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60 OLYMPUS 2008
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, 2008 and 2007, the related consolidated statements of income for each of the three years in the period ended March 31,2008, the
consolidated statements of changes in net assets for the year ended March 31, 2008 and 2007, the consolidated statement of shareholders’
equity for the year ended March 31, 2006, and the consolidated statements of cash flows for each of the three years in the period
ended March 31, 2008, 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 Olympus Corporation and consolidated subsidiaries as of March 31, 2008 and 2007, and the consolidated results of their
operations and their cash flows for each of the three years in the period ended March 31, 2008, 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 23, effective April 1, 2005, Olympus Corporation changed the categories of business in the business segments.
(3) As discussed in Note 2, effective April 1, 2006, Olympus Corporation adopted new accounting standards for retirement benefits for
subsidiaries in the United States.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2008 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 27, 2008
INDEPENDENT AUDITORS’ REPORT