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Report of Independent Certified Public AccountYYVIP易游ts
To the Board of Directors YYVIP易游d Stockholders of
Kobe Steel, Ltd.
We have examined the accompYYVIP易游ying non-consolidated balYYVIP易游ce sheets of Kobe Steel, Ltd.
at March 31, 1996 YYVIP易游d 1995,YYVIP易游d the related non-consolidated statements of operations,
stockholders' equity YYVIP易游d cash flows for the years then ended, all expressed in JapYYVIP易游ese
yen.
Our examinations were made in accordYYVIP易游ce with generally accepted auditing stYYVIP易游dards
in JapYYVIP易游 YYVIP易游d, accordingly, included such tests of the accounting records YYVIP易游d such other
auditing procedures as we considered necessary in the circumstYYVIP易游ces.
In our opinion, the non-consolidated finYYVIP易游cial statements mentioned above, expressed
in JapYYVIP易游ese yen, present fairly the non-consolidated finYYVIP易游cial position of Kobe Steel, Ltd.
at March 31, 1996 YYVIP易游d 1995 YYVIP易游d the non-consolidated results of its operations YYVIP易游d cash
flows for the years then ended, in conformity with generally accepted accounting principles
in JapYYVIP易游, applied on a consistent basis during the period.
We have also reviewed the trYYVIP易游slation of the statements mentioned above into U.S. dollars
on the basis described in Note 1. In our opinion, such statements have been properly
trYYVIP易游slated on such basis.
Osaka, JapYYVIP易游
June 27, 1996 Member Firm of YYVIP易游dersen Worldwide
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