Kardan N.V. — Capital/Financing Update 2007

Apr 26, 2007

PRESS RELEASE

KARDAN S REAL ESTATE SUBSIDIARY ISSUES EUR 210 MILLION OF BONDS

Amsterdam, 26 April 2007 Kardan N.V. (Kardan) announces that its real estate subsidiary, Globe Trade Centre S.A. (GTC SA) has raised approximately EUR 210 million through the issuance of bonds. The proceeds will be used for the purchase of land and the construction of new real estate projects in Central and Eastern Europe.

The offering was addressed to the leading Polish institutional investors: pension funds, mutual funds, asset managers and banks. The demand from these investors substantially exceeded the maximum size of the offering. This is a strong vote of confidence in the strategy and growth prospects of GTC SA.

The issuance of bonds diversifies GTC SA s sources of financing and allows for greater flexibility in the allocation of capital to regional projects.

The bonds bear a floating local interest rate payable semi-annually, 90% of the bonds have a 7 year maturity and 10% have a five year maturity.

GTC SA, with a market cap of approximately EUR 2.9 billion, is listed on the Warsaw Stock Exchange and is included in the WIG20, MSCI, GPR 250 and CAIB REX indices.

GTC Real Estate N.V. (GTC RE), the real estate division of the Kardan Group, holds a 46.1% stake in GTC SA. GTC RE s shares are listed on the Tel Aviv Stock Exchange and are included in several of its major indices. GTC RE is active in Europe through GTC SA and GTC Investments B.V., and in China through GTC Real Estate China Ltd. Kardan currently holds (directly and indirectly) a 61.17% stake in GTC RE.

About Kardan

Kardan is an international investment company with a focus on three sectors: Real Estate, Financial Services and Infrastructure. Kardan is primarily active in Central and Eastern Europe, where it conducts most of its activities. Kardan holds controlling interests in its main businesses and is actively involved in the definition and implementation of their strategy. Total assets per December 31, 2006 amounted to USD 2.9 billion, with revenues of USD 700.7 million. The number of employees engaged by the group is approximately7,980 as of December 31, 2006. Kardan is listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange.

For further information please contact:

Citigate First Financial	phone +31 (0)20 575 40 10
Floor van Maaren	mobile +31(0)6 29 59 77 46
Uneke Dekkers	mobile +31(0)6 50 26 16 26