KARDAN CONTINUES GROWTH IN FIRST HALF 2008 WITH 17% INCREASE IN TOTAL ASSETS TO EUR 5 BILLION
. Net profit in first half year down to EUR 16 million due to lower investment
results
. Further expansion in Chinese real estate market offering a platform for solid
growth
. Increased scope of insurance activities in Ukraine
. Significant projects acquired in water infrastructure assets in Africa.

Key figures Kardan N.V. – Company only 30 June 2008 31 Dec 2007 Change (%)
Total Assets (x EUR million) 778 704 11
of which invested in:
Real Estate (GTC) 266 240 11
Financial Services (KFS) 205 242 (15)
Infrastructure (Tahal) 86 77 12
Other Business 84 75 12
Shareholders’ equity (x EUR million) 359 343 5
Solvency Ratio 46% 49%
Net Debt (x EUR million) 1 199 174 14
Breakdown of the net profit
For Equity Holders of Kardan N.V. (x EUR million) 2
H1 2008 H1 2007 Change (%)
Real Estate 19 (6)
Financial Services – Banking and retail lending 1 4
Financial Services – Insurance and Pension (6) 20
Infrastructure - Projects - 2
Infrastructure - Assets (3) (2)
Other Business 2 1
Corporate activities 3 15
Total net profit attributable to equity holders 16 34 (52)
Profit per share (EUR) 0.20 0.42 (52)

1 The definition of Net Debt as presented in this press release is broadened to include interest bearing loans, borrowings and
(convertible) debentures, less cash and cash equivalents and interest bearing receivables.
2 The table shows the contribution of each of the businesses to the results of Kardan. As profits attributable to minority
shareholders have already been deducted, these figures do not represent the full net profit realized in each segment.

Mr. Ickovics, Chairman of the Management Board of Kardan N.V. commented on the developments over the first half of 2008: “After an exceptionally strong year with numerous transactions and acquisitions, we further invested in selected opportunities . The results during the first half of 2008 were lower than in the comparable period of last year. This is caused by expenses incurred to
increase our penetration in the Russian insurance market and the expenses to set up the Assets activity in the Infrastructure division. Furthermore, the balance of capital gains and the revaluation of financial instruments was lower than last year. All in all, we are satisfied with the development of the
results so far. We have only seen a limited impact from the current economic turmoil, and our strong investment base gives us confidence for value creation on the longer term.”

Group Value
International investment company Kardan N.V. (Kardan), operating in fast growing markets, mainly invests in three sectors: Financial Services, Real Estate and Infrastructure (mainly water related).
During the first half year of 2008, the Financial Services and Real Estate operations further expanded their activities. This was realised from existing resources as a result of a careful funding policy. The Real Estate segment entered into new markets and significantly increased its investments in China.
The Financial Services division acquired a controlling stake in a Ukrainian insurance company. The Infrastructure division made new investments in water infrastructural assets in China and turn key projects in Africa. The infrastructure investment in China fits the strategic decision taken during 2006 to focus on assets under development, instead of solely advising and building water infrastructure projects. These investments were supported by funding from Kardan. As a result of the expansion of activities in all three divisions, total assets increased on both consolidated as well as company only
level. Total consolidated assets grew by 17% (EUR 0.7 billion) compared to year end 2007 and amounted to EUR 5 billion at 30 June 2008. The increase in the asset base of the divisions strengthened the position in the respective markets of the divisions, coherent with Group strategy to create local platforms focussing on long term value for its shareholders rather than maximize short term results.

Outlook
Kardan has grown as an important player in the emerging markets. Currently, the activities in the emerging markets are experiencing a limited impact from the current economic turmoil. The political developments in Russia had no impact so far, although it is too early to asses if and to what extent
Kardan’s investments in Russia could be impacted in the future.
Aside from these influences, the long term trend is positive and it is expected that these markets will continue their economic development. Kardan has a strong track record of operating in challenging environments while looking at long term value creation, and is well positioned to benefit from these long term trends. The investment pace over 2008 however will be slower than during 2007, in which Kardan had a record number of transactions.