Istanbul, March 16, 2021

Announcement Regarding the Dividend Distribution Proposal

As a result of the evaluation of our Company's Articles of Association and Dividend Distribution Policy; our Company's Board of Directors has taken the decision to submit the distribution of our Company's dividend in a gross amount of TRY 2,585,787,148 equivalent of a gross dividend of TRY 1.1753578 (net TRY 0.9990541) per ordinary share with a nominal value of TRY 1 to the shareholders within the scope of the principles set forth in the legislation and in 3 equal instalments for the cash dividend as of 30 April 2021, 30 July 2021, 27 October 2021, to the approval of the Ordinary General Assembly of Shareholders for fiscal year 2020, according to the dividend distribution table which has been prepared for the related fiscal years.

Herewith enclosed are the details of the dividend distribution proposal decision taken, the dividend distribution table and dividend per share.

Proposed Gross Cash Dividend per

Proposed Net Cash Dividend per

Ordinary Share with a nominal

Ordinary Share with a nominal

Proposed Cash Dividend Date

value of TRY 1 (TRY)

value of TRY 1 (TRY)

0.3917859

0.3330180

30.04.2021

0.3917859

0.3330180

30.07.2021

0.3917859

0.3330180

27.10.2021

For more information:

Turkcell Investor Relations

investor.relations@turkcell.com.tr

Tel: + 90 212 313 1888

ANNEX: Board of Directors Dividend Distribution Proposal

The Board of Directors of the Company decided to distribute gross dividend amount of TRY 2,585,787,148 to be paid in cash to our shareholders within the below conditions explained hereunder as part of the resolution:

  1. As a result of the activities of our Company, pertaining to the period between January 1, 2020 and December 31, 2020, our Company's profit, calculated according to the consolidated financial statements, which were audited independently in accordance with the Capital Markets Board Communiqué numbered II-14.1, named "Communiqué Regarding the Financial Reporting in Capital Markets" is TRY 4,624,278,286-,
  2. TRY 4,237,085,749- after tax profit calculated according to the consolidated financial statements shall be taken as the basis for dividend distribution in accordance with

  3. "Capital Markets Board Dividend Guide" which was published on 27 January 2014.
  4. As the ceiling designated in the Turkish Commercial Code (TCC) for first legal reserve has been reached by our company; no first legal reserve set aside,
  5. TRY 4,237,085,749- is the distributable dividend of the Company, pertaining to year 2020 and TRY 4,297,863,433- calculated by adding TRY 60,777,684- which is the aggregate amount of the donations made during the year, to the above mentioned amount shall be taken as the first dividend basis,
  6. In accordance with the provisions declared in Capital Markets Board ("CMB") Communiqué Serial: II-19.1 on "Dividends" and clauses set in the article of association of our company; TRY 859,572,687-, which is 20% of the first dividend basis, amounting to TRY 4,297,863,433- shall be distributed as the first cash dividend and the secondary reserve amounting to TRY 247,578,715- shall be separated from the rest of the net distributable current year profit,
    1. The total amount of TRY 2,585,787,148- which shall be distributed in cash, shall be distributed from statutory previous year's profit.
    2. The withholding tax deductions shall be applicable on the amount to be distributed in cash, TRY 2,585,787,148- as mentioned hereinabove,
    3. In this respect, gross amount of TRY 1.1753578- shall be distributed to our shareholders for each share, having a nominal value of TRY 1.- (One Turkish Lira), and hence the aggregate gross amount of dividend distribution in cash shall be TRY 2,585,787,148-.
  7. TRY 1,403,719,886 - which is the remaining of the 2020 year's distributable profit after the cash dividend distribution shall be:
    1. Regarded as previous year's profit and set aside within the Company,
    2. The withholding tax deductions shall be applicable on the amount, which is set aside as 2020 fiscal year's profit, in case such amount shall be subject to redistribution.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş. 2020 DIVIDEND DISTRIBUTION TABLE (TL)

1)

Paid / Issued Capital

2,200,000,000

2)

Total Legal Reserves (in accordance with statutory records)

1,737,925,719

If there is information about privilege in dividend distribution in accordance with the Articles of Association

DISTRIBUTION OF THE PROFIT FOR THE

According to

According to CMB

Statutory Records

PERIOD

(SR)

3)

Profit for the period

4,624,278,286

-

4)

Tax (-)

387,192,537

-

5)

Net Profit for the period (=)

(3-4)

4,237,085,749

(3-4)

-

6)

Prior Years' Loses (-)

-

-

7)

Primary Legal Reserves (-)

((5YK-6YK)*0.05)

-

((5YK-6YK)*0.05)

-

8)

NET DISTRIBUTABLE PROFIT (=)

(5-6-7)

4,237,085,749

(5-6-7)

-

9)

Donations made during the year

60,777,684

Net distributable profit including donations that

10)

is the base of calculation of first legal reserves

(8+9)

4,297,863,433

11)

First Dividend

859,572,687

a

-Cash

b

-Cash

(10*the minimum

859,572,687

c

-Share

rate determined by

-Total

the CMB)

859,572,687

Amount of the

dividend for

privileged

shareholders in

accordance with

the articles of

12)

Dividend paid to preference shares

Association

Dividends paid to Board Members, employees

  1. and etc.

14)

Dividend paid to Redeemed Share Owners

15)

Secondary Dividend

1,726,214,461

((11+12+13+14+15)-

16)

Secondary Legal Reserves

(1*0.05))/10

247,578,715

17)

Status Reserves

18)

Special Reserves

8-

(11a+12+13+14+16+17+

19)

EXTRA ORDINARY RESERVES (*)

18)

1,403,719,886

  1. Other Distributable Sources

-Prior years' profits (**)

-

2,585,787,148

-Extra Ordinary Reserves

-Other Distributable Reserves in

accordance with legislation and Articles of

Association (**)

-

  1. TRY 1,403,719,886 which is the remaining of the 2020 year's distributableprofit after the cash dividend distribution made, shall be regarded as previous year's profit in CMB records,
    (**) The total amount of TRY 2,585,787,148, which shall be distributed in cash from statutory from statutory previous year's profit. (***) Dividend regarding to buy-back shares are recorded in free reserves at statutory accounts.

INFORMATION ON DIVIDEND PAY OUT RATIO

(1)

INFORMATION ON DIVIDEND PER SHARE

Group

TOTAL DIVIDEND

DIVIDEND FOR A SHARE WITH A NOMINAL VALUE OF 1 TL

AMOUNT (TRY)

AMOUNT (TRY)

RATIO (%)

GROSS

A

387,868,072

1.1753578

117.54

B

2,197,919,076

1.1753578

117.54

TOTAL

2,585,787,148

1.1753578

117.54

Witholding tax will beapplied on distributed gross dividend in accordance with applicable tax regulations on the

distribution date.

NET

A

329,687,861

0.9990541

99.91

B

1,868,231,214

0.9990541

99.91

TOTAL

2,197,919,076

0.9990541

99.91

Witholding tax will be applied on distributed gross dividend in accordance with applicable tax regulations on the

distribution date.

RATIO OF GROSS DIVIDEND DISTRIBUTION TO THE NET DISTRIBUTABLE PROFIT

TOTAL GROSS DIVIDEND

DISTRIBUTION AMOUNT (TRY)

TOTAL GROSS DIVIDEND DISTRIBUTION/NET DISTRIBUTABLE PROFIT (%)

2,585,787,148

61.0

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Turkcell Iletisim Hizmetleri AS published this content on 16 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 April 2021 02:08:01 UTC.