Replacement Annual Financial Report -7-

|                   (291,425) |             | Investment management fee                                                                      |    4, 9     |             |                        (681,792) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                   (546,552) |             | Operating expenses                                                                             |             |             |                        (512,892) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                   (164,949) |             | Directors' fees                                                                                |      4      |             |                 (193,421)        | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                    (58,767) |             | Administration fee                                                                             |      4      |             |                         (78,000) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                   (188,325) |             | Audit fee                                                                                      |      4      |             |                 (187,550)        | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                    (18,408) |             | Custodian fee                                                                                  |      4      |             |                         (24,555) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                 (406,160)   |             | Write-off of goodwill                                                                          |             |             |                               -  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                 (1,674,586) |             |  Total operating expenses                                                                      |             |             |                      (1,678,210) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                             |             |                                                                                                |             |             |                                  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                (12,603,820) |             | Operating Loss                                                                                 |             |             |                      (1,445,179) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                             |             |                                                                                                |             |             |                                  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|            (2,751,375)      |             | Finance costs                                                                                  |     20      |             |              (5,706,195)         | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                             |             |                                                                                                |             |             |                                  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                (15,355,195) |             | Total comprehensive income for the year                                                        |             |             |                      (7,151,374) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                             |             |                                                                                                |             |             |                                  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                             |             |                                                                                                |             |             |                                  | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                     (EUR0.27) |             | Basic and diluted losses per share                                                             |     16      |             |                          (EUR0.05) | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
|                      EUR0.055 |             | Distribution per share                                                                         |     20      |             |                           EUR0.049 | 
+-----------------------------+-------------+------------------------------------------------------------------------------------------------+-------------+-------------+----------------------------------+ 
 
 
These financial statements were authorised and approved for issue by the 
Directors on 28 April 2010 and signed on their behalf by: 
 
 
Werner Schwanberg                                                         Adrian 
Waters 
Director 
      Director 
 
The accompanying notes form an integral part of the financial statements. 
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
For the year ended 31 December 2009 
 
+--------------------------------+--------------------------------------------------------------------------------------------------------------------------+----------------+----------------+---------------------------------+ 
|             Nine months ended  |                                                                                                                          |                |                |                     Year ended  | 
+--------------------------------+--------------------------------------------------------------------------------------------------------------------------+----------------+----------------+---------------------------------+ 
|              31 December 2008  |                                                                                                                          |                |                |               31 December 2009  | 
+--------------------------------+--------------------------------------------------------------------------------------------------------------------------+----------------+----------------+---------------------------------+ 
|                             EUR  |                                                                                                                          |     Notes      |                |                              EUR  | 
+--------------------------------+--------------------------------------------------------------------------------------------------------------------------+----------------+----------------+---------------------------------+ 
|                                |                                                                                                                          |                |                |                                 | 
+--------------------------------+--------------------------------------------------------------------------------------------------------------------------+----------------+----------------+---------------------------------+ 
|                                | Income                                                                                                                   |                |                |                                 |