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60 Victor Company of Japan, Limited
Independent Auditors’ Report
To the Board of Directors of Victor Company of Japan, Limited
We have audited the accompanying consolidated balance sheets of Victor Company of Japan, Limited and consoli-
dated subsidiaries as of March 31, 2006 and 2005, and the related consolidated statements of operations, stock-
holders’ 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 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 Victor Company of Japan, Limited and consolidated 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.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended
March 31, 2006 are presented solely for convenience. Our audit also included the translation of yen amounts into
U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the
consolidated financial statements.
Tokyo, Japan
June 28, 2006