Kardan N.V. — M&A Activity 2008

Sep 25, 2008

KARDAN N.V.

PRESS RELEASE

KARDAN REAL ESTATE SUBSIDIARY ANNOUNCES DISCUSSIONS ON SALE OF WARSAW SHOPPING CENTRE

Amsterdam, September 25, 2008 – International investment company Kardan N.V. (Kardan) announces that its real estate subsidiary Globe Trade Centre S.A. (GTC SA) has entered into discussions with Unibail Rodamco about the sale of GTC SA's stake in Galeria Mokotów shopping centre (Galeria Mokotów) in Warsaw, Poland. This was announced in a press release by GTC SA today. GTC SA owns 50% of the shares of the owner of Galeria Mokotów (Rodamco CH1 Sp. z o.o.). Unibail Rodamco is the indirect owner of the other 50% of Rodamco CH1.

In the last years GTC SA sold selected assets from its investment property portfolio. Such transactions included, among others, the sale of Mokotów Business Park in Warsaw, 50% share in Galeria Kazimierz in Kraków and America House office building in Bucharest. In line with this strategy GTC SA is now discussing the sale of its 50% interest in Galeria Mokotów shopping centre in Warsaw.

"The transaction will be executed only if the achieved price is attractive to GTC." says Eli Alroy, the Chairman of the Supervisory Board of GTC SA.

GTC SA 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 is active in Europe through GTC SA and GTC Investments B.V., in China through GTC Real Estate China Ltd, and in India. GTC RE's shares are listed on the Tel-Aviv Stock Exchange and are included in several of its major indices.

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