Associated Companies and Participating Interests

For the measurement of Eureko’s investment in PZU S.A. (PZU), as per 30 June 2009, financial data provided by PZU was available. Eureko calculated its share in PZU’s total equity as per 30 June 2009 and net profit for the year.
Total equity as at 30 June 2009 amounts to € 1,704 million (31 December 2008: € 1,621 million) and its share in net profit for the first half amounts to € 160 million (H1 2008: € 117 million).

In line with its de-risking strategy, we decided to reduce our interest in MillenniumBCP in Portugal. As a result a loss of € 31 million was realised. Eureko continues to hold a direct shareholding and voting interest of 2.52% in MillenniumBCP, equal to the shareholding of MillenniumBCP in Eureko. An additional impairment charge of € 11 million has been accounted for during the first half of 2009. Dividends amounted to € 2 million.

As a consequence of F&C Asset Management plc’s increasing share price, we have recorded a reversal of impairment charges of € 13 million on our interest. In 2009, F&C was de-merged from Friends Provident, achieving full independence. Eureko has a direct shareholding of 10.5%.