1. What is the size of Turkish ad market?
The global crisis and the resulting contraction in Turkish economy affected the ad market adversely in 2009. The Turkish ad market is estimated to have amounted to TL 3.0 bn (USD 1.9 bn) in 2009, compared to TL 3.4 bn (USD 2.7) in 2008. In the ad market, the share of TVs is estimated to be TL 1.4 bn (USD 0.9 bn), newspapers TL 811 mn (USD 524 mn), internet TL 317 mn (USD 205 mn), outdoor TL 196 mn (USD 127 mn), radio TL 95 mn (USD 61 mn), magazines TL 86 mn (USD 56 mn) and cinema TL 44 mn (USD 28 mn), as of 2009 year-end.

2. Which are the major advertising sectors for Hurriyet?
The advertisers who made the highest ad spending in 2009 were real estate, automotive, retail, tourism and finance.

3. How do you define your reader profile?
According to recent researches made by BİAK (Press Ad Research Institute) 80% of our readers belong to ABC1 socio-economic group and 50% are between 18-44 years old.

4. Can you give some information about TME, such as the region of operations, the products and market share?
TME is the leading marketplace for communities of real estate, auto and recruitment, with strong local brands, serving local markets in Russia, CIS, Central and Eastern Europe. More specifically, TME operates in Russia, Croatia, Hungary, Ukraine, Slovenia, Belarus, Bosnia & Herzegovina, Kazakhstan and Serbia, employing a total of 4,270 people in this region.
Trader Media East produces around 200 print titles and hosts 27 websites, with 11.1 million unique monthly visitors.
TME publishes newspapers and magazines in various frequencies, such as dailies, weeklies, etc., with advertising content only. TME’s flagship publication in Russia Iz Ruk v Ruki is among the top 5 most recognized brands in the country, as the brand recognition of this publication is as high as 89%. The classified daily newspaper Iz Ruk v Ruki is the clear market leader in Russia.
TME’s publications, as well as its websites, are mainly concentrated on advertising of real estate, auto and job recruitement sectors. Advertising in these sectors being mostly of local nature, TME’s operates in a large geography. In fact, TME has operations in over 100 cities in Russia, producing local content publications in all of these cities. In this sense, TME is the only nationwide company in this sector, with local operations. 
TME’s main title in Hungary is Expressz and the main title in Croatia is Oglasnik. Both brands are market leaders in the countries they are issued.

5. As Hurriyet is now an international media company, how much of its revenues and EBITDA is coming from Turkey and how much is coming from abroad?
In 2009, 30% of Hurriyet’s consolidated revenues and 22% of EBITDA came from TME. If we take into consideration the revenues and EBITDA stemming from Hurriyet Germany as well, 34% of consolidated revenues and 27% of consolidated EBITDA in 2009 came from outside Turkey.

6. Can you give the regional breakdown of TME’s revenues and EBITDA?
The bulk of TME’s revenue and EBITDA is coming from Russia. As of 2009, 70% of TME’s revenues stemmed from Russia, 14% from CIS countries and 16% from CEE countries. A breakdown of Russian revenues as Moscow and the other cities, one can observe that 32% of TME’s revenues came from Moscow and 38% from the other cities in 2009.
Meanwhile, 80% of TME’s EBITDA stemmed from Russia (51% Moscow, 29% other cities), 16% from CIS countries and 4% from CEE countries in 2009.  

7. Can you give a brief distribution of Hurriyet’s revenues?
In 2009, 64% of Hurriyet’s revenues were advertising, 15% printing, 15% circulation and 6% other income.

8. What is the trend in internet revenues?
Although internet revenues makes a relatively small portion of out total revenues, it’s a high growth and very important business line in our operations. In 2009, the share of online revenues in total ad revenues has been realized as 8.5%. Considering that this ratio was only 1.7% in 2006, the high growth in this business line in just 3 years becomes more evident.

9. What are your major cost items?
In 2009, personel expenditures constituted 30% of our total costs (defined as the sum of cost of sales and operating expenses). Raw material expenses is another major cost item in our operations. In 2009, raw material expenses made 29% of our total costs.

10. What’s the weight of newsprint (paper) costs in your total costs?
Newsprint is a very important cost item in newspaper production. In 2009, 28% of Hurriyet’s cost of sales and 19% of its total costs stemmed from newsprint costs.

11. How is the newsprint purchased and what are the terms?
There is no newsprint production in Turkey. Hurriyet purchases paper from abroad as all other newspapers. Newsprint is imported mainly fron Scandinavian countries and North America. Newsprint for Hurriyet is imported by Dogan Dis Ticaret (Dogan Foreign Trade), a subsidiary of our main shareholder Dogan Yayin Holding. Dogan Dis Ticaret imports the newsprint for all the newspapers of the Dogan Group and benefits of the advantages stemming from larger amount of purchases.

12. Can you give a brief description of your dividend policy?
Our dividend policy is designed in accordance with the relevant Capital Markets Legislation and the provisions of the Articles of Association.
In principle, minimum 50% of “net distributable profit” based on Financial Statements prepared in line with International Financial Reporting Standards (IFRS) and Capital Market Board Regulations are distributed.
Dividend distribution is evaluated in the presence of investment plans that require considerable fund outflow, events that may affect the Company's financial structure and uncertainty and adverse developments in the economy and market conditions.

13. What are your future prospects?
Platforms utilised by media has been varying every day. Content needs of our readers change from day to day. We see these changes as an opportunity to invest in our areas of strength. We generate successful projects in new generation platforms. We follow up developments in internet area and improve our news portal accordingly and feed this portal with strong communities. In addition, we aim to carry our leadership in “classified” ads to internet medium. This way we increase our revenue types.