Business Review & FY12 Financial Results

Business Review & FY12 Financial Results Apr 12, 2013 www.dyh.com.tr

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. 2

Agenda I. FY12 Highlights 4 II. Publishing 8 III. Broadcasting 13 IV. Investments & Financing 21 V. Outlook 25 VI. Financials 27 3

4 FY12 Highlights

Advertising Market in Turkey Turkish ad market growth was 7% in 2012. Internet had the highest yoy growth with 24%, while growth in TV segment was 7%. Telecom and real estate sectors ad spent were down yoy by 18% and 8%, respectively, whereas finance sector was up by 31%. Ad Market in Turkey Ad Market by Sectors 4Q12 FY12 Sectors Share Share YoY TL mn YoY TL mn Share YoY Food 9% -0.2 pp 5% TV 782 16% 2,517 51% 7.2% Finance 9% +1.5 pp 31% Telecom 8% -2.5 pp -18% Newspaper 283-4% 1,024 21% -0.7% Real Estate 6% -1.0 pp -8% Magazine 38 4% 123 2% 3.0% Automotive 6% -0.1 pp 5% Radio 39 26% 131 3% 10.4% Media 5% +0.3 pp 13% Outdoor 115 14% 383 8% 6.5% Retail 5% +0.2 pp 11% Cosmetics 5% +0.5 pp 20% Cinema 18 4% 56 1% -3.4% Beverages 4% +0.3 pp 16% Internet 210 15% 740 15% 24.1% Furniture 3% -0.2 pp 1% Total Market 1,485 11% 4,974 100% 7.4% Others 42% +1.3 pp 11% Total 100% 100% 5

FY12 Highlights Consolidated revenues were up by 8%, with the support of subscription & other revenues. Advertising revenues was down by 2%; while digital platform revenues were strong in FY12. Circulation revenues increased by 1%, owing to higher cover prices. EBITDA reached TL324 mn, up by 29% yoy and EBITDA margin was 13%. Net other operating income was TL169 mn, due mainly to Hurriyet s asset sale, versus TL 1,088 mn net other expenses in FY11, due mainly to tax expenses set aside. Net financial income was TL2 mn, owing to lower fx losses, vs. net financial expense of TL299 mn in FY11. Net profit stood as TL197 mn vs. net loss of TL1,194 mn. No more tax liability left; the remainder of tax liabilities paid in advance in 9M12-end together with the 9th installment. 6 Doğan Yayın Holding P&L Consolidated Results (TL mn) FY11 FY12 YoY Consolidated Revenues 2,338 2,526 8% Advertising 1,317 1,291-2% Circulation 265 269 1% Printing 72 80 11% Subscription 183 304 66% Other 500 582 16% EBITDA* 251 324 29% EBITDA Margin 11% 13% Net Profit (Loss)** -1,194 197 n.m. *As calculated by DYH Consolidated Revenues FY12 (TL mn) TL2.338m TL2.526m 3% 2% Other 39% 42% Broadcasting Publishing 59% 55% FY11 FY12

FY12 Highlights Newsprint prices are declining: average newsprint prices in 4Q12 was 11% lower vs. 4Q11. Broadcasting EBITDA was TL189 mn, vs. TL142 mn in FY11; mainly led by a recovery in digital platform operations. Consolidated EBITDA was TL324 mn, while EBITDA margin reached 13%, vs. 11% in FY11. Revenue Bridge FY11 FY12 (TL mn) EBITDA Bridge FY11 FY12 (TL mn) yoy growth -2% 1% 11% 66% 16% 8% +47 +10 +0-26 +4 +8 +121 +82 +16 2.338 2.526 251 324 FY11 Advert. Circul. Printing Subscript. Other FY12 FY11 Publish. Broad. Other Elimin. FY12 7

8 Publishing Segment

Newspaper Ad Market in Turkey In FY12, newspaper ad market declined by 1%, yoy, led by cut down in ad spending mainly in real estate sector. Retail, auto and finance sectors supported newspaper ad market in FY12. -18% 811 Newspaper Advertising (yoy growth) 14% 926 11% -1% 1.031 1.024 FY09 FY10 FY11 FY12 9 Newspaper Ad Market by Sectors FY12 vs. FY11 Sectors Share Share YoY Real Estate 13% -2.6 pp -17% Retail 12% +1.1 pp 9% Automotive 10% +1.3 pp 14% Finance 7% +0.8 pp 12% Media 5% -0.1 pp -3% Tourism 4% +0.4 pp 9% Telecom 4% -0.1 pp -3% Education 3% -0.1 pp -5% Beverages 3% +0.2 pp 7% Furniture 3% -0.1 pp -3% Others 36% -0.8 pp -3% Total 100% -1%

Newspaper & Magazine Circulation Newspaper Circulation in FY12* (000 copies daily) Total Magazine Circulation in FY12 (Units m & yoy growth) Market DYH -6% 20-1% 7 FY12 Source: Basin İlan Average daily newspaper circulation in the market was 4.7 mn in FY12, was down by 0.2% yoy. DYH s circulation share (1.1 mn) in FY12 was 23%. Higher average copy prices DYH newspaper titles. Source: DPP & Dogan Burda Dergi Yay. DYH includes Dogan Burda & Dogan Egmont Doğan Burda and Doğan Egmont had a total market share of 34% in FY12. Dogan Burda increased cover prices of some its magazines, in line with the market conditions. 10

Publishing Segment Domestic publishing ad revenues in line with the Turkish ad market. Total publishing revenues increased by 3% in FY12. Domestic ad revenues remained at the same levels attained in FY11. TME registered strong online revenue growth of 26% yoy, increasing its online revenues share in its total revenues to 25% (vs. 18% in FY11). Total circulation revenues at TL269 mn, registered growth of 1%, owing to higher cover prices. Printing and other revenues increased: Milliyet and Vatan became 3 rd party company, as they continue to procure newsprint, as well as distribution and printing services. EBITDA margin was 10%, vs. 9% in FY11. Publishing P&L Results (TL mn) FY11 FY12 YoY Revenues 1,415 1,456 3% Advertising 707 693-2% Domestic 507 503-1% International 200 190-5% Circulation 265 269 1% Printing Revenues 72 80 11% Other Revenues 371 415 12% EBITDA* 131 147 12% EBITDA Margin 9% 10% Net Profit (Loss) -231 173 n.m. *As calculated by DYH; before intersegment eliminations Revenue Bridge FY12 FY11 (TL mn) yoy -2% 1% 11% 12% 3% +4 +8 +43-14 1.415 1.456 11 FY11 Advertising Circulation Printing Other FY12

Publishing Margins Newsprint costs down by 11% in 4Q12, yoy: Newsprint prices in 4Q12 averaged at US$704/ton, vs. US$793/ton in 4Q11. In FY12, newsprint costs averaged at US$748/ton, 1% lower. Increase in other costs mainly stemming from cost of trade goods sold as sales to third parties now include Milliyet and Vatan. Control on costs support margins; operating expenses, payroll & news production costs remained intact at the levels attained in FY11. FY12 Revenue (TL mn) +3% FY12 Cash Costs Breakdown (TL mn) TL1,285m 2% TL1,309m FY12 EBITDA (TL mn) EBITDA* EBITDA Margin 385 6% 362 OPEX 9.2% 10.1% 1,415 1,456 443 13% 501 223 230 7% 233 217 Other costs Payroll & News production Newsprint Costs 131 147 FY11 FY12 FY11 12 FY12 FY11 FY12

13 Broadcasting Segment

TV Ad Market in Turkey TV ad market registered 7% yoy growth in FY12. Despite lower ad spend in telecom sector, increase in advertising budgets of finance and cosmetics sectors supported the TV ad spend. TV Advertising (yoy growth) TV Ad Market by Sectors FY12 vs. FY11 Sectors Share Share YoY 40% 18% 7% Food 14% -0.6 pp 2% Finance 11% +2.6 pp 41% Telecom 11% -4.0 pp -22% -16% Cosmetics 7% +1.1 pp 25% 1,423 1,998 2,349 2,517 Media 6% +1.0 pp 30% Automotive 5% -0.5 pp -2% Beverages 5% +0.4 pp 18% Electronics 5% -0.6 pp -5% Real Estate 5% -0.4 pp -1% Furniture 4% -0.2 pp 2% FY09 FY10 FY11 FY12 Others 27% +1.3 pp 13% Total 100% 7% 14

Major Developments in FY12 The Television Audience Research Committee (TİAK) has terminated its contract with the rating-measurement company AGB Nielsen in Dec 2011 and commissioned TNS to measure ratings. TNS initiated ratings on Sept 17, 2012, and SBT has filled the gap until to Sep 12. The Group and Turner have agreed to terminate their joint venture agreement in June 2012 on TNT and Dogan TV Holding further raised its stake in TNT by 19.98% to 95%. TNT was replaced with the name Tv2. Doğan TV Holding has given letters of guarantees amounting to 72 mn to UEFA in 2012 for broadcasting rights of UEFA Champions League, UEFA Super Cup and UEFA Cup Games for the period 2012-2015. 15

Audience Share TNS started to disclose TV ratings in September 17, 2012 with a different sample universe. Kanal D maintains its leading position*. * Based on total day, total audience. Audience Share Sep 17-Dec 31 2012 (%) Kanal D & other channels Total Day Audience Share (%) Audience Share Total Day Kanal D 11.7 ATV 11.0 Star TV 9.4 Fox 7.8 Show TV 5.9 Others 54.3 Source: TNS (Total Individual) * Total day, total audience. 16

Digital Platform Attractive demographics and viewing trends Young population in Turkey and increasing number of households. Average daily TV viewing time above 4 hours in Turkey. D-Smart will benefit from the attractive demographics and viewing trends: 34 HD Channels currently, exclusive sports content including Champions League, UEFA League, NBA, Formula 1, Moto GP. D-Smart Blu, launched in 2012, now providing access to D-Smart content through internet-connected devices such as PCs& laptops, tablets, smartphones. 17

Digital Platform #2 pay TV operator in Turkey Pay TV subscribers reached 872 K by 2012-end, up by 44%, yoy; D-Smart Net ADSL subscribers 341 K, up by 39%. D-Smart Statistics (in thousands) D-Smart TV Subscribers Total Users 872 D-Smart Net Subscribers 607 423 341 270 245 85 2008 2009 2010 2011 2012 2011 2012 18

Broadcasting Operations Subscription revenues up by 66% yoy. Total broadcasting revenues increased by 17% yoy, due to the rise in subscription and other revenues. Higher subscription revenues from D-Smart and Smile ADSL also contributed positively to the broadcasting revenues. Broadcasting segment s other revenues in FY12 included sales to Star TV which became 3rd party as of Nov 2011, whereas its 2011 operations grouped under discontinued operations. EBITDA was TL189 mn, vs. TL142 mn in FY11, while EBITDA margin was 17%. Broadcasting P&L Results (TL mn) FY11 FY12 YoY Revenues 934 1,090 17% Advertising 633 619-2% Subscription 183 304 66% Other Revenues 119 168 42% EBITDA* 142 189 33% EBITDA Margin 15% 17% Net Profit (Loss) -1,060 104 n.m. *As calculated by DYH; before intersegment eliminations 934 Revenue Bridge FY12 FY11 (TL mn) -14 +121 +49 1.090 FY11 Advertising Subscription Other FY12 19

Broadcasting Margins Following merger of D-Smart and Smile ADSL operations, ADSL revenues now grouped under broadcasting segment. In line with the reasoning for the rise in other revenues, cost of trade goods sold item increased from TL38 mn in FY11 to TL77 mn in FY12. This is mainly led by the cost of sales to Star TV, which became 3rd party. Operating expenses was up by 11%, mainly due to higher personnel expenses. EBITDA reached TL189 mn and margin was 17%. FY12 Revenue (TL mn) FY12 Cash Costs Breakdown (TL mn) FY12 EBITDA* (TL mn) 20

21 Investments & Financing

Net Debt & Investments * Other financial liabilities include supplier loans, leasing credits and loans related to options in US$ mn in TL mn FY11 FY12 vs. FY11 FY11 FY12 vs. FY11 Cash & Bank and Mark. Sec. 617 274 56% 1,165 488 58% S/T Bank Borrowings 392 551 40% 741 982 32% L/T Bank Borrowings 456 317 31% 861 564 34% Other Financial Liabilities* 166 157 5% 313 280 10% Net Debt/(Cash) 397 751 89% 751 1,338 78% Tax Liability 359 n.m. 679 n.m. Tax liability: Dogan Yayın Holding and its affiliates have filed for applications under Law No.6111 in 1H11 in relation to undue and on trial tax liabilities in dispute amounting to TL5 bn in total, and is required to pay TL1 bn. On September 28, 2012, the Group have made an early payment and paid up with the 9th installments the remainder of its liabilities, which were being paid every two months as of June 1, 2011 through 18 equal installments. There are no remaining tax liability as of 9M12-end. FY12 INVESTMENTS (TL mn) Publishing Broadcasting Other TOTAL Fixed Assets 70,300 139,622 267 210,189 Programme Rights 29,520 29,520 TOTAL 70,300 169,142 267 239,709 22

The impact of Recent Disposals Asset Disposals Market Share Impact (FY11) Margin improvement Cash Inflow From Asset Sales 2012 end (incl.interest) Cash Inflow (remaining payments) Publishing Hurriyet Asset Sale* Broadcasting Retail Pre Disposal: DYH Circulation Share: 29.8% DYH Audience Share*: 27.3% Post Disposal: DYH Circulation Share: 24.4% DYH Audience Share*: 19.8% ( * ) Prime Time All day, total individuals (Star TV & Kanal D) 3 4% EBITDA margin improvement based on restated figures 355 mn $ 300 mn $ * Hurriyet decided to sell its land in October 17, 2012 for TL50 mn (US$28 mn), this is also included in the table under remaining payments. in US$ mn FY11 FY12 vs. FY11 Cash & Bank and Mark. Sec. 617 274 56% Total Financial Liabilities 1,014 1,025 1% Tax Liability 359 0 100% Net Debt/(Cash) (including tax liability) 757 751 1% Exp. Cash Inflow (remaining payments) 300 Expected Net Debt/(Cash) 757 451 40% Net Debt/EBITDA 5.04 2.49 23 All remaining tax liability paid as of September 2012. Net Debt will decline further with cash inflows from remaining payments of the asset sales that already took place.

Review of FX Risk on Debt & Cash Management Total Bank Debt as of FY12-end US$868 mn (TL1,547 mn) 89% The cash inflow through restructuring of assets will support financial structure. Total Bank debts was US$868 mn in FY12-end. 11% TL FX Bank Debt Payment Schedule*, as of FY12-end (US$) 551 S/T Bank Debt S/T Portion of L/T Debt 385 166 257 58 1 1 2013 2014 2015 2016 2017+ 24

25 Outlook

Outlook Turkish ad market growth in 2012 estimated to be 7%, while close to double digit growth expected for 2013. Target to maintain market shares and improve profitability. Continue to focus on new growth opportunities in digital media. Newsprint prices are on a declining trend: average newsprint prices expected to be 2-4% lower than the figures attained in FY12. Better financial structure through cash inflows from asset sales: US$355 mn already received and further US$300 mn is expected from remaining payments of the asset sales that already took place. No more tax liabilities: On Sept 28, 2012, the Group have made an early payment and paid up with the 9th installments the remainder of its liabilities, which were being paid every two months as of June 1, 2011 through 18 equal installments. 26

27 Financials

FY12 Results Key Figures in US$ mn in TL mn FY11 FY12 YoY FY11 FY12 YoY REVENUES 1,400 1,409 1% 2,338 2,526 8% GROSS PROFIT 413 430 4% 689 770 12% EBIT 1 50 85 68% 84 152 81% EBITDA 2 150 181 21% 251 324 29% NET FINANCIAL INCOME/(EXP.) 179 1 n.m. 299 2 n.m. PROFIT BEFORE TAX 781 180 n.m. 1,304 322 n.m. NET PROFIT FROM DISCONTINUED OPER. 81 0 100% 135 0 100% NET PROFT (After Minority) 715 110 n.m. 1,194 197 n.m. ( 1 ) EBIT: Before other operating income and expenses. ( 2 ) EBITDA: Adjusted by net IAS 39 impact. 28

Revenues By Segments* (TL mn) 4Q11 4Q12 YoY FY11 FY12 YoY Publishing 390 393 1% 1,415 1,456 3% Advertising 198 179 10% 707 693 2% Circulation 65 66 2% 265 269 1% Printing Revenues 21 23 8% 72 80 11% Other Revenues 107 126 18% 371 415 12% Distribution 41 62 49% 156 191 23% Other 65 64 2% 215 223 4% Broadcasting 260 287 10% 934 1,090 17% Advertising 190 182 5% 633 619 2% Subscription 54 99 82% 183 304 66% Other Revenues 16 6 59% 119 168 42% Other Revenues 19 14 27% 85 60 29% Cumulative Total 670 694 4% 2,435 2,607 7% Intersegment Eliminations ( ) 17 20 12% 97 81 16% Total 652 674 3% 2,338 2,526 8% * As reported 29

Ad Growth by Segment (TL mn) 4Q11 4Q12 YoY FY11 FY12 YoY Publishing 198 176 11% 699 686 2% Hurriyet Grup excluding TME 112 104 7% 387 381 2% TME 51 39 24% 189 181 4% Dogan Gazetecilik 24 26 7% 93 95 2% Magazines 8 8 6% 27 28 3% DMG International 3 2 40% 11 8 24% Other 0 0 0 0 n.m. Interseg. Elim. ( ) 1 2 n.m. 8 6 n.m. Broadcasting 184 176 4% 618 605 2% Doğan TV Radio 184 174 5% 613 594 3% Kanal D Romanya 7 8 21% 20 25 25% Interseg. Elim. ( ) 6 5 n.m. 14 14 n.m. Total Advertising 383 353 8% 1,317 1,291 2% Total Combined 388 360 7% 1,340 1,311 2% 30

Operational Results by Segments* (TL mn) 4Q11 4Q12 YoY FY11 FY12 YoY Revenues 652 674 3% 2,338 2,526 8% Publishing 390 393 1% 1,415 1,456 3% Broadcasting 260 287 10% 934 1,090 17% Other 19 14 27% 85 60 29% Intersegment Eliminations 17 20 n.m. 97 81 n.m. COGS 482 465 3% 1,649 1,756 6% Publishing 265 273 3% 952 994 4% Broadcasting 212 195 8% 677 771 14% Other 14 10 27% 61 44 28% Intersegment Eliminations 10 12 n.m. 41 53 n.m. Operating Expenses 188 168 11% 605 618 2% Publishing 134 112 16% 434 407 6% Broadcasting 48 54 12% 180 209 16% Other 13 9 35% 46 29 37% Intersegment Eliminations 8 7 n.m. 54 26 n.m. * As reported 31

Operational Results by Segments* (TL mn) 4Q11 4Q12 YoY FY11 FY12 YoY EBIT 17 41 n.m. 84 152 81% Publishing 9 8 n.m. 29 55 87% Broadcasting 0 38 n.m. 78 110 41% Other 8 5 n.m. 22 12 n.m. Intersegment Eliminations 0 0 61% 1 1 n.m. EBITDA 34 94 175% 251 324 29% Publishing 14 29 99% 131 147 12% Broadcasting 27 69 155% 142 189 33% Other 8 4 n.m. 20 10 n.m. Intersegment Eliminations 0 0 61% 1 1 n.m. Consolidated EBIT Margin 2.6% 6.1% 3.6% 6.0% Publishing 2% 2% 2.1% 3.8% Broadcasting 0% 13% 8.3% 10.1% Other 41% 33% 25.9% 20.5% Consolidated EBITDA Margin 5.2% 13.9% 10.7% 12.8% Publishing 4% 7% 9.2% 10.1% Broadcasting 10% 24% 15.2% 17.3% Other 40% 29% 24.1% 16.9% * As reported 32

EBITDA Reconciliation (TL mn) 4Q11 4Q12 YoY FY11 FY12 YoY Operating Profit (EBIT) 17 41 n.m. 84 152 81% Depreciation & Amortization (+) 49 44 10% 185 181 2% Programme Rights Amortization ( ) 13 7 51% 53 35 33% Net IAS Impact (+) 16 15 n.m. 35 27 21% EBITDA 34 94 175% 251 324 29% (1) EBIT: Before other operating income and expenses. 33

For further information Email Web Site : ir@dmg.com.tr : www.dyh.com.tr 34