Unique Investment Gateway To Emerging Markets Kardan believes that Emerging Markets will, in economic terms, grow faster than developed markets. And, that the middle classes will be the growth engine of Emerging Markets. In Asia Pacific alone, general expectations are that the middle class will increase by 230% from 2009 through 2020! This significant development underpins an increasing demand for housing, offices and for shopping centers and clean water, among other things. As of 1994, we have focused on initiating, developing and managing shopping centers and offices in ultimately 10 Central and South Eastern European countries through Globe Trade Center S.A. (GTC SA), of which we currently hold 28%. We expanded our geographical spread in 2005 when we initiated our real estate activities in China (Kardan Land China), aiming at residential apartments and increasingly on shopping centers combined with residential apartments (mixed-use projects). The water activities of Kardan take place in our fully owned subsidiary Tahal Group International, which operates in China as well as in other emerging and frontier markets. Kardan also has retail and banking operations in Bulgaria and Romania, operating under the name TBI. Our head office is in Amsterdam, the Netherlands. The Company is listed on both the NYSE Euronext Amsterdam and the Tel-Aviv Stock Exchange.