Kardan IsraelJune 2009

Corporate Overview

Kardan NV - 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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Kardan Israel - A Subsidiary of Kardan NV

9.5%

Kardan NV

InfrastructureFinancial ServicesReal Estate

Kardan Israel

74%

Tahal

100%

KFS

96%

GTC Holdings

100%

100%

Tahal Assets Tahal Projects

100%90%

TBIF TBIH

40%46%

GTC SA (Poland) GTC China

100%

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Major Holdings

Kardan N.V.9 5%

74%

Communications &Real Estate

9.5%Kardan Israel

Automotive &

70%/50%Kardan Real

Estate100%

TechnologiesReal Estate

UMI41%

62%Kardan

Communications

100%Consumer Goods

Kardan Technologies

70%/50%

Nichsei Emed

Estate

60%

50%32% RRSat

24%

Unicell

Formula Vision Holdings

Emed Real estate

54% Dan Vehicle (Avis)

6%50%

18%

Teledata38%

Sintec Media

54%

TikshoovGlobal

50%

D.B.S Israel3%

Mekdan40%

SFDI100% IVP

Aviv Fund

54%

30% Baby First TV

14%

OzVision 13%

Logray 20%

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Aviv Fund

Automotive & Consumer Goods

UMI - Company Overview

Leading car importer and distributer in Israel

Exclusive distributor for GM Group BrandExclusive distributor for GM Group. Brandnames: “Chevrolet”, “Buick”, “Cadillac”,“Chevy Trucks”, “Opel” and “Isuzu”

GM holds a direct stake of 10% in UMI

Strong distribution chain and maintenancenetwork: 18 selling points and 60 service pointsnetwork: 18 selling points and 60 service points& garages

Ownership of its: Headquarters offices, CentralP D li I ti t 4garage, Pre Delivery Inspection center, 4

showrooms, Logistic center and 14 selling points

Total equity as of 31.3.09 - ILS 501mn UMI-Headquarters & Central Garage q y

Equity/ Total Assets as of 31.3.09 - 47%

Stabilization of GM status in June 2009Stabilization of GM status in June 2009

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UMI – Chevrolet Cruze

Chevy's new entry into the compact segment with the new fuel y y p g fefficient family car

Design - Developed by a global design and engineering teamteam

Comfort - Luxury interior space and large cargo capacity

Safety - Designed to meet the highest standards and quality

Power 1 6 liter with 112 horsepowerPower - 1.6-liter with 112 horsepower 1.8 liter with 140 horsepower2 liter Diesel with 150 horsepower

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UMI – Sales Per Segments

(Units) 2006 2007 2008 Increase from 2006 to 2008

2008 Market Share2006 to 2008 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% 15%

Large (Lucerne, Cadillac,Saab, LeSabre) 380 354 339 -11% 14%

SUV (Captiva, Hummer,Trailblazer) 385 815 706 83% 5%

Pi k U (D MAX Sil d ) 1 630 2 035 2 227 37% 43%Pick-Ups (D-MAX, Silverado) 1,630 2,035 2,227 37% 43%

Vans 1,704 1,829 1,839 8% 14%

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

Market Share 7.3% 7.4% 8.8% 20.5%

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UMI’s Financial Results

Revenues Net Income & DividendILS mnILS mn

951081,767

2,107 2,299

40 292540 40

20453

2006 2007 2008 Q1-09

Net Income Dividend

2006 2007 2008 Q1-09

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Dan Vehicle & Transportation (AVIS Israel)

Kardan Israel is active, through a 22%holding in AVIS Israel in:

R t

RevenuesILS mn

861 988 1,077

- Rent a car- Leasing activities

Li d h T l A i S k E h259

2006 2007 2008 Q1-09

Listed on the Tel-Aviv Stock Exchange

Market value as of 3.6.09 - Approx. ILS342342mn

AVIS Israel and TBIF established a jointventure that will engage in acquiring

Net Income ILS mn

70 71

venture that will engage in acquiringleasing and short term rental activities inCEE. In May 2007, the joint venturepurchased AVIS Ukraine, which is one of

ILS mn

70 71 51 10

2006 2007 2008 Q1-09

the most active operational lease companiesin the Ukraine, with around 160 clients and1,700 leased cars. Avis Ukraine wasprofitable in 2008profitable in 2008

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SFDI

Kardan is active through SFDI Group as theexclusive distributor in Israel of the Whirlpool,pBauknecht, Sanyo and Bellers brand names ofhousehold appliances, such as washingmachines, dryers, dishwashers, refrigerators,freezers and ovensfreezers and ovens.

SFDI is the only distributor worldwide thatholds and distributes both Whirlpool andholds and distributes both Whirlpool andBauknecht brands in one country,simultaneously.

SFDI’s annual revenues are estimated at ILS100mn.

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Real Estate

Real Estate

Initiation and D l t

Engineering and C t ti Property ManagementDevelopment Construction Property Management

- Kardan Real EstateEmed El-Har Mekdan- Emed

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Kardan Real Estate

Involved in several real estate projects inIsrael including:- Residential- Office

Purchased 50% in El-Har Engineering andConstruction companyConstruction company

Equity (including Shareholders loans)amounted at March 31, 2009 to ILS 254mn

Kardan shareTotal unitsLocationName

50%897RehovotAchuzot Hanassi

Residential Projects

30%966JerusalemHoliland Park

100%72Beit ShemeshSun Hills

50%380Beit ShemeshNofei Hashemesh

50%92H liN t 50%92HerzeliaNotan

50%170Tel-AvivAndromeda

70%352LodRamat Elyashiv*

100%365Bear YaakovBear Yaakov*

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3,294Total * Subject to suspending conditions

Kardan Real Estate – Commercial Projects

Kardan Building (Tel Aviv)

NRA of Phase 1 (SQM) 2 700NRA of Phase 1 (SQM) 2,700

NRA of Phase 2 (SQM) 16,000

Occupancy of Phase 1 100%

Expected completion of Phase 2 at beginning of 2010

50% of Phases 1&2 have been sold to Migdal

Achtman Plot

NRA (SQM ) 40,000

M1 (Rishon Le Zion)NRA (SQM ) 5,400

Kardan Real Estate share 71%

Current occupancy 98%

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Current occupancy 98%

Emed Real Estate

Owns commercial projects (including lands in high demand areas in several cities)

Holds 54 25% of AVIS IsraelHolds 54.25% of AVIS Israel

Value at last transaction: ILS 644mn

Commercial Projects:Co e c a ojects:

SectorSQM for RentLocationName

Offices7,358Ramat GanBeit S.A.P

Future Projects:

Offices3,655Bnei BrakBeit Sela

SQMLocationName

7,915Tel AvivArlozorov

6,181Tel AvivShikun Dan

19,204Bat YamLand

19 362Holon AzurLand

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19,362Holon - AzurLand

El-Har Engineering and Construction Ltd.

Owned by Kardan Real Estate (50%)

Specializes in complicated engineeringprojects as well as offices and residential

Familiar projects: Azrieli Building (Square),Discount Building and Kardan Building

Revenues in 2008: ILS 154mnRevenues in 2008: ILS 154mn

Backlog as of 31.3.09: ILS 171mn

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Mekdan Management and Maintenance

Specializing in managing, counseling, and maintaining office buildings, industrial parks, commercecenters, residential structures, shopping centers and industrial structures

63 projects throughout Israel

A i i i i R i H d B l iActivities in Romania, Hungary and Bulgaria

Revenues of approx. ILS 154mn in 2008 (ILS 133mn in 2007)

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Communications & Technologies

RRSat (24%)

Leading provider of end-to-end content RevenuesUSDmanagement and distribution network

Operating in a USD 15bn fast growing TV59

79

USD mn

and radio broadcasting market

Coverage of 95% of populated regions

43 5922

2006 2007 2008 Q1-09worldwide

As of June 1, 2009 RR Sat was traded at aNet IncomeUSD mn

9 12 13

value of USD 183mn

3

2006 2007 2008 Q1-09

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Unicell (32%)

A leading Mobile Application Service andContent Provider delivering cutting edgeand simple mobile solutions for the

Revenues ILS mnand simple mobile solutions for the

business, media, publicity andentertainment worlds

89

Market leader for large projects such as:

- Voting for the show “Born Star” (Israeli version of “American Idol”)

4053

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(Israeli version of American Idol )

- Creating on-line information services for Israeli “Yellow Pages”, “El – AL” and “Eged” (Bus

2006 2007 2008 Q1-09

El – AL and Eged (Bus company)

Approx 1 000 clients and business partnersApprox. 1,000 clients and business partners and over 1 million private clients

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Kardan Communications – Other Investments

ProfileEquity ShareCompany

Designs and implements innovative management systemsf th b d t bl d t llit i d t i

18.4%Sintec Mediafor the broadcast, cable, and satellite industries.

A leading global provider of innovative Access Networksolutions and products for telecom service providers.

37.5%Teledata Networks

A television networks dedicated to providing educationalprograms for babies and toddlers, 6 months to 3 years. Thefirst cable and satellite channel in the U.S.

30.1%Baby First TV

s cab e a d sa e e c a e e U.S.

A premium Israeli television channel broadcasting the best of Israeli television worldwide.

53.6%I.V.P

Satellite television broadcasts in Israel.2.3%DBS Satellite Services

Venture capital fund.14.3%Aviv Venture I

Provides call center services in Eastern Europe50 0%Tikshoov Provides call center services in Eastern Europe.50.0%Tikshoov

Video solutions for the security monitoring market.13.4%Oz Vision Global

Creator and operator of Web portals for kids.19.7%Logray and Tweegee

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p pg y g

Kardan Technologies - Major Investments

ProfileEquity ShareCompany

V t it l f d6 6%C d V t I Venture capital fund.6.6%Concord Ventures I

Formula Vision Portfolio Holdings (70% / 50%)o u V s o o o o o d gs (70% / 50%)

A global provider of complete package-based software solutions for life and pension organizations

27.3%F.I.S. Software

A global provider of enterprise software solutions for the58 1%IDIT Technologies A global provider of enterprise software solutions for the insurance & financial markets

58.1%IDIT Technologies

Provides infrastructure software solutions that deliver dynamic scalability for high volume transactional

16.8%Giga Spaces Technologies dynamic scalability for high-volume transactional

applications.Technologies

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Financials

Kardan Israel Balance Sheet - March 31, 2009

Company only ILS mn

Current Assets 25Current Assets 25 Investments in companies 604 Investment in Kardan NV 109 Other 5

Total Assets 743

Credit from Banks and Others 113Credit from Banks and Others 113 Convertible Debentures 155 Other Long Term Liabilities 20 T t l Li biliti 288Total Liabilities 288

Shareholders Equity 455

Total Equity and Liabilities 743 Total Equity and Liabilities

Equity/Total assets 61%

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Kardan NV - Value Indication

Segment Value(USD mn)

Source Holding in KNV

Value to KNV(USD mn)

Real EstateGTC SA 1,538 Market1 46% 710

GTC Investments 52 Books 2 46% 24

GTC China 194 Books 100% 194GTC China 194 Books 100% 194

Financial Services

KFS 451 Last transaction 96% 433

Infrastructure

Tahal Group B.V 147 Books 100% 147

K d I l 140 M k 74% 103Kardan Israel 140 Market 74% 103

Total assets 1,6113Net liabilities (706)

Net Asset Value 905

Notes:1) Market values as of 3.6.092) B k l 31 3 09

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2) Book values as 31.3.093) Net liabilities as of 31.3.09. Includes net liabilities in GTC RE Holding.

Thank YouThank You

Disclaimer:This presentation has been prepared on behalf of Kardan Israel solely for information purposes. It is not an investmentadvice or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has beentaken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Kardang p ,Israel makes no representation that it is accurate or complete. The information contained herein is subject to changewithout notice. Neither Kardan Israel nor any of its officers or employees accepts any liability for any direct orconsequential 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 without

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p y p , p y y p y p pthe prior express consent of Kardan Israel. All rights are reserved.