Turkcell Annual General Assembly Decisions

Turkcell, the leading provider of mobile communications in Turkey, realised Annual General Assembly today and announced the following decisions taken :

1. The Turkcell Board of Directors determined that our Company’s 2006 profit calculated in accordance with CMB accounts (Capital Markets Board of Turkey) is TRY 1,270,352,019 (approximately US$923 million*) whereas the 2006 commercial profit after tax; calculated in accordance with the Turkish Commercial Law is TRY 1,857,157,840 (approximately US$1,349 million*) and based on the CMB regulations, the lower of the two profits, which is TRY 1,270,352,019 (approximately US$923 million*) shall be taken as the basis for the dividend distribution calculation.

   Accordingly, in line with the CMB rules, we have taken TRY1,270,352,019 (approximately US$923 million*) as the basis and we have deducted TRY305,125,229 (approximately US$222 million*), which is the total profits of our Company’s subsidiaries and the affiliates, not subject to the dividend distribution and first legal reserves of TRY92,857,892 (approximately US$68 million*) which is 5% of the commercial profit after tax calculated in accordance with the Turkish Commercial Law; as a result reached to the net distributable income of the current year of TRY872,368,898 (approximately US$634 million*).

   Consequently, TRY567,039,784 (approximately US$412 million*) which corresponds to 65% of the distributable income, will be distributed to our shareholders as net cash dividend. This represents a net cash dividend of TRY0.2577453 (approximately US$0.1872) per ordinary share with a nominal value of TRY1 and approximately TRY0.64436 (approximately US$0.4681*) per ADR.

2. Hamit Sedat Eratalar and Ibrahim Alpay Demirtas are determined as Turkcell’s statutory auditors for a year; and
3. KPMG Bağımsız Denetim ve Serbest Muhasebeci Mali Muşavir A.Ş., appointed by the Board of Directors as the independent external audit firm for the year, was approved pursuant to Article 14 of the Regulation of the Independent External Auditing in the Capital Markets promulgated by the Capital Market Board;
4. As per the Capital Market Board decision body’s verdict dated January 18, 2007, numbered 2/53, the information has been provided regarding dividend policy during Annual General Meeting.