TURKCELL INVESTOR PRESENTATION. August 2018
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1 TURKCELL INVESTOR PRESENTATION August
2 TABLE OF CONTENTS 1) STRATEGY & THREE-YEAR PLAN 4 2) Q218 RESULTS 12 3) Q218 FINANCIAL REVIEW 30 4) VALUE CREATION: NEW OPPORTUNITIES 39 5) APPENDIX 45 2
3 SNAPSHOT CONVERGED COMMUNICATION AND DIGITAL SERVICES PLAYER 8 COUNTRIES 50.1 MILLION TURKCELL GROUP SUBSCRIBERS 2.5 MILLION FIXED SUBSCRIBERS LISTED ON NYSE & BORSA ISTANBUL WITH A $5.2 BILLION MARKET CAP 1 SUBSCRIBER BREAKDOWN (m, Q218) Turkcell Turkey 37.6 Ukraine 10.1 Belarus TR Northern Cyprus lifecell Europe As of Aug 8, lifecell Europe GmbH operates in Germany under a marketing partnership agreement with Deutsche Telekom (DT). Its subscribers are owned by DT and are also included in the Turkcell Group subscriber figure 33
4 STRATEGY & THREE-YEAR PLAN 4
5 TRANSFORMING INTO THE DIGITAL OPERATOR Network Operator Experience Provider 55
6 ENHANCING THE «DIGITAL» WITH TELCO CAPABILITIES 66
7 OUR TRANSFORMATION JOURNEY ORGANIZATIONAL TRANSFORMATION STATE-OF-THE-ART 4.5G DEPLOYMENT SALES CHANNEL TRANSFORMATION SHAPING TECHFIN IN TURKEY CONVERGENCE OF OTT SERVICES 77
8 OUR PERFORMANCE TURKCELL Guidance Actual REVENUE GROWTH CAGR 10% - 14% 2017: 23% 2016: 12% REVENUES (TRY Bn) EBITDA MARGIN 32% - 35% 2017: 35.3% 2016: 32.3% EBITDA (TRY Bn) OP. CAPEX / SALES* 17% - 16% (in 2018) 2017: 21% 2016: 23% OP. CAPEX / SALES* 20% 23% 21% *excluding licence fees 88
9 OUR PERFORMANCE 4.5G Subs Smart Phone TV+ Songs Homepass What we said 55% 70% 2.0 Mn 800 Mn 19 cities What we did (as at 2017 year-end ) 87% 72% 2.2 Mn 2.2 Bn 21 cities * *by
10 NEW AND HIGHER 3-YEAR GUIDANCE ON MARCH 14 TURKCELL GROUP (Previous Guidance) New REVENUE GROWTH 10% - 14% 14% - 16% EBITDA MARGIN 32% - 35% 37% - 40% OP. CAPEX / SALES* 17% - 16% 18% - 16% Guidance figures reflect the expected impacts of IFRS 9, IFRS 15 and IFRS 16. A positive 4-5pp impact is reflected in EBITDA margin guidance. * Excluding license 1010
11 2018 GUIDANCE REVISED UPWARDS ON JUL 25 TH TURKCELL GROUP 2018 GUIDANCE OLD NEW REVENUE GROWTH 14% - 16% 16% - 18% EBITDA MARGIN 37% - 40% 37% - 40% OP. CAPEX / SALES* 19% - 18% 19% - 18% Guidance for 2018 announced on March 14 is revised upwards at the time of Q218 results announcement. * Excluding license 111
12 Q218 RESULTS 12
13 SECOND QUARTER HIGHLIGHTS FINANCIAL Record top line at 5.1 bn TL, up 18.3% yoy, 52% 2yr growth EBITDA Margin at 41.8% Revenue guidance revised upwards to 16% - 18% Asset light strategy: infrastructure sharing protocol First installment of dividend distributed OPERATIONAL Over 100Mn core digital services * downloaded Mobile triple play at 60.5%, up 13.8 pp yoy 4.5G user data usage reached 7GB in June 18 18Mn 4.5G compatible smartphones, ~1Mn QoQ Revenue and EBITDA Margin Mobile Triple Play Multiplay with TV 42.5% 41.8% 30.7% 33.3% 33.9% 34.5% 33.8% 35.5% 37.3% 58.7% 60.5% 5, % 46.8% 4,044 4,053 3,658 3,358 4,597 4,666 4,762 4, % 40.5% 1,029 1,218 1,371 1,400 1,457 1,632 1,739 2,022 2,134 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Revenue (Mn TL) EBITDA (Mn TL) EBITDA Margin (%) Q217 Q317 Q417 Q118 Q218 Q217 Q317 Q417 Q118 Q218 * Core digital services include BiP, Dergilik, Fizy, My Account, Lifebox, Academy, Sports app, Upcall, TV+ and Yaani 1313
14 TURKCELL GROUP FINANCIAL HIGHLIGHTS Consolidated TRY Million 1 Q Q QoQ % YoY % H YoY % Revenue 4,762 5, % 18.3% 9, % EBITDA 2,022 2, % 46.5% 4, % EBITDA Margin 42.5% 41.8% (0.7pp) 8.0pp 42.1% 8.0pp Net Income (17.1%) (41.0%) 916 (21.2%) Op.Capex/Sales % 20.2% 8.6pp 3.5pp 16.0% 1.0pp Two-year Cumulative Growth Rates 102% 107% Growth momentum continued; 52% two-year cumulative revenue growth Limited net income volatility QoQ despite TL depreciation in Q2 Operational capex as a percentage of sales in line with expectations in H1 1 TRY figures are based on IFRS. 2 Excluding license fees 64% 51% 46% 41% 36% 40% 37% 40% 48% 52% Q117 Q217 Q317 Q417 Q118 Q218 Revenue EBITDA 1414
15 TURKEY SUBSCRIBERS (million) 54% of total mobile 18.8 OPERATIONAL HIGLIGHTS 16.0 Total Turkey subscribers 37.6 mn 950K net add YoY 2.6 ARPU (TL) % Mobile ARPU like-for-like Growth YoY 1 YoY 5.1% 13.3% YoY Q216 Q217 Q218 Fixed Residential Mobile Blended (excl. M2M) MOBILE CHURN RATE Net add QoQ Postpaid Prepaid Fiber ADSL TV 205K 31K 40K - YoY 664K 18K 171K 10K 124K Note: TV subscribers include 2.1 million of «OTT only» customers, which are excluded from net add & total subs 1 The ARPU of customers who have stayed with Turkcell for at least 14 months. 2 Company calculation on the basis of monthly churn rates disclosed in ICTA sector reports. 25K 8.0% 4.2% 5.5% Q216 Q217 Q218 ~7% competitors average in Q217-Q118 2 Note: In Q117, our churn policy was revised to extend from 9 months to 12 months (the period at the end of which we disconnect prepaid subscribers who have not topped up above TRY10). Additionally, under our revised policy, prepaid customers who last topped up before March will be disconnected at the latest by year-end. Please note that figures for prior periods have not been restated to reflect this change in churn policy. The net mobile subscriber addition figures and mobile churn rate for Q217 disclosed in this document have been positively impacted by this change. 1515
16 INCREASING APPRECIATION OF CUSTOMERS NET PROMOTER SCORE * OVER COMPETITION SUPERIOR 4.5G QUALITY & SPEED PIONEER CAMPAIGNS Q118 Points over next best Q218 Points over third best #1 in NPS reflecting superior overall customer satisfaction Continued to widen the gap in the second quarter *NPS score comparison is for consumer segment in mobile. (Source: Future Bright) DIGITAL SERVICES PORTFOLIO ENHANCED SHOPPING EXPERIENCE 1616
17 CONTINUED RISE IN DATA USAGE MOBILE DATA USAGE (Av. GB/User) 4.5G SUBSCRIPTION (million) GB 4.5G data usage in June Q216 Q217 Q218 Non 4.5G Users 4.5G Users Total Users Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q G subscribers 4.5G compatible smartphone* 4.5G users are driving data usage o 2x consumption vs. 2G&3G users Significant room for further 4.5G adoption 77% of smartphones on our network are 4.5G compatible Up by 12pp yoy * adjusted to reflect the updated 4.5G smartphone figures on our network 1717
18 INCREASING MULTIPLAY MOBILE* (TRIPLE PLAY«3P») MOBILE MULTIPLAY 58.7% 60.5% TRIPLE PLAY SHARE IN MOBILE REVENUE 46.7% 65% 75% 77% 12pp YoY FIBER RESIDENTIAL (MULTIPLAY WITH TV) Q217 Q118 Q % 46.8% 40.5% Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 *Share of mobile voice line users which excludes subscribers who do not use their line in the last 3 months. Triple Play refers to mobile customers who use voice, data and one of core digital services. 1818
19 DIGITAL COMPANION THROUGHOUT THE DAY We aim to increase customer engagement from basic communication to potentially all digital activities 23 min listening 32 min calling 16 min interacting 39 min for VOIP users 23 min reading 55 min watching 1919
20 INTERACT, READ, LISTEN, WATCH, STORE & SEARCH Download 1 INSTANT MESSAGING UPCALL DIGITAL PUBLISHING MUSIC TV PERSONAL CLOUD (lifebox) MY ACCOUNT (Hesabım) 21.3Mn 3.2Mn 6.5Mn 17.6Mn 8.7Mn 7.7Mn 32.1Mn 5.4Mn Monthly Active User 6.5Mn 1.0Mn 7.9Mn 2 1.8Mn 1.9Mn 1.3Mn 11.8Mn 0.9Mn Service KPI s 70Mn messages per day 1Mn calls per day 176K copies read per day 6.8Mn songs streamed per day 2.8Mn TV sessions per day 46 docs uploaded per person per day 33% More ARPU 2.0Mn Search per day Q2 Updates 2 nd number on one phone New interface International magazines introduced Infrastructure renewed Peak traffic during elections and World Cup Paycell integration 85Mn Shake&Win Web version launched 1 Refers to downloads as of July 16, Includes users who utilised the zero rating benefit of Dergilik magazines and newspapers via browser. 2020
21 LIFECELL: TREND IN DIGITAL BRAND CONTINUES SUBSCRIBERS (thousand) 2x 879 >1Mn as of July 18 70% of postpaid Lifecell acquisitions are new customers Q417 Q118 Q x ARPU (vs. Turkcell consumer subscriber) 8 GB av. data usage of a Lifecell user (in June 2018) 21% Lower churn rate (vs. Turkcell subscriber) 2121
22 EXPANDING DIGITAL VALUE PROPOSITION TRAFFIC MANAGEMENT SECURE LOG-IN CONTENT SEAMLESS PAYMENT CUSTOMER SERVICE E-Commerce Market Turkey Paycell Market Volume Share (2020E) 10% New Users (2020E) 4 Mn 222
23 Yaani: MORE THAN A SEARCH ENGINE SERVICE DETAILS MONETIZATION 5.4M 0.9M 2.0M Download Monthly Active User Search per day Advertising revenues Keyword traffic management Main page icon ad First agreement with Cimri.com Ad insertion Launched as web browser in Q218! 2323
24 PAYCELL: DIGITAL PAYMENT COMPANION 169 Mn TL transaction in Q218* PAYCELL Direct Carrier Billing 5Mn Mobile Payment users PAYCELL APP Mobile wallet Paycell top-ups Utility payments Money transfer QR code payment 1.5Mn downloads 1.6Mn Registered credit cards Paycell launch campaign PAYCELL CARD 277K users Available at: *Excludes TCF transactions and counting 2424
25 GAMING BUSINESS Attractive gaming market * in Turkey 31Mn gamers USD774 Mn market Aim to create the largest gaming brand in Turkey Segmented approach Umbrella platform New interface 5Mn games played in June 18 Safe zone for kids up to age 12 Available in web & mobile 1.4Mn users in June 18 Coming soon for age 12+ Subscription based business model Launched TavlaGO (Backgammon) Multi player online game * Source: Market Report, Newzoo,
26 CONSUMER FINANCE BUSINESS TCF KEY FINANCIALS * TRY MILLION Q YoY % H YoY % Revenues % % Net Income % % TCF Loan Portfolio details 4.7Mn loans outstanding 1,526 TL average ticket size 85 TL average monthly installment Loan protection insurance on over 90% recently Handset Financing (TRY billion) Loan Breakdown Smartphone 95% Q217 Q118 Q218 Turkcell Contracted Receivables TCF Consumer Loans 300Mn TL of Asset Backed Securities were issued to date Other** 5% * Turkcell Consumer Finance Company (TCF) net income includes 30 mn TL and 57 mn TL dividend from Paycell retained earnings in Q217 and Q218, respectively **Other includes tablet, accessories, smart watch and VINN sales. 2626
27 TURKCELL INTERNATIONAL HIGHLIGHTS TRY MILLION 1 Q YoY% H YoY % YoY Revenue Growth (Q218, in TRY) lifecell 31.6% EBITDA Margin (Q218) 47.6% 4.5G launched on 1800MHz Revenue % % EBITDA % % EBITDA Margin 36.9% 11.3pp 35.2% 10.2pp BeST 25.0% Kuzey Kıbrıs Turkcell 13.0% 16.0% 38.0% 4G growth on track Now offering fixed broadband lifecell Europe 260K subscribers 1 TRY figures are based on IFRS 2727
28 TAKING OUR DIGITAL STRATEGY GLOBAL B2B DIGITAL SERVICES Turkcell&lifecell Ventures booth at GSMA Barcelona 2018 Introduced to a global audience in GSMA Mobile World Congress Active in Moldcell (Moldova) Franchise holder for a digital services portfolio 2828
29 GLOBAL DIGITAL SERVICES Digital services are available at our international subsidiaries and other operators through lifecell Ventures International downloads of our services reached almost 3 million Downloads* UKRAINE BELARUS TRNC LIFECELL EUROPE MOLDOVA (by LIFECELL VENTURES) OTHER COUNTRIES 582K 153K 118K 157K Available at 1.4Mn 14K 1.2K 5K 7K - 18K 177K 0.9K 42K 32K - 9K 83K - 15K 10K Available at 108K *Refers to downloads as of June 30,
30 Q218 FINANCIAL REVIEW 30
31 REVENUE & EBITDA REVENUE TRY MILLION EBITDA & EBITDA MARGIN TRY MILLION (170) (10) 68 2,134 4,316 5,105 1, % Margin 33.8% 46.5% Margin 41.8% Revenue Q217 Δ Turkcell Turkey Δ Turkcell International ΔTCF* Δ Other Subsidiaries Revenue Q218 EBITDA Q217 Δ in Revenues Δ in Direct cost of revenues** Δ in G&A exp. Δ in S&M exp. EBITDA Q bn TL revenue add in Q218 yoy, Turkcell Turkey and TCF are main growth contributors EBITDA margin improvement of 8.0pp yoy in Q2 including new IFRS impacts * Turkcell Consumer Finance Company, Financell ** Excluding depreciation and amortization 3131
32 NET INCOME DEVELOPMENT Q217 vs. Q218 TRY MILLION 677 (429) (269) (313) Net income Q217 Δ in EBITDA Δ in D&A Δ in Interest Inc./Exp. Δ in FX Gain/Loss* Δ in Other Inc/Exp. Δ in Taxation Net income Q218 * FX Gain/Loss includes impact of fair market value change of swap contract 3232
33 SOLID BALANCE SHEET SUMMARY NET DEBT/ EBITDA TRY Mn Q Q Q Total Cash 4,712 4,590 7,081 Total Assets 33,982 37,073 41,026 Total Debt * 12,536 14,002 17,313 Lease Obligations - 1,128 1, x 4, x 4, x 1.49x 4, x TCF loan porfolio Total Equity 15,045 14,248 14,952 Net Debt 1 7,824 9,413 10, x 3,576 5,014 5,541 Net Debt** Net Debt 2 3,576 5,014 5,541 Q417 Q118 Q218 Net Debt/EBITDA* Net Debt/EBITDA** 1 Impact of IFRS 16 (capitalised lease obligations) are excluded 2 Turkcell Consumer Finance Company s (TCF) loan portfolio and capitalized lease obligations related to IFRS 16 are excluded 333
34 SUCCESSFUL LAUNCH OF 10-YEAR EUROBOND HIGHLIGHTS First 10 year corporate bond since Turkcell s 2015 issuance BOND DETAILS Nominal Amount USD 500 Million The only Turkish issuance in 2018 with IG ratings (at the time of launch) Maturity & Redemption Date 10 Years/ Diversified funding sources Extended average debt maturity Coupon Rate Redemption Plan 5.80% Semi-annual coupon payment, principal payment at maturity 3434
35 MAIN FUNDING DETAILS TYPE & DATE AVAILABILITY PERIOD AMOUNT MATURITY INTEREST PURPOSE OF FUNDING Club Loan (September 2015) June 2016 US$500mn and EUR445mn 2-year grace period, 5-year maturity 3-month LIBOR/ EURIBOR % CAPEX and inorganic growth opportunities Fully utilized in June 2016 Bond (October 2015) - US$500mn 15/10/ % CAPEX and inorganic growth opportunities China Development Bank (October 2015) 2 Years April 2019 EUR500mn EUR750mn 3-year grace period, 10-year maturity EURIBOR % EUR500mn: Debt restructuring EUR750mn: CAPEX Fully utilized in Oct 2015 c.eur 86mn utilized as of June 2018 Bond (April 2018) - US$500mn 11/04/ % Repayment of existing indebtedness 3535
36 CASH DEVELOPMENT Q118 vs. Q218 TRY MILLION 2,134 (1,230) 474 1,646 (631) 98 6,983 7,081 4,590 Cash Q118 EBITDA Capex* Net int income/(expense) Net chg in borrowing Dividend Payment Other Cash Q218 * Including operational and non-operational Capex and excluding the impact of new IFRS changes 3636
37 FX EXPOSURE CASH Before Hedging DEBT After Hedging NET FX POSITION * USD MILLION Share 22% 78% 18% 82% 58% 42% Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 (144) (109) (125) (91) (203) (95) (215) (330) (86) Nominal 7.1Bn TL FX Local Currency 18.5Bn TL (688) Comfort Zone (USD 500Mn) IMPACT OF HEDGING TOOLS ON Q218 FX LOSS TRY MILLION (1,239) Total FX Loss Hedge Portfolio Gain Net FX Loss * Including advance payments, hedging and assuming the 4.5G license payables in TRY for the periods before April 2017 and excluding FX swap transactions for TL borrowing. Q218 figures include USD 86 Mn stemming from lease obligations. 3737
38 FINTUR UPDATE: GEOCELL & AZERCELL Decided to exit with Telia Company in Q416 Classified as «assets held for sale» KCell Already divested Geocell & Azercell in Q118 Moldcell Kcell & Moldcell sale processes are on-going Geocell Azercell 3838
39 VALUE CREATION: NEW OPPORTUNITIES 39
40 POTENTIAL GROWTH AREAS FOR TURKCELL ENERGY & TRANSPORTATION Smart home, city, transportation & energy solutions, connected car Turkcell Energy Member of Joint Initiative Group in «Turkey s Automobile Project» EDUCATION Offering education services nationally to a wide range of customer groups Turkcell Academy Hello Hope (Syrian customers) Sign Language HEALTH End-to-end «Hospital Information Management Systems» infrastructure and operation services 5 projects Leader in terms of # of beds Strong pipeline of new projects 4040
41 FIXED BROADBAND MARKET TURKISH FIXED BROADBAND MARKET 11.9 mn Total Subscribers 14.7% Penetration FIBER SUBSCRIBER MARKET SHARE Q118 51% Incumbent 46% Other players 3% Note: Company calculation based on data in ICTA Q118 Report 3 major Operators FIXED BROADBAND MARKET BY TECHNOLOGY (MN) 10.2% % 11.5% % % % xdsl Fiber Cable Penetration CAGR % 34% 6% 4141
42 TURKCELL SUPERONLINE NEW BUSINESS MODEL ON FIXED INFRASTRUCTURE Infrastructure sharing protocol signed by Turkcell, Türk Telekom, Vodafone TR, Türksat and Telkoder in May Bilateral agreements to follow: 3.6Mn additional homepass through Türksat and potential for more A new capex model on fixed business Turkcell Superonline Fiber Backbone 41.8 thousand km rollout 19 cities Data speed up to 10Gbps 41% take up rate FIBER CUSTOMERS thousand ,044 1, NET REVENUE TREND TRY Mn 2,429 1,719 1,253 EBITDA TREND , TRY Mn 1, Fiber market share (%) 52% CAGR % CAGR % 4242
43 SUCCESSFUL IPTV SERVICES IP TV Subscriber Market Share 1 As of Q118 D-Smart 14% CableTV 19% 8% Tivibu 19% Digitürk (bein) 40% 1 Source: ICTA Q118 Report 2 Includes IP TV and OTT TV 2.6 million Turkcell TV+ subscriber 2 in Q
44 GLOBAL TOWER Turkey 8,288 NET REVENUE TREND TRY mn Tower portfolio: 10,337 Ukraine Belarus 1, E 2019E 2020E CAGR %-20% TRNC 115 TENANCY RATIO First and only TowerCo of Turkey Regional player operating in 4 countries Long term, visible revenue stream & strong profitability Listing still on the agenda E 2019E 2020E Medium Term 1.8x-1.9x Note: Tower portfolio includes owned and managed towers and towers for which contract management services are provided 444
45 APPENDIX - Network Dynamics - International Business - Regulatory - Currency Trends 45
46 FREQUENCIES BEFORE AND AFTER 4.5G TENDER 0.3 TOTAL FREQUENCY AFTER TENDER MHz MHz AWARDED FREQUENCY IN TENDER MHz TOTAL FREQUENCY BEFORE TENDER Turkcell Vodafone Türk Telekom Price / MHz / Population in Turkey: 0.12 per MHz per sub cost 4646
47 FREQUENCY BANDS AFTER 4.5G TENDER 800 MHz 900 MHz 1800 MHz 2100 MHz 2600 MHz 4.5G main coverage layer 2G/3G coverage and voice layer Main layer for 4.5G Terminal support, capacity and coverage layer Mobile broadband layer for 3G 4.5G usage for mid/long term 4.5G capacity boost layer for hot spots MHz MHz MHz Turkcell Vodafone Türk Telekom Price / MHz / Population in Turkey: 0.12 per MHz per sub cost 4747
48 FASTEST & BEST & WIDEST SPEED QUALITY COVERAGE SPEED QUALITY COVERAGE 1,200 Mbps 4x4 4x4 MIMO all network 2018 Carrier Aggregation all network The Best Experts 2G 3G 4.5G > 99.5% > 97% > 90% * MIMO: Multi Input Multi Output 4848
49 DIFFERENTIATED THROUGH QUALITY DL T.put (Mbps) UL T.put (Mbps) Latency (msec) MONTHLY TRENDS (2017) 53.8 Turkcell Operator Operator Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec up to 3x faster in Downlink up to 10 ms lower Latency up to 2x faster in Uplink Source: Ookla, December
50 5G: MORE THAN HIGHER SPEED embb 10x Faster Data Rate 5G 10x 100x Lower Latency Higher Capacity emtc URLLC
51 5G: ROADMAP We do not worry about 5G You should not worry either Investment based on use cases Widest spectrum MHz SW upgradable 5151
52 CAPEX/SALES TREND 25% Turkcell Group Average: 17.1%* EEMEA Average: 18.0% Between 2007 and % 15% 10% 5% 0% Turkcell Group EEMEA Source: Bloomberg Industry Data and company announcements *Excluding licence fees 5252
53 OPERATIONS IN UKRAINE UKRAINE MOBILE MARKET FACTS * lifecell PERFORMANCE 55.5m 131% Total Mobile subscribers Penetration 3 Operators UAH MILLION Q218 YoY% FY17 YoY% Revenue 1, % 4, % EBITDA % 1,327 (2.2%) EBITDA Margin 44.2% 18.3pp 27.2% (0.8pp) Ownership 100% Turkcell Ownership 100% VEON Ownership 51% JSFC Sistema 49% Free Float *Source: Global Wireless Matrix Q118 ** MTS Ukraine changed its legal name to Vodafone Ukraine with a marketing agreement ** HIGHLIGHTS Operational performance: 7.8 million subscribers in Q218 (3 months active) 3.2 million 3-month active 3G data users 71% SP penetration (market leader) Expanding digital services footprint. Launched its new digital services bundled offer, including fizy, lifebox, magazines and TV+ services First to launch 4G services on 2600 MHz in Ukraine on March thousand 4.5G users as at June 30 with 4.3 GB data usage Launched 4.5G services on the 1800 MHz frequency on Jul
54 UKRAINE: MOBILE PARKET PERFORMANCE MARKET SHARE Subscriber* 46.6% 47.3% 47.7% 48.0% 48.3% 37.5% 37.6% 37.5% 37.6% 37.7% 15.9% 15.1% 14.8% 14.4% 14.0% FINANCIALS Mobile Revenue Growth (in UAH) (YoY) lifecell VDF Kyivstar 15% 15% 10% 10% 11% 11% 9% 2% 4% 6% 1% -3% 2% Q117 Q217 Q317 Q417 Q118 (*) 3 month active subscribers Q217 Q317 Q417 Q118 Q218 Mobile Revenue 47.1% 48.0% 48.9% 47.5% 49.1% 37.4% 37.1% 35.9% 37.5% 35.9% 15.5% 14.9% 15.2% 15.0% 15.0% EBITDA Margin (%) 56.8% 54.4% 43.5% 41.4% 25.9% 29.7% 58.0% 53.2% 43.7% 43.2% 41.8% 44.2% 26.1% Q117 Q217 Q317 Q417 Q118 Q217 Q317 Q417 Q118 Q218 Source: Company announcements. Note: lifecell Q118 and Q218 EBITDA margin includes new IFRS impacts (IFRS 9, 15 and 16) 5454
55 OPERATIONS IN BELARUS BELARUS MOBILE MARKET FACTS* BeST PERFORMANCE BYN MILLION Q218 YoY% FY17 YoY% 11.4m Total subscribers 121% Mobile Penetration 3 Operators Revenue % % EBITDA 4.4 n.m % EBITDA Margin 14.4% 7.8pp 3.8% (0.2pp) HIGHLIGHTS Ownership 80% Turkcell 20% Belarusian State Ownership 51% Belarusian State 49% MTS Ownership 100% Telekom Austria 1.2 million subscribers ** in Q218 4G services in all regions as of September 2017 *Source: Company calculation based on Q118 ** 3 months active Expanding digital services footprints: fizy launched in Q218 with local and international content 555
56 BELARUS: MOBILE MARKET PERFORMANCE MARKET SHARE FINANCIALS LIFE:) VELCOM MTS Subscriber* 11.0% 42.5% 46.5% MTS VELCOM LIFE :) Q118 million Mobile Revenue Growth (in BYN) (YoY) 24% 16% 22% 19% 14% 13% 22% 18% 18% 15% 20% 21% 11% 11% (*) 3 month active subscribers Q217 Q317 Q417 Q118 Q218 Revenue LIFE :) EBITDA Margin Trend* 6.7% 44.7% MTS VELCOM Q118 BYN million % 7.0% 6.0% 18.2% 14.4% 48.7% LIFE :) 29.2 Source: Company announcements. Q217 Q317 Q417 Q118 Q218 Source: Company announcements. Note: life :) Q118 and Q218 EBITDA margin includes impacts of IFRS 9, 15 and
57 TAXATION IN TURKEY TAX MOBILE FIXED Special Communication Tax (SCT) 7.5% 7.5% 70% TURKEY HAS THE WORLD S HIGHEST MOBILE SERVICE TAXES 3 VAT 18% 18% 60% Treasury Share 1 15% 1% 50% TRX fees 5% (of net sales) - 40% Contribution Share to Telecom Authority 0.35% 0.35% 30% New subscription SCT 2 (at first enrollment) TRY % Wireless license fees (per acquisition) Wireless usage fees (annual) TRY TRY % Turkey Hungary Jordan UK Croatia Greece Italy Spain Egypt 1 Under the license agreement Turkcell pays a treasury share equal to 15% of its gross revenue from Turkish GSM operations 2 Excluding M2M SIMs 3 GSMA/Turkey Report,
58 MOBILE/SMS TERMINATION RATES IN TURKEY MTR RATES TRYkr. Mobile Voice Rates SMS Rates OLD Since 2013 Asymmetry OLD Since 2013 Asymmetry Turkcell Vodafone TR % TTKOM % % TRY kuruş per min EVOLUTION OF MTR MTR -Turkcell Turkcell MTR is 1.8x below EU Europe-MTR MTR: Mobile Termination Rate Source: BEREC July 2017 report 5858
59 CURRENCY TRENDS USD / TRY EUR / TRY Average Period-End Q18 USD / BYN Q18 USD / UAH Q Q
60 NOTICE This presentation may contain 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 This includes, in particular, our targets for revenue, EBITDA and capex in 2018 or for the medium term 2018 to More generally, all statements other than statements of historical facts included in this presentation, including, without limitation, certain statements regarding the launch and goals of our payment card business, our operations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the written or oral use of forward-looking terminology such as, among others, "will," "expect," "intend," "estimate," "believe", "continue" and guidance. 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 2017 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. The Company makes no representation as to the accuracy or completeness of the information contained in this presentation, 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 presentation or any other written or oral information made available to any interested party or its advisers. Please note that all financial data are consolidated whereas non-financial data are unconsolidated unless otherwise specified. In the charts or tables used in this presentation totals may not foot due to rounding differences. The figures used in this presentation are rounded while percentage changes are calculated based on the figures disclosed in the press release. 6060
61 THANK YOU For further information please or call Turkcell Investor Relations at ( ) Please download our IR App via here for ios and here for Android mobile devices or via below QR codes. For Android For ios 61
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