Replacement Annual Financial Report -10-

+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Balance at 20 February 2006                            |                |                                        -  |                                       -  |                          -  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Profit attributable to holders of participating shares |                |                                        -  |                               1,995,830  |                  1,995,830  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Issue of participating shares                          |                |                               50,025,000  |                                       -  |                 50,025,000  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Initial expenses                                       |                |                                        -  |                              (1,268,012) |                 (1,268,012) | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Balance at 31 March 2007                               |                |                               50,025,000  |             727,818                      |                 50,752,818  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Loss attributable to holders of participating shares   |                |                                        -  |                             (16,799,246) |                (16,799,246) | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Balance at 31 March 2008                               |                |                               50,025,000  |                             (16,071,428) |                 33,953,572  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Loss attributable to holders of participating shares   |                |                                        -  |                             (15,355,195) |                (15,355,195) | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Issue of participating shares                          |                |                               46,654,913  |                                       -  |                 46,654,913  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Balance at 31 December 2008                            |                |                               96,679,913  |                             (31,426,623) |                 65,253,290  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Loss attributable to holders of participating shares   |                |                                        -  |                              (7,151,374) |                 (7,151,374) | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Issue of participating shares                          |                |                                  485,647  |                                       -  |                    485,647  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Redemption of participating shares                     |                |                                 (484,505) |                                       -  |                   (484,505) | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
|                                                        |                |                                           |                                          |                             | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
| Balance at 31 December 2009                            |                |                               96,681,055  |                             (38,577,997) |                 58,103,058  | 
+--------------------------------------------------------+----------------+-------------------------------------------+------------------------------------------+-----------------------------+ 
 
 
 
 
 
 
The accompanying notes form an integral part of the financial statements. 
 
 
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING 
SHAREHOLDERS 
 
For the year ended 31 December 2009 
 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |         Participating |                    |             Other |                    |       Non-controlling |                     | 
|                  |          |                       |           Retained |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |          reserves |           Subtotal |              interest |               Total | 
|                  |          |                shares |           earnings |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                    EUR  |                 EUR  |                EUR  |                 EUR  |                    EUR  |                  EUR  | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+