IFRS Profit & Loss account (€ Mn) unaudited	Jan 1 – Dec 31, 2007			Jan 1 – Dec 31, 2006		difference
Gross rental income	684.9			652.4		5.0%
Service charge income	110.7			98.3
Revenues		795.6			750.7
Service charge expenses	(116.1)			(103.6)
Property operating expenses	(86.9)			(84.0)		(3.5%)
		(203.0)			(187.6)	(8.2%)
Net rental income		592.6			563.1	5.2%
Valuation result investment property	1,268.9			1,270.6		(0.1%)
Valuation result renovation projects	-			-
Valuation result pipeline projects	31.2			36.7
Valuation result		1,300.1			1,307.3
Result on disposal of investment property and pipeline		11.9			27.1
Administrative expenses		(88.6)			(52.1)	(70.1%)
Merger expenses		(32.1)			-
Other income and expenses		-			-
Operating profit		1,783.9			1,845.4	(3.3%)
Interest expenses	(139.4)			(132.6)		(5.1%)
Fair value result derivative financial instruments	2.6			6.9
Foreign exchange result	(0.4)			(0.5)
Financing result		(137.2)			(126.2)	(8.7%)
Share of the profit of associates		-			(0.1)
Profit before tax		1,646.7			1,719.1	(4.2%)
Deferred income tax expense		(139.1)			(180.8)
Income tax expense		(12.3)			(9.3)
Net profit for the period		1,495.3			1,529.0	(2.2%)
Attributable to:
Minority interest		4.0			3.7
Equity holders of the parent (net shareholders' profit for the period)		1,491.3			1,525.3	(2.2%)
Net profit for the period		1,495.3			1,529.0	(2.2%)

IFRS Profit & Loss account (€ Mn) unaudited	July 1 – Dec 31, 2007			July 1 – Dec 31, 2006		difference
Gross rental income	347.8			331.2		5.0%
Service charge income	57.0			52.2
Revenues		404.8			383.4
Service charge expenses	(59.9)			(55.1)
Property operating expenses	(45.2)			(43.9)		(3.0%)
		(105.1)			(99.0)	(6.2%)
Net rental income		299.7			284.4	5.4%
Valuation result investment property	534.6			726.1		(26.4%)
Valuation result renovation projects	-			-
Valuation result pipeline projects	0.2			31.3
Valuation result		534.8			757.4
Result on disposal of investment property and pipeline		0.9			26.9
Administrative expenses		(47.6)			(27.8)	(71.2%)
Merger expenses		-			-
Other income and expenses		-			-
Operating profit		787.8			1,040.9	(24.3%)
Interest expenses	(72.1)			(67.7)		(6.5%)
Fair value result derivative financial instruments	(0.3)			1.8
Foreign exchange result	0.6			(0.9)
Financing result		(71.8)			(66.8)	(7.5%)
Share of the profit of associates		-			(0.1)
Profit before tax		716.0			974.0	(26.5%)
Deferred income tax expense		(38.4)			(110.1)
Income tax expense		(2.5)			(6.2)
Net profit for the period		675.1			857.7	(21.3%)
Attributable to:
Minority interest		3.0			1.5
Equity holders of the parent (net shareholders' profit for the period)		672.1			856.2	(21.5%)
Net profit for the period		675.1			857.7	(21.3%)

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).