Kardan N.V. — M&A Activity 2008

Sep 25, 2008

KARDAN SELLS ROMANIAN PENSION ACTIVITIES AT SIGNIFICANT PROFIT

Amsterdam, September 25, 2008 - International investment company Kardan N.V. (Kardan) announces that its group company TBIH Financial Services Group N.V. (TBIH) has reached an agreement on the sale of its 90% stake in the Romanian pension fund Omniasig Pensii to Romanian financial group BCR (part of Erste Group Bank AG).

TBIH started its pension activities in Romania in 2007 with a 90% stake and the remaining 10% being owned by Omniasig Vienna Insurance Group S.A., a Romanian insurance subsidiary of Vienna Insurance Group (VIG). Omniasig Pensii has approximately 63,000 members.

TBIH decided to sell its activities in light of the changing market conditions in Romania combined with the attractive proposal offered by BCR Group. The anticipated cash consideration to TBIH is subject to valuation changes at closing of the transaction and is expected to amount to approximately EUR 12 million. This corresponds with EUR 208 per member. TBIH will recognize a capital gain of around EUR 11 million on the divestment. Kardan N.V. holds (indirectly) 32% of TBIH and consequently the contribution for Kardan N.V. amounts to approximately EUR 3.5 million.

The closing of the transaction is subject to the usual legal conditions and to approval of the Romanian pension authority. The closing is estimated to be realised in November 2008.

TBIH is a group company of Kardan Financial Services B.V. (KFS), the financial services division of Kardan, and is jointly controlled by KFS and VIG. TBIH is a leading retail financial services provider active in several Central and Eastern European (CEE) and Commonwealth of Independent States (CIS) countries.

About Kardan

Kardan is an international investment company based in Amsterdam with a focus on three sectors: Real Estate, Financial Services and Infrastructure. The company is primarily active in emerging markets in Central and Eastern Europe and China, 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. Kardan has a consistent track record of creating long-term shareholder value through active management of investments in the group companies and by leveraging on its business experience, financial resources and local and international network.

Total assets per June 30, 2008 amounted to EUR 5.0 billion, with revenues of EUR 329 million in the first half of 2008 (first six months 2007: EUR 275 million). The number of employees engaged by the group is approximately 13,500 as of 31 December 2007. Kardan is listed on NYSE Euronext Amsterdam and the Tel-Aviv Stock Exchange.

For further information please contact: Jan Slootweg Management Board member Kardan NV Office +31 (0)20 305 0010