Note I: Contingent liabilities

Akzo Nobel N.V. is parent of the group’s fiscal unit in the Netherlands, and is therefore liable for the liabilities of said fiscal unit as a whole.

Akzo Nobel N.V. has declared in writing that it accepts joint and several liability for contractual debts of certain Dutch consolidated companies (section 403 of Book 2 of the Netherlands Civil Code). These debts, at year-end 2014, aggregating €0.6 billion (2013: €0.6 billion), are included in the Consolidated balance sheet. Additionally, at year-end 2014, guarantees were issued on behalf of consolidated companies for an amount of €1.4 billion (2013: €2.4 billion).

The debts and liabilities of the consolidated companies underlying these guarantees are included in the Consolidated balance sheet or in the amount of long-term liabilities in respect of operational lease contracts as disclosed in Note 20 of the Consolidated financial statements. Guarantees relating to associates and joint ventures amounted to €9 million (2013: €9 million).