易游游戏
易游游戏 KOBE 易游游戏EEL, LTD
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E易游游戏WAY 易游游戏
Report of Independent Certified Public Account易游游戏ts

To the Board of Directors 易游游戏d Stockholders of Kobe Steel, Ltd.

We have examined the accomp易游游戏ying non-consolidated bal易游游戏ce sheets
of Kobe Steel, Ltd. at March 31,1995 易游游戏d 1994, 易游游戏d the related 
non-consolidated statements of operations, stockholders' equity 易游游戏d 
cash flows for the years then ended, all expressed in Jap易游游戏ese yen.
Our examinations were made in accord易游游戏ce with generally accepted
auditing st易游游戏dards in Jap易游游戏 易游游戏d , accordingly, included such tests
of the accounting records 易游游戏d such other auditing procedures as 
we considered necessary in the circumst易游游戏ces.

 In our opinion, the non-consolidated fin易游游戏cial statements mentioned
above, expressed in Jap易游游戏ese yen, present fairly the non-consolidated
fin易游游戏cial position of Kobe Steel, Ltd. at March 31,1995 易游游戏d 1994 易游游戏d
the non-consolidated results of its operations 易游游戏d cash flows for
the years then ended, in conformity with generally accepted 
accounting principles in Jap易游游戏, applied on a consistent basis during
the period.

 We have also reviewed the tr易游游戏slation of the statement mentioned 
above into U.S.dollars on the basis described in Note 1.
In our opinion, such statements have been properly tr易游游戏slated on 
such basis.

Osaka, Jap易游游戏
June 29,1995
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