NUBULUS LIMITED

Nubulus Ltd

Abridged accounts for the year ended 31 December 2012

Contents

Directors and other information

Statement of Directors' Responsibilities

Abridged balance sheet

Notes to the abridged fmancial statements including Statement of Accounting Policies

Directors and other information

Statement of Directors' responsibilities and declaration on unaudited financial statements

The directors made the following statement in respect of the unaudited financial statements:

General Responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and published by the Institute of Chartered Accountants in Ireland.

Irish company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and with Irish statute comprising the Companies Acts 1963 to 2012.

They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' declaration on unaudited financial statements

In relation to the financial statements as set out on pages 3 to 8 :

On behalf of the board

Abridged balance sheet as at 31 December 2012

The directors have taken advantage of the abridged disclosure exemptions conferred by Sections 10 and 12 of the Companies (Amendment) Act, 1986 on the grounds that the company is entitled to the benefit of those exemptions as a small company.

The company is availing itself of the exemption provided for by Part III of the Companies (Amendment) (No. 2) Act, 1999 on the grounds that it complies with the requirements of section 32 of that Act (as updated by section 53 of the Companies (Auditing and Accounting) Act 2003 and by section 9 Investment Funds, Companies and Miscellaneous Provisions Act 2006). The directors confirm that they have not received a notice requesting an audit in accordance with section 33 (1) and (2) of the Act. As set out on page 2 the directors acknowledge the obligation of the company to keep proper books of account, prepare financial statements which give a true and fair view of the state of affairs of the company at the fmancial year and of its profit or loss for such a year and to otherwise comply with the provisions of the Companies Acts 1963 to 2012 and all Regulations to be construed as one with those Acts.

These accounts have been prepared in accordance with section 156 (1) of the Companies Act 1963 and the Financial Reporting Standard for Smaller Entities (effective April 2008) relating to small companies.

The abridged accounts were approved by the Board on 21 November 2013 and signed on its behalf by

Notes to the abridged financial statements for the year ended 31 December 2012

1. Statement of accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

1.1. Basis of preparation

The unaudited accounts are prepared in accordance with generally accepted accounting principles under the historical cost convention, and in accordance with applicable accounting standards, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2. Turnover Policy

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

1.3. Tangible fixed assets and depreciation

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less residual value, of each asset systematically over its expected useful life, as follows:

1.4. Stock

Stock is valued at the lower of cost and net realisable value. The company has now adopted the policy whereby trees in a plantation forest are treated as biological assets and should be treated as trading stock. In prior years the tree stock was included in land and buildings freehold and an adjustment has been made in this respect as at 1st December 2012.

1.5. Dividends

Dividends to the Company's ordinary shareholders are recognised as a liability of the company when approved by the Company's shareholders at the annual general meeting

1.6. Taxation

The yearly charge for taxation is based on the profit for the year and is calculated with reference to the tax rates applying at the balance sheet date.

2. Directors and secretary and their interests

The directors who served during the year and their interests in the company are as stated below:

All of the appointed directors retire from the board by rotation in accordance with the Articles of Association and, being eligible, offer themselves for re-election.

3. Transactions with directors

There were no related party transactions with the directors during the period.

4. Fixed assets

5. Creditors: amounts falling due within one year

The company has given security of €649,741 over the company assets.

6. Creditors: amounts falling due within one year

7. Creditors: amounts falling due after more than one year

8. Share capital

9. Going concern

The directors have offered assurance that they will continue to financially support the company and have confirmed that monies owed to them will remain in the company for the forseeable future. As such, the accounts are prepared on a going concern basis.

10. Accounting Periods

The current accounts are for a full year. The comparative accounts are for a full year.

11. Approval of financial statements

The board of directors approved these financial statements for issue on 21 November 2013.