Strong business position (with 25.6 million subscribers or a market share of 67% at Dec. 31, 2004) in the dynamic Turkish cellular telephony market. Solid underlying operating performance and cash generation. Exposure to gross foreign currency-denominated debt of $866.7 million at March 31, 2005, although this is expected to reduce on redemption of the net $335 million outstanding 12.75% notes on Aug. 1, 2005. Operations in uncertain macroeconomic environments, principally in Turkey but also in Ukraine and potentially Iran. Exposure to regulatory uncertainty and increasing competitive pressure. Potential uncertainty regarding future strategy and financial policy due to a financially weak controlling shareholder and shareholder disagreements. The ratings on Turkcell Iletisim Hizmetleri A.S., the leading Turkish mobile telecommunications company, reflect the
