Contents

NOTES TO THE FINANCIAL STATEMENTS

39. PRINCIPAL SUBSIDIARY AND JOINT VENTURE UNDERTAKINGS AT 31 MARCH 2010

Country of incorporation, registration and principal operations

Water and sewerage

South West Water Limited*

England

South West Water Finance Plc

England

Waste management

Viridor Limited*

England

Viridor Waste Limited

England

Viridor Waste Exeter Limited

England

Viridor Waste Management Limited

England

Viridor EnviroScot Limited

Scotland

Viridor Glass Recycling Limited

England

Viridor Parkwood Holdings Limited

British Virgin Islands †

Parkwood Group Limited

England

Viridor Waste (Sheffield) Limited

England

Viridor Resource Management Limited

England

Viridor Waste Kent Limited

England

Viridor Waste (Landfill Restoration) Limited

England

Viridor Waste (Somerset) Limited

England

Viridor Waste (Thames) Limited

England

Viridor Waste (Greater Manchester) Limited

England

Viridor London Recycling Limited

England

Viridor Polymer Recycling Limited

England

Viridor Waste Suffolk Limited

England

Viridor Waste (West Sussex) Limited

England

Other

Peninsula Insurance Limited*

Guernsey

* Indicates the shares are held directly by Pennon Group Plc, the Company.

† Operations are carried out in England.

The subsidiary undertakings are wholly-owned and all shares in issue are ordinary shares. All companies above are consolidated in the Group financial statements.

Joint ventures and associate

All joint ventures, the associate and the subsidiary undertakings of Lakeside Energy from Waste Holdings Limited, Viridor Laing (Greater Manchester) Holdings Limited and INEOS Runcorn (TPS) Holdings Limited are incorporated and registered in England which is also their country of operation.

Share capital in issue

Percentage held

Activity

Lakeside Energy from Waste Holdings Limited

1,000,000 A ordinary shares

-

1,000,000 B ordinary shares

100%

Lakeside Energy from Waste Limited

Waste management

Shares in Lakeside Energy from Waste Holdings Limited are held by Viridor Waste Management Limited.

Viridor Laing (Greater Manchester) Holdings Limited

2 ordinary shares

50%

Viridor Laing (Greater Manchester) Limited

Waste management

Shares in Viridor Laing (Greater Manchester) Holdings Limited are held by Viridor Waste Management Limited.

INEOS Runcorn (TPS) Holdings Limited

1,000 A ordinary shares

20%

186,750 B1 ordinary shares

50%

62,250 B2 ordinary shares

-

INEOS Runcorn (TPS) Limited

Waste management

Shares in INEOS Runcorn (TPS) Holdings Limited are held by Viridor Waste Management Limited.