City Partners Announces Closed Sale

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Anthony Pollak, Founding & General Partner of City Partners L.P ("City"), announced today that City closed the sale of it's controlling equity interest in Milgam Municipal Services Ltd. to Tahal Israeli Engineers Ltd. ("Tahal"), for 43 million New Israeli Shekels (10 million US dollars).

Anthony Pollak , Founding & General Partner of City Partners L.P ("City"), announced today that City closed the sale of it's controlling equity interest in Milgam Municipal Services Ltd. to Tahal Israeli Engineers Ltd. ("Tahal"), for 43 million New Israeli Shekels (10 million US dollars).

Mr. Pollak said, "This is a proud moment for Milgam and serious vote of confidence in its management. In the past 10 years Milgam's sales and earning have grown 250% I am confident that with its new partners , Milgam will continue to achieve record breaking results. I am fortunate to have been involved with Milgam and its management for many years and wish them the best under Tahal's ownership."

About the buyer:
Tahal Group is a leading international engineering concern, ranking among the top companies of its kind in the world. Tahal is fully owned by, a subsidiary of Kardan N.V which is traded on the Euronext with a capitalization of approximately €1.0 billion Euro.

About the Seller:
City Partners L.P is a special purpose investment partnership established by Mr. Anthony Pollak in 1997 exclusively to purchase the controlling interest in Milgam Municipal Services. In 1998, City negotiated the sale of a minority 12% investment in Milgam to Israeli Growth Fund, an affiliate of Apax Partners private equity group. In 1999 City sold a minority share of its investment in Milgam to Gmul Holding Company, a public company traded on the Tel-Aviv stock exchange.

Anthony Pollak lives in Palm Beach, Florida. Mr. Pollak is also an 80% owner of Technologies Group ®, Israel's leading trade publication, trade show and media group serving the Israeli technology industry as well as Education Trade Shows Ltd, Israel's leading Education trade show.

About Milgam:
Milgam is the leading privatization force in the Israeli municipal sector. Milgam's services include the collection of municipal property taxes and water bills. Milgam serves over 120 out of 270 municipalities in Israel and has over 400 employees. Since its formation in 1983, Milgam has continuously been the market leader and innovator in its industry.

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Ron Pick
City Partners L.P
97299511767
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