Dear Esteemed Partners and Shareholders,

I would like to begin this letter by expressing again how proud I am of our Company and thousands of employees. Through 25 years of our history, we have always been diligent about financial performance and also committed to contributing to each customer, our community and our country.

For the world as well as our country, 2018 was a year of challenges in many aspects. The impacts of the political uncertainties in the region, especially in Syria with the US, EU and Russia and the tensions that ensued with the US were felt in the economy as the devaluation of Turkish Lira against foreign currencies led to significant increase in consumer prices.

The global automotive industry had its share of difficulties in 2018. Due to partial implementation of the WLTP (Worldwide Harmonized Light-Duty Vehicles Test Procedure) standards, which introduced new rules for calculating emission values of vehicles in Europe in 2017, followed by the expansion of the test procedure scope to encompass all new vehicles starting on September 1, 2018, several automotive manufacturers including the Volkswagen Group reviewed their product lines and even paused production of many important models.

On the other hand, Turkish automotive industry closed 2018 with figures below expectations due to all of these developments. Even so, Doğuş Otomotiv, despite all the economic and conjunctural difficulties, maintained its position by brands in the market as Turkey's leading automotive importer and one of the largest distributors. Sales revenues of TL 10.688 million generated TL 134 million in net profit while our gross profit margin rose from 9.8% in 2017 to 12.2% in 2018.

As we celebrate the 25^th anniversary of Doğuş Otomotiv in 2019, we will continue to keep our focus firmly fixed on the future with the strength of our shareholders, the trust of our manufacturer partners, the determination of our employees and the efforts of our authorized dealers and we will keep on leading the industry.

We intend to ensure sustainable growth and continue to create value for our customers, workforce and shareholders. We would like to express our gratitude for your trust and invite you to accompany us on this journey.

With warm regards,

Emir Ali Bilaloğlu

CEO & Chairman

Doğuş Otomotiv

At Doğuş Otomotiv, we recognize our customers as our primary stakeholders, and as a core principle provide them with the best service possible at steps of automotive value chain. This principle is the reason for the existence of Doğuş Otomotiv. Only by focusing on customer satisfaction and becoming a responsible member of society can we manage to:

· Make our shareholders a part of our valuable brand,

· Provide the best working environment four ourselves,

· Create significant value for the society.

This is how Doğuş Otomotiv will sustain its grandeur.