(2) In paragraph 1 (asset values)(1)—

(a)in sub-paragraph (2) omit “or of any of its subsidiary undertakings”, and

(b)after that sub-paragraph insert—

“(3) In relation to a group directors' report sub-paragraph (2) has effect as if the reference to the fixed assets of the company was a reference to the fixed assets of the company and of its subsidiary undertakings included in the consolidation.”

(3) In paragraph 5A (use of financial instruments)(2)—

(a)in sub-paragraph (1) omit—

(i)“and by its subsidiary undertakings”, and

(ii)“and its subsidiary undertakings included in the consolidation” in each place where it occurs, and

(b)after that sub-paragraph insert—

“(1A) In relation to a group directors' report sub-paragraph (1) has effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.”

(4) In paragraph 6 (miscellaneous matters)(3)—

(a)make the existing provision sub-paragraph (1),

(b)in that sub-paragraph omit—

(i)in paragraph (a), “or any of its subsidiary undertakings”,

(ii)in paragraph (b), “and of its subsidiary undertakings”, and

(iii)in paragraph (c), “and its subsidiary undertakings”, and

(c)after that sub-paragraph insert—

“(2) In relation to a group directors' report paragraphs (a), (b) and (c) of sub-paragraph (1) have effect as if the references to the company were references to the company and its subsidiary undertakings included in the consolidation.”