GE STUDIO DRESDEN LIMITEDLiquidated

GE STUDIO DRESDEN LTD.

Dresden

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31/12/2006

ABBREVIATED BALANCE SHEET
As at 31/12/2006

GE STUDIO DRESDEN LTD.

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 249A(1) of the Companies Act 1985 and members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 249B(2) of the Act. The directors acknowledge their responsabliities for ensuring that the company keeps accounting records which comply with section 221 of the Companies Act 1985, and for preparing financial statements which give a true

and fair view of the state of affairs of the company as at 31/12/2006 and of its profit for the year then ended

in accordance with the requirements of section 226, and which otherwise comply with the requirements of the Act relating to the financial statements so far as applicable to the company.

The abbreviated accounts, which have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 applicable t all companies, were approved by the board on 31/12/2006 and signed on its behalf.

The notes on page 4 to 5 form patt of these financial statements.

NOTES TO THE ABBREVIATED ACCOUNTS
For the year ended 31/12/2006

GE STUDIO DRESDEN LTD.

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 statment 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 Euros.

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 in the following bases:

2. TANGIBLE FIXED ASSETS

3. SHARE CAPITAL