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Consolidation

Date recorded:

The Boards had a short session on consolidation where they discussed the current state of the project and the decisions made by both Boards until now. The Boards discussed the remaining agenda for deliberations and discussed the high-level differences between US GAAP and IFRS requirements and the proposals being discussed. The Boards agreed to deliberate all issues jointly in January and February 2010. The main areas for deliberations include control with less than half of the voting rights, assessment of control with options and convertible instruments, agent-principal analysis, investment companies and disclosures for consolidated and unconsolidated entities.

This was an educational session, no decisions were made.