Amsterdam, September 26 2011 – Kardan N.V., active in Real Estate, Water Infrastructure and Financial Services in emerging markets, announces that as of today it will initiate a share buyback plan (“the Plan”) of up to EUR 15 million, until November 8, 2011.

Based on the authorization granted by the General Meeting of Shareholders on May 31, 2011, together with the approval of the Supervisory Board and the Management Board, GTC Real Estate Holding BV will execute the Plan, representing approximately 8.5% at maximum of its current number of shares issued, based on the share price at closing of the market on September 23, 2011. The Plan will be funded by Kardan’s existing cash reserves.

Kardan decided to initiate the Plan as the current share price, in its view, is attractive and provides an opportunity to ultimately generate a significantly higher return compared to the interest compensation on the surplus cash currently at hand.

Ordinary shares that may be repurchased through the Plan shall be repurchased through transactions executed on either the stock exchange of NYSE Euronext Amsterdam (“ASE”) or of Tel Aviv (“TASE”).

Petercam S.A. will purchase the shares according to the Plan through the ASE and Leader Capital Markets Ltd. will do so on the TASE.

Kardan will provide weekly progress updates to the market.

The Plan will be executed until November 8, 2011, when the closed period starts, prior to the Company releasing its Q3 - 2011 results. In the event that Kardan decides to stop executing the Plan before November 8 coming, this will be publicly disclosed by means of a press release.