ADIF BROKERAGE LTD.

ADIF Brokerage Ltd.

Potsdam

Jahresabschluss zum 31. Dezember 2011

ABBREVIATED BALANCE SHEET As at 31/12/2011

For the year ending 31/12/2011 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for:

(I) complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

(II) preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profits an loss for the year, and which otherwise comply with the requirements of this Act relating to accounts, so far as applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Director

The notes on pages 4 to 5 form part of these financial statements.

NOTES TO THE ABBREVIATED ACCOUNTS for the year ended 31/12/2011

1. ACCOUNTING POLICIES

1.1. Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the german tax law.

1.2. Cash flow

The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective June 2002).

1.3. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, exclusive of Value Added Tax

1.4. Foreign Currencies

All figures are reported in Euro.

1.5. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

2. TANGIBLE FIXED ASSETS

3. SHARE CAPITAL