46 Non-controlling interests.

Non-controlling interests represent third party interests in private equity and property investment vehicles which are consolidated in the Group’s results. The net decrease in the non-controlling interests in 2012 arises from the Group’s acquisition of the non-controlling interest in the Performance Retail Limited Partnership less the revaluation of the third party interests in the UK Property Ungeared Fund Limited Partnership.

Performance Retail Limited Partnership is now a wholly owned subsidiary of the Group. The Group’s ownership of the UK Property Ungeared Fund Limited Partnership remains above 50%.