173 ANNUAL REPORT 2010 NOTE 15.4 REVALUATION RESERVES  Upon sale, the amounts realized are recognized in the income  statement or transferred to retained earnings. Upon impairment,  unrealized losses are recognized in the income statement.  The revaluation accounts for both available-for-sale  investments and for real estate held for own use include  unrealized gains and losses on these investments, net of tax.  Available-  for-sale  investments Real estate  held for  own use Cash fl ow  hedging  reserve Total At January 1, 2010 (1,928) 39 180 (1,709) Disposal of a business  (22) –  –   (22) Gross revaluation 4,044 2 367 4,413 Net (gains)/losses transferred to income statement  (203) –   (8)  (211) Foreign currency translation differences  (171) 2  14   (155) Tax effect  (1,227)  (2)  (129)  (1,358) AT DECEMBER 31, 2010 493 41 424 958 At January 1, 2009 (7,864) 41 656 (7,167) Disposal of a business 59 – – 59 Gross revaluation 7,791 1  (592) 7,200 Net (gains)/losses transferred to income statement 640 –  (117) 523 Foreign currency translation differences 61   (1)  (22) 38  Tax effect  (2,623)  (1) 255   (2,369) Other 8  (1) – 7 AT DECEMBER 31, 2009  (1,928) 39  180   (1,709) At January 1, 2008 (679) 36 127 (516) Gross revaluation  (10,970) 7  429   (10,534) Net (gains)/losses transferred to income statement 718 – 306 1,024 Foreign currency translation differences  (162) 1  63   (98) Tax effect 3,236   (3)  (269) 2,964  Other (7) – – (7) AT DECEMBER 31, 2008  (7,864) 41  656   (7,167) 2010 2009 2008 Number of  shares  (thou sands) Total  amount Number of  shares  (thousands) Total  amount Number of  shares  (thousands) Total  amount Held by AEGON N.V. 27,520 235 27,572 236 60,265 679 Held by subsidiaries  1,726 17 1,699 15 2,513 46 AT DECEMBER 31 29,246 252 29,271 251 62,778 725 SHARPENING OUR FOCUS