Amsterdam, November 3, 2011 – Kardan N.V. (“Kardan” or “the Company”), active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces that, further to its press release of September 26, 2011, the share buyback plan (“the Share Plan”) has been ended.

Since the start, approximately 17.9% of the Share Plan has been completed. As at November 3, 2011, Kardan and GTC Real Estate Holding BV (GTC RE) jointly own 1.1% of Kardan shares. In total, GTC RE purchased 1,219,884 Kardan NV shares through the Stock Exchange of Euronext Amsterdam (“ASE”) and the Tel Aviv Stock Exchange (“TASE”), at an average share price of
EUR 2.20 for a total amount of approximately EUR 2.68 million.
Kardan has ended the Share Plan as it has received information with respect to financial results. The alternative use of the investment in the Share Plan would have been for ongoing activities and/or other investments.

The following transactions took place between October 31, 2011 and November 2, 2011:
· in line with the initiation of the Share Plan of up to EUR 15 million, GTC RE has repurchased 50,608 Kardan shares on ASE at an average share price of EUR 2.27 for a total amount of EUR 114,729 and on TASE 92,600 shares at an average share price of approximately NIS 11.38 (EUR 2.26) for a total amount of NIS 1,053,459 (approximately EUR 209,568).