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Notes 26-31

29. Principal subsidiary undertakings

The principal subsidiary undertakings of the Group are:

  Country of Incorporation
Grey Global Group, Inc US
J. Walter Thompson Company, Inc US
GroupM Worldwide, Inc US
The Ogilvy Group, Inc US
Young & Rubicam, Inc US

All of these subsidiaries are operating companies and are 100% owned by the Group.

A more detailed listing of the operating subsidiary undertakings is given in Our companies and associates. The Company directly or indirectly holds controlling interests in the issued share capital of these undertakings with the exception of those specifically identified.

Advantage has been taken of Section 231(5) of the Companies Act 1985 to list only those undertakings required by that provision, as an exhaustive list would involve a statement of excessive length. A full listing of the Company's subsidiary undertakings is included in the Company's Annual Return.