Directors Report 1

The directors present their report and the financial statements of the company for the year ended 31 December 2005.
Principal activity
The principal activity of the company is the retailing of sports equipment and clothing.
Directors
The directors who served during the year were:
W R C Eve J A Gallagher D Hopley J13 lnverdale C H Thomas N11 ussai n

(appointed 01.04.05) ?ectors' interests
The beneficial interests of the directors and their families in the share capital of the company were as follows:
Ordinary shares of ?1 each 31 December 2005 1 January 2005 R C Eve 150 149 J A Gallagher 2 2 Hopley 7 2 J13 1nverdale 15 15 C 11 Thomas 90 90 N11 ussain 8
The above report has been prepared in accordance with the special provisions of Part VII of the Companies Ac 1985 relating to small companies.
Signed on behjLuf the board

Apiroved by the Board on 31 May 2006.

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RAM INTERNATIONAL LTD Accountants' Report to the Board ofDireetors on the Unaudited Financial Statements
In accordance with the engagement letter dated 28 April 2006, and in order to assist you to fulfil your duties under the Companies Act 1985, we have compiled the financial statements of the company set out on pages 4 to 9 from the accounting records and information and explanations you have given to us.
This report is made to the Company's board of Directors, as a body, in accordance with the terms of our enE,agement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with technical guidance issued by the Chartered Association of Certified Accountants and have complied with the ethical guidance laid down by the Association relating to members undertaking the compilation of financial statements.
You have acknowledged on the balance sheet for the year ended 31 December 2005 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 1985. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not ver fled the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. Pt' 274-61-02 g-t?
K4P Burgess LLP Chartered Certified Accountant Arkenis House Brook Way Teatherhead Surrey KT22 7NA
2006-05-31 00:00:00

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RAM INTERNATIONAL LTD Profit and loss account for the year ended 31 December 2005 Sheet1 The notes on pages 7 to 9 form part of these financial statements.

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RAM INTERNATIONAL LTD

Directors Report 2

Report of the Directors for the Year Ended 31 December 2004
The directors present their report with the financial statements of the company for the year ended 31 December 2004.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of rugby sports equipment and clothing sales.
REVIEW OF BUSINESS The results for the year and financial position of the company are as shown in the annexed financial statements.
RAM Cricket commenced at the beginning of 2005 and Nassar Hussain joined as a Director.
DIRECTORS The directors during the war under review were:
W R C Eve J A Gallagher D Hopley J B Inverdale C H Thomas

- appointed 7.4.04 The beneficial interests of the directors holding office on 31 December 2004 in the issued share capital of the company iverc as follows: Sheet1 This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
ON BEHALF OF THE BOARD:

Date:

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RAM International Limited Formerly RAM Rugby International Limited

Directors Report 3

Report of the Directors for the Year Ended 31 December 2003
The directors present their report with the financial statements of the company for the year ended 31 December 2003.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of rugby sports equipment and clothing sales.
REVIEW OF BUSINESS The results for the year and financial position of the company are as shown in the annexed financial statements.
The Directors would like to note that there is a prior year adjustment of ?13,162 due to unaccounted costs. Revised profits should read 2002 ?32,292 2003 ?54,415.
DIRECTORS The directors during the year under review were:
W RC Eve J A Gallagher D Hopley J B Inverdale
The beneficial interests of the directors holding office on 31 December 2003 in the issued share capital of the company were as follows: Sheet1 This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
Page 't

ON BEHALF OF THE BOARD: - Dire td Date:
Ram Rugby International Limited

Directors Report 4

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2002.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW The principal activity of the company during the year continued to be the sale of rugby sports equipment and clothing.
There has been a fantastic increase in turnover with sales going up by over 100% from 2001 to 2002. This is due to the RAM brand name becoming better and better known, and the appreciation by Clubs and Schools of the excellent service RAM have been giving over the past four years. There are now over 1,000 Clubs and Schools that purchase from RAM, so we have an excellent, solid customer base. The directors have budgeted a further 20% increase for the year 2003. The Directors are confident about the company's prospects for the forthcoming year. The Directors do not recommend a dividend.
POST BALANCE SHEET EVENTS There were no post balance sheet events.
THE DIRECTORS AND THEIR INTERESTS IN SHARES OF THE COMPANY The directors who served the company during the year together with their beneficial interests in the shares of the company were as follows:
Ordinary Shares of ?1 each At At 31 December 2002 1 January 2002 or later date
Sheet1 Page 2
RAM RUGBY INTERNATIONAL LIMITED THE DIRECTORS' REPORT (continued)
STATEMENT OF DIRECTORS RESPONSIBILITIES
Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss for that year. In preparing those accounts directors are required to: Select suitable accounting policies and then apply them consistently; Make ,judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
Prepare accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 1985. 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.
J A Gallagher was appointed as a director on 23 January 2002. D Hopley was appointed as a director on 23 January 2002. J B Inverdale was appointed as a director on 23 January 2002.
SMALL COMPANY PROVISIONS This report has been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.
Registered office: RAM House Chalky Lane Chessington Surrey KT9 2NF

Signed by order of the directors

Approved by the directors on 2214toi H M E HOWLETT Company Secretary 46,b?9177'

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RAM RUGBY INTERNATIONAL LIMITED

Directors Report 5

DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2001
The directors present their report and the accounts for the company for the year ended 31st December 2001. Principal activities and review of business
The company's principal activity during the year continued to be the sale of Rugby sports equipment and clothing. It had been expected to make losses during the first two years of trading (1999 and 2000) whilst RAM established itself in the Rugby world. Our results in 2001, however, were disappointing. This was due largely to the appalling weather in the first part of the year, which affected Rugby Clubs very badly indeed and cut their spending power for the year. The Director is very hopeful for a much improved result in the forthcoming year, as overheads have been pruned, and a good customer base to produce REPEAT as well as new business, has now been established.
Results and dividends The results for the year are set out in the profit and loss account on page 4. The directors consider the state of the company's affairs to be satisfactory. The directors do not recommend a dividend.
Directors and their interests
The directors who held office during the year and their beneficial interests in the company's issued share capital are given below:
Name of director Share type At 31st December At 1st January 2001 2001.0
WRCEve fl Ordinary 153 153
.1 Gallagher, D Hopley and J Inverdale were appointed as directors on 23 January 2002. Events since the end of the year There were no post balance sheet events.

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RAM RUGBY INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2001

Statement of directors' responsibilities
Company law requires the directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss for that year. In preparing those accounts the directors are required to: Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 1985. 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.
By order of the Board

H M E Howlett, Secretary 11th April 2002

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ACCOUNTANTS' REPORT TO THE DIRECTORS OF RAM RUGBY INTERNATIONAL LIMITED

As described on the balance sheet you are responsible for the preparation of the accounts for the year ended 31st December 2001, set out on pages 4 to 13, and you consider that the company is exempt from an audit and a report under Section 249A(1) of the Companies Act 1985. In accordance with your instructions, we have compiled these unaudited accounts in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Stapely Benfold
Admirals Quarters Portsmouth Road Thames Ditton Surrey KT7 OXA
Date: I I th April 2002

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. RAM RUGBY INTERNATIONAL LIMITED