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Report of Independent Auditors
Financial Section
The Board of Directors
Oki Electric Industry Company, Limited
We have audited the accompanying consolidated balance sheets of Oki Electric Industry Company, Limited
and consolidated subsidiaries as of March 31, 2004 and 2003, and the related consolidated statements of
operations, shareholders' equity, and cash flows for each of the three years in the period ended March 31,
2004, all expressed in yen. These 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 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 financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Oki Electric Industry Company, Limited and consolidated subsidiaries at
March 31, 2004 and 2003, and the consolidated results of their operations and their cash flows for each of
the three years in the period ended March 31, 2004 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, 2004 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 2 to the consolidated financial statements.
June 29, 2004
Report of Independent Auditors
42 ANNUAL REPORT 2004