Company accounting principles

With reference to Article 362 paragraph 8 Volume 2 of the Dutch Civil Code, the Company financial statements have been prepared using the same accounting principles as for the consolidated financial statements. These accounting principles are included here. Subsidiaries are accounted for at net asset value. In accordance with Article 402, Volume 2 of the Dutch Civil Code, the information in the Company financial statements and accompanying notes are condensed.

With reference to Article 379, paragraph 5 Volume 2 of the Dutch Civil Code, the Company has deposited a list of its capital interests at the office of the Commercial Register in Amsterdam, the Netherlands.

See note 24 for the contingencies and guarantees of Vedior N.V.

 Investments in subsidiaries

 The 100% participating interest in Vedior Holding B.V. is reported under Investments in subsidiaries. In May 2005 Vedior NV acquired the preferred shares in Tiberia BV against their par value at €30 million. See also the note on this page.

 Loans and receivables

The Loans and receivables consist of the interest-free loans outstanding to one member of the Board of Management amounting to €1.1 million
(2004: €1.1million) under the Group share plans as described on this page.

 Receivables

 Company statement of changes in equity

In respect of all foreign operations, any translation differences that have arisen before 1 January 2004, the date of transition to IFRS, are presented as a separate component of equity in the Company balance sheet. A legal reserve of €11 million represents the amount of the translation reserve under Dutch GAAP at 31 December 2003.

Amsterdam, 1 February 2006