Of the total net deferred tax assets of EUR661 million as at 31 December 2014 (2013: EUR508 million), EUR196 million (2013: EUR280 million)
is recognised in respect of subsidiaries in various countries where there have been tax losses in the current or preceding period. Management’s
projections support the assumption that it is probable that the results of future operations will generate sufficient taxable income to utilise
these deferred tax assets.