KardanCompany Overview

February 2009

Company Highlights

2

Emerging Markets Player

High LiquidityFar Maturities of

Bonds

DiversificationGeographical & Segmental

Attractive Market Value

Attractive Opportunities

Low Leverage

No Oversized Projects

Proven Value Creation

Corporate Overview

Major Holdings

4

Corporate Overview

Kardan Israel

73%

9.5%

Kardan NV

Infrastructure

Tahal

100%

100%

Tahal Assets Tahal Projects

100%

Financial Services

KFS

90%

TBIF(Banking and Finance)

85%

TBIH(Insurance and Pension)

40%

Real Estate

GTC Holdings

46%

GTC SA (Poland)

100%

GTC China

100%

Low Leverage

5

Corporate OverviewAs of September 30, 2008 - Post Merger Pro Forma

Equity to Total Assets

(EUR mn) Kardan NV GTC Holding GTC SA KFS Tahal* Kardan Israel

Company Only

Equity 492 414 165 85 89

Total balance sheet 1,201 626 457 86 173

Ratio 41% 66% 36% 99% 51%

* Tahal’s equity includes shareholders loans from Kardan NV

Consolidated

Equity (including minority interest) 1,136 1,049 1,135 165 92 93

Total consolidated balance sheet 5,181 2,696 2,421 1,719 216 273

Ratio 22% 39% 47% 10% 43% 36%

Net Debt to Total Assets

(EUR mn) Kardan NV GTC Holding KFS Tahal* Kardan Israel

Consolidated

Net financial liabilities 1,847 848 563 19 116

Total consolidated balance sheet 5,181 2,696 1,719 216 273

Ratio 36% 31% 33% 9% 43%

(EUR mn) Cash and S-T Investments Q4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 "On-

call" Total

Kardan NV 200 - 61 32 8 3 55 88 88 88 36 36 36 36 - 567

GTC Holding 270 19 51 64 61 53 175 212 95 22 22 139 11 131 - 1,055

KFS 122 33 104 124 66 36 156 102 16 16 16 16 - - - 685

Tahal 24 - 4 4 3 3 5 1 1 1 - - - - 20 42

Kardan Israel* 27 46 40 35 - - - - - - - - - - 15 136

Total 643 98 260 259 138 95 391 403 200 127 74 191 47 167 35 2,485

Maturities of Financial Liabilities (Consolidated)

6

Corporate OverviewAs of September 30, 2008 - Post Merger Pro Forma

* After the balance date ILS 140mn were raised via loan for 7 years

Real Estate

GTC SA

Real Estate

A Leading Developer in Central & Eastern Europe

9

Office Buildings Residential Shopping Centers

Active in the ten countries in the region

PPolandoland

HHungaryungary

CCzechzech RRepublicepublic RRomaniaomania SSerbiaerbia CCroatiaroatia SSlovakialovakia

BBulgariaulgaria

UUkrainekraine

RussiaRussia

Complete and Under Construction Projects

10

Real Estate

Total NRA & selling rights - c. 710,000 m2*

* GTC’s stake as of September 30, 2008

In addition, GTC has lands with total NRA & selling rights potential of c. 1,444,000 m2*

Q3 2008 Results - Highlights

11

Revenues - EUR 36mn

87% increase QoQ

Net profit - EUR 58mn

36% increase QoQ

Cash - EUR 210mnEquity / total assets -47%

Underleveraged assetsGalleria Mokotów (18%)

Avenue Mall (39%)Center Point (53%)

Low financial costsAverage interest of 6.4% p.a.

Real Estate

Real Estate

Risk Management

Diversification by geography and product

Land purchase with GTC’s equity

Each project in separate SPV

Healthy loan-to-value ratios

Phased development of large projects

Experienced managers in all countries

12

Kardan Amsterdam

Diversification in Commercial Sectors

13

Completed NRA- c. 296,000 m2* Under Construction NRA - c. 311,000 m2*

Real Estate

* GTC’s stake as of September 30, 2008

Name of Project Property Type

NRA1

(m2)Occupancy

Rate2

Hungary

Center Point 1 Office 41,760 100%Riverloft office Office 6,500 65%Romania

Galeria Buzau (47%) Retail 13,300 80%

Czech RepublicSarka Business Park (30%) Office 23,392 91%

SerbiaAvenue 19 Office 17,400 89%GTC House Office 13,500 100%GTC Square 1A Office 11,500 60%

Total / Average -GTC's Stake 296,435 96%

Name of Project Property Type

NRA1

(m2)Occupancy

Rate2

Poland

Galeria Mokotow (50%) Retail 62,100 100%Galeria Kazimierz (50%) Retail 38,200 100%Nefryt Office 15,300 100%Globis Wroclaw Office 14,700 100%Globis Poznan Office 13,000 100%Platinium 1 Office 9,400 100%Topaz Office 11,080 100%Platinium 2 Office 8,900 90%Edison Office 10,480 95%Okęcie BP2 Zephirus Office 9,140 93%Okęcie BP 1 Nothus Office 9,140 100%Newton Office 10,400 100%Galileo Office 10,300 100%

Croatia

Avenue Mall (68%) Retail 26,500 100%Avenue Center (68%) Office 7,000 100%

High Occupancy with Attractive Rental Income

14

Real Estate

Notes:1)Represents 100% 2)As of November 30,20083) As of September 30,2008. Based on actual occupancy.

Total NOI3 -GTC’s Stake - EUR 69mn

382

22186

155

-

200

400

600

800

Till Q3 2008 Q4 2008 2009 2010

Accumulated Completion of Commercial Properties

15

Real Estate

NRA ‘000 m2

(100%)

Total 341,000 m2

* Represents 100% stake. Based on actual occupancy.

NOI* – EUR 92mn

Financially Secured And Supported By Pre Lease

16

Real Estate

341,000m2 of commercial properties

under construction1

Investment cost2

– Invested to date EUR 300mn– Investment balance EUR 430mn

Total related loans committed related2

– Drawn to date EUR 37mn– Balance to draw EUR 512mn

Excess loans over investment balance

EUR 82mn !

Completions Vs. Pre Lease by Quarters3

Notes:1)Represents 100% 2)As of September 30,20083) As of November 30,2008

Value Creation (Recent Examples)

17

Real Estate

Completion of GTC Square 1A, Belgrade

4

12

10

0

10

20

30

Investment

EUR mn

ProfitDebtEquity

Date Sep 2008

NRA 11,500 m2

Total cost EUR 16mn

Rental income EUR 2.2mn

Book value EUR 26mn

Profit EUR 10mn

Completion of Platinum 2, Warsaw

7.5

13.5

14.5

0

10

20

30

40

Investment

EUR mn

ProfitDebtEquity

Date Sep 2008

NRA 9,300 m2

Total cost EUR 21mn

Rental income EUR 2.2mn

Book value EUR 35.5mn

Profit EUR 14.5mn

Residential Sector

18

Real Estate

Under Construction - c. 116,000 m2* Marketing Status*

* GTC’s stake as of December 31, 2008

Total units - 1,020

57%

25%

55% 80%

90%

% of Completion

Balance Sheet - September 30, 2008

19

Real Estate

(EUR mn) CommercialCommercial

Under Construction

Residential Under

ConstructionLand Total

Real estate 1,147 199 197 403 1,946 Deferred tax (120) - - - (120) Book value 1,028 199 197 403 1,827

Short term debt (22) - (6) - (28) Long term debt (466) (37) (70) - (573) Total debt (488) (37) (76) - (601)

Loan to book value ratio 47% 19% 39% 0% 33%

Net asset value 540 163 121 403 1,226

Cash 210 Short term assets (mainly EUR 42mn Government agencies) 153 Short term liabilities (mainly EUR 69mn advances received) (194) Long term assets 112 Long term liabilities (34) Debentures (337)

(91)

Equity 1,135

GTC China

Company Profile

21

Real Estate

Overview

Established in August 2005

Headquarters in Beijing, PRC

Sectors: residential and commercial

Strategy

Target 2nd and 3rd tier cities

Develop according to local demand

Current focus on residential, first steps in retail

Projects are developed in partnership with local

developers

Presence

•Shenyang

• Dalian

• Hangzhou•Changzhou

•Chengdu

•Xi’an

•Beijing

Expected GDP Growth in China (%)

2008E 2009E 2010E

HSBC 9.2 7.8 8.9

Morgan Stanley 9.0 5.5 8.0

Goldman Sachs 8.9 6.0 9.0

* Reports as of January, 2009

Overview

Existing Projects

22

Real Estate

Project GTC Share

Residential Area (m2) Residential Units Commercial Area

(m2)Total Area

(m2)

Qili Xiangdi(Shenyang) 50% 174,959 1,922 4,718 179,677

Palm Garden(Shenyang) 50% 445,915 3,450 21,734 467,649

Suzy(Shenyang) 50% 526,731 4,909 51,500 578,231

Olympic Garden(Xian) 50% 750,657 7,485 71,409 822,066

City Dream(Changzhou) 45% 435,992 4,646 80,400 516,392

Galleria Chengdu 75% - - 50,106 50,106

Hangzhou 50% 84,000 850 25,500 109,000

Dalian 100% 112,000 1,100 100,000 212,000

Total 2,530,254 24,362 405,367 2,935,121

Residential Units Under Construction

23

Real Estate

Qili Xiangdi Palm Garden Suzy Olympic Garden City Dream

Notes:1) Figures above are as of December 31 ,20082) As of September 30 ,2008

Advances from customers 2– EUR 64mn

City Project Beginning of Construction

% of Completion

Total Number of Residential

Units

Completed and under

Construction Units

Number of Residential Units Sold

Number of Units Handed-

over

Number of Units Sold in

Q4 08

Shenyang

Qili Xiangdi Q4 2005 100% 1,922 1,922 1,854 1,616 111

Palm Garden Q4 2006 32% 3,450 1070 566 162 27

Suzy Q2 2008 3% 4,909 551 300 - 7

Xi'an Olympic Garden Q3 2006 30% 7,485 3,135 2,676 410 44

Changzhou City Dream Q3 2008 0% 4,646 308 101 - 92

Total 22,412 6,986 5,497 2,188 281

Expanding Commercial Sector

24

Real Estate

Strong demand due to rising middle class

population and GDP growth

7 commercial centers are under construction

(c. 400,000m2)

Plans to expand to other cities in tiers 2 & 3

Expected compression of high yields in tier

2 & 3 cities

Capitalizing on experience in CEE region

Galleria Chengdu

Modern shopping center

Total investment - EUR 80mn

Total NRA - 50,100m2

Financial Services

Financial Services

KFS Overview

26

Overview

Financial services operations in CEE

TBIH established in 1998 to benefit from– pension reforms– low insurance penetration

TBIF established in 2001 to benefit from– low credit penetration– high growth retail lending

Ownership Structure

85%

90% 40%

Kardan NV

KFS

TBIF TBIH

Discount Bank

11%

Vienna Insurance Group (Wiener)

60%

Banking & Lending Insurance & Pension

TBIF

VV

V

V

Insurance

V

V

VVVV

VVVV

VVVVV

VVVV

PensionMortgagesLeasingConsumer FinanceBanking

TBIH

Turkey

Georgia

Croatia

Bulgaria

Romania

Russia

Ukraine

TBIF

Financial Services

Financial Institutions

28

(EUR mn) Russia Ukraine Romania Bulgaria

Name Sovcom Bank VAB TBI TBI

Holding (%) 64% 49% 100% 100%

TBIF equity investment & loans 103 115 72 57

Profit & Loss 9M 2008

Revenues* 62 55 21 17

Net Profit (Loss) 3.1 2.4 (0.8) 1.6

Equity 91 119 28 13

Total assets 625 876 218 146

Equity/ Total Assets ratio 14% 14% 13% 9%

Presence as of 30.9.08

136 branches985 POS

173 branches317 outlets

151 branchesPresence in 1,600

merchants

161 branches4,200 retail points

* Includes net interest income, net commission and operating income

TIMISOARA GALATI

PIATRA NEAMT

RAMNICU VALCEA

FOCSANI

ARAD

BAIA MARE

BISTRITA

BUZAU

ALBA IULIA

BRAILA

SLATINA

SUCEAVA

GIURGIU

TURNU SEVERIN

SATU MARE

TARGOVISTE

ZALAU

TG MURES

TG. JIU

SF. GHEORGHE

DEVA

IASI

CONSTANTA

CRAIOVA

BUCURESTI

BACAUCLUJ

ORADEA

PLOIESTI

PITESTI

BRASOV

SIBIU

REGHIN

ALEXANDRIA

BOTOSANI

RESITA

VASLUI

BARLAD

SLOBOZIA

SIGHETU MARMATIEIRADAUTI

FALTICENI

DOROHOI

PASCANI

NAVODARI

MANGALIA

MEDGIDIA

TULCEA

CALARASI

CAMPULUNG

CAMPINA

MOTRU

ROMAN

MOINESTI

ONESTITECUCI

Based on Financial Statements for September 30,2008

Financial Services

Credit Portfolio

29

0

200

400

600

800

1,000

1,200

1,400

1,600

Dec

-05

Mar

-06

Jun-

06

Sep-

06

Dec

-06

Mar

-07

Jun-

07

Sep-

07

Dec

-07

Mar

-08

Jun-

08

Sep-

08

Bulgaria Romania Ukraine Russia

0

200

400

600

800

1,000

1,200

1,400

1,600

Dec

-05

Mar

-06

Jun-

06

Sep-

06

Dec

-06

Mar

-07

Jun-

07

Sep-

07

Dec

-07

Mar

-08

Jun-

08

Sep-

08

Banking Consumer finance Leasing Mortgage

1,571

TBIF company data reflecting 100% of each subsidiary

1,571EUR mn

Business Lines Countries

EUR mn

Financial Services

Attractive Margins

30

0%

10%

20%

30%

40%

Q4-07 Q1-08 Q2-08 Q3-080%

10%

20%

30%

40%

Q4-07 Q1-08 Q2-08 Q3-08

Leasing Romania Leasing BulgariaCredit Romania Credit BulgariaMortgages Bulgaria Bank UkraineBank Russia Leasing Ukraine

Lending Rates Cost of Funding

4.7%

1.2%0.5% 3.0%

Consumer Finance

Leasing Mortgage Banking

* 90 days overdue

0%

1%

2%

3%

4%

Q3-07 Q4-07 Q1-08 Q2-08 Q3-08

NPL* Average NPL Q3 2008 Breakdown

Financial Services

Liquidity Analysis

31

(EUR mn) Russia Ukraine Romania Bulgaria

Estimation of figures as of 31.12.08

Inflow(Portfolio)

Outflow(Loans1)

Inflow(Portfolio)

Outflow(Loans1)

Inflow(Portfolio)

Outflow(Loans1)

Inflow(Portfolio)

Outflow(Loans1)

2009 235 1 253 72 76 49 86 32

2010 73 2 135 95 43 34 24 17

2011 onwards 54 35 182 32 55 39 20 68

Total 361 38 570 199 174 122 150 117

Excess cash flow2 324 371 52 33

Cash & S-T investments 162 19 5 8

Available resources 486 390 57 41

Deposits3 411 350 - ‐

Notes Over 90% of deposits are secured by Government (deposits increased in Q4 08)Moody’s credit rating – B3Succeeded to raise USD 40mn of L-T from EBRD and FMO

Restrictive regulations on withdrawal of deposits before maturityMoody’s credit rating – B2, Fitch rating - CCC

Notes:1)From 3rd parties, excluding shareholders and Central Bank, where applicable2)Before deposits3)Most of the deposits mature in 2009

TBIH

Financial Services

-

200

400

600

800

31.12.06 31.12.07 30.9.08

EUR mn

Others (Russia, Ukraine, Georgia) Croatia Bulgaria

Pension Activities

33

Bulgaria Ukraine Croatia

Name Doverie VAB Erste

Members30.9.08(‘000)

1,287 131 222

AUM 30.9.08 (EUR mn)

395 3 406

Profit (loss) 9M 2008(EUR mn)

3.0 (1.4) 0.5

Market share 30.9.08(%)

34% NA NA

Assets Under Management

494

743812

Financial Services

Insurance Activities

34

Turkey Ukraine Georgia

Name Ray Sigorta

UIG + VAB

GPIH + IRAO

Premiums9M 2008(EUR mn)

98 35 23

Presence 8 branches 158 POS 21 POS

Profit9M 2008(EUR mn)

0.4 0.2 0.3

Market share 30.9.08(%)

2.8% 2.7% 32%0

50

100

150

200

250

300

350

2006 2007* 9M-2008

EUR mn

Ray (Turkey)

VAB, UIG (Ukraine)

SR, RIC (Russia)

Sigma (Albania)

GPIH, Irao (Georgia)

Helios (Croatia)

Bulstrad (Bulgaria)

319

226

110

Premiums

* Pro-forma figures for acquired companies in 2007 as if were acquired on January 1, 2007

Financial Services

Partial Sale of Insurance Activities in December 2008

Sale of insurance companies in Bulgaria,

Albania, Macedonia, Kosovo and Croatia to

Vienna Insurance Group (Wiener)

Profit despite challenging times (values higher

than in Discount transaction)

Strengths cash flow and liquidity of TBIH

Continuing insurance activities in 4 countries: – Turkey– Ukraine– Romania– Georgia

35

Annualized Insurance Premiums Post Transaction

EUR 240mn

TBIH profit - EUR 60mn

Consideration EUR 197mn

Debt repayment EUR 100mn

Net cash EUR 97mn

KFS holds a put option to sell its 40% stake to VIG in 2011 at a fair value of no less than EUR 131mn

Infrastructure

Infrastructure

Tahal - Overview

Focusing on water, sewage and environment for over 50 years

430 high quality engineers working in 30 counties

Projects backed by local and international financing

Major clients: governments, public utilities, water agencies

37

Tahal Group International BV

Tahal Group Assets BV Tahal Group BV (Projects)

Eko-Wark

Via Maris * Tahal RomaniaL St Petersburg

Milgam TCEKWIG

Task

100%100%

100%

100% 100%

72%80%

50%28%

92%

* Pending transfer; Currently under Tahal Group B.V. (Projects)* Pending transfer; Currently under Tahal Group B.V. (Projects)

Major Operations

Activities:- Investment- B.O.T.- B.O.O.

Activities:- Design- Consulting- Turn key

Infrastructure

Selected On-going Projects

38

Country Description Type Scope * (EUR mn)

Backlog* (EUR mn)

Share (%)

Ghana Rehabilitation and expansion of water supply systems in south of Kpong Turnkey 41 41 100

Angola Design and building of a 400 km water supply systems in capital city Luanda Turnkey 34 34 100

Serbia Design, construction and operation of water treatment plant for the city of Belgrade Turnkey 20 16 100

BotswanaFeasibility study and planning of project designed to build an infrastructure for pumping water from Zambezi River and transferring them to dry areas of Northern Botswana

Turnkey 10 10 100

Russia

Following the completion of the design stage of the Yuzhnaja project, Tahal is now performing the equipment supply stage of the project; which is the Neiva River water treatment plant, feeding the city of St. Petersburg

Turnkey 18 3 100

* As of September 30, 2008

Infrastructure

Expecting Higher Revenues

39

64 65 63

123

189

236

0

50

100

150

200

250

2006 2007 9M 2008

EUR mn

Revenues Backlog (end of period)

Projects Segment - Revenues & Backlog

Infrastructure

Selected Assets

40

Company Description TypeInvestment

Value* (EUR mn)

Share (%)

KWIG (China) Concessions (20 years) to operate and maintain 6 operational WWTPs. Capacity: 198,000 tons/day (increase to 292,000). Concession 34 71

30 year Operation of WS and WWTP in Dazhou, 100 thousand m3/Day seawater desalination (increase up to 300 thousand m3/Day) . 20 thousand m3/Day Wastewater treatment (increase up to 100 thousand m3/Day)

B.O.O 80

Via Maris (Israel) Construction and 25 year Operation of Via Maris seawaterdesalination plant. 30 million m3/year seawater desalination. B.O.O 14 27.9

Milgam (Israel) Management and operation of urban water networks and collection for local authorities Services 13 91.5

Task (Turkey) 35 year concession to manage, operate and maintain municipal water and sewage networks of Gulluk Concession 8 50

29 year concession to Construction and operation of the wastewater Treatment Facility and the wastewater main collectorin Dilovasi Industrialists’ Foundation

B.O.T 37.5

* As of September 30, 2008

Kardan Israel

Major Holdings

42

Kardan Real Estate

100%

Kardan NV73%

RRsat

Universal MotorsIsrael

25%

41%Kardan

Communications

100%

Kardan Israel

Automotive &Consumer Goods

Communications &TechnologiesReal Estate

9.5%

Israeli Activities

UMI - Company Overview

Leading car importer and distributer in Israel

Exclusive distributor for GM Group brand

names: “Chevrolet”, “Buick”, “Cadillac”,

“Chevy Trucks”, “Opel” and “Isuzu”

GM holds a direct stake of 10% in UMI

Strong distribution chain and maintenance

network: 18 selling points and 60 service points

& garages

Ownership of its: Headquarters offices, Central

garage, Pre Delivery Inspection center, 4

showrooms, Logistic center and 14 selling points.

43

Israeli Activities

Cruze - the new fuel efficient family car

UMI - Sales Per Segment

44

Israeli Activities

(Units) 2006 2007 2008 Increase from 2006 to 2008

2008 Market Share

Mini (Aveo, Corsa) 3,288 4,277 5,262 60% 13%

Compact (Optra, Astra ) 1,960 3,105 4,354 122% 5%

Medium (Malibu, Epica,Vectra) 1,119 1,101 1,836 64% 9%

Premium (La-Crosse, Impala ) 434 590 472 9% 16%

Large (Lucerne, Cadillac, Saab, LeSabre) 380 354 339 -11% 15%

SUV (Captiva, Hummer, Trailblazer) 385 815 706 83% 6%

Pick-Ups (D-MAX, Silverado) 1,630 2,035 2,227 37% 40%

Vans 1,704 1,829 1,839 8% 15%

Total 10,900 14,106 17,035 56%

Market Share 7.3% 7.4% 8.8% 21%

Israeli Activities

UMI’s Financial Results

45

ILS mn

Revenues Operating Income, Net Income and DividendILS mn

110

172 167

40

95 91

2540 40

2006 2007 9M 2008

Operating Income Net Income Dividend

1,7672,107

1,915

2006 2007 9M 2008

Israeli Activities

Kardan Real Estate

Involved in several real estate projects in Israel

including:– Residential– Office

Purchased 50% in El-Har Engineering and

Construction company

Equity (including Shareholders loans) amounted

to ILS 273mn as of September 30, 2008*

46

Kardan shareTotal unitsLocationName

50%897RehovotAchuzot Hanassi

30%1,000JerusalemHoliland Park

100%72Beit ShemeshSun Hills

50%380Beit ShemeshNofei Hashemesh

50%96HerzeliaNotan

100%160Tel-AvivAchtman

50%165Tel-AvivAndromeda

2,770Total

Residential Projects

* Without holding in GTC RE

Israeli Activities

RRSat - Company Overview

Leading provider of end-to-end content

management and distribution network

Operating in a USD 15bn fast growing TV and

radio broadcasting market

Coverage of 95% of populated regions

worldwide

As of February 20, 2009 RR Sat was traded at

a value of USD 203mn

47

Israeli Activities

79

12 11

2005 2006 2007 9M 2008

RR Sat’s Financial Results

48

3143

59 57

2005 2006 2007 9M 2008

Revenues Net IncomeUSD mnUSD mn

Provides services to over 400 television and radio channels

Disclaimer

49

This presentation has been prepared on behalf of Kardan N.V. solely for information purposes. It is not an investment advice or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Kardan N.V. makes no representation that it is accurate or complete. The information contained herein is subject to change without notice. Neither Kardan N.V. nor any of its officers or employees accepts any liability for any direct or consequential loss arising from any use of this presentation or its contents. Copyright and database rights protection exist in this presentation and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of Kardan N.V. All rights are reserved.

Claude Debussylaan 30, Vinoly Building, 13th floorNL - 1082 MD Amsterdam, The NetherlandsT.+31 (0)20 305 0010 / F.+31 (0)20 305 0011www.kardan.com