Replacement Annual Financial Report -15-

|                              6,700,000  |                | Disposal of investments                                                                        |                |                             66,956,904  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                             20,531,374  |                | Acquisition of subsidiary, net cash acquired                                                   |                |                                      -  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                               (990,322) |                | Exchange rate movement on net cash acquired                                                    |                |                                      -  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              4,831,592  |                | Net cash inflow from investing activities                                                      |                |                             18,989,503  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                         |                |                                                                                                |                |                                         | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                         |                | Cash flows from financing activities                                                           |                |                                         | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                      -  |                | Exchange gain on share transactions                                                            |                |                                  1,142  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                             (2,751,375) |                | Distribution paid                                                                              |                |                             (5,706,195) | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                             (2,751,375) |                | Net cash inflow/(outflow) from financing activities                                            |                |                             (5,705,053) | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                         |                |                                                                                                |                |                                         | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              4,867,841  |                | Net increase in cash and cash equivalents                                                      |                |                             14,681,537  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                      -  |                | Net foreign exchange difference                                                                |                |                               (877,911) | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              3,278,746  |                | Cash and cash equivalents at the beginning of the period                                       |                |                              8,146,587  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              8,146,587  |                | Cash and cash equivalents at the end of the period                                             |                |                             21,950,213  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                         |                |                                                                                                |                |                                         | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                         |                | Supplementary information                                                                      |                |                                         | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              4,522,084  |                | Cash inflow from interest                                                                      |                |                             16,907,668  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                 89,056  |                | Cash inflow from dividends                                                                     |                |                                 89,056  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                                576,681  |                | Cash outflow from interest                                                                     |                |                              6,738,430  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
|                              2,751,375  |                | Cash outflow from dividends                                                                    |                |                              5,706,195  | 
+-----------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+-----------------------------------------+ 
 
 
 
 
 
*Consolidated cash and cash equivalents includes Gale Force 4 cash and cash 
equivalents. Cash and cash equivalents available for use by the Company is the 
amount per the Company statement of financial position. Gale Force 4 was 
consolidated as at 31 December 2009 because the Company owned 70.98% of the 
income notes therefore the Company was deemed to hold the majority of the 
residual risk in Gale Force 4 but did not ultimately exert control. 
 
 
The accompanying notes form an integral part of the financial statements. 
 
NOTES TO THE FINANCIAL STATEMENTS 
 
For the year ended 31 December 2009 
 
1.     GENERAL 
 
Carador plc (the "Company") is a closed-ended limited liability investment 
company domiciled and incorporated under the laws of Ireland with variable 
capital pursuant to the Companies Acts, 1963 to 2009 of Ireland.  It was 
incorporated on 20 February 2006 under registration number 415764. The Company 
was authorised by the Financial Regulator pursuant to Part XIII of the Companies 
Act, 1990. 
The Company's share capital consists entirely of shares of no par value.  The 
Company's initial share capital is denominated in euro. The Company issued a US$ 
denominated share class at the time of the amalgamation of its wholly-owned 
subsidiary, Carador Guernsey Limited, with Abingdon Investment Limited on 9 
December 2008.  The Company may issue one or more additional classes of shares