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Exhibit 99.2
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EXHIBIT 99.2
REPORT OF ERNST & YOUNG LLP,
INDEPENDENT AUDITORS
TO THE BOARD OF DIRECTORS
AND SHAREHOLDERS, IKON OFFICE
SOLUTIONS, INC.
We have audited the accompanying consolidated balance sheet of IKON Office
Solutions, Inc. and subsidiaries as of September 30, 1999 and the related
consolidated statements of operations, changes in shareholders' equity, and cash
flows for each of the two years in the period ended September 30, 1999. Our
audits also included the financial statement schedule for the years ended
September 30, 1999 and 1998 listed in the Index at Item 14(a). These financial
statements and schedule are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. 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, the consolidated financial statements referred to above present
fairly, in all material respects, the consolidated financial position of IKON
Office Solutions, Inc. and subsidiaries at September 30, 1999, and the
consolidated results of their operations and their cash flows for each of the
two years in the period ended September 30, 1999, in conformity with accounting
principles generally accepted in the United States. Also, in our opinion, the
related financial statement schedule for the years ended September 30, 1999 and
1998, when considered in relation to the basic financial statements taken as a
whole, presents fairly, in all material respects, the information set forth
therein.
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
October 25, 1999, except for the first paragraph of Note 8,
as to which the date is November 24, 1999 and the third
paragraph of note 4, as to which the date is December 9, 1999
