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OLYMPUS 2003 
O T H E H A RE H O L D E R S A N D T H E O A R D O F I R E C T O R S O F LYM P U S P T I C A L O., LT D
We have audited the accompanying consolidated balance sheets of O lympus Optical Co., Ltd. and subsidiaries as of M arch , 
and , and the related consolidated statements of income, shareholders’ equity and cash flows for each of the three years in the
period ended march ,  all expressed in yen. These consolidated financial statements are the responsibility of the Company’s
management. O ur responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. 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 finan-
cial position of O lympus Optical Co., Ltd. and subsidiaries as of March ,  and , and the consolidated results of their oper-
ations and their cash flows for each of the three years in the period ended March , , in conformity with accounting principles
generally accepted in Japan as described in Note to the consolidated financial statements.
Without qualifying our opinion we draw attention to the following.
()As discussed in Note to the consolidated financial statements, effective April , , O lympus Optical Co., Ltd. and domestic
subsidiaries prospectively adopted the new Japanese accounting standards for financial instruments and employees’ retirement benefits
and the revised Japanese accounting standard for foreign currency translation.
()As discussed in Note , effective April , , O lympus Optical Co., Ltd. changed the category of business in the business
segment.
The consolidated financial statements as of and for the year ended March ,  have been translated into United States dollars
solely for the convenience of the reader. We have recomputed the translation and, in our opinion, the consolidated financial state-
ments expressed in yen have been translated into United States dollars on the basis set forth in Note to the consolidated financial
statements.
Asahi & Co.
Tokyo, Japan
June , 
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
OLY MPUS AR03財務 for PDF 03.8.1 10:43 A M ページ 41