Doğuş Holding Anonim Şirketi and its Subsidiaries Table of Contents

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2 Table of Contents Independent Auditor s Report on Review of Condensed Consolidated Interim Financial Information Condensed Consolidated Interim Statement of Financial Position Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income Condensed Consolidated Interim Statement of Changes in Equity Condensed Consolidated Interim Statement of Cash Flows Appendix: Supplementary Information - Convenience Translation to US Dollar

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5 Condensed Consolidated Interim Statement of Financial Position As at ) Notes 31 December 2014 ASSETS Current assets: Cash and cash equivalents Other investments, including derivatives Trade receivables Due from related parties Due from third parties Inventories Prepayments Other current assets Subtotal Assets held for sale Total current assets Non-current assets: Trade receivables Due from related parties Due from third parties Other investments, including derivatives Investments in equity-accounted investees Investment property Property and equipment Intangible assets and goodwill Goodwill Intangible assets Prepayments Deferred tax assets Other non-current assets Total non-current assets TOTAL ASSETS The accompanying notes are an integral part of these condensed consolidated interim financial statements. 1

6 Condensed Consolidated Interim Statement of Financial Position As at (continued) ) LIABILITIES Notes 31 December 2014 Current liabilities: Short term loans and borrowings Short term portion of long term loans and borrowings Other financial liabilities Trade payables Due to related parties Due to third parties Current tax liabilities Provisions Employee benefits Other provisions Other current liabilities Total current liabilities Non-current liabilities: Loans and borrowings Trade payables Due to related parties Due to third parties Provisions Employee benefits Other provisions Deferred tax liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES EQUITY Equity attributable to owners of the Company: Share capital Adjustments to share capital Capital stock held by subsidiaries (-) (94.531) (94.531) Share premium Other comprehensive income items that will never be classified to profit or loss Other comprehensive income items that are or maybe classified to profit or loss Restricted reserves Retained earnings (Loss)/profit for the period ( ) Total equity attributable to owners of the Company Non-controlling interests: Şahenk family Other Total non-controlling interests TOTAL EQUITY TOTAL EQUITY AND LIABILITIES The accompanying notes are an integral part of these condensed consolidated interim financial statements. 2

7 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the Six-Month Period Ended ) PROFIT OR LOSS Notes Six-month Three-month Six-month 30 June 2014 Three-month 30 June 2014 Revenue Cost of sales (-) ( ) ( ) ( ) ( ) Gross profit Administrative expenses (-) 7 ( ) ( ) ( ) ( ) Selling, marketing and distribution expenses (-) 7 ( ) ( ) ( ) (95.387) Other operating income Other operating expenses (-) ( ) (63.504) (79.790) (42.773) Share of profit of equity-accounted investees Operating profit Gains from investing activities Losses from investing activities (-) (1.813) (359) (3.523) (364) Profit before net finance cost Finance income Finance cost (-) 9 ( ) ( ) ( ) Profit / (loss) before tax ( ) ( ) Tax benefit / (expense) - Current tax expense 16 (61.821) (19.286) (20.155) (12.576) - Deferred tax (expense) / benefit (17.577) (55.318) Profit / (loss) for the period ( ) ( ) Profit / (loss) attributable to: Non-controlling interests Şahenk family Other Owners of the Company ( ) ( ) ( ) ( ) Earnings / (loss) per share (Full TL) (1,56) (0,45) 0,37 0,39 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 3

8 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the Six-Month Period Ended (continued) ) Notes Six-month Three-month Six-month 30 June 2014 Three-month 30 June 2014 OTHER COMPREHENSIVE INCOME Items that will not be reclassified to profit or loss: (1.311) 654 (9.458) (6.761) Remeasurements of defined benefit liability (1.711) 105 (9.476) (1.025) Tax on items that will not be reclassified to profit or loss: - Deferred tax Other comprehensive income from equity accounted investees, net of tax 13 (484) 29 (1.878) (5.942) Items that are or may be reclassified to profit or loss: Foreign currency translation differences for foreign operations (12.973) (30.659) Changes in fair value of available for sale financial assets (1) -- Effective portion of changes in fair value of cash flow hedges (5.560) (14.045) Net investment hedge for foreign operations 17 (40.436) (34.493) Tax on items that are or may be reclassified to profit or loss: - Current tax (2.011) (5.226) - Deferred tax (880) (246) Other comprehensive income from equity accounted investees, net of tax OTHER COMPREHENSIVE INCOME TOTAL COMPREHENSIVE INCOME ( ) ( ) Total comprehensive income attributable to: Non-controlling interests Şahenk Family Other Owners of the Company ( ) ( ) ( ) ( ) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 4

9 Condensed Consolidated Interim Statement of Changes in Equity For the For the Six-Month Period Ended ) Paid-in capital Adjustment to share capital Capital stock held by subsidiaries Share premium Other comprehensive income that will never be classified to profit or loss Revaluation surplus Remeasurements of defined benefit liability Other comprehensive income that are or may be classified to profit or loss Retained earnings Translation reserve Fair value reserve for available for sale financial assets Balances at 1 January (94.531) (8.742) ( ) ( ) Total comprehensive income (5.527) (1.318) (72) Dividends paid ( ) ( ) -- ( ) (56.145) ( ) Transfer of depreciation expense from revaluation reserve to retained earnings (10.234) Change in non-controlling interests in consolidated subsidiaries without a change in control (14.298) -- (10.901) Acquisition of non-controlling interests through business combinations Capital injection and establishment of subsidiaries Sale of shares of subsidiary (25.762) (1.034) (470) (470) Transfers ( ) Balances at 30 June (94.531) (14.269) (5.501) ( ) Hedging reserve Restricted reserves Retained earnings Net profit/ (loss) for the period Total equity attributable to owners of the Company Noncontrolling interests Total equity Balances at 1 January (94.531) (14.862) ( ) Total comprehensive income (1.204) (56.872) (37.635) ( ) ( ) ( ) Dividends paid (62.291) (62.291) Transfer of depreciation expense from revaluation reserve to retained earnings (10.165) Change in non-controlling interests in consolidated subsidiaries without a change in control (*) (53.524) -- (53.524) (69.145) ( ) Acquisition of non-controlling interests through business combinations (Note 6) Capital injection and establishment of a subsidiaries Adjustment of goodwill previously recognised as provisional (Note 12) (28.424) (28.424) Transfers (60.739) Balances at (94.531) (16.066) (41.269) ( ) ( ) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 5

10 Condensed Consolidated Interim Statement of Cash Flows For the Six-Month Period Ended ) Notes 30 June 2014 A. Cash flows from operating activities (Loss)/profit for the period ( ) Adjustments for Depreciation and amortisation Reversal on property and equipment and intangible assets 5 (2.527) (14) Provision for and reversal of employee severance indemnity, net Provision for doubtful receivables Warranty provision Dealer premium provision Loss from deconstruction process of a hotel building Other provisions (744) Interest expense (5.594) Fair value change in investment property (82.631) Tax income 16 (99.842) Share of profit of equity accounted investees 13 ( ) ( ) Loss on sale of subsidiaries Bargain purchase gain recognised on acquisition -- (18.311) Gain on sales of property and equipment (5.669) (4.036) Foreign currency differences of loans and borrowings, net ( ) Foreign currency differences of cash and cash equivalents, net ( ) Change in working capital Change in trade receivables ( ) ( ) Change in inventories ( ) ( ) Change in trade payables Change in other assets and liabilities ( ) (23.129) Cash flows from operations Dividends received from equity accounted investees Contribution to share capital increase of equity accounted investees 13 ( ) (61.754) Purchase of equity accounted investees 13 (89.655) ( ) Employee severance indemnity paid (6.696) (3.694) Warranty expense paid (33.859) (23.463) Recoveries from doubtful receivables Taxes paid 16.2 (54.053) (11.401) Proceeds from sale of equity accounted investees Proceeds from sale of investment property Acquisition of investment property 14 (71.067) ( ) Cash flows used in operating activities ( ) ( ) B. Cash flows from investing activities Proceeds from sales of subsidiaries Acquisition of subsidiaries 6 (17.170) (99.479) Change in non-controlling interests in consolidated subsidiaries without a change in control ( ) ( ) Acquisition of property and equipment and intangible assets ( ) ( ) Proceeds from sale of property and equipment and intangible assets Cash flows used in investing activities ( ) ( ) C. Cash flows from financing activities Change in loans and borrowings, net Interest paid ( ) ( ) Dividends paid ( ) ( ) Cash flows from financing activities Net decrease in cash and cash equivalents before the effects of foreign currency differences (A+B+C) ( ) ( ) D. Effects of foreign currency differences on cash and cash equivalents (16.297) Net decrease in cash and cash equivalents (A+B+C+D) ( ) ( ) E. Cash and cash equivalents at 1 January Cash and cash equivalents at 30 June (A+B+C+D+E) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 6

11 ) Notes to the condensed consolidated interim financial statements Notes Description Pages 1 Reporting entity 8 2 Basis of preparation 25 3 Significant accounting policies 25 4 Financial risk management 26 5 Segment information 29 6 Acquisition of non-controlling interests 36 7 Administrative, selling, marketing and distribution expenses 39 8 Finance income 40 9 Finance cost Cash and cash equivalents Property and equipment Intangible assets and goodwill Investments in equity-accounted investees Investment property Assets held for sale Taxation Capital and reserves Loans and borrowings Commitments and contingencies Related party disclosures Group enterprises Significant events Subsequent events 62 Appendix: Supplementary information 7

12 1 Reporting entity Doğuş Holding Anonim Şirketi ( Doğuş Holding or the Company ) was established in 1975 to invest in and coordinate the activities of companies operating in different industries, including banking and finance, automotive, construction, tourism, media, real estate, energy, food and beverage and entertainment and is registered in. Doğuş Holding is owned and managed by the members of Şahenk Family. As at, the principal shareholders and their respective shareholding rates in Doğuş Holding are stated in note 17. The address of the registered office of Doğuş Holding is as follows: Huzur Mahallesi Ayazağa Caddesi, No: Sarıyer / İstanbul- As at, Doğuş Holding has 175 (31 December 2014: 163) subsidiaries ( the Subsidiaries ), 81 (31 December 2014: 83) joint arrangements ( the Joint Arrangements ) and 11 (31 December 2014: 17) associates ( the Associates ) (referred to as the Group or Doğuş Group herein and after). The consolidated financial statements of Doğuş Group as at and for the six-month comprises Doğuş Holding and its subsidiaries and the Group s interest in associates and joint arrangements. As explained in more detail in this note, Doğuş Holding holds controlling interest directly or indirectly via other companies owned and/or exercising the control over the voting rights of the shares held by the members of Şahenk Family, in all its subsidiaries included in the Group. The Group operates partnerships and has distribution, management and franchise agreements with internationally recognised brand names, such as Banco Bilbao Vizcaya Argentaria S.A. ( BBVA ), Volkswagen AG, Volkswagen Financial Services AG, Audi AG, Dr.Ing.h.c. F.Porsche Aktiengesellshaft, Bentley Motors Limited, Seat SA, Scania CV AB, F.X. Meiller Fahrzeug&Maschinenfabrik-GMBH&Co KG, Automobili Lamborghini S.p.A., Thermo King, Hyatt International Ltd., HMS International Hotel GMBH, Chenot, Bodyism, Emporio Armani, Gucci, Loro Piana, Hublot, Arnold&Son S.A., Porsche Design, Capritouch, Armani Jeans, Giorgio Armani, Armani Junior, Kiko, Bell and Ross, Crate and Barrel, M Missoni, HYT, Döttling, Messika Group S.A, Soho House, CNBC, Condé Nast New Markets Europe/Africa NC ( Vogue ), Condé Nast New Markets Europe/Traveller, National Geographic Society ( NGNG Kids ), Curtco Robb Media LLC ( Robb Report ), Armani Ristorante, Toms Deli, Tom s Kitchen, Kitchenette, Zuma, Roka, Mezzaluna, Mezzaluna Express, Coya, Oblix and La Petite Maison. As explained in more detail in note 5, The Group is organised mainly in under eight core operating segments: Banking and finance Construction Automotive Tourism and Services Media Others (Energy, Real Estate, Food & Beverage and Entertainment and Others) 8

13 1 Reporting entity (continued) The subsidiaries, the joint ventures, joint operations and the associates included in the consolidation scope of Doğuş Holding, their country of incorporation, nature of business and their respective operating segments are as follows: 1.1 Entities in banking and finance segment Below entities are first consolidated under Türkiye Garanti Bankası A.Ş. ( Garanti Bank ); then equity-accounted under the Group in accordance with IFRS 11 Joint Arrangements. Joint ventures Nature of business Country of incorporation G Netherlands B.V. ( G Netherlands ) Finance The Netherlands Garanti Bank Banking Garanti Bank International NV ( GBI ) Banking The Netherlands Garanti Bank Moscow ( GB Moscow ) Banking Russia Garanti Bank S.A. Banking Romania Garanti Bilişim Teknolojisi ve Ticaret A.Ş. ( Garanti Bilişim ) (1) IT services Garanti Diversified Payment Rights Finance Company ( Garanti DPR ) Special purpose entity for securitisation transaction Garanti Emeklilik ve Hayat A.Ş. ( GEHAŞ ) Life insurance Garanti Faktoring Hizmetleri A.Ş. ( Garanti Faktoring ) Factoring Garanti Filo Sigorta Aracılık Hizmetleri A.Ş. (1) ( Garanti Filo Sigorta ) Fleet management, insurance Garanti Filo Yönetimi Hizmetleri A.Ş. ( Garanti Filo ) (1) Fleet management Garanti Finansal Kiralama A.Ş. ( Garanti Leasing ) Leasing Garanti Hizmet Yönetimi Organizasyon ve Danışmanlık A.Ş. ( Garanti Hizmet ) (2) Service activities for fund management and operations Garanti Holding B.V. Holding company The Netherlands Garanti Konut Finansmanı Danışmanlık Hizmetleri A.Ş. Mortgage marketing ( Garanti Konut ) (2) Garanti Kültür A.Ş. ( Garanti Kültür ) (2) Cultural activities Garanti Ödeme Sistemleri A.Ş. ( GÖSAŞ ) (2) Credit card operational services Garanti Portföy Yönetimi A.Ş. ( Garanti Portföy ) Fund management Garanti Yatırım Menkul Kıymetler A.Ş. ( Garanti Yatırım ) Brokerage and investment banking Garanti Yatırım Ortaklığı A.Ş. ( Garanti Yatırım Ortaklığı ) Portfolio management Motoractive IFN S.A. ( Motoractive ) Leasing Romania Ralfi IFN S.A. ( Ralfi ) Consumer finance Romania RPV Company Special purpose entity for securitisation transaction Trifoi Real Estate Company (2) Real estate investment Romania (1) These companies are subsidiaries of Garanti Bank and are operating in businesses other than banking and/or finance. They are included within the banking and finance segment for the purposes of Doğuş Holding s consolidated financial statements since Garanti Bank owns their controlling interests. (2) These companies are not consolidated in the accompanying consolidated financial statements as they do not currently have material operations compared to the consolidated performance of the Group. 9

14 1 Reporting entity (continued) 1.2 Entities in construction segment Below entities are first consolidated under Doğuş İnşaat ve Ticaret A.Ş. ( Doğuş İnşaat ); then consolidated under the Group. Subsidiaries Nature of business Country of incorporation Ayson Geoteknik ve Deniz İnşaat A.Ş. ( Ayson ) Drilling Ayson Sondaj Limited Ukraine ( Ayson Sondaj ) Non-operating company Ukraine Dogus Construction LLC Construction Qatar Doğus Maroc SARL Construction Morocco Doğuş EOOD Construction Bulgaria Doğuş İnşaat Construction Doğuş İnşaat Limited (Ukraine) ( Doğuş İnşaat Limited ) Construction Ukraine Dogus Oman LLC Construction Oman Teknik Mühendislik ve Müşavirlik A.Ş. ( Teknik Mühendislik ) Civil engineering Joint operations Nature of business Country of incorporation Doğuş Alarko YDA İnşaat ( Doğuş Alarko ) Construction Doğuş Gülsan Adi Ort. ( Kazakistan ) Construction Kazakhistan Doğuş Gülsan Adi Ort. ( Kömürhan ) Construction Doğuş Polat Adi Ortaklığı ( Doğuş Polat ) Construction Doğuş YDA Adi Ortaklığı ( Doğuş YDA ) Construction Gülermak-Doğuş Adi Ortaklığı ( Gülermak Doğuş ) Construction Kazakhistan Joint Venture ( Doğuş Prestige ) Construction Kazakhistan Yapı Merkezi-Doğuş-Yüksel-Yenigün-Belen Adi Ortaklığı ( YMDYYB ) Construction 1.3 Entities in automotive segment Below entities are first consolidated under Doğuş Otomotiv Servis ve Ticaret A.Ş. ( DOAŞ ); then consolidated under the Group. Country of incorporation Subsidiaries Nature of business DOAŞ Automotive distribution Doğuş Auto Mısır JS Non-operating company Egypt Doğuş Auto Mısır LLC Non-operating company Egypt D-Auto Suisse SA Automotive retail Switzerland Doğuş Oto Pazarlama ve Ticaret A.Ş. ( Doğuş Oto ) Automotive retail D-Auto Limited Liability Company ( Doğuş Auto Iraq ) Automotive retail Iraq Doğuş Sigorta Aracılık Hizmetleri A.Ş. ( Doğuş Sigorta ) Insurance agency Country of incorporation Joint ventures Nature of business Meiller Doğuş Damper Sanayi ve Ticaret Limited Şirketi Production ( Meiller Doğuş ) TÜVTURK Kuzey Taşıt Muayene İstasyonları Yapım ve Vehicle inspection station İşletim A.Ş. ( TÜVTURK Kuzey ) TÜVTURK Güney Taşıt Muayene İstasyonları Yapım ve Vehicle inspection station İşletim A.Ş. ( TÜVTURK Güney ) TÜVTURK İstanbul Taşıt Muayene İstasyonları Yapım ve Vehicle inspection station İşletim A.Ş. ( TÜVTURK İstanbul ) TÜV SÜD Doğuş Ekspertiz ve Danışmanlık Hizmetleri Limited Şirketi ( TÜV SUD Doğuş Ekspertiz ) Valuation services 10

15 1 Reporting entity (continued) 1.3 Entities in automotive segment (continued) Associates Nature of business Country of incorporation VDF Faktoring Hizmetleri A.Ş. ( VDF Faktoring ) Factoring VDF Sigorta Aracılık Hizmetleri A.Ş. ( VDF Sigorta ) Agency/brokerage VDF Servis Holding A.Ş. ( VDF Servis Holding ) Holding company Volkswagen Doğuş Finansman A.Ş. ( VDF Tüketici ) Consumer finance Yüce Auto A.Ş. ( Yüce Auto ) Automotive distribution 1.4 Entities in tourism segment Subsidiaries Nature of business Country of incorporation Alantur Turizm ve Ticaret A.Ş. ( Alantur ) Hospitality Anadolu Göcek Marina Turizm Yatırımları A.Ş. Marina operation ( D Marin Göcek ) Antur Turizm A.Ş. ( Antur ) Hospitality and travel agency Arena Otel Lokanta ve Eğlence Yerleri İşletmeciliği ve Hospitality and café Turizm Yatırım A.Ş. ( Arena ) management Argos Turizm Yatırım ve Ticaret A.Ş. ( Argos in Hospitality Cappadocia ) BMK Turizm ve Otelcilik Hizmetleri A.Ş. ( BMK ) Hospitality D Marina İşletmeciliği Turizm ve Yönetim Hizmetleri A.Ş. Marina management ( D Marina ) D Marine Investments Holding Coöperatief U.A. Investment company The Netherlands D Marine Investments Holding B.V. Investment company The Netherlands D Otel Plaj İşletmeciliği A.Ş. ( D Otel Plaj, formerly known Hospitality and restaurant as D Otel Bodrum Sağlıklı Yaşam Hizmetleri Ticaret A.Ş.) D Otel Göcek Turizm Yatırımları ve İşletmeciliği A.Ş. Hospitality ( D Otel Göcek ) D Otel Marmaris Turizm İşletmeciliği Ticaret ve Sanayi Hospitality A.Ş. ( D Otel ) D Saat ve Mücevherat Ticaret A.Ş. ( D Saat ) Retail and distribution of luxury watches Dogus Avenue BV ( Doğuş Avenue BV ) Investment company The Netherlands Doğuş Avenue Dış Ticaret ( Doğuş Avenue ) Retail services Dogus Avenue Holding Coop U.A. ( Doğuş Avenue Coop ) Investment company The Netherlands Dogus Avenue LLC ( Dogus Avenue LLC ) Retail services Russia Doğuş Dalaman Marina İşletmeciliği Turizm Ticaret A.Ş. Non-operating company ( Doğuş Dalaman ) (1) Doğuş Didim Marina İşletmeleri ve Ticaret A.Ş. Marina operation ( Doğuş Didim ) Doğuş Hoteli d.o.o. ( Doğuş Hoteli ) Investment company Croatia Doğuş Montenegro Investments Holding Coöperatief U.A. Investment company The Netherlands Doğuş Montenegro Investments Holding B.V. Investment company The Netherlands Doğuş Marina Hoteli d.o.o. ( Doğuş Marina Hoteli ) Hotel management Croatia Dogus Croatia d.o.o. ( Doğuş Croatia, formerly known Investment company Croatia as Dogus Marine Croatia d.o.o.) Doğuş Hoteli Sibenik d.o.o. ( Doğuş Hoteli Sibenik ) Hospitality Croatia Doğuş Razvitak I Upravljanje d.o.o. ( Doğuş Razvitak ) Non-operating company Croatia 11

16 1 Reporting entity (continued) 1.4 Entities in tourism segment (continued) Subsidiaries Nature of business Country of incorporation Doğuş Otel İşletmeciliği ve Yönetim Hizmetleri A.Ş. ( Doğuş Hospitality Otel İşletmeciliği ) Doğuş Otel Yatırımları ve Turizm İşletme A.Ş. ( Doğuş Investment company Otel ) (formerly, named as Karadeniz Otel Yatırımları ve Turizm İşletme A.Ş.) Doğuş Perakende Satış. Giyim ve Aksesuar Ticaret A.Ş. Retail services ( Doğuş Perakende ) Doğuş Turgutreis Marina İşletmeciliği Turizm ve Ticaret A.Ş. Marina operation ( Doğuş Turgutreis ) Doğuş Zhenfa Kozmetik Ticaret A.Ş. ( Doğuş Zhenfa ) Retail services Dogus Upravljanje d.o.o ( Sibenik Upravljanje ) Marina operation Croatia Garanti Turizm Yatırım ve İşletme A.Ş. ( Garanti Turizm ) Hospitality Gestin Turizm Yatırım İşletmeleri İnşaat ve Ticaret A.Ş. Hospitality ( Gestin ) Göktrans Turizm ve Ticaret A.Ş. ( Göktrans Turizm ) Hospitality Marina Borik d.o.o ( Marina Borik ) Marina operation Croatia Marina Dalmacija d.o.o ( Marina Dalmacija ) Marina operation Croatia Marina Sibenik d.o.o. ( Marina Sibenik ) Marina operation Croatia MK Holding A.Ş. ( MK Holding ) Hotel management MK Mykonos Hotel Company SA. ( MK Mykonos ) Marina management Greece Panther Marina Limited ( Panther Marina ) Marina management British Virgin Islands Zadar Resort d.o.o ( Zadar, formerly known as Tenos d.o.o.) Investment company Croatia Hospitality d.o.o ( Hospitality, formerly known as Tenos Hospitality Croatia Turizam d.o.o) Şahintur Şahinler Otelcilik Turizm Yatırım İşletmeciliği Hospitality A.Ş. ( Şahintur ) Villa Dubrovnik d.d. Hospitality Croatia Voyager Mediterranean Turizm Endüstrisi ve Ticareti A.Ş. ( Voyager ) Hospitality Country of incorporation Joint ventures Nature of business Acropolis S.P.A Hospitality Italy Chenot Cosmetique S.a.g.l. Cosmetic retail services Switzerland Chenot Cosmetic S.R.L. Cosmetic retail services Italy Chenot Dietetique S.a.g.l Retail distribution services Switzerland Corpera Turizm Yatırımları A.Ş. ( Corpera ) Hospitality Lamda Dogus Holding and Development of Marinas S.A. Marina management Greece ( Lamda Dogus ) Lamda Flisvos Holding ( Lamda Flisvos ) Marina management Greece Lamda Flisvos Marina ( Lamda Marina ) Marina operation Greece HC Biontis S.R.L. Healthcare counselling Italy HC International S.A. Investment company Luxembourg HC Trademarks S.a.r.l. Healthcare counseling Luxembourg (1) Doğuş Dalaman was established to build and operate yachting marina in seaside resort towns in Mediterranean coasts of. However, Doğuş Dalaman has not yet started its operations and accordingly was noted as non-operating. 12

17 1 Reporting entity (continued) 1.5 Entities in media segment Subsidiaries Nature of business Country of incorporation A Yapım Televizyon Programcılık A.Ş. ( A Yapım ) Media Doğuş Media Group GmbH ( Doğuş Media ) Media Germany Doğuş Video ve Dijital Yayıncılık A.Ş. ( Doğuş Video ) Producing social websites and digital games Doğuş Yayın Grubu A.Ş. ( Doğuş Yayın Grubu ) Media Enformasyon Reklamcılık ve Filmcilik Sanayi ve Ticaret A.Ş. Media ( Enformasyon ) HD Yayıncılık ve Medya Hizmetleri A.Ş. Media ( HD Yayıncılık ) Işıl Televizyon Yayıncılık A.Ş. ( Star TV ) Media Kral Pop Avrupa Radyo ve Televizyon Yayıncılığı A.Ş. Media ( Kral Pop Avrupa ) Kral TV Radyo ve Televizyon Yayıncılığı A.Ş. Media ( Kral TV Radyo ) Kral Pop Medya Hizmetleri A.Ş. ( Kral Pop ) Media NTV Batı Medya Hizmetleri A.Ş. ( NTV Batı ) Media NTV Radyo ve Televizyon Yayıncılığı A.Ş. ( NTV Radyo ) Media Sportif Radyo ve Televizyon Yayıncılık A.Ş. ( Sportif Radyo ) Media Star Avrupa Radyo ve Televizyon Yayıncılığı A.Ş. ( Star Media Avrupa ) Uydu Dijital İnternet Teknolojileri A.Ş. ( Uydu Dijital ) Media Yonca Radyo ve TV Yayıncılık A.Ş. ( Yonca Radyo ) Media Associates Nature of business Country of incorporation World Wide Entertainment Medya Ticaret A.Ş. ( World Wide ) Media 1.6 Entities in other segment Subsidiaries Nature of business Country of incorporation Ad Yiyecek İçecek Ticari Sanayi A.Ş. ( AD Yiyecek ) Restaurant establishment Afiyet Olsun Turizm İşletmeleri A.Ş. ( Afiyet Olsun ) Restaurant establishment A.L.E. Gıda Turizm ve Ticaret A.Ş. ( A.L.E. Gıda ) Restaurant establishment Alperen Gayrimenkul Yatırım ve İşletme A.Ş. ( Alperen ) Real estate development Altınhan Turizm ve Ticaret A.Ş. ( Altınhan ) Restaurant establishment Altın Mecralar İnteraktif Medya ve Pazarlama ve Teknoloji marketing Hizmetleri Ticaret Limited Şirketi ( Altın Mecralar ) Aresta Gıda Ticaret ve Sanayi A.Ş. ( Aresta ) Restaurant establishment Arjantin Et Ürünleri Gıda Lokantacılık Turizm Ticaret A.Ş. Restaurant establishment ( Arjantin Et ) Ataşehir Restoran İşletmeleri Gıda Turizm Ticaret A.Ş. Restaurant establishment ( Ataşehir Restoran ) Bal Turizm ve Gıda Pazarlama A.Ş. ( Bal Turizm ) Restaurant establishment Başkent Yiyecek İçecek A.Ş. ( Başkent ) Restaurant establishment Büke Turizm ve Lokantacılık Ticaret A.Ş. ( Büke Turizm ) Restaurant establishment Bomonti Kültür ve Eğlence Merkezi Yönetimi A.Ş. ( Bomonti ) Entertainment and organization Çankaya Grup Lokantacılık Gıda Turizm A.Ş. ( Çankaya Grup ) Restaurant establishment Çukurambar Lokantacılık Gıda Turizm A.Ş. Restaurant establishment ( Çukurambar Lokanta ) D Eğlence Bar Restoran İşletmeciliği ve Yatırım A.Ş. ( D Eğlence ) 13 Establishment and management of restaurants and cafes

18 1 Reporting entity (continued) 1.6 Entities in other segment (continued) Subsidiaries Nature of business Country of incorporation D Enerji Üretim ve Yatırım A.Ş. ( D Enerji ) Energy D Et ve Et Ürünleri Gıda Pazarlama Ticaret A.Ş. ( D Et ) Establishment and management of restaurants and cafes D Koruma ve Güvenlik Hizmetleri A.Ş. ( D Koruma ) Security and protection activities Dafne Yayıncılık Turizm ve Gıda Pazarlama Ticaret A.Ş. Restaurant and catering ( Dafne Yayıncılık ) Darüşşafaka Sportif Yatırımlar ve Ticaret A.Ş. Sports activities ( Darüşşafaka Sportif ) Doğuş Araştırma Geliştirme ve Müşavirlik Hizmetleri A.Ş. Investment company ( Doğuş Arge ) Doğuş Bilgi İşlem ve Teknoloji Hizmetleri A.Ş. Software development ( Doğuş Bilgi İşlem ) Doğuş Cennet Koyu Sağlıklı Yaşam Hizmetleri Ticaret A.Ş. Non-operating company ( Doğuş Cennet Koyu ) Doğuş Enerji Toptan Elektrik Ticaret A.Ş. Purchasing and selling of ( Doğuş Enerji Toptan ) electricity Doğuş Enerji Üretim ve Ticaret A.Ş. ( Doğuş Enerji ) Electricity generation Doğuş Finance Ukraine Non-operating company Ukraine Doğuş Gayrimenkul Yatırım ve İşletme A.Ş. Real estate development ( Doğuş Gayrimenkul ) Doğuş Gayrimenkul Yatırım Ortaklığı A.Ş. ( Doğuş GYO ) Real estate investment fund Doğuş International Limited ( Doğuş International ) Construction equipment United Kingdom Dogus Management Services Limited ( Dogus Management ) Business and financial U.A.E. investments Doğuş Nakliyat ve Ticaret A.Ş. ( Doğuş Nakliyat ) Non-operating company Doğuş SA Non-operating company Switzerland Doğuş Sağlıklı Yaşam ve Danışmanlık Hizmetleri Healthcare counseling Ticaret A.Ş. ( Doğuş Sağlıklı Yaşam ) Doğuş Spor Kompleksi Yatırım ve İşletme A.Ş. ( Doğuş Spor ) Sports activities Doğuş Sportif Faaliyetler A.Ş. ( Doğuş Sportif ) Sports activities Doğuş Tarımsal Projeler Araştırma Geliştirme A.Ş. Agricultural research and ( Doğuş Tarım ) development activities Doğuş Telekomünikasyon Hizmetleri A.Ş. ( Doğuş Telekom ) Non-operating company Doğuş Turizm Sağlık Yatırımları ve İşletmeciliği Real estate development Sanayi ve Ticaret A.Ş. ( Doğuş Turizm ) Doğuş Varlık Kiralama A.Ş. ( Doğuş Varlık ) Non-operating company Doğuş Müşteri Sistemleri A.Ş. ( DMS ) Loyalty management, online marketing and advertising Doors Akademi Eğitim ve Danışmanlık Hizmetleri A.Ş. Academy ( Doors Akademi ) Doors Holding A.Ş. ( Doors Holding ) Investment company Doors Uluslararası Yönetim Danışmanlığı Ticaret A.Ş. Non-operating company ( Doors Uluslararası Yönetim ) Dream International B.V. Investment company The Netherlands Dream International Coöperatif U.A. Investment company The Netherlands Etiler Kebapçılık Restoran A.Ş. ( Etiler Kebapçılık ) Restaurant establishment Etiler Turistik Tesisler İşletmeciliği Ticaret A.Ş. ( Etiler Turistik ) Establishment and management of restaurants and cafes 14

19 1 Reporting entity (continued) 1.6 Entities in other segment (continued) Subsidiaries Nature of business Country of incorporation Euromessage Deutschland GmbH ( Euromessage Deutschland ) marketing Germany Genoto Otomotiv Pazarlama ve Ticaret A.Ş. ( Genoto ) Non-operating company Gouvia Marina S.A. Marina operation Greece Günaydın Et Sanayi ve Ticaret A.Ş. ( Günaydın Et ) Establishment and management of restaurants and cafes Günaydın Et Şarküteri Ürünleri Gıda Sanayi ve Ticaret A.Ş. ( Günaydın Et Şarküteri ) Günaydın İdealtepe Gurme Gıda Sanayi ve Ticaret A.Ş. ( Günaydın İdealtepe ) Günaydın İstanbul Merkez Gıda Turizm Ticaret A.Ş. ( Günaydın İstanbul ) 15 Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes Restaurant establishment Günaydın Antalya Restoran Gıda Turizm Ticaret A.Ş. ( Günaydın Antalya ) Havana Yayıncılık Turizm ve Gıda Pazarlama Ticaret A.Ş. Restaurant, food and ( Havana Yayıncılık ) beverage production Havana International B.V. Investment company The Netherlands Havana International Coöperatif U.A. Investment company The Netherlands Havana Doors Restaurant Management Ltd ( Havana Doors ) Restaurant establishment The Netherlands Hedef Medya Tanıtım Interaktif Media Pazarlama A.Ş. ( Hedef marketing Medya ) İstinye Park Gayrimenkul Yatırım ve İşletme A.Ş. Shopping mall ( İstinye Park Gayrimenkul ) administration Kadıköy Tepe Restoran Gıda Turizm Ticaret A.Ş. Restaurant establishment ( Kadıköy Tepe ) Kivahan Turizm Ticaret A.Ş. ( Kivahan ) Restaurant establishment Köprü Restoran Işletmeciliği Ticaret A.Ş. ( Köprü ) Restaurant establishment Körfez Havacılık Turizm ve Ticaret A.Ş. ( Körfez Hava ) Transportation K&G Medmarinas Management S.A. Marina management Greece Lacivert Turizm A.Ş. ( Lacivert ) Restaurant establishment Lefkas Marina S.A. Marina operation Greece London Doors Restaurant Group Ltd Holding company United Kingdom LPM İstanbul Restoran İşletmeciliği ve Yatırım A.Ş. ( LPM İstanbul ) Mezzaluna Gıda İşletmecilik Sanayi ve Ticaret A.Ş. ( Mezzaluna ) Meto Turizm İşletmeciliği Ve Tasarım Dekorasyon Ticaret A.Ş. ( Meto Turizm ) Nahita Restoran İşletmeciliği ve Yatırım A.Ş. ( Nahita ) Restaurant establishment Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes Establishment and management of restaurants and cafes Nusret Limited Restaurant establishment Dubai/UAE Nusret Restaurant L.L.C. ( Nusret Dubai ) Restaurant establishment Dubai/UAE

20 1 Reporting entity (continued) 1.6 Entities in other segment (continued) Subsidiaries Nature of business Country of incorporation Oran Gurme Et Lokantacılık Gıda Turizm Tic. A.Ş. Restaurant establishment ( Oran Gurme ) Popülist Yiyecek İçecek Sanayi ve Ticaret A.Ş. ( Popülist ) Restaurant establishment Portakal Yazılım Danışmanlık Reklamcılık ve Yayıncılık San. ve marketing Tic A.Ş. ( Portakal Yazılım ) Pozitif Arena Konser Salon İşletmeleri A.Ş. ( Pozitif Arena ) Entertainment and event management Pozitif Müzik Yapım A.Ş. ( Pozitif Yapım ) Entertainment and event management Pozitif Müzik A.Ş. ( Pozitif Müzik ) Entertainment and event management Ryo-Tei Itsme Gıda Ürünleri Turizm ve Ticaret A.Ş. ( Itsumi ) Restaurant Sait Restoran Turizm İşletmeciliği İnş. Emlak ve Tic.A.Ş. ( Sait ) Restaurant Salıpazarı Liman İşletmeciliği ve Yatırımları A.Ş. ( Salıpazarı ) Real estate development Sititur Turizm Yatırım ve Danışmanlık Hizmetleri A.Ş. ( Sititur ) Non-operating company Soya Restoran İşletmeciliği ve Ticaret A.Ş. ( Soya ) Restaurant Tag Restaurants Holdings Ltd Investment company United Kingdom Tansaş Gıda ve Sanayi Turizm A.Ş. ( Tansaş Gıda ) Non-operating company The Tom Aikens Group Ltd Restaurant establishment United Kingdom Tiendes Turizm İşletmeleri A.Ş. ( Tiendes ) Restaurant establishment Tom Aikens Ltd Restaurant establishment United Kingdom Tom's Kitchen Ltd Restaurant establishment United Kingdom Well Body Holding B.V. Investment company The Netherlands Well Body Holding Coöperatief U.A. Investment company The Netherlands Vitapark Spor Turizm Hizmet İnşaat ve Ticaret A.Ş. ( Vitapark ) Golf resort Zea Marina S.A. Marina operation Greece Joint ventures Nature of business Country of incorporation Aslancık Elektrik Üretim A.Ş. ( Aslancık ) Electricity generation Azumi Limited Establishment and United Kingdom management of restaurant and cafes Bodyism Global Holdings 2014 Limited ( Bodyism Global Investment company United Kingdom Holdings 2014 ) Bodyism Global Limited Clean & Lean United Kingdom Bodyfood Limited ( Bodyfood ) Healty food United Kingdom Bodywear Limited ( Bodywear ) Sportive clothing United Kingdom Boğaziçi Borsa Lokantacılık İşletmeleri San. ve Tic. Establishment and A.Ş.( Borsa ) management of restaurant and cafes Boyabat Elektrik Üretim ve Ticaret A.Ş. ( Boyabat ) Electricity generation Darphane Lokantaları İşletmeleri San. ve Tic. A.Ş. ( Darphane ) Establishment and management of restaurants and cafes Doğuş Planet Elektronik Ticaret ve Bilişim Hizmetleri A.Ş. E-commerce ( Doğuş Planet ) Doğuş SK Girişim Sermayesi Yatırım Ortaklığı A.Ş. ( Doğuş SK Private equity Girişim ) Ege Turizm ve Gayrimenkul Yatırımları A.Ş. ( Ege Turizm ) Real estate development 16

21 1 Reporting entity (continued) 1.6 Entities in other segment (continued) Joint ventures Nature of business Country of incorporation IMG Doğuş Spor Moda ve Media Hizmetleri ve Ticaret A.Ş. Establishment and ( IMG Doğuş Spor ) management of sports academies Kanlıca Turizm Sanayi A.Ş. ( Kanlıca Turizm ) Restaurant and hotel Mora Turizm Otelcilik Restaurant İşletmeleri San. ve Tic. A.Ş. Establishment and ( Mora ) management of restaurants and cafes Masa Restaurant Grup İşletmeleri San. ve Tic. A.Ş. ( Masa ) Establishment and management of restaurants and cafes Orta Konak Gayrimenkul Yatırım Yönetimi ve Turizm A.Ş. Real estate development ( Orta Konak ) Robata Rest Ltd Restaurant establishment United Kingdom Roka Mayfair Ltd Restaurant establishment United Kingdom Roka Aldwych Ltd Restaurant establishment United Kingdom Taddeo Trading Ltd Restaurant establishment Thailand Taraneete International Ltd Restaurant establishment Hong Kong Time Result International Ltd Restaurant establishment Hong Kong Turnwise Enterprices Ltd Restaurant establishment Hong Kong Wildfire Entertainment Ltd Restaurant establishment United Kingdom Zuma Bangkok Ltd Restaurant establishment Thailand Zuma Club LLC Restaurant establishment U.A.E Zuma Japanese Restaurant INC Restaurant establishment U.S.A Zuma Japanese Restaurant Miami LLC Restaurant establishment U.S.A Zuma NY LLC Restaurant establishment U.S.A Zuma Restaurant LLC Abu Dhabi ( Abu Dhabi ) Restaurant establishment U.A.E Zuma Turizm ve Gıda Pazarlama Ticaret A.Ş. ( Zuma Turizm ) Restaurant establishment Zuma USA LLC Restaurant establishment U.S.A Country of Associates Nature of business incorporation Coya Dubai Restaurant establishment U.A.E. Coya London Restaurant establishment United Kingdom Coya Restaurants LLC ( Coya Miami ) Restaurant establishment U.S.A İstinye Yönetim Hizmetleri A.Ş. ( İstinye Yönetim Hizmetleri ) Shopping mall administration Reidin FZ-LLC ( Reidin ) Real estate research U.A.E 17

22 1 Reporting entity (continued) 1.7 Subsidiaries The table below sets out all consolidated subsidiaries and shows shareholding structure of these subsidiaries at and 31 December 2014: Direct and indirect ownership interest held by Doğuş Holding and its subsidiaries Ownership interest through shares held by Şahenk Family 18 Proportion of ownership interest Proportion of effective interest of Doğuş Holding and its subsidiaries A Yapım 100,00 100, ,00 100,00 99,96 99,96 AD Yiyecek 60,00 60, ,00 60,00 60,00 60,00 A.L.E. Gıda 100,00 100, ,00 100,00 74,25 74,25 Afiyet Olsun 75,00 75, ,00 75,00 75,00 75,00 Alantur 100,00 100, ,00 100,00 99,82 99,82 Altınhan 100,00 100, ,00 100,00 100,00 100,00 Alperen 100,00 100, ,00 100,00 100,00 100,00 Altın Mecralar (2) 99,00 99, ,00 99,00 59,40 39,60 Antur 99,99 99, ,99 99,99 99,82 99,82 Arena 100,00 100, ,00 100,00 99,03 99,03 Aresta 60,00 60, ,00 60,00 59,97 59,97 Argos in Cappadocia 80,00 80, ,00 80,00 80,00 80,00 Arjantin Et 100,00 100, ,00 100,00 70,00 70,00 Ataşehir Restoran 100,00 100, ,00 100,00 70,00 70,00 Ayson 70,00 70, ,00 70,00 70,00 70,00 Ayson Sondaj 100,00 100, ,00 100,00 70,00 70,00 Bal Turizm 100,00 100, ,00 100,00 74,25 74,25 Başkent 100,00 100, ,00 100,00 59,97 59,97 BMK (1) 100,00 100, ,00 100,00 60,00 60,00 Bomonti 100,00 100, ,00 100,00 99,00 90,20 Büke Turizm 100,00 100, ,00 100,00 74,25 74,25 Çankaya Grup 100,00 100, ,00 100,00 70,00 70,00 Çukurambar Lokanta 100,00 100, ,00 100,00 70,00 70,00 D-Auto Suisse SA 100,00 100, ,00 100,00 73,00 73,00 D Eğlence 100,00 100, ,00 100,00 100,00 100,00 D Enerji 100,00 100, ,00 100,00 100,00 100,00 D Et 51,00 51, ,00 51,00 51,00 51,00 D Koruma 100,00 100, ,00 100,00 100,00 100,00 D Marina 100,00 100, ,00 100,00 100,00 100,00 D Marin Göcek 100,00 100, ,00 100,00 99,99 99,99 D Marine Investment Holding B.V. 100,00 100, ,00 100,00 99,99 99,99 D Marine Investment Holding Coöperatief U.A 100,00 100, ,00 100,00 99,99 99,99 D Otel 100,00 100, ,00 100,00 100,00 100,00 D Otel Plaj 100,00 100, ,00 100,00 99,99 99,99 D Otel Göcek 100,00 100, ,00 100,00 99,78 99,78 D Saat 100,00 100, ,00 100,00 100,00 100,00 Dafne Yayıncılık 100,00 100, ,00 100,00 74,25 74,25 Darüşşafaka Sportif 100,00 100, ,00 100,00 100,00 100,00 DMS 100,00 100, ,00 100,00 100,00 100,00 DOAŞ 75,20 75, ,20 75,20 73,00 73,00 Dogus Croatia 100,00 100, ,00 100,00 100,00 100,00

23 1 Reporting entity (continued) 1.7 Subsidiaries (continued) Direct and indirect ownership interest held by Doğuş Holding and its subsidiaries Ownership interest through shares held by Şahenk Family 19 Proportion of ownership interest Proportion of effective interest of Doğuş Holding and its subsidiaries Doğuş Arge 92,72 92,72 7,28 7,28 100,00 100,00 92,72 92,72 Doğuş Auto Mısr JS 100,00 100, ,00 100,00 73,01 73,01 Doğuş Auto Mısr LLC 99,00 99, ,00 99,00 72,28 72,28 Doğuş Auto Iraq 100,00 100, ,00 100,00 73,00 73,00 Dogus Avenue BV 100,00 100, ,00 100,00 98,12 98,12 Dogus Avenue Coop 98,12 98, ,12 98,12 98,12 98,12 Dogus Avenue LLC 100,00 100, ,00 100,00 98,12 98,12 Dogus Avenue 99,39 99, ,39 99,39 99,39 99,39 Doğuş Bilgi İşlem 100,00 100, ,00 100,00 87,58 87,58 Doğuş Cennet Koyu 100,00 80, ,00 80,00 100,00 80,00 Dogus Construction LLC 49,00 49, ,00 49,00 49,00 49,00 Doğuş Dalaman 100,00 100, ,00 100,00 100,00 100,00 Doğuş Didim 100,00 100, ,00 100,00 99,65 99,65 Doğuş Enerji 100,00 100, ,00 100,00 100,00 100,00 Doğuş Enerji Toptan 100,00 100, ,00 100,00 99,98 99,98 Doğuş EOOD 100,00 100, ,00 100,00 100,00 100,00 Doğuş Finance Ukraine 99,00 99, ,00 99,00 99,00 99,00 Doğuş GYO 97,97 97, ,97 97,97 96,25 96,25 Doğuş Gayrimenkul 100,00 100, ,00 100,00 100,00 100,00 Doğuş Hoteli d.o.o. 100,00 100, ,00 100,00 100,00 100,00 Doğuş Hoteli Sibenik 100,00 100, ,00 100,00 100,00 100,00 Doğuş İnşaat 100,00 100, ,00 100,00 100,00 100,00 Doğuş İnşaat Limited 100,00 100, ,00 100,00 100,00 100,00 Doğuş International 100,00 100, ,00 100,00 92,72 92,72 Doğuş Management 100,00 100, ,00 100,00 100,00 100,00 Doğuş Marina Hoteli 100,00 100, ,00 100,00 100,00 100,00 Doğus Maroc SARL 100,00 100, ,00 100,00 100,00 100,00 Doğuş Media 100,00 100, ,00 100,00 99,96 99,96 Dogus Montenegro B.V. 100,00 100, ,00 100,00 99,99 99,99 Dogus Montenegro Coöperatif U.A. 100,00 100, ,00 100,00 99,99 99,99 Doğuş Nakliyat 90,50 90, ,50 90,50 90,46 90,46 Dogus Oman LLC 70,00 70, ,00 70,00 70,00 70,00 Doğuş Otel İşletmeciliği 100,00 100, ,00 100,00 99,76 99,76 Doğuş Otel Yatırımları 100,00 100, ,00 100,00 100,00 100,00 Doğuş Oto Pazarlama 100,00 100, ,00 100,00 74,02 74,02 Doğuş Perakende 100,00 100, ,00 100,00 100,00 100,00 Doğuş Razvitak 100,00 100, ,00 100,00 100,00 100,00 Doğuş Sağlıklı Yaşam 100,00 100, ,00 100,00 100,00 100,00 Doğuş SA 100,00 100, ,00 100,00 95,30 95,30 Doğuş Sigorta 100,00 100, ,00 100,00 88,66 88,66 Doğuş Spor 100,00 100, ,00 100,00 100,00 100,00 Doğuş Sportif 100,00 100, ,00 100,00 100,00 100,00 Doğuş Tarım 100,00 100, ,00 100,00 100,00 100,00 Doğuş Telekom 100,00 100, ,00 100,00 100,00 100,00 Doğuş Turgutreis 100,00 100, ,00 100,00 98,28 98,28

24 1 Reporting entity (continued) 1.7 Subsidiaries (continued) Direct and indirect ownership interest held by Doğuş Holding and its subsidiaries Ownership interest through shares held by Şahenk Family 20 Proportion of ownership interest Proportion of effective interest of Doğuş Holding and its subsidiaries Doğuş Turizm 100,00 100, ,00 100,00 100,00 100,00 Doğuş Varlık 100,00 100, ,00 100,00 100,00 100,00 Doğuş Video 100,00 100, ,00 100,00 99,96 99,96 Doğuş Yayın Grubu 100,00 100, ,00 100,00 99,96 99,96 Doğuş Zhenfa 67, , ,00 -- Doors Akademi 100,00 100, ,00 100,00 74,25 74,25 Doors Holding 74,25 74, ,25 74,25 74,25 74,25 Doors Uluslararası Yönetim 100,00 100, ,00 100,00 74,25 74,25 Dream International B.V. 100,00 100, ,00 100,00 100,00 100,00 Dream International Coöperatif U.A. 100,00 100, ,00 100,00 100,00 100,00 E Elektronik (4) , , ,96 Enformasyon 100,00 100, ,00 100,00 99,96 99,96 Etiler Kebapçılık 75, , ,00 -- Etiler Turizm 75,00 75, ,00 75,00 75,00 75,00 Euromessage Deutschland (2) 100,00 100, ,00 100,00 60,00 40,00 Garanti Turizm 100,00 100, ,00 100,00 99,22 99,22 Genoto 100,00 100, ,00 100,00 100,00 100,00 Gestin 100, , ,00 -- Gouvia Marina S.A. (3) 100,00 100, ,00 100,00 89,99 68,24 Göktrans Turizm 100,00 100, ,00 100,00 99,76 99,76 Günaydın Antalya 60, , ,00 -- Günaydın Et Sanayi 70,00 70, ,00 70,00 70,00 70,00 Günaydın Et Şarküteri 70,00 70, ,00 70,00 70,00 70,00 Günaydın İdealtepe 70,00 70, ,00 70,00 70,00 70,00 Günaydın İstanbul 70,00 70, ,00 70,00 70,00 70,00 Havana Doors 100,00 100, ,00 100,00 74,25 74,25 Havana International B.V. 100,00 100, ,00 100,00 74,25 74,25 Havana International Coöperatif U.A. 100,00 100, ,00 100,00 74,25 74,25 Havana Yayıncılık 100,00 100, ,00 100,00 74,25 74,25 HD Yayıncılık 100,00 100, ,00 100,00 99,96 99,96 Hedef Medya 60,00 40, ,00 40,00 60,00 40,00 İstinye Park Gayrimenkul 100,00 100, ,00 100,00 100,00 100,00 Itsumi 50,00 50, ,00 50,00 50,00 50,00 Kadıköy Tepe 100,00 100, ,00 100,00 70,00 70,00 Kivahan 51,00 51, ,00 51,00 50,96 50,96 Köprü 60,00 100, ,00 100,00 30,58 50,96 Körfez Hava 100,00 100, ,00 100,00 100,00 100,00 Kral Pop 100,00 100, ,00 100,00 99,96 99,96 Kral Pop Avrupa 100,00 100, ,00 100,00 99,96 99,96 Kral TV Radyo 100,00 100, ,00 100,00 99,96 99,96 K&G Medmarinas Management S.A. 90,00 68, ,00 68,24 89,99 68,24 Lacivert 75,00 75, ,00 75,00 75,00 75,00 Lefkas Marina S.A. (3) 100,00 100, ,00 100,00 89,99 68,24

25 1 Reporting entity (continued) 1.7 Subsidiaries (continued) Direct and indirect ownership interest held by Doğuş Holding and its subsidiaries Ownership interest through shares held by Şahenk Family Proportion of ownership interest Proportion of effective interest of Doğuş Holding and its subsidiaries London Doors Restaurant Group 79,00 79, ,00 79,00 58,66 58,66 LPM Istanbul 100,00 52, ,00 52,78 100,00 52,78 Marina Borik 100,00 100, ,00 100,00 100,00 100,00 Marina Dalmacija 100,00 100, ,00 100,00 100,00 100,00 Marina Sibenik 100,00 100, ,00 100,00 100,00 100,00 Meto Turizm 75,00 75, ,00 75,00 75,00 75,00 Mezzaluna 70,00 70, ,00 70,00 70,00 70,00 MK Holding 60,00 60, ,00 60,00 60,00 60,00 MK Mykonos 100,00 100, ,00 100,00 99,99 99,99 Nahita 100,00 100, ,00 100,00 100,00 100,00 NTV Batı 100,00 100, ,00 100,00 99,96 99,96 NTV Radyo 100,00 100, ,00 100,00 99,96 99,96 Nusret Dubai 100,00 100, ,00 100,00 51,00 51,00 Nusret Limited 100,00 100, ,00 100,00 51,00 51,00 Oran Gurme 100,00 100, ,00 100,00 70,00 70,00 Panther Marina 100,00 100, ,00 100,00 99,99 99,99 Populist 60,00 60, ,00 60,00 60,00 60,00 Portakal Yazılım (2) 60,00 60, ,00 60,00 36,00 24,00 Pozitif Arena 80,00 80, ,00 80,00 80,00 80,00 Pozitif Müzik A.Ş. 80,00 80, ,00 80,00 80,00 80,00 Pozitif Müzik Yapım A.Ş. 80,00 80, ,00 80,00 80,00 80,00 Sait 60,00 60, ,00 60,00 60,00 60,00 Salıpazarı 81,00 81, ,00 81,00 81,00 81,00 Sibenik Upravljanje 100,00 100, ,00 100,00 100,00 100,00 Sititur 100,00 100, ,00 100,00 100,00 100,00 Soya 100,00 100, ,00 100,00 100,00 100,00 Sportif Radyo 100,00 100, ,00 100,00 99,96 99,96 Star Avrupa 100,00 100, ,00 100,00 99,96 99,96 Star TV 100,00 100, ,00 100,00 99,96 99,96 Şahintur 100,00 100, ,00 100,00 100,00 100,00 Tag Restaurants Holdings Ltd 100,00 100, ,00 100,00 58,66 58,66 Tansaş Gıda 99,87 99, ,87 99,87 99,87 99,87 Teknik Mühendislik 99,90 99, ,90 99,90 99,90 99,90 Zadar 100,00 60, ,00 60,00 100,00 60,00 Hospitality 100,00 100, ,00 100,00 100,00 60,00 The Tom Aikens Group Ltd 100,00 100, ,00 100,00 58,66 58,66 Tiendes 74,96 74, ,96 74,96 52,47 52,47 Tom Aikens Ltd 100,00 100, ,00 100,00 58,66 58,66 Tom's Kitchen Ltd 100,00 100, ,00 100,00 58,66 58,66 Uydu Dijital 100,00 100, ,00 100,00 99,96 99,96 Villa Dubrovnik 88,17 86, ,17 86,80 88,17 86,80 Vitapark 100,00 70, ,00 70,00 100,00 70,00 Voyager 100,00 100, ,00 100,00 100,00 100,00 Well Body Holding B.V. 100,00 100, ,00 100,00 99,99 99,99 21