ABBEY GROUP INC. STATEMENT JUNE 30, 1992 DAVID SUSS CERTIFIED PUBLIC ACCOUNTANT 271 MADISON AVENUE SUITE 208 NEW YORK, NY 10016 ------- (212) 883-1050 The Board of Directors Abbey Group Inc. Gentlemen: I have examined the Balance Sheet and Statement of Income and Expenses as at June 30, 1992 and for the year ended June 30, 1992 respectively. My examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as I considered necessary under the circumstances. In my opinion, the accompanying Balance Sheet as at June 30, 1992 and the Statement of Income and Expenses for the year ended June 30, 1992 present fairly the position of the Abbey Group Inc. and the result of operations of the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Respectfully submitted, /s/ David Suss CPA --------------------------- David Suss Certified Public Accountant DAVID SUSS CERTIFIED PUBLIC ACCOUNTANT 271 MADISON AVENUE SUITE 208 NEW YORK, NY 10016 ------- (212) 883-1050 The Board of Directors Abbey Group Inc. Gentlemen: I have examined the Balance Sheet and Statement of Income and Expenses as at June 30, 1992 and for the year ended June 30, 1992 respectively. My examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other auditing procedures as I considered necessary under the circumstances. In my opinion, the accompanying Balance Sheet as at June 30, 1992 and the Statement of Income and Expenses for the year ended June 30, 1992 present fairly the position of the Abbey Group Inc. and the result of operations of the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Respectfully submitted, /s/ David Suss CPA --------------------------- David Suss Certified Public Accountant ABBEY GROUP INC. INCOME STATEMENT JULY 1, 1991 - JUNE 30, 1992 INCOME $ NONE EXPENSES Total Expenses 9,700 -------- NET LOSS ($ 9,700) RETAINED EARNINGS - JULY 1, 1991 (522,102) -------- RETAINED EARNINGS - JUNE 30, 1992 ($531,802) ======== See accompanying letter of transmittal.