PERIODIC

ANALYST

INFORMATION MEETING

April 7, 2010

Agenda

Economic Developments in Turkey and in the World

Automotive Sector in Turkey and in the World

Doğuş Otomotiv in 2009

Expectations and Objectives

Global Macroeconomic Outlook in the Year 2009

The effects of the crises in all economies

Signs of recovery in the second half of 2009

High unemployment rates

Global comprehensive monetary and financial incentive programs

Increasing public debt in developing countries

Ending of the interest rate reduction in the last quarter

Global Macroeconomic Outlook in the Year 2010 Expectations

Signals of normalization in the world economy

Improvement in global risk perception

Normalization trends in financial markets

Uncertainties in the rate of recovery and sustainability

Overview

Slow and gradual recovery in the economy

Optimism in global financial markets

Gradual increase in oil prices

Improvement in global liquidity conditions and risk perception

Expectations

Macroeconomic Outlook Turkey 2009

Year of Crisis

Contraction in aggregate demand

Decline in inflation

Central Bank interest rate reductions and their effects

Incentive packages and their effects

Relative improvement in current account balances

The crisis was appropriately managed

Strong financial sector

The impact of regulatory reform after the 2000/01 crisis

Low household debt ratio

Macroeconomic Outlook Turkey in 2010 Expectations

Gradual recovery in the economy

Increase in private consumption expenditure

Expectation of poor recovery in external demand (Euro Area)

Moderate upward trend in industrial employment

Reduction of expansionary effects of fiscal policy to continue

The crisis was appropriately managed

Strong financial sector

The impact of regulatory reform after the 2000/01 crisis

Low household debt ratio

(*) Global Insight estimates

Number of employees within the industry worldwide

EMPLOYMENT

50 Million

Production2009

59.2 mn Quantity *

Total Turnover 2008

€1.8 Trillion

Global Automotive Sector

Automotive Industry in the world

Status of our brands in the world

TOTAL WORLD Market Share %10

SALES (UNITS) 2009 2008 CHANGE

VOLKSWAGEN 4.315.960 4.170.108

PASSENGER VEHİCLE 3.954.454 3.667.843 %7,8

LIGHT COMMERCIAL VEHICLE 361.506 502.265 %-28,0

PORSCHE 75.238 98.652 %-23,7

AUDI 949.729 1.003.469 %-5,4

BENTLEY 4.616 7.604 %-39,3

LAMBORGHINI 1.515 2.430 %-37,7

BUGATTI 50 71 %-39,3

SEAT 336.683 368.104 %-8,5

SKODA 684.226 674.530 %1,4

SCANIA 43.443 30.527 %4,3

VOLKSWAGEN GROUP TOTAL 6.411.460 6.355.495 %0,9

TOTAL EUROEPAN Market Share %20

Source : VWAG

600.000

500.000

400.000

300.000

250.000

100.000

550.000

450.000

350.000

200.000

150.000

50.000

0

Wholesale Market PV Luxury Segment LCV HCV

Automotive Sector of Turkey in the Year 2009

Souırce ODD Wholesale Heavy Commercial VehiclesSouırce : Scania Luxury Segment Brands : Audi, BMW, Mercedes, Volvo, Alfa Romeo, Land Rover, Jaguar, Porsche, Ferrari, Maserati, Bentley, Lamborghini, Saab

516.395564.416

368.759

307.214

20.029

188.954

20.227

%-3

%9

%20

%36 %-42

December 2008

December 2009

27.253

188.880

Turkey Automotive Sector

Growth potential, has not yet reached saturation in the domestic market

Ease of access to growing regional markets

Banking system

Qualified Human Resources in production, management and service

Strong supply industry

Young population

Doğuş Otomotiv - 2009 Performance

Sales (Quantity)*

DOAŞ Market Share

Second Hand Sales (Quantity)

50.789

%8.9

10.746

55.307

%10.6

13.125

(%8)

(%17)

Net Sales (mn TRY)

Net Profit (mn TRY)

Net Profit Margin

2.129

30.5

%1.4

2.144

(110)

(%5.1)

(%1)

%128

2009 2008 Change Market Performance*

* Wholesale quantity. Skoda,Scania, Krone and Meiller sales are included.** Capital Markets Authority (SPK) data

Financial Performance** 2009 2008 Change

2010 Expectations

Total Market 520 K – 530 K

DOAŞ Sales 52 K – 53K

DOAŞ Market Share 10%

DOD Second Hand Sales 13.000

DOAŞ Turnover(*) 2 – 2,5 billion

TRY(*)Doğuş Otomotiv 2010 not consolidated expectations.

Total 16 launch in 2010!

2009 2010

New PoloTransporter

Golf R, Touareg, TouranAmarok

Q5A5 SportbackA5 Cabriolet

A8, RS 5, A1, R8 Spyder, TT PI

Cayenne DieselPanamera

Panamera, 911 Turbo, 911 GT3 RS, 911 GT3 Cup, 911 Sport Classic

Gallardo LP 550-2 LP 550-2

Exeo

EGR Euro 4R Serisi

Mulsanne

2009 Financial Results I

Net Sales

Gross Profit Gross Profit Margin

Operating Expenses

EBITEBIT Margin

Net Profit Net Profit Margin

2.129

30214,2%

224

783,6%

30,51,4%

(1%)

4%

(16%)

244%

128%

CMB * (mn TRY) 2009 2008 Change

2.144

29113,6%

268

231,1%

(110)(5,1%)

Sales(Unit) 50.789 55.307 (8%)

(*)Capital Markets Board of Turkey

2009 Financial Results II

CMB (mn TRY) 2009 2008 Change

Sales & Marketing Expenses (84,46) (117,93) (28%)

General and Administrative Expenses (121,16) (133,26)(9%)

Financing Expenses (40,36) (121,94) (67%)

Share in result of Associates& JV 4,14 (36,08) 111%

2009 Financial Results III

CMB (mn TRY) 2009 2008 Change

Cash and Cash Equivalents

Accounts Receivable

Stocks

Total Operating Capital

30

154

293

478

74

117

653

845

(59% )

31%

(55%)

(43%)

Financial Obligations

Accounts Payable

431

217

308

746

(40%)

(71%)

Doğuş Otomotiv / Value Chain 2010

Import and DistributionImport and Distribution

Yüce Auto*

Centre of Logistics

Doğuş OtomotivIndependent Authorized Dealers

RetailRetail

DODUsed Vehicle Sales

Used Vehicle SalesUsed Vehicle Sales

AutomotiveFinancing*

Insurance*

Leaseplan*

Insurance*

FinanceFinance

Krone*

Meiller*

ProductProduct

TÜVTURK*

Other InvestmentsOther Investments

Quick Fix to all Brands

Replacement Parts and After Sales Services

Replacement Parts and After Sales Services

* Subsidiaries** Representative Offices

**

International Retail Investment – D-Auto Suisse SA

PERIODIC

ANALYST

April 7, 2010

INFORMATION MEETING