Amsterdam, 17 April 2007 – Following the press release dated 22 August 2006, Kardan N.V. (Kardan) announces that it has completed the transaction with Wiener Stadtische Versicherung AG Vienna Insurance Group (WS) separating the insurance and pension activities from its banking and assets management activities. As a result, Kardan has increased its holdings in the banking, retail lending, and asset management activities.

Following this transaction Kardan will effectively hold 80% in the banking, retail lending and asset management activities (under TBIF) and 35.8% in the insurance and pension activities (under TBIH). TBIH will remain under the joint control of Kardan and WS. Kardan and WS intend to cooperate in pursuing further opportunities in insurance and pension activities in the CEE countries.