On October 28, 2021, Letterone Investment Holdings S.A. delivered a letter to Turkcell Iletisim Hizmetleri A. S's Board of Directors. In the letter, Letterone Investment stated that despite its enthusiasm for the Company's business and assets, it has frustrated and disappointed with the performance, strategic direction, execution and valuation of the Company under the stewardship of the Board, also deeply concerned about the governance regime at the Company and believe the Board lacks the necessary skills, experience and accountability to realize the Company's full potential for the benefit of all shareholders and broader stakeholders. Letterone expressed that the operating, strategic and governance failings at the Company is reflected in the Company's depressed valuation and poor stock price performance.

Letterone urged the Board to implement all of the following recommendations to ensure the Company realizes its full potential for investors and other stakeholders: 1) Commit to increase OpFCF margin, 2) Accelerate / professionalize the sum-of-the-parts valuation strategy, with a clear implementation timeline, 3) Improve the alignment of interest of managers and Board members with shareholder value creation, 4) Materially enhance the Company's corporate governance framework, and Commit to sustainably growing dividend payments in U.S. dollars.