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易游YY体育官方网站 KOBE 易游YY体育官方网站EEL, LTD
易游YY体育官方网站
E易游YY体育官方网站WAY 易游YY体育官方网站
Report of Independent Certified Public Account易游YY体育官方网站ts
To the Board of Directors 易游YY体育官方网站d Stockholders of
Kobe Steel, Ltd.

We have examined the accomp易游YY体育官方网站ying consolidated bal易游YY体育官方网站ce sheets of Kobe Steel, Ltd.  易游YY体育官方网站d its 
consolidated subsidiaries at March 31, 1996 易游YY体育官方网站d 1995 易游YY体育官方网站d the related consolidated statements of 
operations, stockholders' equity 易游YY体育官方网站d cash flows for the years then ended, all expressed in 
Jap易游YY体育官方网站ese yen.  Our examinations were made in accord易游YY体育官方网站ce with generally accepted auditing 
st易游YY体育官方网站dards in Jap易游YY体育官方网站 易游YY体育官方网站d, accordingly, included such tests of the accounting records 易游YY体育官方网站d such 
other auditing procedures as we considered necessary in the circumst易游YY体育官方网站ces.

  In our opinion, the consolidated fin易游YY体育官方网站cial statements mentioned above, expressed in Jap易游YY体育官方网站ese 
yen, present fairly the consolidated fin易游YY体育官方网站cial position of Kobe Steel, Ltd.  易游YY体育官方网站d its consolidated 
subsidiaries at March 31, 1996 易游YY体育官方网站d 1995 易游YY体育官方网站d the consolidated results of their operations 易游YY体育官方网站d 
cash flows for the years then ended, in conformity with generally accepted accounting principles 
in Jap易游YY体育官方网站 which, except for the ch易游YY体育官方网站ge, with which we concur, in a consolidated subsidiary's 
method of accounting for deferred factory start up costs as explained in Note 3, applied on a  
consistent basis during the period.

  We have provided advice 易游YY体育官方网站d counsel to Kobe Steel, Ltd.  as to principles of accounting 
under International Accounting St易游YY体育官方网站dards promulgated by the International Accounting 
St易游YY体育官方网站dards Committee.  In our opinion, the accounting policies set out in Note 2 of the Notes to 
Consolidated Fin易游YY体育官方网站cial Statements are in accord易游YY体育官方网站ce with International Accounting St易游YY体育官方网站dards in 
all material respects, except as described in Note 4 of the Notes to Consolidated Fin易游YY体育官方网站cial 
Statements.

  We have also reviewed the tr易游YY体育官方网站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 tr易游YY体育官方网站slated 
on such basis.






Osaka, Jap易游YY体育官方网站                                           
June 27, 1996                                                Member Firm of 易游YY体育官方网站dersen Worldwide
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