Amsterdam, May 23, 2008 - International investment company Kardan N.V. (Kardan) announces that its Supervisory Board will nominate Mr. Jan Slootweg as a new Management Board member to be appointed at the Annual General Meeting of Shareholders (AGM) on June 19, 2008.

Mr. Slootweg will succeed Mr. Zach Rubin, who will step down at the AGM. Mr. Rubin has decided to resign from the Kardan Management Board in order to focus on his responsibilities as a member of the Management Board of TBIF Financial Services B.V., the Kardan subsidiary active in banking and lending.

Mr. Slootweg will join Kardan on June 1, 2008. Previously, Mr. Slootweg was Member of the Executive Board and CFO of Athlon Holding N.V. from 2001 till 2006. After Athlon’s delisting, he became Chief Financial and Risk Officer at Athlon Car Lease International B.V. The Supervisory Board will nominate Mr. Slootweg because of his experience as a board member of a listed company and his strong track record in finance.

At Kardan, Mr. Slootweg will be responsible for, amongst others, capital raising, capital markets and further developing investor relations. Mr. Slootweg’s financial expertise and general management experience will contribute significantly to the various activities of the group.

As per June 19, 2008, upon resignation of Mr. Rubin and appointment of Mr. Slootweg by the general meeting of shareholders, the Management Board of Kardan will consist of: Alain Ickovics, Alon Shlank, Einat Gabber, Walter van Damme and Jan Slootweg.

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 December 31, 2007 amounted to EUR 4.3 billion, with revenues of EUR 774 million. The number of employees engaged by the group is approximately 13,411 as of December 31, 2007. Kardan is listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange.

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