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Added ValueKARDAN ISRAELKARDAN ISRAEL

Investor PresentationFebruary 2010

COMPANY OVERVIEW REAL ESTATE AUTOMOTIVE & GOODS COMM. & TECH.

Overview

Focused on 3 main sectors

– Real Estate

– Automotive & Goods

– Communications & Technologies

Holds 9.4% stake in Kardan NV

Ch i f B D M Y f G f ldChairman of BoD – Mr. Yosef Grunfeld

CEO – Mr. Eytan Rechter

Market Value as of 31/1/10 – approx. ILS 720mn

2 Investor Presentation – Feb. 10


Major Holdings

Kardan NV

9 4%74%

Communications &Real Estate

9.4%Kardan Israel

Automotive &

70%/50%Kardan Real

Estate100%

TechnologiesReal Estate

UMI41%

62%

Kardan Communications

100%Consumer Goods

Kardan Technologies

70%/50%Estate

El - Har

40%32% RRSat

24%

Unicell

Formula Vision Holdings50%

40%

100%Nichsei Emed

18%

Teledata37%

Sintec Media

54%

TikshoovGlobal

50%

D.B.S Israel2%

Mekdan

6%

100%

Emed Real estate

54% Dan Vehicle (Avis)

50% IVP

Aviv Fund

54%

30% Baby First TV

14%

OzVision 15%

Logray 20%


SFDI100% Aviv Fund


Real Estate Sectors

Initiation and Engineering and Property ManagementDevelopment Construction Property Management

- Kardan Real EstateEmed El-Har Mekdan- Emed



Kardan Real Estate - Overview

Involved in several real estate projects in Israel including:

R id ti l– Residential

– Office

Purchased 50% in El-Har Engineering and Construction companyPurchased 50% in El Har Engineering and Construction company

Purchased 40% in Mekdan Management and Maintenance

Shareholders equity (including Shareholders loans) amounted to ILS 268mn as of 30/9/09q y g

LOI with Clal for issuance of 15% according to a post transaction value of ILS 400mn



Kardan Real Estate – Residential Projects

Under /Before construction Completed

RemainingFor SaleSoldTotalInventorySoldTotal

TotalUnits in Company LocationName RemainingFor SaleSoldTotal InventorySoldTotal the Project*

ShareLocationName

94425799270270489750%RehovotAchuzot Hanassi

3271231042271340241596930%JerusalemHoliland Park

----5677272100%Beit ShemeshSun Hills

554---6303659050%Beit ShemeshNofei Hashemesh

4864046---9450%HerzeliaNotan

1848484168---35270%LodRamat Elyashiv

111------11150%Tel-AvivAndromeda

408------408100%Be’er YaakovBe’er Yaakov

7717426 **200---277100%Petach TikvaEm Hamoshavot

160------160100%Tel-AvivKardan Towers

93------93100%Ramat GanHasar Moshe

66100%G ikG i ik 64------64100%Ganay TikvaGanei Tikva

2,120429311740261,2011,2274,087Total

* Figures of units are for 100% of the project and under the assumption that final zoning / increase in number of units will be approved

** S ld b i t t


** Sold by previous contractor

*** All figures as of 30/9/09


Kardan Real Estate – Commercial Projects

Kardan Building (Tel Aviv)Kardan Building (Tel Aviv)

NRA of Phase 1 (SQM) 2,800

Building Rights of Phase 2 (SQM) 16,000

Expected completion of Phase 2 at H1/2010

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

(Tel Aviv) Kardan Towers - Menachem Begin Plot

B ildi Ri ht (SQM ) 30 800Building Rights (SQM ) 30,800



Emed Real Estate

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

Holds 54% of AVIS Israel

Commercial Properties

SectorSQM for RentLocationName

Offices7,400Ramat GanBeit S.A.P

Commercial Properties

Offices3,700Bnei BrakBeit Sela

Future Projects

Area in SQMLocationName

7,900Tel AvivArlozorov

Future Projects

6,200Tel AvivShikun Dan

19,200Bat YamBat Yam

19,400Holon - AzurHolon - Azur



El-Har Engineering and Construction

Owned by Kardan Real Estate (50%)

Specializes in complicated engineering p p g gprojects as well as offices and residential

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

Revenues in 9M 2009: ILS 114mn

Backlog as of 30/9/09: ILS 94mn



Mekdan Management and Maintenance

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

Approx. 2 million SQM under management

Activities in Romania, Hungary and Bulgaria

Revenues in 9M 2009: ILS 123mn.

Under Management



UMI - Company Overview

Leading car importer and distributer in Israel

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

GM holds a direct stake of 10% in UMIGM holds a direct stake of 10% in UMI

Strong distribution chain and maintenance network: 18 selling points and 60 service points & garagespoints & garages

Ownership of its: Headquarters offices, Central garage, Pre Delivery Inspection center 4 showrooms Logistic center and 14center, 4 showrooms, Logistic center and 14 selling points

Total equity as of 30/9/09 - ILS 504mnUMI-Headquarters & Central Garage

Market share in 2009 – 7.8%



UMI – Chevrolet Cruze

Chevy's new entry into the compact segment with the new fuel efficient family car

Design - developed by a global design and engineering team

Comfort - luxury interior space and large cargoComfort luxury interior space and large cargo capacity

Safety - designed to meet the highest standards and quality

Power - 1.6 liter with 112 horsepower 1.8 liter with 140 horsepower

l l h h2 liter Diesel with 150 horsepower

Successful launch - from May, 2009 till 30 y,September, 2009 UMI sold over 3,050 units of the Chevrolet Cruze & delivered nearly 1,900



UMI’s Financial Results

Revenues (ILS mn) Net Income & Dividends (ILS mn)

95108

51

1,7672,107

2,299

1,451

4051

2540 40 40

2006 2007 2008 9M 092006 2007 2008 9M 09 2006 2007 2008 9M-09

Net Income Dividend

2006 2007 2008 9M-09



Dan Vehicle & Transportation (AVIS Israel)

Kardan Israel is active, through a 33% holding (direct & indirect ) in AVIS Israel in:

Revenues (ILS mn)

– Rent a car

– Leasing activities 1,314 1,480 1,617

1,195Listed on the Tel-Aviv Stock Exchange

Market value as of 31/1/10 - Approx. ILS 440mn

1,195

2006 2007 2008 9M-09

Net Income (ILS mn)Kardan Israel

Emed 54% Dan Vehicle50%

Nichsei Emed

100%

6%

70 7151 56

2006 2007 2008 9M-09

Emed Real estate

Dan Vehicle (Avis)



SFDI

Kardan is active through SFDI Group as the exclusive distributor in Israel of the Whirlpool Bauknecht Sanyo and BellersWhirlpool, Bauknecht, Sanyo and Bellers brand names of household appliances, such as washing machines, dryers, dishwashers, refrigerators, freezers and ovens

SFDI is the only distributor worldwide that holds and distributes both Whirlpool and Bauknecht brands in one country, ysimultaneously

Annual revenues of approx. ILS 100mn



RRSat (24%)

Leading provider of end-to-end contentmanagement and distribution network

Revenues ($ mn)

Operating in a USD 15bn fast growing TVand radio broadcasting market

Coverage of 95% of populated regionsld id 43 59

79 69worldwide

As of 31/1/10 RR Sat was traded at a valueof approx. $ 200mn

43

2006 2007 2008 9M-09

Net Income ($ mn)

139

12 139

2006 2007 2008 9M-09



Unicell (32%)

A leading Mobile Application Service and Content Provider delivering cutting edge and simple mobile solutions for the business, media, publicity and entertainment worlds

Market leader for large projects such as:

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

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

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



Sintec Media (18%)

Designs and implements innovative management systems for the broadcast, cable, and satellite industries

Enables companies to adopt new technologies via “OnAir” system

“OnAir” system has been purchased by 20 stations, including BBC and CBC

Offices in New York, Denver, Toronto, London and Jerusalem



Kardan Communications - Other Investments

ProfileEquity ShareCompany

A leading global provider of innovative Access Network37.1%Teledata Networkssolutions and products for telecom service providers

A television networks dedicated to providing educational30.1%Baby First TVprograms for babies and toddlers, 6 months to 3 years. Thefirst cable and satellite channel in the U.S

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

53.6%I.V.P

Satellite television broadcasts in Israel2.3%DBS Satellite Services

Venture capital fund14.3%Aviv Venture I

Provides call center services in Eastern Europe50.0%Tikshoov

Video solutions for the security monitoring market14.9%Oz Vision Global

Creator and operator of Web portals for kids19.7%Logray and Tweegee



Kardan Technologies

Focuses on investments in technologically advanced companies and in high risk capital funds

Traded in the Tel-Aviv Stock Exchange

ProfileEquity Share

CompanyShare

Venture capital fund6.6%Concord Ventures I

Formula Vision Portfolio Holdings (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 the insurance & financial markets

58.1%

IDIT Technologies

Provides infrastructure software solutions that deliver d i l bilit f hi h l t ti l

16.2%Giga Spaces T h l i dynamic scalability for high-volume transactional

applicationsTechnologies



Kardan Israel - Balance Sheet

Company only - 30/9/09 ILS mn

Current Assets* 55

Investments in companies 655

Investment in Kardan NV 244

Other 4

Total Assets 958

Credit from banks** 94

Debentures 111

Convertible Debentures 165

Other liabilities 14

Total Liabilities 384

Shareholders Equity 574

Total Equity and Liabilities 958

Equity/Total assets 60%

* Not including ILS 140mn which were received in October 2009 following a loan agreement


** As of the date of this presentation no current liabilities are included.


Thank You

Disclaimer

This presentation has been prepared on behalf of Kardan Israel solely for information purposes. It is not an investment advice 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, Kardan Israel makes no representation that it is accurate or complete. The information contained herein is subject to change without notice. NeitherKardan Israel nor any of its officers or employees accepts any liability for any direct or consequential loss arising from any use of this presentation or its contents Copyright and database rights protection exist in this presentation and it may not be reproduced


this presentation or its contents. Copyright and database rights protection exist in this presentation and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of Kardan Israel . All rights are reserved.

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