Amsterdam, June 29, 2011 – Kardan N.V. (“Kardan”), active in Real Estate, Water


Infrastructure and Financial Services in emerging markets announces that Kardan Israel


Ltd. (“KIL”) has entered into negotiations to sell to Hamizrach Holdings Ltd. (“Hamizrach”)


approximately 34% (the “Purchased Shares”) of its approximately 68% shareholding in Dan


Vehicle and Transportation D.R.T. Inc. (“Avis”).


Avis is a stock listed company on the Tel Aviv Stock Exchange and is active in rental and leasing


of vehicles in Israel.


The parties agreed that as a consideration for the Purchased Shares, Hamizrach will pay to KIL


NIS 200 million (approximately EUR 40 million). If and when the sale is completed, KIL and


Hamizrach will hold joint control over Avis. The completion of the transaction is subject to, inter


alia, formalization of a detailed agreement between the parties and obtaining the approval of Avis




Hamizrach, owned by the Iny family in Israel, today holds 45% of the shares of Universal Motors


Israel Ltd. (“UMI”). KIL today holds approximately 40.5% of the shares of UMI.


In March 2011 KIL acquired approximately 54.25% of the issued share capital of Avis in addition


to the 14% stake in Avis it already held. Following that acquisition, KIL currently holds a controlling


stake of 68% in Avis.