Amsterdam, December 2, 2009 - Kardan N.V. (“Kardan�), active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets today announces that it has appointed a new Chairman of the Supervisory Board of TBIF Financial Services B.V. (“TBIF�).

Kardan is proud to announce that Mr. Kurt Geiger was appointed as Chairman of the Supervisory Board of TBIF. Mr. Geiger has more than 30 years of experience in international banking with JP Morgan Chase and HSBC. From 1993 until June 2008, he has been with the European Bank for Reconstruction and Development (EBRD) where he was Head of Financial Institutions & Private Equity and he played a key role in building a financial services and private equity industry in Central and Eastern Europe.

Kardan is confident that Mr. Geiger's appointment will provide the group with additional standing and resources that will facilitate new and exciting opportunities.

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