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PERIODIC

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.

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PERIODIC

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  1. PERIODIC ANALYST INFORMATION MEETING April 7, 2010

  2. Agenda • Economic Developments in Turkey and in the World • Automotive Sector in Turkey and in the World • Doğuş Otomotiv in 2009 • Expectations and Objectives

  3. Global MacroeconomicOutlook 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

  4. Global MacroeconomicOutlook in the Year 2010 Expectations Overview • 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 Expectations • 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

  5. Macroeconomic Outlook Turkey 2009 The crisis was appropriately managed • 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 • Strong financial sector • The impact of regulatory reform after the 2000/01 crisis • Low household debt ratio

  6. Macroeconomic Outlook Turkey in 2010 Expectations The crisis was appropriately managed • 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 • Strong financial sector • The impact of regulatory reform after the 2000/01 crisis • Low household debt ratio

  7. Automotive Industry in the world Global AutomotiveSector 59.2 mn Quantity * €1.8 Trillion Production 2009 Total Turnover 2008 EMPLOYMENT 50 Million Number of employees within the industry worldwide (*) Global Insight estimates

  8. Status of our brands in the world TOTAL WORLD Market Share %10 TOTAL EUROEPAN Market Share %20 Source : VWAG

  9. Automotive Sector of Turkey in the Year 2009 %9 600.000 564.416 550.000 516.395 500.000 450.000 %20 400.000 368.759 350.000 307.214 300.000 %-3 250.000 188.880 188.954 200.000 %36 %-42 150.000 100.000 27.253 50.000 20.227 20.029 0 Wholesale Market PV Luxury Segment LCV HCV December 2008 December 2009 Souırce ODD Wholesale Heavy Commercial Vehicles Souırce : Scania Luxury Segment Brands : Audi, BMW, Mercedes, Volvo, Alfa Romeo, Land Rover, Jaguar, Porsche, Ferrari, Maserati, Bentley, Lamborghini, Saab

  10. 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

  11. Doğuş Otomotiv - 2009 Performance Market Performance* 2009 2008 Change Sales (Quantity)* DOAŞ Market Share Second Hand Sales (Quantity) 50.789 %8.9 10.746 55.307 %10.6 13.125 (%8) (%17) Financial Performance** 2009 2008 Change Net Sales (mn TRY) Net Profit (mn TRY) Net Profit Margin 2.129 30.5 %1.4 2.144 (110) (%5.1) (%1) %128 * Wholesale quantity. Skoda,Scania, Krone and Meiller sales are included. ** Capital Markets Authority (SPK) data

  12. 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.

  13. Total 16 launch in 2010! 2009 2010 New Polo Transporter Golf R, Touareg, Touran Amarok Q5 A5 Sportback A5 Cabriolet A8, RS 5, A1, R8 Spyder, TT PI Cayenne Diesel Panamera Panamera, 911 Turbo, 911 GT3 RS, 911 GT3 Cup, 911 Sport Classic Mulsanne Gallardo LP 550-2 LP 550-2 Exeo EGR Euro 4 R Serisi

  14. 2009 Financial Results I CMB * (mn TRY) 2009 2008 Change 55.307 50.789 Sales(Unit) (8%) 2.129 302 14,2% 224 78 3,6% 30,5 1,4% 2.144 291 13,6% 268 23 1,1% (110) (5,1%) Net Sales Gross Profit Gross Profit Margin Operating Expenses EBIT EBIT Margin Net Profit Net Profit Margin (1%) 4% (16%) 244% 128% (*)Capital Markets Board of Turkey

  15. 2009 Financial Results II CMB (mn TRY) 2009 2008 Change (84,46) (117,93) Sales & Marketing Expenses (28%) (121,16) (9%) (133,26) General and Administrative Expenses (40,36) (121,94) (67%) Financing Expenses 4,14 (36,08) Share in result of Associates& JV 111%

  16. 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%) 431 217 308 746 (40%) (71%) Financial Obligations Accounts Payable

  17. Doğuş Otomotiv / Value Chain 2010 Import and Distribution Product Retail Krone* Meiller* Doğuş Otomotiv Independent Authorized Dealers Used Vehicle Sales Other Investments ** DOD Used Vehicle Sales TÜVTURK* Finance Replacement Parts and After Sales Services Automotive Financing* Insurance* Yüce Auto* Quick Fix to all Brands Leaseplan* Centre of Logistics Insurance* * Subsidiaries ** Representative Offices

  18. International Retail Investment – D-Auto Suisse SA

  19. PERIODIC ANALYST INFORMATION MEETING April 7, 2010

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