Amsterdam, September 16, 2010 - following press releases dated April 9 and September 2, Kardan N.V. ("Kardan"), active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets announces that the sale of 16% of the Russian bank Sovcom has been completed.
In the previous press releases, Kardan announced that TBIF Financial Services B.V ("TBIF"), Kardan's Banking and Lending subsidiary, intended to sell to its co-shareholder in the Russian bank Sovcom, 16% of Sovcom Bank shares following an exercise of a call option, in consideration of EUR 36 million, all subject to certain regulatory approvals. Following the completion of the transaction, TBIF and the co-shareholder each hold 50% of the Sovcom Bank shares.

Based on the financial statements of June 30, 2010, Kardan estimates that it will record a gain of approximately EUR 50 million. It should be noted however, that the final calculation of the gain based on the results of September 30, 2010, depends, among others, on valuations by an external appraiser.