Kardan N.V. (Kardan) announces that its subsidiary Kardan Real Estate Enterprise and Developments Ltd (Kardan RE) and Kardan RE’s wholly owned subsidiary Nobdanco Belegging en Vastgoed B.V. (Nobdanco) have submitted a draft prospectus (the Prospectus) to the Israeli SEC and to the Tel Aviv Stock Exchange (TASE). The Prospectus reflects Kardan RE’s intention to distribute approximately 80% of Nobdanco’s shares as a dividend in kind to its shareholders. Following the dividend distribution, the shares in Nobdanco will be listed for trading on TASE.

Kardan RE is engaged in the development and management of real estate in Israel. Its subsidiary Nobdanco, through GTC International B.V., is engaged in the development and management of real estate in Central and Eastern Europe. The distribution of Nobdanco shares as dividend in kind will create a split of Kardan RE’s activities into European activities and Israeli activities. The European real estate activities will be held by Nobdanco and the Israeli activities will continue to be held by Kardan RE. Kardan RE and Nobdanco will both be listed on TASE.

Kardan currently holds indirectly 66% of Nobdanco shares. Following the transaction, Kardan’s indirect shareholdings in Nobdanco will not materially change. After the dividend distribution, Nobdanco intends to issue claims to its shareholders and bonds to the public in Israel.

The transactions described in the Prospectus are subject to certain conditions and approvals.