DoDoğğan Yayan Yayıın Holding A.n Holding A.ŞŞ..www.www.dyh.com.trdyh.com.tr

AprilApril 99, , 20102010

Business Review & Business Review & 4Q4Q09 Results 09 Results

2

Notice

The financial statements are reclassed for presentation purposes, the CMB format is also available through ISE and DYH

websites.The figures related to advertisement, which are not stated in financial statements are based on management

reports and may not be fully consistent with IFRS Figures, as there are adjustments in accordance with IAS 39 and IAS 18.

The market shares stated in this document are based on the estimates of various sources which are believed to be reliable

and compiled by DYH and are subject to slight revisions in one year period.

This presentation does not constitute an offer or invitation to purchase or subscription for any securities and no part of it

shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

The information contained in this document has not been independently verified. No representation or warranty express or

implied is made as to and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the

information or opinions contained herein. Neither the company nor any of its affiliates, advisors or representatives shall

have any liability whatsoever (for negligence or otherwise) with respect to any loss howsoever arising from any use by third

parties of this presentation or its contents or otherwise arising in connection with it.

3

Agenda

Market & Operational EnvironmentI.

II.II. FourthFourth--Quarter 2009 ResultsQuarter 2009 Results

05

1515

III.III. 3030Appendix : Reported Financials by SegmentsAppendix : Reported Financials by Segments

4

Agenda

Market & Operational EnvironmentI.

II.II. FourthFourth--Quarter 2009 ResultsQuarter 2009 Results

05

1515

III.III. 3030Appendix : Reported Financials by SegmentsAppendix : Reported Financials by Segments

5

7%14%

7%

-25%-17%

8%

-29%

-16%

15%16%14%22%

17%18%

24%23%

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Advertising excluding Internet

Ad Spending Quarterly Trends - Turkey

The contraction in ad market came to an end in 4Q09, as the Turkish ad market registered 8% growth yoy.

6

2009 Ad Spending by Segments - Turkey

FY08

TV segment ad spending increased by 14% in 4Q09 and led the overall recovery in ad spending in the last quarter.

Overall in 2009, internet and cinema were the only segments that registered growth.

FY09

FY08 FY09 ChangeTV 1,697.5 1,422.8 -16.2%Print Media 1,109.8 896.3 -19.2%

Newspaper 985.7 810.7 -17.8%Magazine 124.1 85.6 -31.0%

Outdoor 217.6 196.0 -9.9%Cinema 43.6 44.1 1.1%Radio 113.3 94.9 -16.2%Total 3,181.8 2,654.1 -16.6%Internet 257.7 317.0 23.0%Internet Inc. 3,439.5 2,971.1 -13.6%

Turkey's Total Ad Spend by Segments in FY09 (TLm)

Radio3.3%Cinema

1.3%

Outdoor6.3%

Magazine3.6%

Newspaper28.7%

TV49.4%

Internet7.5% Radio

3.2%Cinema

1.5%

Outdoor6.6%

Magazine2.9%

Newspaper27.3%

TV47.9%

Internet10.7%

7

Turkish Ad Spend By Sectors - FY08/FY09*

*Excluding Internet Statistics

Source : DYH Ad Platform

Beverages and Automotive sectors had the highest cut in ad spend in 2009.In 4Q09, the substantial year-on-year growths in a range of 44%-59% attained in

finance, home cleaning products, real estate and electronics sectors offset the declines in 4Q08.

Nominal Nominal NominalMain Sectors FY08 FY09 Growth FY08 FY09 Growth FY08 FY09 GrowthFood 11% 11% -19% 2% 2% -9% 17% 16% -22%Communication 10% 10% -15% 4% 4% -22% 11% 12% -9%Finance 10% 9% -19% 8% 8% -22% 10% 10% -18%Automotive 7% 6% -27% 12% 9% -39% 4% 4% -1%Cosmetics 6% 6% -22% 1% 1% -28% 9% 9% -21%Retail 5% 5% -10% 10% 10% -20% 2% 3% 11%Real Estate 4% 5% -1% 9% 12% 13% 2% 2% -15%Beverages 5% 4% -28% 3% 2% -21% 6% 5% -31%Home Cleaning Products 4% 4% -22% 0% 0% 23% 7% 6% -24%Electronics 4% 4% -16% 2% 2% -31% 5% 5% -14%Other 36% 37% -14% 49% 50% -15% 26% 27% -13%

TOTAL NEWSPAPER TVShare(%) Share(%) Share(%)

100% 100% -17% 100% -16%100% 100% -18% 100%

8

Newspaper CirculationDecline in total circulation figures were immaterial in comparison to the significant

increase in newsstand prices.

Source: Hurriyet, Dogan Gazetecilik, Dogan Dağıtım

FY08 FY09 Chg yoy Share Share by Group

518 474 -8.4% 9.9%

14 11 -18.5% 0.2%

3 5 99.9% 0.1%

632 542 -14.2% 11.3%

233 202 -13.2% 4.2%

229 204 -10.6% 4.3%

43 40 -6.1% 0.8%

208 195 -6.3% 4.1%

1,879 1,676 -10.8% 35.0%

5,106 4,782 -6.4%

10

.3%

Hürriyet G

roupD

oğan Gazetecilik G

roup

24

.8%

Total Market (Estimated)

Circulation (‘000 copies daily)

9

23.820.5

5.7 5.0

2008 2009 4Q08 4Q09

Circulations continued to decline in Turkish magazine market, as around 20 titles were suspended in 2009 due to portfolio rationalizations in the sector and discontinuation of low priced weekly magazine strategy in 2007.

With the optimization of its portfolio and efforts to improve sales and reduce return ratio, Dogan Burda maintained its estimated market share at 34% in 2009.

Magazines Circulation

8.1 7.0

1.9 1.7

2008 2009 4Q08 4Q09

Total Net Circulation Units Total Net Circulation Units –– Turkey Turkey (Units m)(Units m)

Dogan Burda Net Circulation Dogan Burda Net Circulation (Units m)(Units m)

--1133..66%%--1133..99%%

--111.51.5%% --9.69.6%%

10

KANAL D maintains #1 position, and achieved the best ratings in the last 15 years in prime time in October.

With new Turkish dramas, Star TV is strengthening its position.

YAPRAK DYAPRAK DÖÖKKÜÜMMÜÜ

Free-to-Air : 28% audience share in PT

Prime Time-Total Ind. FY08 FY09

Kanal D 18.2 19.8

Star TV 8.0 8.6

DTVR TotalDTVR Total 26.26.22 2288..44

Show TV 15.3 12.2

ATVFox

10.16.8

11.97.9

Others 41.6 39.6

Total Day–Total Ind. FY08 FY09

Kanal D 14.0 14.1

Star TV 8.0 8.6

DTVR TotalDTVR Total 2222..00 2222..77

Show TV 11.4 10.7

ATVFox

8.98.0

10.08.2

Others 49.7 48.4

Dr. Dr. ÖÖZ ShowZ Show

Kurtlar Kurtlar VadisVadisİİ Kavak YelleriKavak Yelleri

11

Strong audience share in 4Q09

www.startv.com.tr

Prime Time*Prime Time* Prime Time*Prime Time*

YAPRAK YAPRAK DDÖÖKKÜÜMMÜÜ

www.kanald.com.tr

Kurtlar Kurtlar VadisVadisİİ

Total Day Audience Share 2008-2009 (%)

5

6

7

8

9

10

11

Jan

08

Mar

May

July

Sep

t

Nov

Jan

09

Mar

May

July

Sep

t

Nov

Star

274

5528

7

KanalD 2nd Ch. 3rd Ch. 4th Ch.

Kanal D was #1in 274 days of 2009

New dynamic programming introduced in Star TV.

Star TV is the official broadcaster of UEFA Champions League

Turkish drama “Kurtlar Vadisi” transferred to Star TVin Fall 2009; and Kanal D’s successful drama “Küçük Kadınlar” is now in Star TV as of March 2010.

New entertainment programs: “Fear Factor Extreme II” and “Çal Kalbimi”.

Kanal D widens the gap with other premium channels in prime time through successful and stable performance of Turkish Dramas.

One new Drama in Kanal D, “Hanımın Çiftliği”replaced “Binbir Gece” in Fall 2009.

Successful live entertainment programs continue: such as “Beyaz Show” and “Disko Kralı.”

AAşşkk--ıı MemnuMemnuBenim Annem Benim Annem

bir Melekbir Melek

PapatyamPapatyam

12

D-SMART User Statistics (000)

181

390 510

918 972 1,014 1,075 1,094

94 139 182 271 276

612

801

7 51 17

Mar-07 Jun 07 Sep 07 Dec 07 Mar-08 June 08 Sep 08 Dec 08 March 09 June 09 Sep 09 Dec 09

D-Smart Users(Activation) Pay TV Subscribers

Number of users reached 1.1 million in 2009.

Pay TV subscribers excluding PPV users reached 276K by December-end 2009, approx. 25% of total active users.

Introduction of PAY TV packages Movie, Family, Sports, Full and Full HD offers are in place...

Movie, Family, Sports, Full and Full HD Packages are being offered at 99/199/199/249 and 299 YTL per year.

Double Play Offered in March : ADSL + Pay TV Offer tested successfully – 39.90 TL/month...

Rental model introduced in June 2009

D-Smart Digital Platform, Exceeding 1m users and 25% of active users already Pay Package subscriber

www.dsmart.com.trwww.dsmart.com.tr

13

Best TV launch performance in Romania in terms of audience share evolution.

Secured 5th position out of more than 40 measured channels in one year.

Ad revenue growth in 2009 outperformed the market as TV ad market in Romania contracted by 25%.

Balanced Combination of Turkish Dramas, Entertainment, News, Foreign movies and local programs.

23 22

2008 2009

Ad Revenues (mn YTL)Audience Share, % (18-49, Urban, Whole day)

4.6

4.4

2008 2009Whole Day

Source: TNS-AGB, GfK

-4%

Kanal D Romania

www.kanald.rowww.kanald.ro

Proveste de FamilieProveste de Familie

StagiariiStagiarii

14

Market & Operational EnvironmentMarket & Operational EnvironmentI.I.

II. FourthFourth--Quarter 2009 ResultsQuarter 2009 Results

0505

15

III.III. 3030Appendix : Reported Financials by SegmentsAppendix : Reported Financials by Segments

15

Key Events & HighlightsPublishing

Cover price increases in 2009 in the range of 40-45%YoY supporting margins.Closure or restructuring of certain supplements and titles. Reduction in number of pages by around 12%. Newsprint prices in US$ terms contracted by around 33% in 4Q09.Continue to focus on online classifieds and newsportals.

BroadcastingCost cutting at programming and overhead level in FTA channels.Focus on Pay TV packages in D-Smart and elevated program costs in 2009.D-Smart and Smile ADSL is being restructured to merge their operations in the future.New dynamic programming introduced in Star TV.

RetailExit from loss making start up investments in Smile Holding.D&R reached 90 stores and net store area of 36,100 sqm in 2009.

OtherRegarding the tax cases that were initiated by DYH (cancellation of the tax/fine notifications amounting to TL862.4 mn), significant portion of these cases (TL784 mn) were resulted in favor of DYH. Both parties have the right to appeal to Higher Court.Doğan TV and subsidiaries received a tax/fine notification of TL4.8 bn including interest in September 2009, bringing total tax claims to TL6.0 bn (including interest). Legal process continues.Capital increase in Doğan Yayın Holding (TL183.5m) and in Hürriyet (TL82 mn) completed inAugust 09. The capital increase in our affiliate Doğan TV Holding was partially completed and the planned capital increase via rights issue in DYH for TL198 mn will initiate on April 12, 2010.Focus on deleveraging continues

16

FY09 Results – Key Figures

FY08 FY09 YoY FY08 FY09 YoY

REVENUES 2,220 1,575 -29% 2,880 2,435 -15%

GROSS PROFIT 514 275 -47% 667 425 -36%

EBIT* (5) (110) n.m. (7) (170) n.m.

Depreciation&Amor. 119 105 -12% 154 162 5%

EBITDA* 134 4 -97% 174 7 -96%

FINANCIAL INCOME / (EXPENSES) - NET (304) (46) -85% (394) (71) -82%

PROFIT BEFORE TAX (331) (239) -28% (429) (369) -14%

NET PROFIT (After Minority) (250) (222) -11% (324) (343) 6%

USD'000 TL'000

17

1Q09 2Q09 3Q09 4Q09 4Q08 QoQ% Yoy%

REVENUES 547 625 577 686 701 19% -2%

GROSS PROFIT 54 148 129 94 114 -27% -18%

EBIT* (80) (2) (16) (72) (49) 350% 47%

Depreciation&Amor. 40 39 39 44 52 11% -17%

EBITDA* (36) 41 29 (28) 7 n.m. n.m.

FINANCIAL INCOME / (EXPENSES) - NET (177) 127 20 (41) (326) n.m. -87%

PROFIT BEFORE TAX (262) 86 (7) (186) (451) n.m. -59%

NET PROFIT (After Minority) (165) 37 (19) (196) (281) n.m. -30%

Quarterly Analysis

18

The impacts of Cost Cutting

296

331

FY08 FY09

24292,706

FY08 FY09

Gen.Admin

Cas

h C

ost

300

344

FY08 FY09

-10%

-13%-11%

Selling&Marketing

Despite the increase in operating expenses in 4Q09, sales&marketing and general administrative expenses are down by 13% and 11%, respectively in 2009.

19

Consolidated Revenues & EBITDA

-28

74Q08 4Q09

687

701

4Q08 4Q09

2,435

2,880

FY08 FY09

Quarterly

(TLm)Total

(TLm)

EBIT

DA

Rev

enue

s

174

7

FY08 FY09

-15%-2%

-96%7

20

Revenue Breakdown by Segments

Revenue Breakdown (TLm)Revenue Breakdown (TLm) Revenue Breakdown (% share)Revenue Breakdown (% share)

1523 1300

714646

57340980

70

FY08 FY09

53% 53%

25% 27%

20% 17%2% 3%

FY08 FY09

13%

-29%

-10%-15%

Publishing Broadcasting Retail Other

Growth by Segments (% yoy)Growth by Segments (% yoy)

*Other segment was partially reclassified to Retail segment.

21

Advertising RevenuesC

onso

lidat

ed

Quarterly (TLm)*

Our domestic ad revenues increased by 12% yoy in 4Q09 with the revival in Turkish ad market.

But, since the recovery in other markets that we operate has been slow, our consolidated ad revenues were intact at 4Q08 levels.

285 319

87 50

4Q08 4Q09

-42%

1,2141,005

348

208

FY08 FY09

Total (TLm)*

12%

370372-0.5%

Internatinal Advertising Revenues

Domestic Advertising Revenues

-22%

1,213

1,562

-17%

-40%

22

Ad Growth by Segment

A

(TLm) 4Q08 4Q09 Ch % yoy FY08 FY09 Ch % yoyPublishing 232 187 -19% 947 689 -27%

Publishing Domestic 149 143 -4% 635 513 -19%Publishing International 81 49 -40% 336 197 -41%Interseg. Elim. (‐) 2 -4 n.m. ‐24 ‐21 -10%

Broadcasting 140 183 31% 615 524 -15%Doğan TV Radio 136 188 38% 630 532 -16%Kanal D Romanya 8 5 -38% 23 22 -4%Interseg. Elim. (‐) -5 -10 111% ‐38 ‐30 -22%

Total Advertising 372 370 0% 1,562 1,213 -22%Total Combined 374 385 3% 1,624 1,264 -22%

23

Publishing Revenues & EBITDA

31

15

4Q08 4Q09

15811348

FY08 FY09

355396

4Q08 4Q09

Quarterly (TLm)

EBIT

DA

Rev

enue

s

167

222

FY08 FY09

-10%

-25%

-15%

103%

EBITDA Margin

4 % 9 % 14 % 12 %

Despite of no recovery in international operations, EBITDA margin improved by 5 pp in 4Q09.

Total (TLm)

24

Broadcasting Revenues & EBITDA

-139

4Q08 4Q09

643 543

119140

FY08 FY09

135186

30

49

4Q08 4Q09

Quarterly (TLm)

EBIT

DA

Rev

enue

s

64%

-10%

EBITDA Margin -8 % -25 %

-13

-2 % -24 %

Total (TLm)

Broadcasting remained under pressure mainly due to operational losses of our new strategic investments.

37%

166

23542%762

683

-16%

17%

-19 75

FY08 FY09

-19

0

-58

-163

-5

Broadcasting Total

Broadcasting w/o New Investments

New Investments

Broadcasting w/o Investments

25

Retail Revenues & EBITDA

-23

4Q08 4Q09

384 364

190

45

FY08 FY09

100 94

43

1

4Q08 4Q09

Quarterly (TLm)

EBIT

DA

Rev

enue

s

-99%

-29%

EBITDA Margin -1 % 5 %

5

6-4 % 1 %

Total (TLm)

Profitable D&R operation is leading the retail segment.

Restructure in Smile Holding; loss making operations eliminated.

-6%

143

95

-34%575

410

-5%

-76%

-26

4

FY08 FY09

3

-2

35

Retail Total

Retail w/o Smile

Smile

Retail w/o Smile

26

Investments&Financing

2008 FY 2009 FY Ch.% 2008 FY 2009 FY Ch.%

CASH & BANK & MARK. SEC. 629,581 335,232 -47% 952,115 504,759 -47%

S/T BANK BORROWINGS 556,265 587,936 6% 841,239 885,255 5%

L/T BANK BORROWINGS 829,902 478,072 -42% 1,255,061 719,833 -43%

NET DEBT (756,586) (730,776) -3% (1,144,185) (1,100,329) -4%

USD'm TL'm

FY09INVESTMENTS

Publishing Broadcasting Retail Other TOTALFixed Assets 63,526 55,855 7,158 8,642 135,181Programme Rights 84,348 84,348TOTAL 63,526 140,203 7,158 8,642 219,529

27

13%

TL FX

87%

Long Term Bank Debt Payment Schedule*, as of 2009-end.

588

221

129 128

2010 ST Debt 2011 2012 2013+

USD

mill

ion

21%12% 12%

16%

39%

Bank Debt as of December 09, US$1.07bn (TL1,61bn)

Cash as of December 09, US$335mn (TL504m)

27%

TL FX

73%

Review of FX Risk on Debt & Cash Management

*supplier loans not included.

2009 figures are shown as current portion of long term loans and Short term loans

419

169

Deleveraging and restructring in debt portfolio continues: TL198 mn rights issue will be executed on April 12, 2010, after TL184 mn already completed in August 2009.

Total Bank debts declined by 23% from US$1.4bn at 2008-end to US$1.1bn as of 2009-end.

28

OutlookThe contraction in ad market in 2009 came to an end in 4Q09; the Turkish ad market excluding internet attained 8% yoy growth.

In the first months of 2010, stronger recovery in the ad market is visible.

In order to be ready for higher operational leverage in the aftermath of this global crisis, we implemented a series of cost cutting measures in 2009 and ceased some of our non-core operations. Our continued focus on costs will continue in 2010.

Potential strategic partnerships at Doğan Yayın Holding and/or subsidiaries level is being considered, especially to support deleveraging.

Court cases continue regarding the tax issues.

Regarding the tax issues that were initiated by DYH (cancellation of the tax/fine notifications amounting to TL862.4 mn), significant portion of these cases resulted in favor of DYH (TL781 mn). Both parties have the right to appeal to Higher Court.

The legal process continues regarding the tax issue relates to Doğan TV Holding and affiliates, (TL4.8 bn, including interest). Newsflow is expected from the first hearing of these tax cases within 2010.

As a result of the recovery in the ad market, our continued focus on costs and further reduction in debt position parallel to strategic restructuring efforts, we project a strong recovery in our operational performance compared to 2009.

29

Market & Operational EnvironmentMarket & Operational EnvironmentI.I.

II.II. FourthFourth--Quarter 2009 ResultsQuarter 2009 Results

0505

1155

III.III. 3300Appendix : Reported Financials by SegmentsAppendix : Reported Financials by Segments

30

Revenues By Segments*

A

* As reported

(TLm) 4Q08 4Q09 Ch % yoy FY08 FY09 Ch % yoyPublishing 396 356 -10% 1,581 1,348 -15%Advertising 230 192 -17% 971 710 -27%Circulation 86 112 29% 338 400 18%Other Revenues 79 53 -34% 272 238 -13%

Distribution 25 30 22% 94 104 10%Other 55 23 -59% 178 134 -25%

Broadcasting 165 235 42% 762 683 -10%Advertising 145 193 34% 653 554 -15%Other Revenues 21 42 103% 109 129 18%Retail 143 95 -34% 575 410 -29%Other Revenues 32 35 8% 112 115 3%Cumulative Total 736 720 -2% 3,030 2,557 -16%

Intersegment Eliminations (-) -35 -33 -4% -150 -122 -19%Total 701 687 -2% 2,880 2,435 -15%

31

Quarterly Operational Results by Segments*

* As reported

(TLm) 4Q08 4Q09 ch (%) 2008 2009 ch (%)Revenues 701 687 -2% 2,880 2,435 -15% Publishing 396 355 -10% 1,581 1,348 -15% Broadcasting 166 235 42% 762 683 -10% Retail 143 95 -33% 575 410 -29% Other 32 35 8% 112 116 3% Intersegment Eliminations -35 -33 -4% -150 -122 -19%COGS -587 -592 1% -2,213 -2,010 -9% Publishing -291 -235 -19% -1,008 -899 -11% Broadcasting -166 -264 60% -650 -725 12% Retail -124 -76 -39% -516 -338 -34% Other -19 -25 33% -76 -78 2% Intersegment Eliminations 12 8 -36% 36 31 -15%Operating Expenses -163 -168 3% -674 -596 -12% Publishing -116 -116 -1% -461 -393 -15% Broadcasting -33 -40 24% -183 -169 -8% Retail -26 -18 -32% -95 -78 -17% Other -13 -20 54% -50 -47 -6% Intersegment Eliminations 25 26 5% 114 91 -20%

32

Quarterly Operational Results by Segments*

.

* As reported

(TLm) 4Q08 4Q09 ch (%) 2008 2009 ch (%)

EBIT -49 -73 48% -7 -170 n.m. Publishing -12 5 n.m. 112 56 -50% Broadcasting -33 -70 113% -70 -211 201% Retail -7 2 n.m. -36 -6 -83% Other 0 -11 n.m. -15 -10 -31% Intersegment Eliminations 2 1 -66% 0 0 -41%

EBITDA 7 -28 -510% 174 7 -96% Publishing 15 31 103% 222 167 -25% Broadcasting -13 -58 347% -19 -163 760% Retail -2 5 n.m. -26 3 n.m. Other 4 -7 n.m. -4 0 -92% Intersegment Eliminations 2 1 -66% 0 0 -40%

Consolidated EBIT Margin -7% -11% 0% -7% Publishing -3% 1% 7% 4% Broadcasting -20% -30% -9% -31% Retail -5% 2% -6% -1% Other 0% -31% -13% -9%Consolidated EBITDA Margin 1% -4% 6% 0% Publishing 4% 9% 14% 12% Broadcasting -8% -25% -2% -24% Retail -1% 5% -4% 1% Other 13% -21% -4% 0%

33

EBITDA and Net Profit Reconciliation

2008 2009

Operating Profit (EBIT) -7 -170

Depreciation+Amortization (+) 214 230

Programme Rights Amortization (-) -60 -68

Net IAS 39 impact 27 15

EBITDA 174 7

EBITDA RECONCILIATION TABLE (MTL)

34

For further information

Email : ir@dmg.com.tr

Web Site : www.dyh.com.tr