The NAMA Group structure is described in Note 1. The subsidiary undertakings and percentage ownership of NAMA in those subsidiaries are as follows:

Subsidiary	Holding	Principal Activity	Country of incorporation
National Asset Management Agency Investment Limited	49%	Holding company and lending	Ireland
National Asset Resolution Limited	49%	Securitisation and asset management	Ireland
National Asset Management Limited	49%	Debt issuance	Ireland
National Asset Management Group Services Limited	49%	Holding company, securitisation and asset management	Ireland
National Asset Loan Management Limited	49%	Securitisation and asset management	Ireland
National Asset Property Management Limited	49%	Real estate	Ireland
National Asset Management Services Limited	49%	Non-trading	Ireland
National Asset Residential Property Services Limited	49%	Provision of residential properties for the purposes of social housing	Ireland

All subsidiaries have their registered offices in Treasury Building, Grand Canal Street, Dublin 2.

36.1 Investment in subsidiaries

Agency	2012 €'000	2011 €'000
49,000,000 shares in NAMAIL	49,000	49,000

In 2010 the Agency made an investment of €49m in NAMAIL.