Amsterdam, February 15, 2012 – 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 December 15, 2011, in which Kardan announced that its subsidiary GTC Real Estate Holding BV (“GTC RE”) has initiated a plan to buy Debentures of Kardan up to an amount of EUR 50 million during a period of one year, the following transactions took place between December 16, 2011 and February 14, 2012:

· On December 29, 2011, GTC RE purchased 33.3 million Debentures Series A at a price of 105% of the par value of the Debentures for an amount totalling NIS 35 million (approximately EUR 7.1 million).

· On January 19, 2012 GTC RE purchased 30.7 million Debentures Series A at a price of 110% of the par value of the Debentures, for an amount totalling NIS 33.8 million (approximately EUR 6.9 million).

· On January 24, 2012 GTC RE purchased 4 million Debentures Series A at a price of 110% of the par value of the Debentures for an amount of NIS 4.4 million (approximately EUR 0.9 million).

· On January 25, 2012 GTC RE purchased 6.01 million Debentures Series A at a price of 110% of the par value of the Debentures for an amount of NIS 6.6 million (approximately EUR 1.3 million).

To date, approximately 33% of the Debenture Plan has been completed. As at February 14, 2012, Kardan - through its subsidiaries GTC RE and Tahal Consulting Engineers Ltd.- owns 14.7% of Kardan Debentures Series A and 3.6% of Kardan Debentures Series B.
In the event that Kardan decides to prematurely end / change the Debenture Plan, this will be publicly disclosed by means of a press release.