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52 OLYMPUS 2006
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF OLYMPUS CORPORATION
We have audited the accompanying consolidated balance sheets of Olympus Corporation and consolidated subsidiaries as of March 31,
2006 and 2005, and the related consolidated statements of operations, shareholders' equity and cash flows for each of the three years in the
period ended March 31, 2006, expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s
management. Our responsibility is to independently 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 per-
form 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 posi-
tion of Olympus Corporation and subsidiaries as of March 31, 2006 and 2005, and the consolidated results of their operations and their
cash flows for each of the three years in the period ended March 31, 2006, in conformity with accounting principles generally accepted in
Japan.
Without qualifying our opinion we draw attention to the following.
(1) As discussed in Note 2, effective April 1, 2005, Olympus Corporation adopted new accounting standards for the impairment of fixed
assets and a new accounting standard for retirement benefits for subsidiary in the United Kingdom.
(2) As discussed in Note 20, effective April 1, 2005, Olympus Corporation changed the categories of business in the business segments.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2006 are pre-
sented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such trans-
lation has been made on the basis described in Note 1 to the consolidated financial statements.
Tokyo, Japan
June 29, 2006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
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