2. NOTICE
This presentation may contain statements that are forward looking. These statements are
based on current expectations and assumptions that are subject to risks and uncertainties
which may cause actual results to differ materially due to factors discussed in this
presentation, in our press release, in the Risk Factors section of Turkcell’s most recent Form
20-F or in other reports and filings with the US Securities and Exchange Commission. We
undertake no duty to update or revise any forward looking statements, whether as a result of
new information, future events or otherwise.
Please note that all financial data are consolidated whereas non-financial data are
unconsolidated unless otherwise specified.
3. TURKCELL GROUP REGIONAL LEADER
9 countries
65.3 million subscribers
Leadership in the region
Turkcell Group: Subscribers in Q112 (million) Turkcell Group: Revenue breakdown (%)
Turkcell Europe 0.2 13% 17%
0.5 million net 17%
Northern Cyprus 0.4
additions in Q112 20%
Moldova 1.1 22% 22%
Belarus 1.7
Georgia 2.1 67% 62% 62%
Azerbaijan 4.2
Ukraine 9.9 Q111 Q411 Q112
Kazakhstan 11.2 Subsidiaries*
Turkcell Turkey 34.5 Turkcell Turkey Mobile internet& services
Turkcell Turkey voice**
(*): Revenues from Fintur (operations in Kazakhstan, Azerbaijan, Georgia, Moldova) is not included under subsidiaries. The
contribution of Fintur is recorded under share of profit of associates below EBITDA line.
3 (**) Voice revenues include outgoing, incoming, roaming and other (comprising almost 2% of Turkcell Turkey) revenues
4. TURKCELL GROUP FINANCIAL HIGHLIGHTS
CONSOLIDATED FINANCIAL RESULTS
TRY million FY10 FY11 YoY (%) Q1 2011 Q4 2011 Q1 2012 YoY (%) QoQ (%)
Revenue 9,004 9,370 4.1% 2,118 2,446 2,382 12.4% (2.6%)
EBITDA 2,948 2,913 (1.2%) 626 695 703 12.3% 1.2%
EBITDA Margin 32.7% 31.1% (1.6pp) 29.5% 28.4% 29.5% - 1.1pp
Net Income 1,764 1,178 (33.2%) 330 332 515 56.0% 55.2%
Avg. US$/TRY
1.51 1.67 11.0% 1.57 1.82 1.79 13.6% (1.9%)
rate
Q1 2012 HIGHLIGHTS
Double digit revenue growth YoY Double digit EBITDA growth YoY Strong growth in net income
led by 8% growth in Turkcell • Higher revenue • Higher EBITDA
Turkey and 43% growth in
• Increased contribution of • Higher net finance income
subsidiaries
subsidiaries
(*): TRY figures in this slide are based on IFRS TRY figures.
4 EBITDA is a non-GAAP financial measure.
5. TURKCELL GROUP STRONG START TO THE YEAR
(TRY million) Q1 2011 Q1 2012 YoY Growth
Turkcell Turkey 1,416 1,455 3%
Voice1
Turkcell Turkey Mobile 424 529 25%
Broadband & Services
Subsidiaries 279 398 43%
Turkcell Superonline grew by 59%
5 1 Voice revenues include outgoing, incoming, roaming and other (comprising almost 2% of Turkcell Turkey) revenues
6. LEADER IN TURKEY
Subscriber Revenue EBITDA EBIT
11%
MARKET 20% 20%
SHARES1 17%
2011 53% 123%
28% 27% 53% 72%
Turkcell Operator A Operator B
FCF -14%
MARGIN % -8%
20112 20%
EBITDA 12%
MARGIN % 14%
20112 31%
Source: Company announcements and ICTA reports * The information on Operator A’s EBITDA and FCF margins for FY11 are not available.
Shown figures for Operator A is for the 9 months of 2011 and calculated based on company and ICTA announcements and market
6 estimates
7. TURKCELL TURKEY MARKET AT A GLANCE
MOBILE MARKET TURKCELL’S FOCUS
• Aggressive offers & • Retaining the customer base Churn rate
communication • Simplified tariff structure
• Decrease in average price per • Responded to aggressive 9.3%
minute competition via affordable tariff 7.8%
• Higher incentives plans
• Continued focus on postpaid • Continued contracting efforts Q1 2011 Q1 2012
• Increased smartphone sales • Fueling the mobile broadband Smartphone sales in
total handset sales1
usage
• 35%1 YoY growth in • Increased smartphone 61%
smartphone sales penetration 38%
• Promoted bundled offers
• Created the need via innovation Turkcell Market
1 Source: Gfk
7
8. TURKCELL TURKEY MAINTAINED SUBSCRIBER BASE
SUBSCRIBER (million) SUMMARY OPERATIONAL RESULTS
Q111 Q411 Q112 YoY (%) QoQ (%)
34.5 34.5
33.1 ARPU (TRY) -blended 18.4 19.7 19.2 4.3% (2.5%)
ARPU (TRY) -postpaid 37.9 37.5 36.5 (3.7%) (2.7%)
ARPU (TRY) -prepaid 9.8 11.0 10.1 3.1% (8.2%)
10.4 11.7 12.0 MoU 192.5 220.4 221.5 15.1% 0.5%
SHARE OF POSTPAID IN REVENUES & SUBSCRIBERS
Postpaid as a % of revenues Postpaid as a % of subscribers
65%
22.7 22.9 22.5 35%
63% 31%
Q111 Q112 Q111 Q112
Q111 Q411 Q112
Prepaid Postpaid
8
9. TURKCELL TURKEY LEADING THE SMARTPHONE MARKET
TURKCELL T SERIES
SMARTPHONE VS. INCREASING SMARTPHONE NUMBERS
«Widening access to mobile NON-SMARTPHONE (MILLION)
internet at affordable prices»
Internet User Data
ARPU) 13%
12%
T11 TRY389
TRY 14.90X24 months
5X
«NFC enabled» 7%
4.3
3.8
T20 2.4
TRY455
TRY 19.90X24 months
↑82% YoY
«NFC enabled»
Q111 Q411 Q112
«T20: The best selling Android Non- Smart- # of smartphones (million)
phone in the market in FY11*» smartphone phone Smartphone penetration in our network
*Source: Gfk
9
10. TURKCELL TURKEY SOLID INCREASE IN MOBILE BROADBAND
GROWING MOBILE BROADBAND INCREASING MOBILE BROADBAND &
REVENUES (TRY MILLION) SERVICES* REVENUES (TRY MILLION)
1,944
1,619
1,281
724
454
261
FY09 FY10 FY11 FY09 FY10 FY11
BREAKDOWN OF MOBILE BROADBAND & SERVICES REVENUES (TRY MILLION)
529 ↑25% YoY
424
114 134 127 ↑16% YoY
109 120
208 190 173
163 175 ↑ 6% YoY
151 166 207 200 229
↑52% YoY
Q111 Q211 Q311 Q411 Q112
Mobile Broadband SMS/MMS Mobile Services
*Includes revenues from SMS/MMS, mobile internet and other mobile services
10
13. TURKCELL GROUP 2012 OUTLOOK
MAJOR FOCUS 2012
AREAS GUIDANCE (Consolidated, TRY million)
1 Core mobile business
Revenue ~ 9,900 - 10,100
Mobile broadband
2 Mobile services
EBITDA ~ 3,000 - 3,200
3 Fiber broadband CAPEX*-to-
Sales
~ 17%
Belarus
4
Ukraine Kazakhistan
Moldova
Georgia Contribution of subsidiaries
Azerbaijan
Turkey
TRNC
*Operational Capex
13
14. NEW WORLD MORE DIFFERENTIATION IN THE FUTURE
Dynamics have been changing : MOBILITY is the key
PRESENT FUTURE
DIFFERENTIATION THRU
PRICE NETWORK QUALITY & SPEED
NETWORK QUALITY CUSTOMER EXPERIENCE
INNOVATION
VOICE MORE DATA CLOUD
MESSAGING
DATA
10 billion devices to be $170 billion revenues from
connected to the internet in cloud services in 2015
2016
MOBILE SERVICES M2M
200 million NFC-enabled handsets
by end 2012 2.3 billion M2M connections
Mobile health industry to reach $23
in 2020
billion in 2017
15. TURKCELL TURKEY HIGH QUALITY NETWORK
# OF BASE STATIONS
29,500
23,100 21,700
43.2 Mbps speed thru dual carrier: 1st in
Turkey, 13th globally
2012 target: Doubling data speed: 84 Mbps
The only Turkish operator that can reach 168 TURKCELL Competitor ACompetitor B
Mbps thru A-type license TURKEY
2G Base Stations 19,000 14,900 15,900
3G Base Stations 10,500 8,200 5,800
3G Pop.Coverage 88% 81% 79%
Source: For coverage and number of base station figures our latest estimations, market estimates, operators’ and ICTA announcements
15 and some media information have been utilised. Please also note that 3G exchanges: Radio Network Controllers
16. TURKCELL TURKEY TURKEY’S CHAMPION IN 3G DATA SPEED
According to the independent test results of PCnet Magazine,
Turkcell is the fastest in terms of 3G data speed…
RESULTS OF 3G DATA SPEED TEST (Mbps)
11.91
Test was run on a total of 59
points in 7 regions and 9
4.90 4.55 provinces in Turkey
2.37 2,136 measurements were
1.75 1.40 taken
Turkcell Avea Vodafone
Dowload Upload
16
17. TURKCELL LEADER IN THE TURKISH TELECOM MARKET
PERCEPTION STUDIES (MARCH 2012)
Most Best Qualified Best Network
Innovative Customer Leader (Coverage &
Operator Services Quality)
8 6
15 13
17 17 Competitor B
24
29
Competitor A
75 77
64
56
Turkcell
17 Source: Research Method
18. TURKCELL SUPERONLINE STRATEGIC INVESTMENTS IN FIBER
DOWNLOAD TIME FOR
1GB VIDEO FILE FIBER BROADBAND = = SPEED
Turkey Avg
51 min 2.7 Mbps internet speed The first and only operator in Turkey providing 1000
mbps speed for residential segment
7 min 20 Mbps Fiber Network reached 30,000km in 2011
3 min 50 Mbps
1.5 min 100 Mbps
8 sec 1,000 Mbps
Incity coverage
18
19. TURKCELL LEADING THE MOBILE TECHNOLOGIES
Dynamics have been changing and Turkcell is leading the new world of mobile technologies
29 Turkcell branded applications, 40 million downloads in 2011 from Turkcell application store
Mobile Financial Services: Mobile money Tailored and on-demand cloud services for
transfer, mobile wallet… corporate customers…
Mobile Health: Turkey’s first remote
Personal TV experience that spans multiple
monitoring service that uses mobile
screens and locations…
technology to link patients with their doctors
19
20. TURKCELL M2M SOLUTIONS
M2M potential: Increasing operational efficiency while decreasing
150 mn machines costs through innovative solutions
in Turkey
Smart Industry Solutions Smart Vehicles/Telematics
Monitoring and control of machines and Monitoring of various critical
integrated sensors such as moisture, values in vehicles such as
temperature, light etc speed, route-control and
driving routines from a
central server
Smart Buildings Smart Metering
Monitoring and control of Online monitoring of water,
various appliances such as gas and electricity meters
security monitors and AC’s
from a distance.
20
21. M-FINANCE / M-COMMERCE PLATFORMS ARE GROWING
M-Finance/ M-Commerce Platforms are Growing in the world : $1.1 trillion in 2014E
Turkcell: Achieving Firsts Together with Business Partners
Mobile Payment: Shopping via SMS with
all partner merchants
• User sends an SMS to the defined short
code with a key word.
• User confirms the payment and
transaction is completed with an
approval SMS.
Mobile Wallet: NFC Based, multi functional
Mobile Money Transfer: 7/24 safe banking mobile wallet service
transactions, compatible with every handset • User downloads the plastic card
• User can transfer money by just knowing the recipient's information on the SIM
mobile number, no need for a bank account • User uses mobile phone for contactless
• The recipient can withdraw the cash from ATMs with the payment
password sent by an SMS
21
22. THANK
YOU
For further information please e-mail
investor.relations@turkcell.com.tr
or call Turkcell Investor Relations at
(+90 212 313 1888)
www.turkcell.com.tr
24. TURKEY POSTED SEQUENTIAL GROWTH IN LAST 10 QUARTERS
GDP GROWTH (%)
A Hub for the region
8.9% 8.5%
Booming economy with
considerable size
5.0% With 8.5% growth, Turkey
4.0% follows China to be the
second highest growing
economy
0.7%
-4.7%
2008 2009 2010 2011 2012E 2013E
Source: Government estimates (April 17, 2012)
24
25. TURKEY BOOMING ECONOMY WITH CONSIDERABLE SIZE
AMONG THE BIGGEST EUROPEAN ECONOMIES
2.9
2.2 2.1 Considerable economy size
1.8
1.4 • 6th largest economy in
1.0
0.7 0.7 Europe
0.4 0.4
DE UK FR IT ES TR PL NL BE SE
GDP based on purchasing power parity, trillion US$,
Source: IMF 2010 data
CONSUMER CONFIDENCE INDEX % Consumer Confidence
improved in 2011
96.4
93.4 93.7 92.0 93.3
90.4 91.0 • CCI of Turkey has been
88.0
85.3 84.7 above the EU average
81.9
78.8 since September 2010
74.8
Q1 09Q2 09Q3 09Q4 09Q1 10Q2 10Q3 10Q4 10Q1 11Q2 11Q3 11 Q411 Q112
Source: Turkstat
25
26. TURKEY VAST OPPORTUNITIES TO GROW
Europe 130%
Mobile penetration
Turkey 89%
Europe $32
Voice ARPU
Turkcell $12
Postpaid % in total Europe 46%
subscribers Turkcell 34%
Mobile broadband as % Europe 30%
of revenues Turkcell 9%
Fixed and Mobile
Broadband Europe 26%
Fixed broadband
penetration Turkey 10%
Source: Data on the Turkish market is based on ICTA report and Europe average is based on ML Global Wireless.
26 Data as of December 31, 2011
29. TURKEY MAJOR REGULATORY DECISIONS
Price cap up by 4%
MTR cut by 33% MTR cut by 28% MTR cut by 52% Int’l SMS rate up by 4%
MTR cut by 3%
MNP launch Price cap cut by 20% Price cap cut by 38% SMS rate cut by 48%
Int’l MTR deregulated
Eur 9.7 › Asymmetry in
cents MTRs with Avea
8.3 (18%) and
Vodafone (3%)
6.7
6.2
5.6
4.8
4.2 Turkcell
3.0 MTR is
4 times
1.4 1.1below EU
1.4 1.2 1.2
1.0 0.7
1.09 0.79 0.52 0.52
0.52
2007 2008 2009 2010 2011
MTR -Turkcell EU-MTR FTR-TT EU-FTR
EU MTR data is from EU progress report except 2010. 2010 EU MTR data is from ERG snap shot as of Jan2011
FTR data is as of October 2009, no data available for 2010 FTRs
29 The figures converted by 2.5 eur/ tl rate
30. MOBILE CALL TERMINATION RATES
9
EU average
8 Turkcell Call
4.8 € ¢
Termination Rate*
7 (excluding treasury
share)
6 1.1€-¢
5
4
3
2
1.1
1
0
Turkcell
Belgium
Sweden
Greece
Italy
Estonia
Cyprus
Germany
Spain
Croatia
Lithuania
UK
Switzerland
France
Portugal
Czech Rep
Norway
Austria
Hungary
Poland
Finland
Slovenia
Denmark
Bulgaria
Netherlands
Luxembourg
Romania
Ireland
• Turkcell is being paid the lowest Interconnection Fee in Europe
Source BEREC MTR Benchmark snapshot (as of Jan 2011)
30 Turkcell MTR is calculated based on EUR/ TRY rate of 2.4 as of July 2011
31. HIGH TAXES ON MOBILE SECTOR
TAX MOBILE FIXED TURKEY HAS THE WORLD’S
HIGHEST MOBILE SERVICE TAXES
Special Communication
25% 15% 60%
Tax on voice
Special Communication 50%
5% 5%
Tax on broadband
40%
VAT 18% 18%
30%
Treasury Share 15% 1%
20%
Contribution Share to
0.35% 0.35% 10%
Telecom Authority
Communication Tax - 1% 0%
Argentina
Romania
Ukraine
India
Nigeria
Turkey
Poland
South Africa
Brazil
Iran
China
Russia
Algeria
Mexico
Uganda
Kenya
Chile
Egypt
Kazakhstan
Thailand
Pakistan
Azerbaijan
New subscription Special
Communication Tax TRY 37.00 -
(at first enrollment)
Wireless license fees High taxes on mobile sector is an obstacle
TRY 14.56 -
(per acquisition) Improved macroeconomic conditions in Turkey may
Wireless usage fees lead a cut in tax rates
TRY 14.56 -
(per acquisition) A potential reduction on tax rates will expand
Special Communication mobile sector revenues
5% 5%
Tax on broadband
31
33. SUBSIDIARIES SNAPSHOT ASTELIT
FACTS
Subscriber* Market Subscribers* Q411
Operating since February 2005 with its brand life :) Shares Q411 million
97.8% population coverage with more than 9,482 14.1%
base stations
KYIVSTAR 24.8
Turnaround strategy resulted in 19.8pp increase in MTS 17.7
EBITDA margin between 2009-2011 50.1%
LIFE :) 7.0
4th consecutive quarter with above 25% EBITDA 35.8%
margin levels
Revenue Market Shares Revenues FY11
Mobile Penetration Rate: 125% FY11 US$ million
11.7%
KYIVSTAR 1,644
MTS 1,142
Ownership Ownership Ownership 52.1%
55% Turkcell 100% Vimpelcom 51% JSFC Sistema LIFE :) 369
45% System 49% Free Float
36.2%
Capital
* 3 month active subscribers
33
34. SUBSIDIARIES SNAPSHOT BEST
FACTS
Subscriber* Market Subscribers* Q411
Operating under the control of Turkcell since August 2008 Shares Q411 million
with its brand life :)
13.0%
Best operated 2G services in all, and 3G services in 81% of
the cities with a population of more than 10,000 MTS 4.9
44.9%
VELCOM 4.6
2G coverage of approximately 99.5% of the entire
population of Belarus, or 91.5% of the geographical LIFE :) 1.4
coverage
42.1%
MNP launched in February 1, 2012
Revenue Market Shares Revenues FY11
Mobile Penetration Rate: 116% FY11 US$ million
6.5%
MTS 339.7
46.3%
VELCOM 345.7
Ownership Ownership Ownership
80% Turkcell 51% Belarusian 100% Telekom LIFE :) 48.0
20% Belarusian State Austria Group
State 49% MTS 47.1%
* 3 month active subscribers
34
36. TURKCELL GROUP REVENUE (TRY million)
Δ in Turkcell Turkey: ∑ TRY 144mn Q112 vs. Q111 YoY ↑12.4%
120 2,382
105
2,118 39
Revenue Δ in Voice* Δ in Mobile Δ in Subsidiaries Revenue
Q111 broadband & services Q112
Δ in Turkcell Turkey: ∑ TRY (58mn) Q112 vs. Q411 QoQ ↓ (2.6%)
2,446 (57) (1) (6) 2,382
Revenue Δ in Voice* Δ in Mobile Δ in Subsidiaries Revenue
Q411 broadband & services Q112
36 * Voice revenues of Turkcell Turkey includes other revenues which accounts for 2% of total Turkcell Turkey revenues
37. TURKCELL GROUP EBITDA MARGIN (%)
Q112 vs. Q111 YoY (-)
29.5% (2.7pp) 2.5pp 29.5%
0.2pp
EBITDA Δ in Direct cost Δ in G&A Δ in S&M EBITDA
Q111 of revenues* exp. exp. Q112
Q112 vs. Q111 QoQ ↑ 1.1pp
28.4% 1.6pp 29.5%
0.3pp (0.8pp)
EBITDA Δ in Direct cost Δ in G&A Δ in S&M EBITDA
Q411 of revenues* exp. exp. Q112
* Excluding depreciation and amortization
37
38. TURKCELL GROUP NET INCOME (TRY million)
Q112 vs. Q111 YoY ↑ 56.0%
Δ in EBITDA 77
Δ in Depreciation (55)
60 40 11 (6) 515
65 (7)
330 22
Net income Δ in EBIT Δ in Interest Δ in Equity Δ in FX Δ in Δ in Other Δ in Net income
Q111 Inc./Exp. in Net Gain/Loss Monetary Inc./Exp. Taxation Q112
Inc./Loss Gain/Loss
Δ in EBITDA 8
Δ in Depreciation 263 Q112 vs. Q411 QoQ ↑ 55.2%
129 (233)
271 5 (5)
3 13 515
332
Net income Δ in EBIT Δ in Interest Δ in Equity Δ in FX Δ in Δ in Other Δ in Net income
Q411 Inc./Exp. in Net Gain/Loss Monetary Inc./Exp. Taxation Q112
Inc./Loss Gain/Loss
38
39. TURKCELL GROUP BALANCE SHEET HIGHLIGHTS & CAPEX
Consolidated (TRY million) Q1 2011 Q4 2011 Q1 2012
Total Cash 4,916 6,3341 6,0582
Total Assets 15,151 17,187 17,157
Total Debt 2,791 3,529 3,359
Net Cash 2,125 2,805 2,699
Total Equity 9,964 10,826 11,325
FY 2011 CAPEX SPLIT (TRY MILLION) CASH & CASH EQUIVALENTS TOTAL DEBT SPLIT
SPLIT (TRY MILLION) (TRY MILLION)
Total Capex: TRY 1,636 million
Turkcell FC
Turkcell Superonline TRY 3,359
393 4,143 100%
Turkey
68%
894 FC
International 1,915 Cost of FC
Return on TRY 32%
227 debt:3.5%
cash: 11.6%
Other Return on FC
123 cash: 5.1%
Return on Cash and Cost of FC debt figures as of YTD March2012
1 TRY 1,596 million time deposits with a maturity longer than 3 months was recorded as Financial Investment and shown as a
part of total cash in the summary table
39 2 TRY 10 million time deposits with a maturity longer than 3 months was recorded as Financial Investment
40. TURKCELL GROUP AVERAGE CAPEX/SALES RATIO
35%
Turkcell Average: 14.1% including 3G
license fee
30% Emerging Europe average: 18.2% (TRY0.8bn)
Between 2001 and 2011
25%
20%
15%
10%
5%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Turkcell Emerging Europe
Source: Global wireless matrix and company announcements
40
41. TURKCELL GROUP DIVIDEND DISTRIBUTION
CASH DIVIDENDS CASH DIVIDENDS PER SHARE
1,329 0.604
1,098 0.499
859 850 0.391
648 713
567 574 0.275 0.258 0.295
509 502 0.236
342 411 0.170
250
182
11878
2003 2004 2005 2006 2007 2008 2009 2010 2003 2004 2005 2006 2007 2008 2009 2010
TRY (millions) USD (millions)
DIVIDEND YIELD DIVIDEND PAYOUT RATIO
75%
5.21% 65%
4.08%
50% 50% 50% 50% 50% 50%
2.87% 3.08%
2.47% 2.69%
1.77%
2003 2004 2005 2006 2007 2008 2009 2003 2004 2005 2006 2007 2008 2009 2010
Please note that the Board of Directors’ recommendation to distribute a dividend of 75% from the fiscal year 2010
41 profits was not approved in the EGM dated October 12, 2011.
43. TELECOMMUNICATIONS SECTOR GROWTH POTENTIAL
ARPU VS. GDP PER CAPITA ($) SHARE OF POSTPAID IN TOTAL
60 50%
Switzerland
50
France 40%
40 Netherlands Sweden 30%
Belgium
30 Israel UK
ARPU
Czech Austria Denmark 20%
20 Hungary
Germany
Turkey 10%
10
China
0 India 0%
Q107
Q207
Q307
Q407
Q108
Q208
Q308
Q408
Q109
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
0 20,000 40,000 60,000 80,000
GDP per Capita
Europe Turkcell
ARPU COMPARISON ($)
Upside potential for key performance
28.4 indicators
• ARPU: Europe $28.4 vs Turkcell $10.8
11.9 10.8
• Post-Paid share: Europe 46% vs Turkcell 34%
Europe EEMEA Turkey
43
44. TURKCELL TURKEY HIGHER EFFICIENCY COMPARED TO PEERS
EBITDA MARGIN 2011 (%)
46% Impact of 15%
43% treasury share*
39% in Turkey
31%
13%
Emerging Europe Turkey excl. Turkcell Turkey Turkcell Turkey
Markets Turkcell reported excl. treasury
share*
Source: BofAML Global Wireless Matrix Q411; Data as of 2011
*Under our license agreement, we pay the Turkish Treasury a monthly treasury share (including universal
service fund) equal to 15% of our gross revenue
44
