Amsterdam, December 21, 2009 - Kardan N.V. (“Kardan�), active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets announces that on December 17, 2009, its Ukrainian bank (“VAB Bank�) received an extension from the National Bank of Ukraine (“NBU�) for the repayment of loans amounting to approximately EUR 80 million.

The loans were granted in 2008 as part of a program of the NBU and the International Monetary Fund (“IMF�) to support the Ukrainian financial sector. Many banks in the country used this opportunity to strengthen their financial position. According to the original agreement with the NBU, VAB Bank had to repay the loans by year-end 2009, which date has now been extended to Q4 2010. The extension was granted as VAB Bank met all of the NBU and the IMF's requirements related to this loan.

To meet those requirements, also for the next period, the last VAB Bank shareholders' meeting decided to increase its capital. TBIF, an indirect 90% subsidiary of Kardan and a shareholder of VAB Bank, contributed EUR 12.5 million to the increase, by way of conversion of loans. If this contribution is approved by the NBU and the anti trust authorities, the holding of TBIF in VAB Bank will increase from 49% to 63%. The approvals are expected in Q1 2010.

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