2.2 PZU Group entities and associates

1) on 7 June 2017, upon the acquisition of Pekao shares by PZU, PZU obtained significant influence on PIM, in which Pekao held a 49% stake. After Pekao acquired 51% of PIM’s shares on 11 December 2017, PZU obtained indirect control over PIM and consequently over its Pekao TFI subsidiary. More information on this transaction is presented in section 2.4.3.

2) on 7 June 2017, upon the acquisition of Pekao shares by PZU, PZU obtained significant influence on Xelion, in which Pekao held a 50% stake. After Pekao acquired 50% of Xelion’s shares on 11 December 2017, PZU obtained indirect control over Xelion. More information on this transaction is presented in section 2.4.4.

3) Direct subsidiary of Alior Bank, in which Alior Bank holds a 60.16% stake. As a consequence, the PZU Management Board considers the PZU Group to be in control of the company.

4) On 31 October 2017, Medicus w Opolu sp. z o.o. merged with PZU Zdrowie SA. Additionally, on 15 December 2017, the National Court Register registered an increase of PZU Zdrowie SA’s share capital from PLN 650 thousand to PLN 10,650 thousand through an issue of 1 million D series common bearer shares with a par value of PLN 10 each. The transactions had no effect on the consolidated financial statements.

5) On 27 November 2017, Rezo-Medica sp. z o.o. merged with Centrum Medyczne Medica sp. z o.o. The transaction had no effect on the consolidated financial statements.

6) On 20 September 2017, Polmedic sp. z o.o. merged with Specjalistyczna Przychodnia Medycyny Pracy sp. z o.o. The transactions had no effect on the consolidated financial statements.

7) On 4 December 2017, the shareholder meeting adopted a resolution to open the company’s liquidation process.

8) On 16 May 2017, the shareholder meeting adopted a resolution to open the company’s liquidation process.

9) On 30 June 2017, Armatura Kraków SA merged with Armatoora SA. The transaction had no effect on the consolidated financial statements.

10) As at 31 December 2017, the funds PZU FIZ Sektora Nieruchomości and PZU FIZ Sektora Nieruchomości 2 conducted their investmen t activity through (consolidated) subsidiary companies established under commercial law as special-purpose vehicles whose number in the respective funds was: 15 and 20 (as at 31 December 2016: 24 and 11, respectively).

11) The percentage of votes held by PZU is different from the stake held in the share capital, and both as at 31 December 2017 and as at 31 December 2016 it was 25.44%. The difference between the percentage of votes and the stake in the share capital results from the fact that holders of non-controlling interests hold certain shares preferred as to the voting rights.

12) Pekao’s associate, in which it holds a 40.00% stake. Consequently, the PZU Management Board recognizes that the PZU Group has significant influence over this company.