Notes to the consolidated Financial statements: General

Corio N.V. (‘Corio’ or ‘the Company’) is a closed-end property investment fund and is licensed under the Financial Supervision Act (WFT). The Company is domiciled in Utrecht, Netherlands. The financial statements have been prepared by the Management Board and were authorised for publication on 18 February 2010. The financial statements will be presented to the Annual General Meeting of Shareholders for approval on 23 April 2010.

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Basis of preparation

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ('IFRS') adopted by the European Union.

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Basis of consolidation

Subsidiaries are those entities ultimately controlled by Corio.

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Foreign currency

Transactions in foreign currencies are translated into euros at the spot exchange rate on the transaction date.

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Investment property

Investment property covers investments in property held for the purpose of generating rental income, for capital gain or for a combination of both.

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Investment property under development

Investment property under development is initially recognized at cost price.

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Other investments, non-current

Loans and receivables

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Intangible assets

Intangible assets mainly relate to goodwill, being the difference between the purchase price of an acquisition and the fair value of the Group’s share of the net assets of the acquired subsidiary,

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Property, plant and equipment

Property, plant and equipment, are carried at cost less accumulated depreciation and impairment losses.

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Deferred tax

Deferred tax is recognised using the balance sheet method, reflecting temporary differences between the carrying amounts of assets and liabilities and the amounts used for tax purposes.

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Trade and other receivables

Trade and other receivables are initially recognized at fair value and subsequently measured at amortised cost, less impairment losses.

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