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Turkcell has historically prepared and presented its financial statements on a consolidated basis in accordance with US GAAP in US dollars for purposes of reporting to the Securities and Exchange Commission ("SEC") of USA. Beginning from the 2006 fiscal year, we have prepared our interim consolidated financial statements and will prepare our annual consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS").

Consolidated Statement of Operations Data	2001(1)	2002	2003	2004	2005
	(in million US$, except number of shares, per share and margin data)
Revenues
Communication fees	1,598.2	1,911	2,143.6	3,088.1	4,056.5
Commission fees on betting business	-	-	-	20.3	108
Monthly fixed fees	83.8	40.9	41.1	51.9	54.3
SIM card sales	12	13.3	24.4	28.3	32.6
Call center revenues	7.7	7.9	7.4	8.2	10.1
Other	0.5	0.8	2.7	4	7
Total revenues	1,702.2	1,973.9	2,219.2	3,200.8	4,268.5
Direct cost of revenues	-1,173.7	-1,366.9	-1,613.2	-2,001.2	-2,391
Gross profit	528.5	607	606	1,199.6	1,877.5
General and administrative expenses	-130.7	-104.5	-137.2	-137.3	-152
Selling and marketing expenses	-180.5	-223.5	-294.6	-349.2	-488.7
Income from operations	217.3	278.9	174.2	713.1	1,236.8
Income (loss) from related parties, net	2.5	-0.2	3.7	1.9	1,1
Interest income (expense), net	-207.8	-206.8	-366.3	31.3	-8.4
Other income (expense), net	-5.2	13.6	6.2	7.1	5.2
Equity in net income (loss) of unconsolidated investees	-51.3	-20.4	18.9	43.6	67.6
Minority interest in income (loss) of consolidated subsidiaries	0.4	0.3	3.6	7.5	24.3
Translation loss	-151.5	-18	-102.4	-11.3	-8.3
Income (loss) before taxes	-195.6	47.4	-262.1	793.2	1,318.3
Income tax benefit (expense)	8.8	-	477.3	-281.4	-407.4
Net income (loss)	-186.8	47.4	215.2	511.8	910.9
Net income (loss) per share	-0.106941	0.025554	0.116018	0.27592	0.491081
Other Financial Data
Dividends declared or proposed	-	-	78.1	182.2	379.2
Dividends per share (declared or proposed)	-	-	0.042105	0.098227	0.204433
Gross margin	31%	30.8%	27.3%	37.5%	44%
EBITDA(2)	503.4	761.3	643	1,338.8	1,933.3
Capital expenditures	108.3	71.2	172.9	486.7	778.7
Consolidated Balance Sheet Data (at period end)
Cash and cash equivalents	243.1	394.1	582.7	763.8	795.1
Total assets	3,536	3,233.5	3,867.3	4,361.5	4,405.6
Long term debt	1,246	925	522.2	269.7	82.9
Total debt	1,637.8	1,308.2	630.2	832.6	650.3
Total liabilities	2,250.8	1,903	2,320	2,376	1,688
Capital stock	636.1	636.1	636.1	636.1	636.1
Total shareholders' equity/net assets	1,285.2	1,330.5	1,547.3	1,985.5	2,717.6
Weighted Average Number of shares	1744887763	1854887341	1854887341	1854887341	1854887341
Consolidated Cash Flow Information
Net cash provided by operating activities	288.7	608.8	1,041.3	603.9	1,143.1
Net cash used for investing activities	-159.9	-141.9	-198.9	-542.3	-745.4
Net cash provided by (used for) financing activities	-249	-315.9	-653.8	119.5	-366.5

(1) We adopted EITF 01-09 "Accounting for Consideration Given to a Customer or a Retailer of the Vendor's Products" on January 1, 2002. As a result of applying the provisions of EITF 01-09, our revenues, gross profit, and selling and marketing expenses were reduced by $84.7 million for the year ended December 31, 2001. The adoption of EITF 01-09 had no impact on operating income, net income (loss) or earnings (loss) per share. As a result of the application of EITF 01-09 to prior periods, certain figures provided in this annual report will differ from figures provided previously.

(2) EBITDA equals net income (loss) before interest expense, income tax benefit (expense), depreciation and amortization. EBITDA is not a measurement of financial performance under US GAAP and should not be construed as a substitute for net earnings (loss) as a measure of performance or cash flow from operations as a measure of liquidity. It is used in this annual report because it is a common and useful measure of performance of a mobile operator. See below for a reconciliation of EBITDA to the most directly comparable US GAAP measure.

The following table provides a reconciliation of EBITDA, which is a non-GAAP financial measure, to net cash provided by operating activities, which we believe is the most directly comparable financial measure calculated and presented in accordance with US GAAP.

	Year ended December 31,
	2001	2002	2003	2004	2005
	(in millions)
EBITTA	503.4 $	761.3 $	643 $	1,338.8 $	1,933.3 $
Minority interest in income of consolidated subsidiaries	0.4	0.3	3.6	7.5	24.3
Equity in net income (loss) of unconsolidated investees	-51.3	-20.4	18.9	43.6	67.6
Interest expense	-305.1	-302.3	-483.6	-121.5	-147.3
Net increase (decrease) in assets and liabilities	39.5	129.7	904.4	-562.3	-551
Net cash provided by operating activities	288.7	608.8	1,041.3	603.9	1143.1