ended 31 December 2021 (31 December 2020: TL 242,521).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>40.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Related parties</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt/13pt Times New Roman, Times, Serif; margin: 6pt 1.1pt 6pt 0; text-align: justify">Due to the change of the ultimate
parent, the Group reevaluated the related party entities and reflected the transactions on 31 December 2021 financial statements.</P>

<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: 3pt 0; text-align: justify">Key management personnel comprise the Group's
members of the Board of Directors and chief officers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">There are no loans to key management personnel
as of 31 December 2021 and 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Group provides additional benefits to key management
personnel and contributions to retirement plans based on a pre-determined ratio of compensation.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></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> 2021</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> 2020</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></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%; 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">89,692</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">86,478</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">78,775</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Long-term benefits</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">1,091</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">1,085</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">653</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="text-align: left; padding-left: 3.5pt">Termination benefits</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">182</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">6,548</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">56,720</TD><TD STYLE="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">Share based payments</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">5,760</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">6,247</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: 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">90,965</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">99,871</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">142,395</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: 12pt 1.1pt 6pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; 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"><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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>40.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Related parties (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following transactions occurred with related parties:</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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 3.5pt">Enerji Piyasalar&#305; Isletme A.S. (&ldquo;EP&#304;AS&rdquo;) (**)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">201,611</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">23,737</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 3.5pt">Turk Hava Yollari A.S. (&ldquo;THY&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,374</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">Ziraat Bankasi (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,285</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">Turksat Uydu Haberlesme Kablo TV ve Isletme A.S.(&ldquo;Turksat&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,408</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">Gunes Express Havacilik A.S. (&ldquo;Sun Express&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,607</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,867</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">Turkiye Vak&#305;flar Bankasi TAO (&ldquo;Vakifbank&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,234</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">Borsa Istanbul A.S. ("BIST") (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,458</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">Turkiye Hayat ve Emeklilik A.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,479</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-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">Turkiye Halk Bankasi A.S. (&ldquo;Halkbank&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,296</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">Turkiye&rsquo;nin Otomobili Girisim Grubu Sanayi ve Ticaret A.S. (&ldquo;TOGG&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,407</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-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">Ziraat Katilim Bankasi A.S. (&ldquo;Ziraat Katilim&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,238</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-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">Kredi Kayit Burosu A.S. (&ldquo;KKB&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">657</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="padding-left: 3.5pt">Turkiye Sigorta A.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,050</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-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">Sofra Kurumsal ve Odullendirme Hizmetleri A.S. (&ldquo;Sofra&rdquo;)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,221</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">Posta ve Telgraf Teskilati A.S. (&ldquo;PTT&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">870</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">Sonera Holding</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">772,436</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-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">&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">27,050</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">Telia Carrier Germany GmbH (&ldquo;Telia Carrier&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">&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">12,934</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">&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">6,191</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">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">12,457</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">6,206</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">7,004</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: 2.5pt; padding-left: 0.05in">&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">451,972</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">82,613</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">825,615</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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 STYLE="font-size: 11pt; font-weight: bold; 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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; padding-left: 3.5pt">EPIAS (**)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">864,464</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">80,689</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Turksat (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,023</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="padding-left: 3.5pt">Sofra</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,874</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">Boru Hatlar&#305; Ile Petrol Tas&#305;ma A.S. (&ldquo;BOTAS&rdquo;) (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,290</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,654</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="padding-left: 3.5pt">PTT (**)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,682</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="padding-left: 3.5pt">Kyivstar (*)</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-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">40,210</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">Telia Carrier</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-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">7,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 3.5pt">Vimpelcom (*)</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-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">1,228</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 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">274</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">Turkcell Vakfi</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-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">15,653</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">2,071</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">2,000</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="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">1,000,186</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">127,596</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">60,089</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 1pt/13pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/13pt Times New Roman, Times, Serif; margin: 0 1.1pt 0 0; text-align: justify">(*) Transactions with Vimpelcom, Kyivstar
and Wind include transactions until 18 June 2019.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify">(**) Transactions with related parties through
TVF BTIH include transactions as of 22 October 2020 and onwards.</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0 1.15pt 0 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>40.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Related parties (continued)</B></FONT></TD></TR>
</TABLE>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Details of the financial assets and liabilities with
related parties as of 31 December 2021 and 2020 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">31 December<BR> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">Banks - Time deposits</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7,720,468</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">6,713,484</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">Banks - Demand deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106,799</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">Other cash and cash equivalents</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">8,354</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">Bank borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(762,613</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,902</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">Debt securities issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101,938</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(50,866</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: 3.5pt">Lease 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">(97,336</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">(65,577</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: 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">6,912,872</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">6,656,292</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: 3pt 0; text-align: justify">As of 31 December 2021, the amount of letters
of guarantee given to the related parties is TL 97,135 (31 December 2020: 67,455).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 1.1pt 6pt 0; text-align: justify">Details of the time deposits at related
parties as of 31 December 2021 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">31 December<BR> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">Ziraat Bankasi</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,681,804</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">2,338,812</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">Halkbank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,432,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,904,505</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">Vakifbank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,205,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,307,202</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">Ziraat Katilim</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">162,965</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">64</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></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">7,720,468</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">6,713,484</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: 0 1.1pt 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 COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount in Original Currency</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">Currency</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">Effective Interest Rate</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">Maturity</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 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; font-size: 11pt; text-align: right">450,526</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: 16%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">USD</FONT></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: 16%; font-size: 11pt; text-align: center">1.3%</TD><TD STYLE="width: 1%; font-size: 11pt; text-align: left"></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: 15%; font-size: 11pt; text-align: right"><FONT STYLE="font-size: 11pt">January 2022</FONT></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: 15%; font-size: 11pt; text-align: right">6,005,059</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">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">67,510</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"><FONT STYLE="font-size: 11pt">EUR</FONT></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">0.3%</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"><FONT STYLE="font-size: 11pt">January 2022</FONT></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">1,018,502</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">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">695,808</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"><FONT STYLE="font-size: 11pt">TL</FONT></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">26.2%</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"><FONT STYLE="font-size: 11pt">January 2022</FONT></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">695,808</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">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">58</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"><FONT STYLE="font-size: 11pt">GBP</FONT></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">0.2%</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"><FONT STYLE="font-size: 11pt">January 2022</FONT></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">1,042</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">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">11</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="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">BYR</FONT></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="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">2.6%</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="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 11pt">January 2022</FONT></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">57</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="text-align: left">&nbsp;</TD><TD STYLE="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: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&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: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&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: left">&nbsp;</TD><TD STYLE="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">7,720,468</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: 3pt 1.15pt 3pt 0; text-align: justify">Details of the bank borrowings at related
parties as of 31 December 2021 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 COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principle Amount</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</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">Effective Interest Rate</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</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 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; font-size: 11pt; text-align: right">533,837</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: 18%; font-size: 11pt; text-align: center; padding-left: 3.5pt">TL</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: 16%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">14.8%-15.8%</FONT></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: 17%; font-size: 11pt; text-align: center; padding-left: 3.5pt">January-February 2022</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: 15%; font-size: 11pt; text-align: right">537,564</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">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">119,460</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: center; padding-left: 3.5pt">TL</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"><FONT STYLE="font-size: 11pt">19.2%-20.1%</FONT></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: center; padding-left: 3.5pt">January 2022</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">120,853</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-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">49,998</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="font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">RMB</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center">4.9%</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="font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">February 2022</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">104,196</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="text-align: left">&nbsp;</TD><TD STYLE="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: right; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: center">&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: right; 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">762,613</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: 3pt 1.15pt 3pt 0; text-align: justify">Details of the debt securities issued
at related parties as of 31 December 2021 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 COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</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">Effective Interest Rate</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity</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 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; font-size: 11pt; text-align: right">100,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">TL</TD><TD STYLE="width: 3%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 16%; font-size: 11pt; text-align: center">16.3%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left"></TD><TD STYLE="width: 3%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 17%; font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">March 2022</TD><TD STYLE="width: 3%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 15%; font-size: 11pt; text-align: right">101,938</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="text-align: left">&nbsp;</TD><TD STYLE="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: right; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</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="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; 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">101,938</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; 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"></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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>40.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Related parties (continued)</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 1.15pt 3pt 0; text-align: justify">Details of the lease liabilities at
related parties as of 31 December 2021 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 COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency</TD><TD STYLE="font-size: 11pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Effective Interest Rate</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">Payment Period</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 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 11%; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">EUR</FONT></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: 46%; font-size: 11pt; text-align: center; padding-left: 3.5pt">0.1% - 3.7%</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"><FONT STYLE="font-size: 11pt">2022-2024</FONT></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">82,952</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">&nbsp;</TD><TD STYLE="vertical-align: bottom; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt">TL</FONT></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="font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 3.5pt">11.7% - 32.0%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 11pt">2022-2026</FONT></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">14,384</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="text-align: left">&nbsp;</TD><TD STYLE="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: right; padding-bottom: 2.5pt; padding-left: 3.5pt">&nbsp;</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="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">97,336</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: 12pt 0"><B>Interest income from related parties: </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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; padding-left: 5.4pt">Halkbank</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">150,389</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">32,762</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt">Vakifbank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,509</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: 5.4pt">Ziraat Bankasi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,838</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="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">2,255</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">1,611</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></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">338,274</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">95,720</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></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0"><B>Interest expense to related parties: </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">2021</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">2020</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; padding-left: 5.4pt">Vakifbank</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">17,889</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">&mdash;&nbsp;&nbsp;</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Ziraat Bankasi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,736</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: 5.4pt">Halk Varlik Kiralama A.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,644</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</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">Ziraat Yat&#305;r&#305;m Menkul Degerler A.S.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506</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="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">95</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">65</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></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">26,492</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">4,275</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></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Revenue from related parties are generally
related to telecommunication, call center and other miscellaneous services. Transactions between the Group and EPIAS are related to the
energy services; transactions between the Group and Sofra are related to meal coupon services; transactions between the Group and BOTAS
are related to infrastructure services; transactions between the Group and Halkbank, Ziraat Bankasi and Vakifbank are related to banking
services; transactions between the Group and PTT are related to cargo transportation; transactions between the Group and Turksat are related
to telecommunication services and transactions between the Group and BIST are related to stock market services. Receivables from related
parties are not collateralized.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>41.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Subsidiaries</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-right: 1.1pt; margin-bottom: 6.5pt; margin-left: 0; text-align: justify">The Group&#8217;s ultimate parent
company is TVF, while subsidiaries, associates and a joint venture of the Company as at 31&nbsp;December&nbsp;2021 and 31 December 2020
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="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>Effective Ownership Interest</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 22%; 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: 15%; 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: 39%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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>
    <TD STYLE="vertical-align: bottom; 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: right"><FONT STYLE="font-size: 8pt"><B>2021(%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2020 (%)</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">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"><FONT STYLE="font-size: 8pt">Information technology, value added GSM services and entertainment 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 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 Dijital (*)</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">Digitalization services and products</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">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">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">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">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"><FONT STYLE="font-size: 8pt">Electricity energy trade and wholesale and retail electricity sales</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">Boyut 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"><FONT STYLE="font-size: 8pt">Electricity energy trade and wholesale and retail electricity sales</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">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">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">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 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 Dijital Servisler </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">Development and providing of digital services and products </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 Bulut </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">Cloud solutions 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 TV</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">Online radio, television and on-demand streaming 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 Muzik</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">Radio, television and on-demand streaming 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">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">Atmosware 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">Develop software products and services, training software developers</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">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">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">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">Kibris Telekom</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 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: 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: 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">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">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">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">Paycell 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">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 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">Yaani</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">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">BiP B.V.</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">Providing digital services and products</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">BiP A.S.</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">Providing digital services and products</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>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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; vertical-align: bottom; 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; vertical-align: bottom; 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="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><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="vertical-align: bottom; 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="vertical-align: bottom; 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: right"><FONT STYLE="font-size: 8pt"><B>2021 (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2020 (%)</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">TOGG</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 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">23</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>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 12pt Univers, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><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="vertical-align: bottom; 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="vertical-align: bottom; 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: right"><FONT STYLE="font-size: 8pt"><B>2021 (%)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>2020 (%)</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>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">(*) Turkcell Dijital, which is fully owned by
the Company's subsidiary Turktell, has been incorporated. Registration and announcement of the respective company has also been completed
on 8 March 2021.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">(**) Atmosware Teknoloji, which is fully owned
by the Company's subsidiary Turktell, has been incorporated. Registration and announcement of the respective company has also been completed
on 7 October 2021.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>42.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Investments accounted for using the equity method</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The details of carrying values and consolidation rates subject to equity
accounting of joint ventures and associates are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</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">a) Joint Ventures</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> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-bottom: 1pt; padding-left: 3.5pt">Sofra</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">13,202</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">11,959</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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; font-weight: bold; border-bottom: Black 1pt solid"><B>b) <FONT STYLE="font-size: 11pt">Associates</FONT></B></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> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-bottom: 1pt; padding-left: 3.5pt">TOGG</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">665,382</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">91,967</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0">The movement of Joint Ventures and ssociates is 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">31 December<BR> 2021</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> 2020</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 3.5pt">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">103,926</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">41,701</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">Shares of profit/(loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,775</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">Contribution to capital increase</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">484,568</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">76,000</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">678,584</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">103,926</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: 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; 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"><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: bold 12pt Times New Roman, Times, Serif; margin: 0">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">As at and for the years ended
31 December 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><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.) &#9;</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: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>43.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Receivables from financial services</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><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; 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">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 2021</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">(7,362,554</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">(12,124,982</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">(2,098,886</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">(21,586,422</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">798,326</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">(20,788,096</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">(192,157</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,033,337</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">(13,225,494</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,403,609</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,821,885</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">645,926</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,984,771</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,649,046</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,279,743</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,718,061</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,561,682</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">Acquisition through business combination</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">(151,892</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">(151,892</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">(151,892</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">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">(6,499,648</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">(8,138,395</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">(2,456,025</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">(17,094,068</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">1,575,871</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">(15,518,197</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 2021</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">(13,408,433</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">(20,463,835</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">(2,905,865</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">(36,778,133</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">2,059,745</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">(34,718,388</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 10.7pt; width: 40%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B>Debt securities issued</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B>Loans</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B><BR>Lease liabilities</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B>Derivative Assets, net</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right; width: 6%"><FONT STYLE="font-size: 8pt; line-height: 115%"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 3.5pt">Balance at 1 January 2020</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">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,806,882</TD><TD STYLE="text-align: left">)</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">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,305,727</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">758,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,546,831</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 inflows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(494,987</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,983,201</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">(23,478,188</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,085,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(21,392,603</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">885,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,817,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,302,335</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,005,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(866,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,138,803</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">(1,787,424</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">(3,152,370</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">(1,868,166</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">(6,807,960</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">(1,179,505</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">(7,987,465</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 2020</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">(7,362,554</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">(12,124,982</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">(2,098,886</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">(21,586,422</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">798,326</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">(20,788,096</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-bottom: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 8%"><FONT STYLE="font-size: 11pt"><B>44.</B></FONT></TD>
  <TD STYLE="width: 92%"><FONT STYLE="font-size: 11pt"><B>Subsequent events</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the resolution of TOGG&#8217;s
board of directors, the Group made capital advance payments to TOGG amounting to TL 67,275 and TL 57,500 on 7 January 2022 and 7 February
2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify">On 20 December 2021, by Turkcell Odeme, 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 200,000, on various dates and at various amounts without public offering, as private
placement and/or to be sold to institutional investors within one year. On 26 January 2022, the Company has issued management agreement
based lease certificates through Halk Varlik Kiralama A.S. amounting TL 100,000 with the maturity of 20 April 2022.</P>

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



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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt"><FONT STYLE="font-size: 11pt"><B>TURKCELL ILETISIM HIZMETLERI A.S.</B> <BR>
<BR></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;</FONT>February 21, 2022</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 11pt; font-variant: small-caps">&nbsp;<U>/s/ Ali Serdar Yagci</U></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Name:&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Ali Serdar Yagci</FONT></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Title: Investor Relations and Corporate Finance Director</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt"><FONT STYLE="font-size: 11pt"><B>TURKCELL ILETISIM HIZMETLERI A.S.</B> <BR>
<BR></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;February 21, 2022</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 11pt; font-variant: small-caps">&nbsp;</FONT><FONT STYLE="font-size: 11pt"><U>/s/Osman Yilmaz</U></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Osman Yilmaz<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt"><FONT STYLE="font-size: 11pt"><B>TURKCELL ILETISIM HIZMETLERI A.S.</B> <BR>
<BR></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 11pt">Date:&nbsp;&nbsp;February 21, 2022</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 11pt; font-variant: small-caps">&nbsp;</FONT><FONT STYLE="font-size: 11pt"><U>/s/ Taner Kiziltoprak</U></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">Name:&nbsp;&nbsp;Taner Kiziltoprak<BR>
Title:&nbsp;&nbsp;&nbsp;&nbsp;Group Reporting &amp; Subsidiaries Management Director</FONT></TD>
    <TD>&nbsp;</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="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="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="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
