Auditor’s Opinion

“We have audited the Consolidated Financial Statements of CEWE COLOR Holding AG, comprising the Balance Sheet, income statement, statement of changes in shareholders’ equity, Cash Flow Statement and notes to the Financial Statements as well as the group management report for the fiscal year from January 1 to December 31, 2006. The preparation of the Consolidated Financial Statements and the group Management Report in accordance with IFRS, as these are to be applied in the EU, and the supplementary provisions of the Handelsgesetzbuch (HGB – German Commercial Code) as set out in section 315a (1) of the HGB are the responsibility of the company’s legal representatives. Our responsibility is to express an opinion, based on our audit, on the annual Consolidated Financial Statements and the consolidated Management Report.

We conducted our audit in accordance with Section 317 of the HGB and in compliance with the principles of proper auditing adopted by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether inaccuracies and violations are identified that could have a material effect on the view of the financial position and results of operations presented by the annual Consolidated Financial Statements with due regard to the accounting standards to be applied and by the group Management Report. The process of defining the audit procedures takes account of knowledge about the business activities and the economic and legal environment of the company, as well as expectations of possible errors. An audit includes examining, largely on a test basis, the effectiveness of the internal control system and evidence supporting the amounts and disclosures in the annual Consolidated Financial Statements and the group management report. An audit also includes assessing the annual Financial Statements of the companies included in the consolidation, the definition of the scope of consolidation, the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the annual Consolidated Financial Statements and the group management report. We are confident that our audit provides a sufficiently sound basis on which to make an assessment.

Our audit led to no objections.

In our opinion, based on the results of our audit, the Consolidated Financial Statements comply with IFRS as these are to be applied in the EU and the supplementary provisions of the HGB as stipulated by section 315a (1) of the HGB and the supplementary provisions of the Articles of Association, and convey a true and fair view of the group’s situation. The group Management Report is in line with the Consolidated Financial Statements, provides an accurate picture of the group’s situation and accurately reflects the opportunities and risks of future growth.�


Oldenburg, February 23, 2007