CDO Carador Eur

+--------------------+----------------+-----------------+---------------+-------------+-----------------+ 
| Total net Level 3  |  (148,064,314) |    (83,253,309) |     1,369,631 | (6,837,393) |   (236,785,385) | 
| financial assets/  |                |                 |               |             |                 | 
| (liabilities)      |                |                 |               |             |                 | 
+--------------------+----------------+-----------------+---------------+-------------+-----------------+ 
|                    |                |                 |               |             |                 | 
+--------------------+----------------+-----------------+---------------+-------------+-----------------+ 
 
In relation to the Company's Level 3 investments, if the base IRR input changed 
by 1% then the fair value of the Level 3 investments would change by EUR530,159. 
If the base IRR input changed by 3%, this would change the valuation of the 
Level 3 financial liabilities by up to 10 basis points. This would equate to 
+/(-)EUR755,331. 
 
The above amount of total gains or losses for the period recorded in profit or 
loss that are attributable to gains or losses relating to those assets and 
liabilities held at the end of the reporting period is a loss of EUR314,126 for 
the Company and a loss of EUR73,886,529 for the group. 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
4.            FEES 
 
The Investment Manager was entitled to receive a management fee from the Company 
of 1.5% per annum of the net asset value of the Company, calculated and payable 
monthly in arrears.  The base management fee will be reduced to take into 
account any fees received by the Investment Manager or any of its associates or 
affiliates as a result of managing any CDO that the Company invests in, if such 
investment is or has been made in the primary market (i.e. the market in which 
investors have the first opportunity to buy a new security). 
 
In addition, the Investment Manager is entitled to a performance fee in respect 
of each share class equivalent to 13% of the amount by which the value of the 
financial year end net asset value per share of a class plus distributions per 
share of that class paid in the period exceeds the value of the net asset value 
per share of that class, as increased by 12 month Euribor plus 2%, as at the 
following point in time: 
 
(i)            if a performance fee has previously been paid, the net asset 
value per share of that class as at the end of the most recent previous 
completed accounting period or, if greater, the net asset value per share of 
that class as at the end of the previous completed accounting reference period 
in respect of which a performance fee was paid; or 
(ii)           if no performance fee has been paid, the opening net asset value 
per share of that class as at the effective date of the amalgamation of the 
Company and Abingdon Investment Limited. 
 
The Company also reimburses the Investment Manager for all out-of pocket 
expenses reasonably incurred in the performance of its duties. 
 
The Custodian is entitled to receive an annual fee from the Company of 0.04% of 
the net asset value of the Company paid monthly in arrears, subject to an 
aggregate minimum monthly fee payable by the Company to the Custodian (and the 
Administrator) of EUR8,500. 
 
The Administrator is entitled to receive an annual fee of 0.08% of the net asset 
value of the Company on the first EUR75 million of the Company's net assets, 0.07% 
of the net asset value on the next EUR75 million of the Company's net assets and 
0.06% thereafter, accrued and paid monthly in arrears, subject to an aggregate 
minimum monthly fee payable by the Company to the Administrator (and the 
Custodian) of EUR8,500. 
 
Company 
During the year ended 31 December 2009 the Company paid Investment Manager, 
Custodian and Administration fees of EUR681,792 (31 December 2008: EUR291,425), 
EUR24,555 (31 December 2008: EUR18,408) and EUR78,000 (31 December 2008: EUR58,767) 
respectively.  Of these EUR116,923 (31 December 2008: EUR94,059), EUR4,077 (31 
December 2008: EUR6,375) and EUR13,249 (31 December 2008: EUR19,660) was outstanding 
at year end.  There were no performance fees paid in the year (31 December 2008: 
EURNil). 
The Directors are entitled to a fee in remuneration for their services at a rate 
to be determined from time to time by the Directors and disclosed in the 
financial statements. Under the arrangements currently in force the maximum 
aggregate of the remuneration to be paid to and the benefits in kind to be 
granted to the Directors for the financial year shall not exceed EUR195,000. Upon 
the date of each financial year end, the Company may increase the level of 
Directors' remuneration in respect of the financial year by the amount not 
exceeding 10% of the current level of Directors' remuneration on that date. Any 
such increase shall be notified to shareholders immediately. During the year 
ended 31 December 2009 the Company paid Directors fees of EUR193,421 (31 December 
2008: EUR164,949), of which EURNil (31 December 2008: EURNil) was outstanding at the 
year end. 
During the year ended 31 December 2009 the auditors received a fee of EUR187,550 
(31 December 2008: EUR188,325), of which EUR187,550 (31 December 2008: EUR188,325) was 
outstanding at the year end. 
 
During the year ended 31 December 2009 the Company incurred other operating 
expenses of EUR512,892 (31 December 2008: EUR546,552) of which EUR136,031 (31 December 
2008: EUR1,723,840) was outstanding at year end. 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
4.            FEES (continued) 
 
Consolidated 
Investment Management, Custodian and Administration fees of EUR2,473,602 (31 
December 2008: EUR400,971), EUR151,820 (31 December 2008: EUR25,379) and EUR134,301 (31 
December 2008: EUR60,701) respectively were paid by the group during the year. Of 
these EUR364,549 (31 December 2008: EUR361,920), EUR19,800 (31 December 2008: EUR23,422) 
and EUR13,249 (31 December 2008: EUR19,660) were payable at the year end. 
 
Operating expenses of EUR874,769 (31 December 2008: EUR569,213) were incurred by the 
group during the year. Of this EUR181,054 (31 December 2008: EUR1,772,542) was 
payable at year end. The group incurred no further directors' and audit fees 
other than those incurred by the Company. 
 
5.             CASH BALANCES 
 
Company cash balances are held with the Northern Trust Company. Cash balances of 
Gale Force 4 are held with State Street Corporation. 
 
6.             REDEEMABLE PARTICIPATING SHARES 
 
The authorised share capital of the Company shall not be less than the currency 
equivalent of EUR2 and the maximum issued share capital shall not be more than the 
currency equivalent of EUR500 billion divided into a specified number of shares of 
no par value. The issued share capital consists of 55,282,169 euro shares (31 
December 2008: 56,184,881) and 84,764,307 US$ shares (31 December 2008: 
83,799,318).  The Company has allotted two subscriber shares, of EUR1 each.  These 
shares do not participate in the profits of the Company. 
 
+----------------------------+-----+----------------+------------------+---------------------+ 
|                            |     |            EUR |              USD |              Total  | 
|                            |     |         shares |           shares |                     | 
+----------------------------+-----+----------------+------------------+---------------------+ 
| Issued share (no. of       |     |                |                  |                     | 
| shares)                    |     |                |                  |                     | 
+----------------------------+-----+----------------+------------------+---------------------+ 
| Balance at 31 December     |     |    56,184,881  |      83,799,318  |        139,984,199  | 
| 2008                       |     |                |                  |                     | 
+----------------------------+-----+----------------+------------------+---------------------+ 
| Net issue during the year  |     |      (902,712) |         964,989  |             62,277  | 
+----------------------------+-----+----------------+------------------+---------------------+ 
| Balance at 31 December     |     |    55,282,169  |      84,764,307  |        140,046,476  | 
| 2009                       |     |                |                  |                     | 
+----------------------------+-----+----------------+------------------+---------------------+ 
|                            |     |                |                  |                     | 
+----------------------------+-----+----------------+------------------+---------------------+ 
 
Capital management 
 
The Company is closed ended.  Subject to the approval of shareholders by way of 
special resolution, the Company will redeem all shares on the expiry of its 15 
year limited life. 
 
The Company's objectives for managing capital are: 
-       to invest the capital in investments meeting the description, risk 
exposure and expected return indicated in its prospectus; 
-       to achieve consistent returns while safeguarding capital by investing in 
CLOs backed by corporate loans or holding cash; 
-       to maintain sufficient liquidity to meet the expenses of the Company and 
to meet distribution commitments; and 
-       to maintain sufficient size to make the operation of the Company 
cost-efficient. 
Quantitative disclosures are contained in Note 14. 
 
7.             SOFT COMMISSIONS 
 
There are no agreements for the provision of any services by means of soft 
commission. 
 
8.             INITIAL EXPENSES 
 
Initial expenses are fees and expenses relating to the establishment and initial 
set-up of the Company, the issue of shares pursuant to the placing. 
 
 
NOTES TO THE FINANCIAL STATEMENTS (continued) 
 
For the year ended 31 December 2009 
 
9.             RELATED PARTY TRANSACTIONS 
 

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