Amtel-Vredestein Announces Submission of FY2007 Annual Report

Amtel-Vredestein N.V. has announced the submission of its unaudited annual accounts and annual report for the 2007 financial year to the Netherlands Chamber of Commerce in accordance with article 2:394 of the Dutch Civil Code. The annual accounts have not been adopted by the company’s general meeting and have not been audited by Amtel-Vredestein’s auditor. The financial year 2007 unaudited annual accounts and annual report, says the company, have been merely made public to fulfil the obligations of article 2:394 of the Dutch Civil Code. Amtel-Vredestein adds in a statement that, in this respect, it should also be noted that the Dutch Ministry of Economics has denied the company’s request for an exemption from the obligation to draw up, present and adopt its audited financial statements for the financial year that ended on 31 December 2007.

Headline items from the financial year 2007 unaudited annual accounts were published as part of a shareholder circular dated 14 August 2008 and disclosed in a company press release published 15 August 2008. All the numbers stated in the shareholder circular and press release remain unchanged except for minor differences in methodology for the net debt calculation. The full text of the financial year 2007 unaudited annual accounts and annual report will be published on the company’s www.amtel-vredestein.com website.

The Amtel-Vredestein N.V. financial year 2007 unaudited annual accounts and annual report have been prepared on a going concern basis, the company comments. The executive directors of Amtel-Vredestein N.V. add they are aware of the fact that there is currently uncertainty about the ability of Amtel-Vredestein N.V., to continue as a going concern. However, the executive directors are of the view that the annual accounts should be prepared on a going concern basis in view of the fact that a twelve month period has lapsed since 31 December 2007 and that there is no certainty the business will not be continued. However, the company adds that ‘this approach may not give a fair view going forward’. Should the business or parts thereof not be continued in the future, this could have a material adverse effect on the company’s operations, financial condition, assets and/or results, which, at this stage, cannot be quantified. Due to these uncertainties, Amtel-Vredestein N.V. says it has to date been unable to obtain an auditors opinion and have the annual accounts and annual report 2007 adopted by the general meeting of shareholders of Amtel-Vredestein N.V.

According to Amtel-Vredestein, the company’s executive directors feel that preparing the financial year 2007 unaudited annual accounts on a going concern basis together with the inclusion of a warning about the possible inability to continue as a going concern as set out above gives the fairest view possible in the circumstances. However, in the view of the executive directors, it should not be relied upon that the financial year 2007 unaudited annual accounts and annual report 2007 have been prepared on a correct basis, and therefore that they give a true and fair view, given the uncertainties as to the business being able to continue as a going concern. In view of this, the board has added a note to the annual accounts and the annual report, in which it explains its position with respect to these documents.