Notes to the consolidated financial statements 94 14 Investments in joint ventures and associates - - - - - - - - Ahold at a glance Business review Governance Financials Ahold Annual Report 2014 On February 10, 2013 Ahold reached a sale agreement with Hakon Invest regarding its 60% holding in ICA for SEK 20 billion. The transaction was completed on March 27 2013. For a description of the result on the divestment of ICA, see Note 5. In 1992, Ahold partnered with Jerónimo Martins, SGPS, S.A. in the joint venture JMR - Gestao de Empresas de Retalho, SGPS S.A. (JMR). Ahold holds 49% of the shares in JMR and shares equal voting power on JMR's board of directors with Jerónimo Martins, SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce. JMR is a joint venture and is accounted for using the equity method. There is no quoted market price available. Ahold is also a partner in various smaller joint arrangements and associates that are individually not material to the Group. Ahold does not have subsidiaries with non-controlling interests that are material to the Group. Changes in the carrying amount of Ahold's interest in joint ventures and associates are as follows: million JMR 2014 Other 2014 Total 2014 JMR 2013 ICA 2013 Other 2013 Total 2013 Beginning of the year 167 30 197 184 803 30 1,017 Share in income of joint ventures 22 2 24 9 1 10 Share in income of joint ventures classified as discontinued operations (2) (2) Dividend (17) (1) (18) (26) (1) (27) Investments classified from (to) held for sale or sold (828) (828) Other changes in equity of joint ventures 1 1 Exchange rate differences 2 2 27 27 End of the year 173 33 206 167 30 197 Share in profit from continuing operations for Ahold's interests in all individually immaterial joint ventures was €2 million (2013: €1 million) and nil for individually immaterial associates (2013: nil).

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