In connection with the press release published on February 11th 2004, Kardan N.V. (Kardan) announces that its Polish affiliate Globe Trade Centre S.A. (GTC Poland) has published the price range for the shares to be offered to the public, reflecting a company value of USD 394 to USD 439 million, post IPO.

The management board of GTC Poland accepted the underwriters recommendation to set the share price within a range of PLN 78 to 87 per share (based on current exchange rate approximately USD 19.5 to 21.8 per share). GTC plans to offer approximately 20% of its shares to the public. ING Securities SA and CDM Pekao are the lead managers of the IPO.

Kardan indirectly holds approximately a 49% equity interest in GTC International B.V. which after the IPO will hold approximately 50% of the shares of GTC Poland.

The IPO is scheduled to take place at the end of April 2004.

Verder nieuws over Kardan.

Kardan N.V. (Kardan) announces that its group company TBIH Financial Services N.V. (TBIH) has completed a private placement of 25.24% of its Bulgarian subsidiary shares, TBI Bulgaria AD, to a group of Bulgarian investors, for a total consideration of approximately USD 20 million. This transaction generates an equity gain of USD 9 million for Kardan, which holds (indirectly) a 58% equity interest in TBIH.

TBIH will use the proceeds for further development of its activities in Bulgaria and neighbouring countries, particularly in the fields of leasing and consumer finance.

The leading institutional investor within the Bulgarian investors group is the Economic and Investment Bank (EI Bank), which is among Bulgaria’s ten largest banks, specializing in investment banking.

TBIH is a leading investor in financial services (including insurance and pension fund management) in several CEE countries. In Bulgaria, TBIH is the majority shareholder in Bulstrad Insurance Company and in the Doverie pension fund. In addition, TBIH is a leader in Bulgaria in the fields of leasing, consumer finance and asset management.

At the request of the Tel Aviv Stock Exchange on which Kardan N.V.'s (Kardan) shares are also listed, Kardan announces that the upcoming IPO of its Polish affiliate, Globe Trade Center S.A, if successful, will result in an estimated equity gain for Kardan of at least USD 4.7 million. The equity gain realized after the IPO may be higher, dependant on the final share price and the exchange rates at the time.