Amsterdam, 20 September 2007  Following the press release dated 16 March 2007, Kardan N.V. (Kardan) announces that its group company TBIH Financial Services Group N.V.
(TBIH) has completed the acquisition of approximately 75% of Sigma Albania (Sigma), an Albanian insurance company, for a consideration of approximately EUR 16.2 million.

Sigma is primarily active in general insurance and is the second largest insurance company in Albania. Sigma owns a 100% stake in Sigma Macedonia and has a branch office in Kosovo.

  
The agreement includes a put option for the minority shareholders to sell up to 50% of their holdings to TBIH during the six month period following the publication of the 2010 financial
statements of Sigma and the remaining shares during the six month period following the publication of the 2011 financial statements of Sigma. 

The acquisition of Sigma fits TBIHs strategy to be active in countries with a low level of insurance penetration and will allow TBIH an early entrance to three new markets with a high potential of
growth in the insurance sector.  

TBIH is a leading retail financial services provider active in several CEE and CIS countries. TBIH is jointly controlled by Kardan and Wiener Stadtische Versicherung AG Vienna Insurance Group.