A New Horizon
40th Annual J.P. Morgan Healthcare Conference

Yasuo Takeuchi, President and CEO
January 10, 2022

Disclaimer
 This material contains forward-looking statements that reflect management’s current views, plans, andexpectations based on information available at the time of preparation. These forward-looking statements are
not guarantees of future performance and involve known and unknown risks, uncertainties, future businessdecisions, and other internal and external factors that may cause the Company’s actual results, performance,
achievements, or financial position to be materially different from any future results expressed or implied bythese forward-looking statements.
 Additionally, this information is subject to change without notice. Accordingly, other information should be
used in addition to this material when making investment decisions.
 Products or devices presented include future technology which may be pending regional regulatory approval
and are not available for sale in all regions. This information is not intended for promotional or medical advice
use. Rather, it is provided to give examples of technology development by Olympus and no guarantees are
made about the future sale of such products.
 Olympus Corporation assumes no responsibility for any damage resulting from the use of this material.

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01 Opening Remarks
02 Performance Highlights and Strategic Outlook
03 Our Three Guiding Principles: Focus, Shape and Enable01

Opening Remarks

We will continue to makepeople’s lives healthier, safer,and more fulfilling.

02

Performance Highlights andStrategic OutlookWe set challenging targets

SustainTo become a leading global
medtech company contributing topeople’s lives by delivering
innovative solutions that benefit
patients, healthcare professionals,
payors and providers* Adjusted for extraordinary items

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5-6% growth annually> 20%

consolidated
Deliver
corporate operating margin*leaderBecome ain the therapeuticareas where we compete(GI, Urology and Respiratory)

We adopted an ambitious timeline out to FY2023
We aim to unleash our potential by developing the organizational focus, operational
structure and employee mindset needed for long-term, sustainable growth.

FY2023 is a milestone, not our goal.
3 Years

Focus and Simplify
To have immediate, early impact
on corporate performance

Compete to Grow

Transform to Perform

To capture growing value pools thatdrive long-term sustainability

To position Olympus optimallyfor profitable growth

Performance impact in 3 years> 20% operating margin** Adjusted for extraordinary items

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We continue to reform and have achieved much
ESG
Portfolio

Operational model
innovation
Capability
Governance Joined Task Force on Climate-Related Financial Disclosures (TCFD) in May 2021
 Ranked in DJSI World Index since November 2021
 Completed transfer of the Imaging business Invested resources in Therapeutic Solutions Division
 Engaged in M&A in focus areas, including:‒ GI-Endotherapy: Arc Medical Design‒ Urology: Medi-Tate‒ Respiratory: Veran Medical Technologies‒ Surgical: Quest Photonic Devices
 Established a CVC for early-stage investment

 Launched working culture-related initiatives to support transformation efforts
 Established a globally integrated HR management system
 Implemented “Career Support for External Opportunity” in Japan Made progress in establishing our GBS (Global Business Services) structure– Captive shared service centers* were established in EMEA (Poland), the U.S. (Center Valley, PA) and in Asia
(Dalian, China). Most operations transfers have finished in EMEA and US. The transfer is ongoing in Asia.
– Both captive shared service centers and business process outsourcing** are now in progress.
 Introduced a company with a Nominating Committee, etc.
 Diversified the Board of Directors* Captive Shared Service Center: Outsourcing of proprietary and highly confidential operations to in-house center (located in Poland, the U.S. and China)** Business Process Outsourcing: Routine and standardized operations are outsourced to external vendors.

Page 9No data copy / No data transfer permittedOur operating margin improved significantly
Operating margin significantly improved due to execution of various transformations
Right on track to achieve >20% in FY2023

Adjusted
OP margin*

FY 2023 TARGETFY 2020 ACTUAL

FY 2021 ACTUAL>20%

13.5%¥102.1

14.1% ¥103.1

BillionAdjusted for extraordinary items: Exclude Other income/expenses

Note: Please refer to the appendix for details of adjusted items and actual figures (no adjustment).
* Continuing business base

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Billion

FY 2022 FORECAST

18.9% ¥161.5
BillionWe have a stable and sustainable capital allocation policy
Prioritize allocation to business investment
Stable and gradual dividend increase
Flexible buyback of treasury stockBusiness
Investment

Shareholder
Returns

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Prioritize
Prioritize: Investment for profitable, organic growth Strategic investment for growth opportunities
Dividends

Stable and gradual dividend increase in line with mediumto long-term business performance

Buyback

Flexible buyback of treasury stock based on investment
opportunities and cash / financial conditions

Today, we stand on a

Solid Foundation.

Our impact on patients’ lives is already substantial

100

TOP 4

At Olympus we have versatile medical devices
with the ability to treat approximately
100 diseases or conditions*

Olympus provides products/solutions forlung, stomach, colon and prostate cancers,
4 of the top 5 cancers by incidence1 globally

Diseases or Conditions Treated* As of March 2021

Source: 1 GLOBOCAN 2020. Top 4 highest incidence of cancers excluding breast cancer, as of March 2021

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Cancers TreatedChronic diseases are increasing as the
population ages
25%
20%

2020

15%
10%
5%
0%
1950

2000

2050

2100

Percentage of population over 65

Long-term rise inshare of population
over 651
Source: 1 United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019

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19.3
Million2040

30.2
MillionEstimated increase in
new cancer cases from2020 to 20402
2 GLOBOCAN 2020

New technologies are revolutionizing ourindustry, particularly digital technologies

Over the next five years, digital health solutions are
expected to represent a rising percentage of leading
medtech companies' revenues.

Digital maturity of the pharmaceutical and medtech sector,
gauged by measurement of a range of capabilities, was 28
out of 100, compared with an average of 34 across allindustries.

And will resultin substantial
cost reduction
by 2030

Source: McKinsey

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Expectations for patientcare are shifting
Care pathway enhancement

Benefits
for patients

Emphasis on driving value by supporting personalized care throughcomprehensive understanding and management of diseases

 Tailored care
 Faster service
 Lower expenses
 Better outcomes

Benefitsfor HCPs

1.

2.

3.

4.

5.

Prevention

Screening

Diagnosis

Treatment

Recovery

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 Better performance More efficient resource usage
 Lower costs to system
 New insights from datax

To lead, medtech companies must
go beyond best-in-class devices

Current state: Outcomes driven
by performance of individual
devices at discrete points of thepatient journey

Future state: Outcomes driven by theability to optimize the carepathway for an individual patient
based on their unique needs

Supported by

Supported by Product-based business models

 New business models that are more efficient anddrive adoption of new approaches for existingand new customers

 Technology-first innovation, focused
primarily on developed markets
 Siloed, disconnected data unevenly
used for decision-making

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 Systems view of innovation, inclusive of customer
preferences, business models, and technology
 Connected data supporting enhanced
decision-making

We aim to improve patient outcomesby elevating the standard of carein targeted disease states.

Focus

Focus on the diseasestates on which
we can have a marketleading impact

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Shape

Shape the future by
investing in new ways
to enhance thestandard of care

EnableEnable ourorganization to better
execute globally andat pace03

Our Three Guiding Principles:
Focus, Shape and EnableImprove patient outcomesby elevating the standard of carein targeted disease states

Focus

Focus on the diseasestates on which
we can have a marketleading impact

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Shape

Shape the future by
investing in new ways
to enhance thestandard of care

EnableEnable ourorganization to better
execute globally andat paceWe will focus on disease states in specialties where
we can have a market-leading impact
GI

Urology

Respiratory

Market Size
GI Endoscopy

GI Endotherapy

Market Size

Market Size

¥350-370
billion¥300-350
billion¥280-350
billion¥60-80billionMarket CAGR

Market CAGR

Market CAGR

4-6%

No.

1

55% of ESD
revenue*

5-7%

No.

2

30% of TSD
revenue*

5-7%

No.

2

25% of TSD
revenue*

Market CAGR

6-7%

No.

1

15% of TSD
revenue*

We plan to maintain market leadership in GI and outpace market growth in GI Endotherapy, Urology, and Respiratory
Note: Served market scale and growth forecast information for this slide come from the Company‘s research and pertains to data for the USA, EU5 (Germany, UK, Italy, France, Spain), Japan and China, Market scale is as of March 31, 2021, Respiratory includes the impact of the Veran
Medical acquisition. Growth forecasts are projected for fiscal year 2022 to fiscal year 2024, starting from fiscal year 2021. This also applies to market data shown on slides below. Sub-segment sales ratios within ESD/TSD are figures of fiscal year 2021. Please refer to the appendix for thesummary of sub-segment sales ratio within ESD/TSD* Approx.

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No data copy / No data transfer permittedOur GI growth driversv

Maintainleadership withnew launches

EVIS X1
scope
additions

Grow by regionaland commercial
model expansion

Prepare EVIS X1
launch for US and
China

Grow byexpanding into
adjacent areas

Upper GI
screeningfor therapeuticintervention
including for GERD
and Barrett's

Digitalimaging
solutions like
CADe/xDrive professional
education initiatives
in emerging markets

Advance EUS
imaging andintervention

Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.

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Single-use
cholangioscope

EndoCuff
VisionFurther go-to-market
and sales force
expansion e.g., China(GI Endotherapy)

Continue to expand inareas for colon cancer
screeningtoward therapeutic andless invasive
intervention

Next Gen
hemostasis
devicesMetalstentsIncrease omnichannel presence

Innovate ininfection
prevention

Our urology growth drivers

Drivelithotripsy
leadership

Offer urologists acomprehensive
BPH solution

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Soltive launch
Drive continued growth ofmarket share through thelaunch of the Soltive
SuperPulsed Thulium
Fiber Laser System in coremarkets

Global expansion
Leverage Soltive
differentiation to expand
Olympus’ comprehensive
stone management portfolio
to new geographies

Procedural ownership
Enable procedural
ownership throughcontinued innovation in laser
technology and single-use
ureteroscopes

PLASMA+ launch
Set new standards in termsof resection performance,
treatment options, safety,
and efficiency through the
3rd-generation system
launchiTind market development
Enable patients around theworld to benefit from theminimally invasive iTind
procedure through worldclass market expansion
initiatives

Enucleation solution
Capitalize on complete
portfolio of plasma andlaser technology forprostate enucleation
procedures to expand
presence in BPH

Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.

Our respiratory growth drivers
Maintain leadershipin core markets withtechnical innovationand clinical evidence

Launch EVIS X1, ournext generation
bronchoscopy
platform, in the US
marketDeliver a comprehensive
single-use and traditional
bronchoscopy portfolio
to address the fullbreadth of ourglobal customers’ needs

Innovate with new
EBUS technologies
that address unmet
clinical needs to further
drive utilization

Grow our portfolioof solutions tosolve for unmet
clinical needs

Cultivate our vibrantpipeline of technologies
designed to improve
diagnostic yield of
suspicious peripherallesions

Explore next generationadjacent market
opportunities in lungcancer screening, risk
stratification andtreatment

Actively explore andinvest in new technologies
with the ability to raise thecurrent standard of care

Expand access to the
Veran SPiN Thoracic
Navigation Systemoutside of the US

Drive full utilizationof EBUS-TBNA to
maximize adherence toestablished guidelines

Elevate our focus
and presence within the
respiratory space to better
serve our customers

Broaden our impact
by expanding
market presence

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Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.

Improve patient outcomesby elevating the standard of carein targeted disease states

Focus

Focus on the
diseases on which
we can have a market
leading impact

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Shape

Shape the future by
investing in new ways
to elevate the standardof careEnableEnable ourorganization to better
execute globally andat paceWe will shape the future by
investing in new ways toelevate the standard of care
Harness technologies and new
business models that serve thepatient in new ways

Technical innovation in imaging,
diagnostics, and therapeutics
Care Pathway Enhancement

Procedure Optimization

Next-Generation ProductInnovation

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Durable andreliable

We will offer the optimal
range of endoscopes
Our near-term aim is to offer
clinicians the right endoscope, be it
reusable or single-use, for every
patient, procedure and site of care.

Bestvisualization

Improves
workflow

Compatible
with existing
equipment

Important value
statements fromin-depth market
research study1

Ergonomic
designOur bedrock as a global
leader in endoscopy
Source: 1 15-minute survey with physicians (GI, Urology, Pulmonology, ENT, Emergency Medicine), purchasers and infection preventionists in
the USA, France, Germany, UK and Japan, n=286, Olympus

Page 27

No data copy / No data transfer permittedExpertise in visualization,
maneuverability and ergonomics

Highmaneuverability

Infection
prevention

Largest installedbase in the market

Single-use endoscopes will complement our portfolio
Dedicated single-use endoscope unit established in April 2021
We have established a strategic approach to single-use endoscopy that is:
Growing market for
single-use endoscopes•••

Consistent with market needs
Aligned with our position as an endoscopy partner of choice
Representative of our market-leading quality and performance

Estimated CAGR:

15-18%First line of single-use bronchoscopes (H-SteriScopes) launched in the US in FY22
Launch pipeline planned for FY23 and FY24

between 2020 and 2030*

Bronchoscope* Served market projection by Olympus

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Cholangioscope

Ureteroscope

DuodenoscopeImprove patient outcomesby elevating the standard of carein targeted disease states

Focus

Focus on the
diseases on which
we can have a market
leading impact

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Shape

Shape the future by
investing in new ways
to enhance thestandard of care

EnableEnable ourorganization to better
execute globally andat paceOur business development team and tools are tailored
to promoting complementary, inorganic growth

Set-upSet-up teams in 7 locations andestablished processes and tools for
global deal sourcing and execution

Achievements
Key therapeutic areas strengthened througha series of relevant deals and partnerships

GI Endotherapy
Urology
Respiratory
Rigorous focus on value drivers inboth deals and company integrations

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Corporate
venture capital
Launched US-based fund with $50
million for initial commitments andfollow-on investments
Invests in pioneering startups with
innovative technologies that
improve clinical outcomes, reduce
healthcare costs, and enhance thequality of life for patients
Offers portfolio companies benefitsof Olympus' clinical and technicalexpertise, access to healthcare
professionals and hospitals, andability to launch and scale innovative
solutions in the global market

Stronger Medical and Scientific Affairs will enhance ourportfolio's clinical relevance, economic value and safety>20

Medicalexperts hired

Strengthen Olympus’
functional capabilities todevelop medical device
innovations and promotepatient-centered solutions
that are safer and more
effective* >70,000 participants covered by remote methods in FY21.

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3x

Training
attendance*

Develop and implement
educational programs andtraining exercises to help
healthcare professionals
increase their technicalexpertise, achieve excellent
clinical results, and ensure
patient safety

Value
Throughdata

Leverage real-world
evidence to improve clinicaloutcomes for patients that,in turn, produce economic
value for payers, healthcare
systems, and societyWe are further enhancing our capabilities for growth
Procurement,
supply chain andmanufacturing
Globalize the manufacturing andrepair, supply chain, andprocurement organizations to breakup silos and enable global synergies
Redefine processes, clarify roles
and responsibilities and strengthen
capabilities to execute operational
strategy and manage risk
Increase agility and cost efficiency
to further improve customer
experience by applying innovativetechnologies in an integrated mannerPage 32

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Research anddevelopment

Deliver innovative and patientoutcome oriented, customer-centriccore technologies, products, systems
and services with enhanced launch
cycle speed
Operate efficiently with internal andexternal stakeholders under agile andlean processes
Further globalize the R&D
organization and develop the mostproductive, capable and motivatedengineers

Quality assurance
and regulatory
affairs
Put patient safety at the core ofoperational excellence and individual
understanding
Further centralize and standardize
regulatory affairs to meet global
demand yet allow for regional
nuances
Enable best-in-class processes,
including automation

A broadened Executive Committee
will help us meet our aims
FY2022

Yasuo Takeuchi

Nacho Abia

Stefan Kaufmann

Chikashi Takeda

Akihiro Taguchi

Director, Representative
Executive Officer,
President and CEO

Executive Officer,
Chief Operating Officer

Director,
Executive Officer,
Chief Administrative Officer

Executive Officer,
Chief Financial Officer

Executive Officer,
Chief Technology Officer* AKI TAGUCHI WILL RETIRE AS OF MARCH 2022

FY2023

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NEW

NEW

Andre Roggan

Tetsuo Kobayashi

Executive Officer,
Chief Technology Officer

Executive Officer, Chief
Manufacturing and Supply OfficerWe are fully committed to achieving our aspirations and strive forfurther revenue and profitability growth acceleration
We aim to improve patient outcomes by elevating the standard of care in targeted disease states.
After FY2024, we will target revenue growth, improving cost leverage and balance sheet efficiency.

Focus

Focus on the disease states on
which we can have amarket-leading impact

Shape

Shape the future by investingin new ways to enhance thestandard of care

EnableEnable our organization tobetter execute globallyand at pace

* Adjusted for extraordinary items

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Sustain

Deliver

5-6%
> 20%

growth annuallyconsolidated
corporate operating
margin*Appendix

Adjustment items
Operating Profit / EPS* Exclude “Other income/expenses**” No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rates will be used.

ROIC* Exclude “Other income/expenses**”, “Amortization of intangible assets from M&A***” from NOPAT****.
 Exclude “Assets related to M&A*** (Goodwill and Intangible assets related to M&A***)” from Working capital.
 No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rates will be used.

FCF Exclude “Cash in/out items of other income/expenses**”, “M&A*** related expenditure”, and “Restructuring related
expenditure”.
 No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rates will be used.

*
Japanese effective statutory tax rate (approximately 30%) is used as the “tax rate”.
** Other income/expenses: Most of the income and expenses that are not tied to normal business activities or have a strong one-time element are recorded.
*** Related to M&A since FY2020(after the announcement of the corporate strategy in 2019)**** NOPAT: Net Operating Profit After Tax

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Financial indicators (no adjustment)

Financial guidance

FY 2023 TARGETFY 2020 ACTUAL

FY 2021 ACTUAL

FY 2022 FORECAST

OP margin*

>20%

12.2%

11.2%

16.8%

FCF growth

>20%

-%

-92.7%-17.8%CAGR from FY2020/3

Supporting financial
indicators

Billion¥5.2

Billion¥48.0
Billion

ROIC

>20%

9.4%

3.1%

13.1%

EPS growth*

>25%

-%

+10.5%+35.5%* Continuing business base

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CAGR from FY2020/3¥46.18¥51.03
Continuing Business Only

¥84.78

Adjusted supporting financial indicators
FY 2023 TARGETAdj.
FCF growth>20%
CAGR from FY2020/3

FY 2020 ACTUAL

-%

¥71.1
Billion

FY 2021 ACTUAL

FY 2022 FORECAST+11.6%

+6.1%

¥79.4

¥80.0

BillionBillion

Adj.
ROIC

>20%

10.7%

10.3%

16.0%

Adj.
EPS growth*

>25%

-%

+37.2%+43.9%CAGR from FY 2020/3¥45.49Continuing & Discontinued BusinessNote: Please refer to the appendix for the details of adjusted items (no adjustment).
* Continuing business base

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No data copy / No data transfer permitted¥62.42
Continuing Business Only

¥94.23

Composition of total revenue and Sub-segment ratio within ESD/TSD
Other
1%(¥9.2B)
Scientific Solutions
13% (¥95.9B)

FY2021
Total Revenue¥730.5B

Medical Service
30%*

Endoscopic
Solutions54%

ESD¥393.7B
Surgical Endoscopy
15%*

MedicalBusiness
86%(¥625.5B)

Other Therapeutic
Areas 25%*

Therapeutic
Solutions32%
Note: The figures in this slide are for fiscal year 2021.
* Approx. Due to rounding, the total may not add up to 100%.

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GI Endoscopy
55%*

TSD
¥231.8B
Respiratory
15%*

GI Endotherapy
30%*

Urology25%*

OLYMPUS Investor Day 2021 (Dec 7, 2021)
Please visit the following URL for more details on the Investor day 2021
 Presentation Materials

https://www.olympus-global.com/ir/data/pdf/Olympus_Investor_Day_PPT_Presentation_e.pdf

 Presentation Materials with script

https://www.olympus-global.com/ir/data/pdf/Olympus_Investor_Day_PPT_Presentation_with_note_e.pdf

 Q&A

https://www.olympus-global.com/ir/data/pdf/05_qa_investorday2021_en.pdf

 Video Streaming (Presentation)

https://www.olympus-global.com/ir/data/video/video-05.html

 Video Streaming (Q&A session)

https://www.irwebcasting.com/20211207/3/4c0d7c84cc/mov/main/index.html

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