CDO Carador Eur

| Balance at 20    |          |                       |                    |                   |                    |                       |                     | 
| February 2006    |          |                     - |                  - |                 - |                  - |                     - |                   - | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Profit           |          |                       |         1,995,830  |                   |         1,995,830  |                       |          1,995,830  | 
| attributable to  |          |                     - |                    |                 - |                    |                     - |                     | 
| holders of       |          |                       |                    |                   |                    |                       |                     | 
| participating    |          |                       |                    |                   |                    |                       |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Issue of         |          |           50,025,000  |                    |                   |        50,025,000  |                       |         50,025,000  | 
| participating    |          |                       |                  - |                 - |                    |                     - |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Initial expenses |          |                       |        (1,268,012) |                   |        (1,268,012) |                       |         (1,268,012) | 
|                  |          |                     - |                    |                 - |                    |                     - |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Balance at 31    |          |           50,025,000  |           727,818  |                   |        50,752,818  |                       |         50,752,818  | 
| March 2007       |          |                       |                    |                 - |                    |                     - |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Loss             |          |                       |       (16,799,246) |                   |       (16,799,246) |                       |        (16,799,246) | 
| attributable to  |          |                     - |                    |                 - |                    |                     - |                     | 
| holders of       |          |                       |                    |                   |                    |                       |                     | 
| participating    |          |                       |                    |                   |                    |                       |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Balance at 31    |          |           50,025,000  |       (16,071,428) |                   |        33,953,572  |                       |         33,953,572  | 
| March 2008       |          |                       |                    |                 - |                    |                     - |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Non-controlling  |          |                       |                    |                   |                    |            5,233,730  |          5,233,730  | 
| interest on      |          |                     - |                  - |                 - |                  - |                       |                     | 
| investment       |          |                       |                    |                   |                    |                       |                     | 
| acquired         |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Loss             |          |                       |       (14,358,518) |                   |       (14,358,518) |                       |        (14,358,518) | 
| attributable to  |          |                     - |                    |                 - |                    |                       |                     | 
| holders of       |          |                       |                    |                   |                    |                       |                     | 
| participating    |          |                       |                    |                   |                    |                       |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Loss             |          |                       |                    |                   |                    |             (131,071) |           (131,071) | 
| attributable to  |          |                     - |                    |                 - |                  - |                       |                     | 
| non-controlling  |          |                       |                    |                   |                    |                       |                     | 
| interest         |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Unrealised       |          |                       |                    |         (996,677) |          (996,677) |                       |           (996,677) | 
| exchange loss on |          |                     - |                  - |                   |                    |                     - |                     | 
| foreign          |          |                       |                    |                   |                    |                       |                     | 
| subsidiary       |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Issue of         |          |           46,654,913  |                    |                   |        46,654,913  |                       |         46,654,913  | 
| participating    |          |                       |                  - |                 - |                    |                     - |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 

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