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.