GTC China

Company ProfileReal Estate

Overview PresenceOverview

Established in August 2005

Headquarters in Beijing, PRC

Sectors: residential and commercial

•Shenyang

• Dalian•Beijing Sec o s: es de d co e c

• Hangzhou•Changzhou

•Chengdu

•Xi’an

Strategy Expected GDP Growth in China (%)

Target 2nd and 3rd tier cities

Develop according to local demand

Current focus on residential first steps in retail

2008E 2009E 2010E

HSBC 9.2 7.8 8.9

M St l 9 0 5 5 8 0Current focus on residential, first steps in retail

Projects are developed in partnership with local

developers

Morgan Stanley 9.0 5.5 8.0

Goldman Sachs 8.9 6.0 9.0

* Reports as of January, 2009

24

Existing ProjectsReal Estate

Project GTC S

Residential Area 2 Residential Units Commercial Area

2Total Area

2Project Share (m2) Residential Units (m2) (m2)

Qili Xiangdi(Shenyang) 50% 176,635 1,922 2,756 179,391

Palm Garden(Shenyang) 50% 470,048 3,577 23,500 493,548

Suzy(Shenyang) 50% 562,000 6,762 41,092 603,092

Olympic Garden(Xian) 50% 843,155 7,885 13,609 856,764

City Dream(Changzhou) 45% 500,568 4,916 66,000 566,568(Changzhou)

Galleria Chengdu 75% - - 35,974 35,974

Hangzhou 50% 100,389 850 9,000 109,389

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

Total 2,764,795 27,012 291,931 3,056,726

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* Figures do not include parking space of 272,075 m2 in total

Residential Units Under ConstructionReal Estate

City Project Beginning of Construction

% of Completion2

Total Number of Residential

Completed and under

Construction

Number of Residential

Number of Units Handed-

Number of Units Sold in Construction Completion Units Construction

Units Units Sold over Q1 09

Shenyang

Qili Xiangdi Q3 2005 100% 1,922 1,922 1,855 1,769 1

Palm Garden Q4 2006 41% 3 577 1 070 568 232 2Shenyang Palm Garden Q4 2006 41% 3,577 1,070 568 232 2

Suzy Q2 2008 16% 6,762 1,109 427 - 125

Xi'an Olympic Garden Q4 2006 28% 7,885 3,135 2,769 420 94

Changzhou City Dream Q4 2008 11% 4,916 308 161 - 69

Total 25,062 7,544 5,780 2,421 291

Notes:1) Figures above are as of March 31 ,20092) Estimated according to actual costs divided by estimated total costs, except for Qili Xiangdi

Advances from customers –EUR 67mn

26

Qili Xiangdi Palm Garden Suzy Olympic Garden City Dream

Expanding Commercial Sector Real Estate

Strong demand due to rising middle class

population and GDP growth

Galleria Chengdu

population and GDP growth

Large commercial area under construction

(292 000m2)(292,000m2)

Plans to expand to other cities in tiers 2 & 3

Expected compression of high yields in tier

2 & 3 citiesModern shopping center

Capitalizing on experience in CEE regionpp g

Total estimated investment - EUR 70mn

Total NRA - 36,000m2

27

Financial Services

Financial Services - KFSFinancial Services

Overview Ownership structure

Total assets 31.3.09 - EUR1.7 bnPortfolio 31.3.09 - EUR1.18 bn (31.12.08: EUR 1.25 bn)Value of last transaction - EUR 320 mn (March 2009)

96%

Kardan NV

KFSTBIH established in 1998 to benefit from• pension reforms• low insurance penetrationPension AUM December 2008: EUR763mn (31.12.07: EUR 90% 40%

KFS

Vienna Insurance Group (Wiener)

60%743 mn)Pension 1.82 mn members (31.12.07: 1.71 mn)Insurance premiums 2008 EUR 224 mn: 2007, EUR105 mn3;

TBIF TBIH

Banking & Lending Insurance & Pension

TBIF established in 2001 to benefit from• low credit penetration• high growth retail lending and asset managementProvides banking, leasing, consumer finance, mortgage and

Financial performance1,2

mn 2006

asset management services

Notes:

73 6157

70201

-4128

-23Revenues Results

EUR

m 20072008Q1-09

29

Notes:1) Kardan NV consolidated IFRS (segment note) 2) Profit from operations before unallocated expenses (segment note)

TBIF

Financial InstitutionsFinancial Services

(EUR mn) Russia Ukraine Romania Bulgaria

Based on Financial Statements for March 31,2009

Name Sovcom Bank VAB TBI TBI

Holding (%) 65% 49% 100% 100%

TBIF equity investment & loans 62 71 71 49TBIF equity investment & loans 62 71 71 49

Profit & Loss Q1-09

Revenues* 23 15 6 6

N t P fit (L ) (12) (4) (1) 1Net Profit (Loss) (12) (4) (1) 1

Equity 55 69 30 14

Total assets 563 656 183 146

Equity/ Total Assets ratio 10% 11% 16% 9%

PIATRA NEAMT

BAIA MARE

BISTRITA

SUCEAVASATU MARE

ZALAU

TG MURES

IASI

BACAUCLUJ

ORADEA REGHIN

BOTOSANI

VASLUI

BARLAD

SIGHETU MARMATIEIRADAUTI

FALTICENI

DOROHOI

PASCANI

ROMAN

MOINESTI

Presence as of 31.12.08

151 branches 169 b h133 branches

P i 930161 branches

P i

TIMISOARA GALATI

RAMNICU VALCEA

FOCSANI

ARAD

BUZAU

ALBA IULIA

BRAILA

SLATINA

GIURGIU

TURNU SEVERIN

TARGOVISTE

TG. JIU

SF. GHEORGHE

DEVA

CONSTANTA

CRAIOVA

BUCURESTI

PLOIESTI

PITESTI

BRASOV

SIBIU

ALEXANDRIA

RESITASLOBOZIA

NAVODARI

MANGALIA

MEDGIDIA

TULCEA

CALARASI

CAMPULUNG

CAMPINA

MOTRU

ONESTITECUCI

31

702 POS 169 branches Presence in 930 merchants

Presence in over 4,000 merchants

* Includes net interest income, net commission and operating income

Credit PortfolioFinancial Services

EUR mn

Business Lines Countries

EUR mn1 207 1,207

1,400

1,600

1,400

1,600

EUR mn1,207 1,207

1,000

1,200

1,000

1,200

600

800

600

800

200

400

200

400

0

Mar

-06

Jun-

06

Sep-

06

Dec

-06

Mar

-07

Jun-

07

Sep-

07

Dec

-07

Mar

-08

Jun-

08

Sep-

08

Dec

-08

Mar

-09

Bulgaria Romania Ukraine Russia

0

Mar

-06

Jun-

06

Sep-

06

Dec

-06

Mar

-07

Jun-

07

Sep-

07

Dec

-07

Mar

-08

Jun-

08

Sep-

08

Dec

-08

Mar

-09

Banking Consumer finance Leasing Mortgage gBanking Consumer finance Leasing Mortgage

32

TBIF company data reflecting 100% of each subsidiary

Lending Margins and NPLFinancial Services

Lending Rates Cost of Funding

40% 40%

20%

30%

40%

20%

30%

40% Leasing Romania Leasing Bulgaria Credit Romania

Credit Bulgaria Mortgages Bulgaria Bank Ukraine

Bank Russia Leasing Ukraine

0%

10%

%

0%

10%

20%

NPL* Average NPL Q1 2009 Breakdown

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09

6.9%5 6%

3%4%5%6%

2.4% 0.3%

5.6%

Consumer Finance

Leasing Mortgage Banking0%1%2%

Q1-08 Q2-08 Q3-08 Q4-08 Q1-09

33

* 90 days overdue Banking includes VAB Bank and SCB consumer finance

Liquidity Analysis Financial Services

(EUR mn) Russia Ukraine Romania Bulgaria

A f 31 3 09 Inflow Outflow Inflow Outflow Inflow Outflow Inflow OutflowAs of 31.3.09 (Portfolio) (Loans1) (Portfolio) (Loans1) (Portfolio) (Loans1) (Portfolio) (Loans1)

2009 206 - 166 21 63 41 78 33

2010 58 - 138 108 40 31 22 39

2011 onwards 65 44 278 84 50 34 37 43

Total 329 44 582 213 153 107 137 115

Excess cash flow2 285 369 47 22

Cash & S-T investments 179 57 6 14

Available resources 464 426 53 36

Deposits3 431 367 - -

Notes Over 90% of deposits are secured by Government (deposits increased in Q1 09)Moody’s credit rating – B3

Moody’s credit rating – B3

Notes:1) From 3rd parties excluding shareholders and Central Bank where applicable

34

1) From 3 parties, excluding shareholders and Central Bank, where applicable2) Before deposits3) Most of the deposits mature in 2009, includes promissory note and funding from Central Bank.

TBIH

Pension ActivitiesFinancial Services

Bulgaria Ukraine CroatiaAssets Under Management

Name Doverie VAB Erste743 763

831800

EUR mn

Members31.3.09(‘000)

1,289 137 229 600

AUM 31.3.09 (EUR mn)

414 2 405 400

Profit (loss) Q1-09(EUR mn)

0.8 - 0.3200

Market share 31.12.08(%)

34% NA 11%-

31.12.07 31.12.08 31.3.09

Others (Ukraine Georgia) Croatia Bulgaria

36

Others (Ukraine, Georgia) Croatia Bulgaria

Insurance ActivitiesFinancial Services

Turkey Ukraine GeorgiaPremiums - Current Activities

Name RaySigorta

UIG + VAB

GPIH + IRAO

250

EUR mn

Ray (Turkey) 224

Premiumsin 2008(EUR mn)

25 8 13

150

200 VAB, UIG (Ukraine)

GPIH, Irao (Georgia)

Presence 9 branches 158 POS 21 POS

100

105

Profit in Q1-09(EUR mn)

0.2 0.1 0.8

0

5046

Market share 31.12.08(%)

2.5% 5.5% 34% * Pro-forma figures for acquired companies in 2007 as if were acquired on January 1, 2007

02007* 2008 Q1-09

37

Infrastructure

Tahal - Overview Infrastructure

Focusing on water, sewage and environment for over 50 years

430 high quality engineers working in 30 counties430 high quality engineers working in 30 counties

Projects backed by local and international financing

Major clients: governments, public utilities, water agencies

Major Operations

Tahal Group International BV

100%100%Activities: Activities:Tahal Group Assets BV Tahal Group BV (Projects)

100%100%

100% 72%91%87%

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

Activities:- Design- Consulting- Turn key

Eko-Wark

Via Maris * Tahal RomaniaL St Petersburg

Milgam TCEKWIG

Task

100% 100%50%28%

39

g

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

Selected ProjectsInfrastructure

Country Description Type Scope * Backlog* Share Country Description Type (EUR mn) (EUR mn) (%)

Ghana Rehabilitation and expansion of water supply systems in the South and North of Kpong Turnkey 56 54 100

Angola Design and building of a 400 km water supply systems in capital city Luanda Turnkey 37 36 100

S bi Design, construction and operation of water treatment plant T k 20 15 100Serbia g , p pfor the city of Belgrade Turnkey 20 15 100

BotswanaFeasibility study and planning of project designed to build an infrastructure for pumping water from Zambezi River and Turnkey 8 6 100transferring them to dry areas of Northern Botswana

Russia

Following the completion of the design stage of the Yuzhnaja project, Tahal is now performing the equipment Turnkey 17 0 1 100Russia supply stage of the project; which is the Neiva River water treatment plant, feeding the city of St. Petersburg

Turnkey 17 0.1 100

40

* As of March 31, 2009

Expecting Higher RevenuesInfrastructure

Projects Segment - Revenues & Backlog

250

EUR mn

150

200

189

235 233100

150

6582

20

50

200

2007 2008 Q1-09

Revenues Backlog (end of period)

41

Selected AssetsInfrastructure

Company Description TypeInvestment

Value* Share (%)(EUR mn) (%)

KWIG (China) Concessions (20 years) to operate and maintain 6 operational WWTPs. Capacity: 198,000 tons/day (increase to 292,000). Concession 34 80

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 91

C t ti d 25 O ti f Vi M i tVia Maris (Israel) Construction and 25 year Operation of Via Maris seawaterdesalination plant. 30 million m3/year seawater desalination. B.O.O 13 27.9

Milgam (Israel) Management and operation of urban water networks and collection for local authorities Services 13 87for local authorities

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

42

* Funds invested as of March 31, 2009

Kardan Israel

Israel – Kardan Israel Ltd

Overview Ownership structure

Automotive Real EstateCommunications & Technology Kardan NV

• UMI - Israeli distributor of General Motors

• Office

• Residential

• RR Satellite Communications

• Teledata Networks

74%

Kardan Israel

• DVT - Avis Israel • ConstructionLtd

• Unicell

Financial performance1,2

Listed on the Tel-Aviv Stock Exchange

Consolidated assets as per 31.3.09: EUR 539mn (31 12 2008 EUR 257 ) 31 32 30

48

UR

mn

200620072008

(31.12.2008 EUR 257mn)

Notes:1) Kardan NV consolidated IFRS (segment note) 2) Profit from operations before unallocated expenses, excludes real estate activities of Kardan Israel (segment note)

3114

3210

302 7

Revenues Results

EU Q1-09

44

Local presence in attractive sectors

UMI

Leading car importer and distributer in Israel

Israeli Activities

Revenues

2 107 2,299

Exclusive distributor for GM Group brand names:

“Chevrolet”, “Buick”, “Cadillac”, “Chevy

T k ” “O l” d “I ” ILS

mn

2,107 2,299

453

2007 2008 Q1-09

Trucks”, “Opel” and “Isuzu”

GM holds a direct stake of 10% in UMIQ

Strong distribution chain and maintenance network:

18 selling points and 60 service points & garages Operating Income, Net Income and Dividend

Ownership of its: Headquarters offices, Central

garage, Pre Delivery Inspection center, 4172 182LS

mn

showrooms, Logistic center and 14 selling points

2395 108

2940 40 20

2007 2008 Q1 09

I

45

2007 2008 Q1-09Operating Income Net Income Dividend

Kardan Real EstateIsraeli Activities

Involved in several real estate projects in Israel

including:including:

– Residential– Office

Purchased 50% in El-Har Engineering and

Construction company

Equity (including Shareholders loans) amounted

to ILS 254mn as of March 31, 2009

46

RRSatIsraeli Activities

Leading provider of end-to-end content Revenues

management and distribution network

Operating in a USD 15bn fast growing TV79U

SD m

n

and radio broadcasting market

Coverage of 95% of populated regions

43 5979

22

2006 2007 2008 Q1-09worldwide

As of June 1, 2009 RR Sat was traded at a

Q

Net Income

value of USD 183mn

912 13

USD

mn

93

2006 2007 2008 Q1-09

47

Kardan NV - Company Highlights

Emerging Markets Player

DiversificationGeographical & Segmental

No Oversized Projects

Far Maturities ofHigh Liquidity

Far Maturities of Bonds Low Leverage

Attractive Market Attractive O t iti

Proven Value Value OpportunitiesCreation

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Disclaimer

This presentation has been prepared on behalf of Kardan N.V. solely for information purposes. It is not an investmentd i ff li it ti f th h l f fi i l i t t Whil bl h badvice 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, KardanN.V. makes no representation that it is accurate or complete. The information contained herein is subject to changewithout notice. Neither Kardan N.V. nor any of its officers or employees accepts any liability for any direct or

ti l l i i f f thi t ti it t t C i ht d d t b i ht t ticonsequential loss arising from any use of this presentation or its contents. Copyright and database rights protectionexist in this presentation and it may not be reproduced, distributed or published by any person for any purpose withoutthe prior express consent of Kardan N.V. All rights are reserved.

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

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