Amsterdam, 28 May 2007 – Kardan N.V. (Kardan) announces that its Ukrainian group company Vseukrainsky Aksionerny Bank (VAB) has raised USD 125 million through the issuance of dollar denominated Euro bonds. The proceeds will be used to expand the loan portfolio.

Since the issue was more than two times oversubscribed, VAB decided to increase the issuance from USD 100 million to USD 125 million. This is a strong vote of confidence in VAB´s credit and growth potential.

The bonds are rated B2 by Moody´s and B- by Standard and Poor´s, have a three year maturity with a fixed interest rate of 10.125% payable semi-annually and are unsecured.

Credit Suisse and Deutsche Bank acted as joint lead managers for the offering.

VAB is a universal commercial bank active in the Ukraine since 1992. VAB has a network of 142 branches and offices throughout the Ukraine and is focused on retail banking and related financial services. As per 31 December 2006 VA Bank had total assets amounting to more than USD 863 million and a loan portfolio of more than USD 568 million.

TBIF holds a 48.78% stake in VA Bank. TBIF is a leading retail financial services provider (including banking, leasing, consumer finance, mortgages and asset management) in several CEE countries. Kardan holds an 80% stake in TBIF.