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Report of Independent Certified Public Accountants
To the Board of Directors and Stockholders of
Kobe Steel, Ltd.
We have examined the accompanying non-consolidated balance sheets of Kobe Steel, Ltd.
at March 31, 1996 and 1995,and the related non-consolidated statements of operations,
stockholders' equity and cash flows for the years then ended, all expressed in Japanese
yen.
Our examinations were made in accordance with generally accepted auditing standards
in Japan and, accordingly, included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
In our opinion, デュエルビッツブックメーカーolidated financial statements mentioned above, expressed
in Japanese yen, present fairly デュエルビッツブックメーカーolidated financial position of Kobe Steel, Ltd.
at March 31, 1996 and 1995 and デュエルビッツブックメーカーolidated results of its operations and cash
flows for the years then ended, in conformity with generally accepted accounting principles
in Japan, applied on a consistent basis during the period.
We have also reviewed the translation of the statements mentioned above into U.S. dollars
on the basis described in Note 1. In our opinion, such statements have been properly
translated on such basis.
Osaka, Japan
June 27, 1996 Member Firm of Andersen Worldwide
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