Leading position in the Turkish mobile market with a 45% subscriber and revenue share as of second-quarter 2017. Superior mobile network quality (fastest mobile and fixed broadband download speeds in domestic market) and strong spectrum position with a 43% spectrum share. Robust operating performance with quarterly revenue growth exceeding 20% since fourth-quarter 2016, supported by its differentiating strategy to offer digital services (such as instant messaging, call management services, digital publishing, music, TV, and personal cloud applications). Modest profitability improvement with adjusted EBITDA margin growing to the 35%-36% range, with scale effects partly offset by additional content costs. Exposure to country risks in Turkey, Ukraine, and Belarus. Strong competitors, small position in fixed (20% fixed broadband market share as of
