Exhibit 99.5

Dear Etablissements Emile Llau Shareholders,

You have entrusted us at the last shareholders meeting with the audit of your financial statements.
Hereby we present to you the results of the annual report of the fiscal year ending December 31, 2007, containing the following information:



| |  |  | Presentation of Etablissements Emile Llaus key accounts, which are attached to this report.
| | - |  | --------------------------------------------------------------------------------------------



| |  |  | Explanation of our observations.
| | - |  | --------------------------------



| |  |  | Specific verification and legal information
| | - |  | -------------------------------------------

The
annual financial statements have been determined by the President. Based on the analysis of the financial statements, we have the following opinion about them

To the Shareholders

of Etablissements Emile Llau.:



|1. | AUDITORS REPORT ON FINANCIAL STATEMENTS
|-- | ----------------------------------------

We
have audited the financial statements based on the French professional standards. Such standards require various diligences that permit to obtain reasonable certainty that the financial statements do not fall into significant anomalies. Our
responsibility as auditors consists on expressing an opinion on the financial statements taken as a whole based on our audit work performed in accordance with generally accepted auditing standards, which require examination, by means of selective
tests, of the evidence supporting the financial statements and evaluation of their presentation, of the accounting policies applied and of the estimates made. We estimate that our reasonable controls support certainty the opinion expressed below.

We certify that the financial statements, based on the French accounting principles, are regular, proper and present a fair financial
position as a result of the operations occurred during the finished year as well as the financial situation and equity at the end of this exercise.



|2. | APPRECIATIONS OBSERVED
|-- | ----------------------

According to the application
disposed on the article L.823-9 of the Commercial Code in relation with the justification of our appreciations, we present to your comprehension the following elements:

The note Stock in the appendix present the rules and accounting principles related to Stock valuation.

Taking into account our appreciations frame of the rules and accounting principles used by your enterprise, we have verified the proper character of the accounting methods expressed below and the information presented on the appendix, we
ensure its proper application.

Taking into account our appreciations of our audit frame of the financial statements at 31 december 2007, we
estimate that your accounts are based on significant accounting estimations which may be susceptible to further justifications, we found it on Suppliers not yet received/processed.

Our work is limited by validating the data and the hypothesis which support these estimations, and validating the calculations effectuated by the
enterprise and compare the next-year accounting estimations with the actual ones. We have proceeded to the reasonable appreciation of these estimations.

The appreciations presented are based on the auditing request of validating the financial statements considered as a whole, and have contributed to our unqualified opinion expressed of the first reporting part.



---

|3. | VERIFICATIONS AND SPECIFIC INFORMATION
|-- | --------------------------------------

We have proceeded
in conformation with the French professional accounting standards to the specific verifications expected by the law.

We do not have any
indication about the fairness and agreement between the financial statements and the information expressed on the Presidents annual report and the documents to the shareholders regarding the financial statements and financial situation.

Toulose, 30 May 2008



---

LOGO

ETABLISSEMENTS EMILE LLAU

INDEPENDENT AUDITORS REPORT

FOR THE YEAR ENDED DECEMBER 31, 2006

Societe Anonyme au Capital de 208.000  - RCS Toulouse B 384 208 831



|                                                                                |  |           |  |                  |  |                
|------------------------------------------------------------------------------- |  | --------- |  | ---------------- |  | ---------------
|Instrite au Tableau de IOrdre des Experts-comptables de Toulouse Midi-Pyrénées |  | Associés: |  | Pierre d Agrain |  | pdgrain@exco.fr
|Membre de la Compagnie des Commissaires aux Comples de Toulouse                 |  |           |  | Georgette Ségala |  | gsegala@exco.fr

Bureau secondaire : 17, rue du Temple - 31250 Revel



---

LOGO

To the Stockholders of ETABLISSEMENTS EMILE LLAU SAS:

We have audited the accompanying balance sheets of ETABLISSEMENTS EMILE LLAU SAS (the Company) as of December 31, 2006, 2005 and 2004,
and the related statements of income for the years then ended, all expressed in euros. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the financial statements taken
as a whole based on our audit.

We conducted our audits in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects,
the financial position of ETABLISSEMENTS EMILE LLAU SAS as of December 31, 2006, 2005 and 2004, and the funds obtained and applied by them and the results of their operations for the years then ended, in conformity with accounting principles
generally accepted in France.

Accounting principles generally accepted in France vary in certain significant respects from accounting
principles generally accepted in the United States of America. The application of the latter would have affected the determination of net income for years ended December 31, 2006, 2005 and 2004, and the determination of stockholders
equity and financial position as of December 31, 2006, 2005 and 2004 to the extent summarized in Note 1.



Toulouse, July 16, 2007The Statutory Auditor/s/ DAGRAIN & ASSOCIESDAGRAIN & ASSOCIESPierre d Agrain




---

|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|------------------------------------------- |  | ---------- |  | ------------ |  | ---------- |  | --------- |  | ------------ |  | ---------- |  | ----------
|                                            |  | Gross      |  | Prov. Deprec |  | 12/31/2007 |  | Gross     |  | Prov. Deprec |  | 12/31/2006 |  | 12/31/2005
|Suscripted but not demanded capital         |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|FIXED ASSETS                                |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Intangible assets                           |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Start-up expenses                           |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Research and Development costs              |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Allowances, Patents and other Rights        |  | 15,713     |  | 13,232       |  | 2,480      |  | 14,643    |  | 11,317       |  | 3,325      |  | 2,339     
|Goodwill                                    |  | 971,044    |  |              |  | 971,044    |  | 968,043   |  |              |  | 968,043    |  | 968,043   
|Other intangible assets                     |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Advanced payments of fixed assets           |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Tangible fixed assets                       |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Lands                                       |  | 470,409    |  | 29,089       |  | 441,321    |  | 409,929   |  | 25,666       |  | 384,262    |  | 387,685   
|Other structures (Buildings)                |  | 2,565,792  |  | 1,484,405    |  | 1,081,387  |  | 2,499,048 |  | 1,397,952    |  | 1,101,095  |  | 960,513   
|Technical Facilities, Tools and Machinery   |  | 3,342,670  |  | 2,639,598    |  | 703,071    |  | 2,933,987 |  | 2,486,590    |  | 447,396    |  | 511,254   
|Other tangible fixed assets                 |  | 1,237,327  |  | 936,156      |  | 301,171    |  | 1,087,338 |  | 879,305      |  | 208,032    |  | 244,120   
|Work-in process fixed assets                |  | 43,418     |  |              |  | 43,418     |  |           |  |              |  |            |  |           
|Advanced Payments                           |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Financial assets                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Other shareholdings                         |  | 143,279    |  |              |  | 143,279    |  | 143,279   |  |              |  | 143,279    |  | 143,279   
|Other financial securities                  |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Loans                                       |  | 0          |  |              |  |            |  | 15,379    |  |              |  | 15,379     |  | 23,583    
|Other financial assets                      |  | 8,077      |  |              |  | 8,077      |  | 8,077     |  |              |  | 8,077      |  | 6,637     
|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|TOTAL                                       |  | 8,797,728  |  | 5,102,480    |  | 3,695,248  |  | 8,079,726 |  | 4,800,832    |  | 3,278,893  |  | 3,247,456 
|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|CURRENT ASSETS                              |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Stocks                                      |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Procurements in raw material                |  | 474,754    |  |              |  | 474,754    |  | 473,245   |  |              |  | 473,245    |  | 411,535   
|Work-in process inventories                 |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Work-in process services                    |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Finished and unfinished products            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Inventories                                 |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Advanced Payments spillage                  |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|                                            |  |            |  |              |  |            | 
|Debtors                                     |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Customers, other accounts receivable        |  | 7,760,750  |  | 166,126      |  | 7,594,624  |  | 6,185,146 |  | 161,869      |  | 6,023,276  |  | 5,398,032 
|Other accounts receivable                   |  | 725,694    |  |              |  | 725,694    |  | 594,888   |  |              |  | 594,888    |  | 214,968   
|Subscripted and demanded Capital, not payed |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Others                                      |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Cash                                        |  | 456,825    |  |              |  | 456,825    |  | 1,170,534 |  |              |  | 1,170,534  |  | 581,473   
|Regularization account                      |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|Advanced expenses                           |  | 28,523     |  |              |  | 28,523     |  | 26,456    |  |              |  | 26,456     |  | 39,405    
|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|TOTAL                                       |  | 9,446,547  |  | 166,126      |  | 9,280,421  |  | 8,450,271 |  | 161,869      |  | 8,288,402  |  | 6,645,416 
|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           
|TOTAL ASSETS                                |  | 18,244,275 |  | 5,268,606    |  | 12,975,668 |  | 6,529,997 |  | 4,962,702    |  | 11,567,295 |  | 9,892,872 
|                                            |  |            |  |              |  |            |  |           |  |              |  |            |  |           



---

|                                     |  |            |  |            |  |           
|------------------------------------ |  | ---------- |  | ---------- |  | ----------
|                                     |  | 12/31/2007 |  | 12/31/2006 |  | 12/31/2005
|OWN FUNDS                            |  |            |  |            |  |           
|Capital                              |  | 215,253    |  | 215,253    |  | 215,253   
|Additional paid-in capital           |  | 1,128,449  |  | 1,128,449  |  | 1,128,449 
|Appreciation Variation               |  |            |  |            |  |           
|Legal Reserves                       |  | 21,525     |  | 21,525     |  | 21,525    
|Statuary reserves                    |  |            |  |            |  |           
|Reglamentary reserves                |  |            |  |            |  |           
|Other reserves                       |  | 3,691,395  |  | 2,870,282  |  | 2,444,971 
|Result for the year (loss or income) |  | 684,457    |  | 821,113    |  | 425,311   
|Grant for Research                   |  | 4,973      |  | 11,527     |  | 18,083    
|                                     |  |            |  |            |  |           
|TOTAL                                |  | 5,746,052  |  | 5,068,151  |  | 4,253,592 
|                                     |  |            |  |            |  |           
|OTHER OWN FUNDS                      |  |            |  |            |  |           
|                                     |  |            |  |            |  |           
|TOTAL                                |  | 0          |  |            |  |           
|                                     |  |            |  |            |  |           
|PROVITION FOR RISK AND EXPENSES      |  |            |  |            |  |           
|Provition for risks                  |  |            |  |            |  | 108,655   
|Provisión para expenses              |  |            |  |            |  |           
|                                     |  |            |  |            |  |           
|TOTAL                                |  | 0          |  |            |  | 108,655   
|                                     |  |            |  |            |  |           
|DEBTS                                |  |            |  |            |  |           
|Debts with financial institutions    |  | 42,559     |  | 105,156    |  | 532,721   
|Other financial debts                |  |            |  |            |  | 41,343    
|Advanced Payments                    |  |            |  |            |  |           
|Suppliers                            |  | 6,515,026  |  | 5,604,499  |  | 3,828,433 
|Tax payables                         |  | 588,277    |  | 783,065    |  | 554,263   
|Fixed assets payables                |  | 83,754     |  | 5,259      |  | 573,863   
|Other debts                          |  | 0          |  | 1,162      |  |           
|                                     |  |            | 
|REGULARIZATING ACCOUNTS              |  |            |  |            |  |           
|Advanced revenues                    |  |            |  |            |  |           
|                                     |  |            |  |            |  |           
|TOTAL                                |  | 7,229,616  |  | 6,499,143  |  | 5,530,624 
|                                     |  |            |  |            |  |           
|TOTAL CREDIT                         |  | 12,975,668 |  | 11,567,295 |  | 9,892,872 
|                                     |  |            |  |            |  |           



---

|                                                     |  |               |  |               |  |        |  |               |  |       
|---------------------------------------------------- |  | ------------- |  | ------------- |  | ------ |  | ------------- |  | ------
|                                                     |  | 2007          |  | 2006          |  | % CA   |  | 2005          |  | % CA  
|Inventory-sales                                      |  |               |  |               |  |        |  |               |  |       
|Good-sales                                           |  | 36,030,439.97 |  | 27,349,300.00 |  | 94.29  |  | 18,700,960.00 |  | 90.84 
|Service-sales                                        |  | 1,781,883.85  |  | 1,656,189.00  |  | 5.71   |  | 1,885,910.00  |  | 9.16  
|                                                     |  |               |  |               |  |        |  |               |  |       
|Business Amount, net                                 |  | 37,812,323.82 |  | 29,005,489.00 |  | 100.00 |  | 20,586,871.00 |  | 100.00
|                                                     |  |               |  |               |  |        |  |               |  |       
|Production in stock                                  |  |               |  |               |  |        |  |               |  |       
|Fixed production                                     |  |               |  |               |  |        |  |               |  |       
|Operating subsidies                                  |  |               |  |               |  |        |  |               |  |       
|Overgrant and depreciation transferred for the year  |  | 59,256.73     |  | 113,306.00    |  | 0.39   |  | 23,657.00     |  | 0.11  
|Other incomes (1)                                    |  | 1,060.87      |  | 27.00         |  |        |  | 36,211.00     |  | 0.18  
|                                                     |  |               |  |               | 
|Total Operating Revenues (2)                         |  | 37,872,641.42 |  | 29,118,822.00 |  | 100.39 |  | 20,646,740.00 |  | 100.29
|                                                     |  |               |  |               | 
|Inventory-purchase                                   |  |               |  |               |  |        |  |               |  |       
|Variación existencias de mercaderias                 |  |               |  |               |  |        |  |               |  |       
|Raw material amd procurements purchase               |  | 27,081,632.29 |  | 18,653,011.00 |  | 64.31  |  | 11,657,488.00 |  | 56.63 
|Variation of raw material and procurements stock     |  | -1,508.75     |  | -61,709.00    |  | -0.21  |  | 195,064.00    |  | 0.95  
|Other procurements and external expenses (3)         |  | 7,490,189.13  |  | 7,364,916.00  |  | 25.39  |  | 5,758,936.00  |  | 27.97 
|Taxes                                                |  | 298,406.55    |  | 257,310.00    |  | 0.89   |  | 265,227.00    |  | 1.29  
|Personnel expenses                                   |  | 1,076,719.19  |  | 952,750.00    |  | 3.28   |  | 1,080,634.00  |  | 5.25  
|Social Charges                                       |  | 524,439.14    |  | 452,925.00    |  | 1.56   |  | 539,997.00    |  | 2.62  
|Fixed depreciation and amortization expense          |  | 345,877.10    |  | 324,096.00    |  | 1.12   |  | 353,591.00    |  | 1.72  
|                                                     |  |               |  |               | 
|Provition for Current assets expense                 |  | 6,191.07      |  | 16,480.00     |  | 0.06   |  | 69,040.00     |  | 0.34  
|Provition for risk and expense expenses              |  |               |  |               |  |        |  | 108,655.00    |  | 0.53  
|Other expenses                                       |  | 6,653.47      |  | 977.00        |  |        |  | 2,751.00      |  | 0.01  
|                                                     |  |               |  |               | 
|Total Operating Loss (4)                             |  | 36,828,599.19 |  | 27,960,759.00 |  | 96.40  |  | 2,031,386.00  |  | 97.30 
|                                                     |  |               |  |               |  |        |  |               |  |       
|INCOME FROM ORDINARY ACTIVITIES                      |  | 1,044,042.23  |  | 1,158,063.00  |  | 3.99   |  | 615,354.00    |  | 2.99  
|                                                     |  |               |  |               |  |        |  |               |  |       
|Financial assets incomes (5)                         |  | 12,672.53     |  | 39,596.00     |  | 0.14   |  |               |  |       
|Income from other financial assets (5)               |  |               |  |               |  |        |  | 1,354.00      |  | 0.01  
|Other interests and similar income (5)               |  | 38,413.61     |  | 28,455.00     |  | 0.10   |  |               |  |       
|Exchange Income                                      |  |               |  |               |  |        |  |               |  |       
|                                                     |  |               |  |               | 
|TOTAL FINANCIAL REVENUES                             |  | 51,086.14     |  | 68,051.00     |  | 0.23   |  | 1,354.00      |  | 0.01  
|                                                     |  |               |  |               | 
|Depreciation and amortization financial expense      |  |               |  |               |  |        |  |               |  |       
|Interests and similar expenses                       |  | 25,011.51     |  | 30,217.00     |  | 0.10   |  | 78,686.00     |  | 0.38  
|Exchange losses                                      |  |               |  |               |  |        |  |               |  |       
|                                                     |  |               |  |               | 
|TOTAL FINANCIAL EXPENSES                             |  | 25,011.51     |  | 30,217.00     |  | 0.10   |  | 78,686.00     |  | 0.38  
|                                                     |  |               |  |               |  |        |  |               |  |       
|FINANCIAL RESULT                                     |  | 26,074.63     |  | 37,833.00     |  | 0.13   |  | -77,332.00    |  | -0.38 
|                                                     |  |               |  |               |  |        |  |               |  |       
|                                                     |  |               |  |               | 
|ORDINARY INCOME BEFORE TAXES                         |  | 1,070,116.86  |  | 1,195,896.00  |  | 4.12   |  | 538,021.00    |  | 2.61  
|                                                     |  |               |  |               |  |        |  |               |  |       
|Extraordinary revenues in gestión operations         |  |               |  | 4,143.00      |  | 0.01   |  |               |  |       
|Extraordinary revenues in capital operations         |  | 14,420.32     |  | 21,282.00     |  | 0.07   |  | 22,062.00     |  | 0.11  
|Overprovition transferred for the year               |  |               |  | 8,260.00      |  | 0.03   |  |               |  |       
|                                                     |  |               |  |               | 
|Total extraordinary revenues (7)                     |  | 14,420.32     |  | 33,686.00     |  | 0.12   |  | 22,062.00     |  | 0.11  
|                                                     |  |               |  |               | 
|Extraordinary expenses in gestión operations (6 bis) |  | 4,165.42      |  | 10,039.00     |  | 0.03   |  | 23,439.00     |  | 0.11  
|Extraordinary expenses in capital operations         |  | 37,650.60     |  | 1,596.00      |  | 0.01   |  | 11,337.00     |  | 0.06  
|Depreciation and amortization extraordinary expenses |  |               |  |               |  |        |  |               |  |       
|                                                     |  |               |  |               | 
|Total extraordinary expenses (7)                     |  | 41,816.02     |  | 11,635.00     |  | 0.04   |  | 34,776.00     |  | 0.17  
|                                                     |  |               |  |               |  |        |  |               |  |       
|EXTRAORDINARY RESULT                                 |  | -27,395.70    |  | 22,050.00     |  | 0.08   |  | -12,714.00    |  | -0.06 
|                                                     |  |               |  |               |  |        |  |               |  |       
|Corporate income tax                                 |  | 358,264.00    |  | 396,834.00    |  | 1.37   |  | 99,996.00     |  | 0.49  
|                                                     |  |               |  |               |  |        |  |               |  |       
|TOTAL REVENUES                                       |  | 37,938,147.88 |  | 29,220,560.00 |  | 100.74 |  | 20,670,157.00 |  | 100.40
|                                                     |  |               |  |               |  |        |  |               |  |       
|TOTAL EXPENSES                                       |  | 37,253,690.72 |  | 28,399,446.00 |  | 97.91  |  | 20,244,845.00 |  | 98.34 
|                                                     |  |               |  |               |  |        |  |               |  |       
|RESULT FOR THE YEAR                                  |  | 684,457.16    |  | 821,113.00    |  | 2.83   |  | 425,311.00    |  | 2.07  
|                                                     |  |               |  |               |  |        |  |               |  |       



---

NEWARK GROUP EUROPE

EQUITY
AFFILIATES

RECONCILIATION



|        |  |              
|------- |  | -------------
|COMPANY |  | ETS. LLAU SAS



|                                                                        |  |            |  |                     |  |            |  |            |  |            |  |            |  | 
|----------------------------------------------------------------------- |  | ---------- |  | ------------------- |  | ---------- |  | ---------- |  | ---------- |  | ---------- |  | 
|                                                                        |  | NET INCOME |  | SHAREHOLDERS EQUITY
|EUROS                                                                   |  | YEAR ENDED |  | YEAR ENDED         
|                                                                        |  | 12/31/2007 |  | 12/31/2006          |  | 12/31/2005 |  | 12/31/2007 |  | 12/31/2006 |  | 12/31/2005
|INCOME STATEMENT                                                        |  |            |  |                     |  |            |  |            |  |           
|NET INCOME AS SHOWN IN THE FINANCIAL STATEMENTS                         |  | 684,457    |  | 821,113             |  | 425,311    |  | 5,746,052  |  | 5,068,151  |  | 4,253,592 
|ITEMS HAVING EFFECT OF INCREASING REPORTED INCOME GOODWILL AMORTIZATION |  | 0          |  | 0                   |  | 0          |  | 0          |  | 0          |  | 0         
|ITEMS HAVING EFFECT OF DECREASING REPORTED INCOME                       |  |            |  |                     |  |            |  |            |  |           
|                                                                        |  |            |  |                     |  |            |  |            |  |            |  |            |  | 
|NET INCOME ACCORDING TO US GAAP                                         |  | 684,457    |  | 821,113             |  | 425,311    |  | 5,746,052  |  | 5,068,151  |  | 4,253,592 
|                                                                        |  |            |  |                     |  |            |  |            |  |            |  |            |  | 



---

ETS. LLAU SAS

CONSOLIDATED STATEMENTS OF CASH FLOWS



|                                                                                    |  |                   |  |            |  |           
|----------------------------------------------------------------------------------- |  | ----------------- |  | ---------- |  | ----------
|EUROS                                                                               |  |                   |  |            |  |           
|                                                                                    | 
|                                                                                    |  | FOR THE 12 MONTHS
|                                                                                    |  | 12/31/2007        |  | 12/31/2006 |  | 12/31/2005
|OPERATING ACTIVITIES:                                                               |  |                   |  |            |  |           
|Net earnings                                                                        |  | 684,457           |  | 821,113    |  | 425,311   
|Adjustments to reconcile net earnings to net cash provided by operating activities: |  |                   |  |            |  |           
|Loss on sales of marketable securities                                              |  |                   |  |            |  |           
|Depreciation of property, plant and equipment                                       |  | 345,877           |  | 324,096    |  | 353,591   
|Amortization of other assets                                                        |  |                   |  |            |  |           
|(Gain) loss on sale of property, plant and equipment                                |  |                   |  |            |  |           
|Advances to & investments in subsidiaries                                           |  |                   |  |            |  |           
|Equity in net earnings                                                              |  |                   |  |            |  |           
|Deferred income taxes                                                               |  |                   |  | 0          |  | 0         
|Changes in assets and liabilities excluding the effects of acquisitions:            |  |                   |  |            |  |           
|Decrease/(increase) in marketable securities                                        |  |                   |  | 0          |  | 0         
|Decrease/(increase) in accounts receivable                                          |  | -1,702,154        |  | -1,005,164 |  | -995,781  
|Decrease/(increase) in inventories                                                  |  | -1,509            |  | -61,710    |  | 195,064   
|Decrease/(increase) in other current assets                                         |  |                   |  | 0          |  | 0         
|Decrease/(increase) in intercompany activities-us                                   |  |                   |  | 0          |  | 0         
|Decrease/(increase) in other assets                                                 |  | -2,067            |  |            |  |           
|Decrease/(increase) in Goodwill/Step Up for Additional purchase price               |  |                   |  | 0          |  | 0         
|Increase/(decrease) in accounts payable and accrued expenses                        |  | 730,473           |  | 968,519    |  | 131,407   
|Increase/(decrease) in other liabilities                                            |  |                   |  | 0          |  | 0         
|                                                                                    |  |                   |  |            |  |           
|Net cash provided by operating activities                                           |  | 55,077            |  | 1,046,854  |  | 109,592   
|                                                                                    |  |                   |  |            |  |           
|CASH FLOWS FROM INVESTING ACTIVITIES:                                               |  |                   |  |            |  |           
|Proceeds from sale of long term investments-SALE OF BRTAKO                          |  |                   |  |            |  |           
|Proceeds from sale of marketable securities                                         |  |                   |  |            |  |           
|Business acquisitions net of cash acquired                                          |  | 0                 |  | 0          |  | 0         
|Capital expenditures                                                                |  | -768,786          |  | -457,793   |  | -452,978  
|FINANCIAL INVESTMENTS                                                               |  |                   |  |            |  | 0         
|Proceeds from sale of property, plant and equipment                                 |  |                   |  |            |  |           
|DIVIDENDS                                                                           |  |                   |  |            |  |           
|Decrease/(increase) in restricted cash                                              |  |                   |  |            |  |           
|                                                                                    |  |                   |  |            |  |           
|Net cash used in investing activities                                               |  | -768,786          |  | -457,793   |  | -452,978  
|                                                                                    |  |                   |  |            |  |           
|CASH FLOWS FROM FINANCING ACTIVITIES:                                               |  |                   |  |            |  |           
|Repayment of long-term debt                                                         |  |                   |  | 0          |  | 0         
|Proceeds from long-term debt                                                        |  |                   |  |            |  |           
|Deferred Financing Fees                                                             |  |                   |  |            |  |           
|Purchase of treasury stock                                                          |  |                   |  |            |  |           
|                                                                                    |  |                   |  |            |  |           
|Net cash used in financing activities                                               |  | 0                 |  | 0          |  | 0         
|                                                                                    |  |                   |  |            |  |           
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                |  | -713,709          |  | 589,061    |  | -343,386  
|CASH AND CASH EQUIVALENTS, beginning of period                                      |  | 1,170,534         |  | 581,473    |  | 924,859   
|                                                                                    |  |                   |  |            |  |           
|CASH AND CASH EQUIVALENTS, end of period                                            |  | 456,825           |  | 1,170,534  |  | 581,473   
|                                                                                    |  |                   |  |            |  |