Amsterdam, January 20, 2011 - Following the release of January 19, 2011, Kardan N.V. ("Kardan"), announces that its wholly-owned subsidiary, GTC Real Estate Holding B.V. ("GTC Holding"), has successfully sold 35,100,000 shares of Globe Trade Centre S.A. ("GTC SA") ("The Placement"). The shares were sold at a price of PLN 21.50 per share. Gross proceeds amount to PLN 754,650,000 (approximately EUR 195 million). The proceeds will be used by Kardan to increase financial headroom to implement its strategy, and to reduce its leverage.

Following the Placement, GTC Holding holds 59,529,180 shares in GTC SA, representing an effective control over approximately 27.14% of GTC SA's issued share capital. In connection with the transaction, Kardan has agreed to retain its remaining interest in GTC SA for a period of at least 15 months.

Morgan Stanley acted as sole book runner in connection with the Placement, and IPOPEMA Securities, KBC Securities and UniCredit CAIB Poland (together with Morgan Stanley, the "Managers") have acted as Co-Lead Managers in connection with the Placement.

The accounting implications of the transaction for Kardan are under review.

About GTC SA
GTC SA, founded in 1994, is a leading CEE and SEE office and shopping center real estate development and investment company, headquartered in Warsaw. GTC focuses on long-term value creation for its shareholders through development of sustainable, high quality real estate projects in attractive locations within Poland and other major markets in the region. Its ordinary shares have been listed on the Warsaw Stock Exchange since 2004 and are included in the WIG 20 index. As of January 18, 2011, its market capitalization is approximately EUR 1.38 billion .The value of GTC SA' s portfolio was EUR 2.4 billion as at 30 September 2010. Rental income-producing investments accounted for EUR 1.5 billion, of which Poland accounted for over 50%. The GTC SA management team combines local market intelligence with international expertise. The Company has full capacity organisation in each major market of operations, led by experienced country managers. GTC SA's track record and the quality of its assets was recognised by industry professionals, who voted GTC SA as Developer of the Year in the years 2004, 2007 and 2009 and appreciated GTC SA's projects in CEE Real Estate Quality Awards.

About Kardan
Kardan is an active emerging market investment company. Its activities are focused in Real Estate, Financial Services, and (Water) Infrastructure, mainly in the CEE, CIS and China. Its headquarters are in the Netherlands. Kardan aims at holding controlling interests in its investments and, through the development of local business platforms, is actively involved in the definition and implementation of their strategy. Total assets as of September 30, 2010 amounted to EUR 5.9 billion; revenues totaled EUR 489 million in the nine months of 2010. Kardan is listed on NYSE Euronext Amsterdam and the Tel-Aviv Stock Exchange.