Report of Independent Registered Pu

Report of Independent Registered Public Accounting Firm
Board of Directors and Shareholders
Schmitt Industries, Inc.
We have audited the accompanying consolidated balance sheets of Schmitt Industries, Inc. and its subsidiaries
(the “Company”) as of May 31, 2014 and 2013, and the related consolidated statements of operations and
comprehensive loss, stockholders’ equity and cash flows for the years ended May 31, 2014, 2013 and 2012.
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements, assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a
reasonable basis for our opinions.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Schmitt Industries, Inc. as of May 31, 2014 and 2013 and the consolidated
results of its operations and its cash flows for the years ended May 31, 2014, 2013 and 2012 in conformity with
accounting principles generally accepted in the United States of America.