AEF EUROPEAN CAPITAL INVESTMENT B.V. ROTTERDAM, THE NETHERLANDS. Annual Accounts as per 31 December 2006 for internal reporting purposes

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1 AEF EUROPEAN CAPITAL INVESTMENT B.V. ROTTERDAM, THE NETHERLANDS Annual Accounts as per 31 December 2006 for internal reporting purposes

2 Contents Financial Statements Balance sheet as at December 31, Profit and loss account Equity Equity Cash flow statement 8 Policies 9 Notes 11 Auditor's report 12

3 F I N A N C I A L S T A T E M E N T S

4 AEF European capital Investment BV Balance sheet as at December 31, 2006 A s s e t s Current Assets Investments available for sale (1) Due From Banks Cash and balances at central banks (2) Total Current Assets Total Assets S h a r e h o l d e r ' s e q u i t y a n d l i a b i l i t i e s Capital and reserves Share Capital Extraordinary Reserve (28.325) (28.325) Gains from available for sale securities revaluat Retained earnings Profit for the period Other Liabilities (3) Total Liabilities Page 4

5 Profit and loss Account for the year ended December 31, 2006 Gains from Financial Operations Gross Profit ,00 General Administrative expenses Total Expenses ,00 (34.640) ,00 Interest Receivable and similar income (4) Interest payable and similar expenses (5) Financial Income Profit for the period (before taxes) Income Tax (6) ( ) Profit for the period (after taxes) Page 5

6 Equity 2006 Issued Retained Gains from available Extraordinary capital earnings for sale securities revaluation Reserve Total equity At 1 January (28.325) Net gains on available-for-sale financial investments Profit for the year At 31 December (28.325) Page 6

7 Equity 2005 Attributable to equity holders of the parent Issued capital Retained earnings Gains from available for sale securities revaluation Extraordinary Reserve Total equity At 1 January (28.325) Net gains on available-for-sale financial investments Profit for the year At 31 December (28.325) Page 7

8 Cash flow statement for the year ended 31 December 2006 Operating activities Profit before tax from continuing operations Adjustment to reconcile profit before tax to net cash flows Non-cash: (Increase)/decrease in fair value of investment properties (2.735) (4.514) Working capital adjustments: Increase in trade and other payables (4.082) Income tax paid (74.957) Net cash flows from operating activities Investing activities Sales of investment properties Purchase of available-for-sale investments - ( ) Net cash flows used In investing activities - ( ) ( ) Net increase in cash and cash equivalents Net foreign exchange difference - - Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December Page 8

9 Corporate information Alpha Equity Fund European Capital Investments B.V. is a limited company incorporated and domiciled in The Netherlands whose shares are not publicly traded. Its principle activity is to act as a holding company. Basis of preparation The financial statements are presented in euros and all values are rounded to the nearest EURO except when otherwise indicated. Statement of compliance The financial statements of Alpha Equity Fund European Capital Investments B.V. have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. Foreign currency translation The financial statements are presented in euros, which is the Company's functional and presentation currency. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. All differences are taken to profit or loss. Available-for-sale financial investments Available-for-sale financial assets are those non-derivative financial assets that are designated as available-for-sale or are not classified in any of the three preceding categories. After initial measurement, available for sale financial assets are measured at fair value with unrealised gains or losses being recognised directly in equity in the net unrealised gains reserve. When the investment is disposed of, the cumulative gain or loss previously recorded in equity is recognised in the income statement. Interest earned or paid on the investments is reported as interest income or expense using the effective interest rate. Fair value The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm's length market transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis or other valuation models. Impairment of financial assets The company assesses at each balance sheet date whether a financial asset or group of financial assets is impaired. Cash and cash equivalents Cash and short term deposits in the balance sheet comprise cash at banks and at hand and short term deposits with an original maturity of three months or less. Page 9

10 Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, and other sales taxes or duty. Interest income Revenue is recognised as interest accrues (using the effective interest method that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset). Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Page 10

11 1. Investments available for sale Corporate bonds issued by entities within the Group Accrued interest on bonds issued by entities within the Group Cash and banks Cash at banks and on hand Short-term deposits Other liabilities Obligations fur current income tax Other accrued expenses Interest receivable and similar income Interest on available for sale securities (group companies) Loans and advances to customers Other interest receivable and similar income Interest payable and similar expenses Interest payable to banks Page 11

12 6. Income tax The major components of income tax expense for the years ended 31 December 2006 and Income statement Current income tax: Current income tax charge Adjustments in respect of current income tax of previous year Current income tax: Relating to origination and reversal of temporary differences - ( ) Income tax expense reported in the income statement ( ) Page 12