Dividend Policy

Letter of Doğan Şirketler Grubu Holding A.Ş. dated 02 May 2006, has been fully quoted below:

"Subject: Material Disclosure made as per Communiqué Serial No:VIII, No: 39 of the Capital Markets Board.

During the meeting of the Company Board of Directors held on 02 May 2006, a decision to establish the Company's dividend distribution policy for the year 2006 and subsequent years was taken. The decision reads "dividends will be distributed in the form of cash and/or bonus shares, with due consideration to the prevailing legislation, the Company's strategy for growth, performance and investment requirements, as well as sectoral, national and international conditions, and in a manner to allow the optimization of its financial structure". This policy is in accordance with Resolution No: 4/67 of the Capital Markets Board dated 27 January 2006; this policy will be submitted to the Company shareholders during the next Ordinary General Shareholders' Meeting, to include it in our Annual Report and will be disclosed to the public".