Primary areas of activitiy of subsidiaries and affiliates

Shareholding in subsidiaries and affiliates

Number of employees and severance pay obligations

Information on Shareholder Structure

The structure of shareholders is detailed below:

As of December 31, 2009, 6.56% share of the main shareholder Doğan Yayın Holding in total capital (2008: 6.44%) and 11.09 % share of the ultimate parent company Doğan Holding (2008: 5.20%) are publicly floated stocks.

Subsidiaries and Affiliates

Subsidiaries are companies in which
a) Hürriyet owns more than 50% of the voting rights through a direct and/or indirect shareholding; or

b) Hürriyet does not own more than 50% of the voting rights, but possesses the authority or power to control financial and administrative policies in line with its interests.
Affiliates are companies in which Hürriyet owns 20% to 50% of the voting rights or material influence, but are not controlled by Hürriyet. The equity method is used to consolidate subsidiaries into the Company’s financial statements.

1. Primary Areas of Activity of Subsidiaries and Affiliates

Primary areas of activity of subsidiaries and affiliates are presented in the table below. Hürriyet Medya (Hürriyet Media), Doğan Ofset, Yenibiriş, Refeks, Doğan Haber (Doğan News), Doğan Daily News in liquidation, E Tüketici (E Consumer, formerly known as Emlaksimum), TME Technology, Yaysat and DYG İlan (DYG Advertisement) are registered in Turkey, whereas all other affiliates and subsidiaries are registered in Europe.

2. Shareholding in Subsidiaries and Affiliates

Shares owned directly or indirectly by the Company in subsidiaries and affiliates as of December 31, 2009 are shown below:

3. Number of Employees and Severance Pay Obligations

As of December 31, 2009, the Company and its subsidiaries had 8,199 employees; severance pay obligation is calculated at TL 14,196,159.