The accounting policies used to prepare these 2007 Consolidated Annual Financial Statements are consistent with those applied for the year ended 31 December 2006.

On 1 June 2007 the European Union endorsed the two following IFRICs:

• IFRIC 10, Interim Financial Reporting and Impairment. This interpretation prohibits the impairment losses recognised in an interim period on goodwill, investments in equity instruments and investments in financial assets carried at cost to be reversed at a subsequent balance sheet date. The accounting policies of Fortis were already in line with this interpretation.
• IFRIC 11, IFRS 2: Group and Treasury Share Transaction, applicable as from the financial year 2008. This interpretation provides further guidance on the implementation of IFRS 2, Share-based Payment. Fortis is evaluating the effect of this interpretation for implementation in 2008.

On 6 September 2007, the IASB issued a revised version of IAS 1, Presentation of Financial Statements applicable as from the financial year 2009. The changes will only have an impact on the presentation, not on recognition or measurement.

On 21 November 2007, the European Union endorsed IFRS 8, Operating Segments. Fortis is evaluating the effect of this Standard for implementation in 2009.