June 17, 2022
News Release
Company: Olympus Corporation
Yasuo Takeuchi, Director, Representative Executive Officer, President and CEO(Code: 7733, Prime, Tokyo Stock Exchange)
Contact: Takaaki Sakurai, Vice President, Investor Relations
TEL: +81-3-3340-2111
Overview of Evaluation Results on the Effectiveness of the Board of Directors of Olympus
Olympus Corporation (“Olympus”) has conducted analysis and evaluation regarding the effectivenessof Board of Directors including a perspective of third-party based on its “Basic Policy on Corporate
Governance.” Olympus hereby notifies you the overview of the result.
※ "Basic Policy on Corporate Governance"
https://www.olympus-global.com/company/governance/pdf/basic_policy_for_corporate_governance_en.pdf

1. Background to implementation and disclosure of the Board of Directors Evaluation
Olympus established its “Basic Policy on Corporate Governance” in June 2015 with the aim ofrealizing effective corporate governance. Under its Basic Policy "4. Responsibility of the Board ofDirectors, etc. (13) the Board of Directors Evaluation”, its Board of Directors annually evaluates theeffectiveness of the entire Board of Directors and publicly announces the results.
Based on its Corporate Transformation Plan “Transform Olympus,” which aims to transform ourcompany into a truly global medtech company, we sought to improve the effectiveness of its
governance by such means as transitioning into a company with Nominating Committee, etc. in June
2019. In the evaluation of the Board of Directors of the previous year, we clarified the responsibilitiesof the Board of Directors and identified issues to further enhance the effectiveness of the Board ofDirectors and each committee (Nominating Committee, Compensation Committee, and AuditCommittee), and worked to make improvements.
In the evaluation of effectiveness of the Board of Directors this year (conducted from February toJune 2022), we measured the effect of our efforts according to the responsibilities of the Board ofDirectors, which we confirmed last year as "In order to contribute to the enhancement of Olympus’
corporate value through cooperation with the executives, the Board of Directors will: (i) deepen therecognition and insight of the business environment and management issues through constructive
discussions with the executives; (ii) effectively monitor management decision-making and execution1from a strategic and broad perspective; and (iii) support the promotion of measures for the growth ofOlympus as a truly global Medtech company.", shared recognition, evaluation and awareness of issues
that have been particularly improved, and agreed on the viewpoints to ensure steady rooting of theresults of our efforts to the operation of the Board of Directors.
2. Evaluation method
The evaluation was conducted through a questionnaire concerning the Board of Directors and eachcommittee for Directors (11 people) and Executive Officers (5 people), and discussion was held by allDirectors. The questionnaire was conducted in order to measure the efficacies of efforts to improve
effectiveness and to examine whether streamline was necessary. The questionnaire was conductedbased on the knowledge of external consultants in order to objectively grasp the results and issues of
the questionnaire. Based on the results of the questionnaire, discussion was held to obtain frankopinions of Directors on current evaluation and future issues. External consultants facilitated thediscussion to objectively organize the issues and support the discussions. Subsequently, the Board of
Directors shared necessary efforts to improve the effectiveness of Board of Directors based on thefindings of the analyses based on the discussion.
3. Summary of analyses and evaluation results
As a result of the analyses and evaluation, among the efforts intended from the last year’s evaluation
results (a summary of the results was disclosed in June 2021), Board of Directors evaluated that thefoundations for fulfilling the aforementioned responsibilities of the Board of Directors are being laid.
These efforts included effective implementation of Board Succession Plan aiming to realize thecorporate strategy, increasing diversity in the composition of Board of Directors, and strengthening of
the monitoring and executive functions under leadership of Chairman and the CEO, cooperatingclosely with each other based on mutually trusting relationship.
In particular, we confirmed that the “Culture of Board of Directors” is being fostered in such arelationship as “under the mutually trusting relations between monitoring and execution, theexecutives are promoting swift decision-making in the management to adapt execution to changes inthe environment, and the Board of Directors is fostering a relationship through providing advisory
functions and management oversight functions from strategic and broad perspectives to support theimprovement of management quality through constructive discussions with executives.”
The Board of Directors has confirmed that sustaining such “Culture of Board of Directors” is thefoundation for Board of Directors to fulfill its responsibilities as described above, and that it continues
to adapt the responsibility of the Board of Directors to changes in the business environment andmanagement issues each time, as well as the optimal composition and operation of Board of Directors,
thereby contributing to the enhancement of the corporate value of Olympus.

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4. Future Efforts
The Board of Directors of Olympus will further nurture the “Culture of Board of Directors” andstrengthen the following initiatives in order to fulfill its responsibilities more effectively.
(1) Deliberate on the Board of Directors meeting agenda in a more planned manner in
relation to corporate strategy under collaboration of Chairman, CEO, and The
Secretariat to appropriately narrow down the agenda and respond to environmental
changes in a timely manner.
(2) With regard to the execution report by Executive Officers, while taking into accountthe priorities of management issues and the monitoring items regarded as important by
Board of Directors, we will strive to create ways to give importance to the "Focus Pointof the Board of Directors" fostered based on a shared understanding through mutual
feedback between monitoring and execution, in the axis of evolving into a global
medtech company.
(3) The Nominating, Compensation and Audit Committees and Board of Directors shallwork to further strengthen their collaboration and take reasonable steps to address theirpriorities.

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