as at 31 december 2006 (before appropriation of net profit)

	in millions of Euro	2006	2005 *
	Non-current assets
	Investments in subsidiaries	988	849
	Loans and receivables		1
	Deferred tax assets	1	7
		989	857
	Receivables	373	755
	Current liabilities	-208	-586
		1,154	1,026
	Financed by:
	Shareholders equity	1,154	1,026

General information

Vedior N.V. is a company domiciled in the Netherlands and is quoted on the stock exchange of Euronext Amsterdam and included in the AEX index. The Company financial statements for the year ended 31 December 2006 comprise the Company only. All information in these financial statements is in millions of Euro, unless stated otherwise.

Change of accounting policy

As of 2006 Vedior has changed the accounting policy for put options of minority shareholders that have rights to sell their minority interest to Vedior. For an explanation for this change of accounting policy please refer to this page. The accounting policy change effects the Company’s profit for the year and the Company’s equity as set out below. For the part of the profit and equity that will not be distributable to shareholders of Vedior N.V. a legal reserve is accounted for in the Company’s equity. The comparative information has been restated for comparison purposes.

	2006	2005
Effect on income statement
Profit for the period	178	154
Effect change of accounting policy	8	4
Profit for the period	186	158

		2005
Effect on equity
Balance equity as at 1 January		850
Effect change of accounting policy		19
Balance equity as at 1 January		869

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 from pages 56 to 64. 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 26 on this page for the contingencies and guarantees of Vedior N.V.

Investments in subsidiaries

	2006	2005
Position as at 1 January	849	597
Effect of accounting policy change		19
Share in result of subsidiaries	170	150
Acquisition of subsidiary		30
Exchange differences	-31	53
Position as at 31 December	988	849

The 100% participating interests in Vedior Holding B.V. and Tiberia B.V. are reported under Investments in subsidiaries.

Receivables

	2006	2005
Receivables due from subsidiaries	371	752
Taxes	1	2
Other receivables	1	1
	373	755

Company statement of changes in equity

in millions of Euro	Share capital	Share premium reserve	Share option reserve	Legal translation reserve	Other legal reserve	Retained earnings	Total
Balance at 1 January 2005	11	1,127	4	-15	11	-288	850
Effect change of accounting policy					19		19
Balance at 1 January 2005	11	1,127	4	-15	30	-288	869
Exchange differences arising on translation of foreign operations				53			53
Profit for the year					4	154	158
Transfer to retained earnings due to exercised put options minority shareholders					-2	2
Issue of share capital		7					7
Redemption preference shares A		-51					-51
Recognition of share based payments			6				6
Payment from reserves		-16					-16
Balance at 1 January 2006	11	1,067	10	38	32	-132	1,026
Exchange differences arising on translation of foreign operations				-34			-34
Profit for the year					8	178	186
Transfer to retained earnings due to exercised put options minority shareholders					-2	2
Issue of share capital		14					14
Recognition of share based payments			5				5
Dividend						-43	-43
Balance at 31 December 2006	11	1,081	15	4	38	5	1,154

Legal reserves
€27 million of the other legal reserve as at 31 December 2006 relates to the equity share that is not available for distribution to the shareholders of Vedior N.V. until Vedior actually acquires the minority share from the minority shareholders. An amount of €11 million of the other legal reserve represents the amount of the translation differences under Dutch GAAP that have arisen before 1 January 2004, the date of transitions to IFRS.

Amsterdam, 7 February 2007

Board of Management

Supervisory Board