IFRS Balance sheet (€ Mn) unaudited	As per Dec 31, 2007			As per Dec 31, 2006
Assets
Investment property	11,693			10,349
Pipeline projects	433			233
	12,126			10,582
Goodwill	37			33
Investments in associates	-			1
Other investments	-			1
Other property, plant & equipment	21			25
Deferred tax assets	45			18
Derivative financial instruments	10			1
Deferred lease incentives	13			10
Other assets	4			5
Total non-current assets		12,256			10,676
Income tax receivables	1			1
Derivative financial instruments	2			-
Trade and other receivables	311			75
Cash at banks	101			46
Total current assets		415			122
Total Assets		12,671			10,798
Shareholders' equity
Share capital	717			717
Share premium	2,956			2,956
Other reserves	(29)			3
Retained earnings	4,092			2,811
Total shareholders’ equity	7,736			6,487
Minority interest	13			11
Total equity		7,749			6,498
Liabilities
Bonds	1,987			2,098
Interest-bearing loans and borrowings	1,484			1,014
Derivative financial instruments	15			28
	3,486			3,140
Employee benefits	5			5
Provisions	37			35
Deferred tax liabilities	745			577
Income tax payable	-			24
Deferred lease incentives	8			7
Other payables	-			-
Total non-current liabilities		4,281			3,788
Provisions	11			-
Bank overdrafts	2			31
Bonds	106			200
Interest-bearing loans and borrowings	231			8
Trade and other payables	291			273
Total current liabilities		641			512
Total liabilities		4,922			4,300
Total Equity & Liabilities		12,671			10,798

NEW IFRS ACCOUNTING PRINCIPLES

Until 2004, Rodamco Europe NV (‘Rodamco Europe’) has prepared its financial statements in accordance with Generally Accepted Accounting Principles in the Netherlands (Dutch GAAP). As from January 1, 2005, Rodamco Europe prepares its financial information (including comparative figures 2004) in accordance with International Financial Reporting Standards (IFRS). The 2005 figures including comparative figures 2004 are prepared on the basis of IFRS. For the main impact of the transition from Rodamco Europe’s previous accounting standards (Dutch GAAP) to IFRS, we refer to the separate document “IFRS@work”, of which the latest version is available on the website of Rodamco Europe (r).