A New Horizon
Olympus Investor Day 2021

Yasuo Takeuchi, President and CEO
Nacho Abia, COO
December 7, 2021

• Hello everyone, I am Yasuo Takeuchi, CEO of Olympus Corporation.
• I am very pleased to welcome you to our first virtual Investor Day, to update you on the
progress we have made against our 2019 transformation ambition and to share our vision
for the future of Olympus.
• We are excited to share our plans with you as we look to a new horizon.

Page 1

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 usedin 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.

No data copy / No data transfer permitted

Remarks
01 Opening
Yasuo Takeuchi
Highlights and Strategic Outlook
02 Performance
Yasuo Takeuchi
and Shape: Medical Business Direction
03 Focus
Nacho Abia
Executing Globally and at Pace
04 Enable:
Yasuo Takeuchi

05 Q&A• Joining me today is our Chief Operating Officer, Nacho Abia.
• As you can see from the agenda, we have a lot to cover.
• We will begin with a look at the goals we set for our transformation to become a global
medtech leader and our achievements against these goals.
• We will then look at an overview of the current trends affecting the healthcare landscape,and Olympus’ place within that environment.
• We will conclude with an outline of our plans to position Olympus for continued success.
• There is a lot to discuss, so let’s get started.

Page 2

01
Opening Remarks• As you know, in 2019, Olympus embarked on an ambitious transformation journey.
• In doing so, we set out to build a new foundation for long-term growth and margin
expansion.
• We have made considerable progress in transforming our company.
• We are now focused on our medical business and, as our recent results show, we aremaking steady progress toward achieving the KPIs we outlined in our corporate strategy.
• But, the industry arena of which we are now a part is also undergoing rapid change.
• Macro shifts and micro developments are combining to create a highly dynamic and moreglobalized healthcare industry than ever before.
• Those who recognize and embrace these changes will be well-placed to lead and make areal difference for patients and healthcare professionals.

Page 3

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

• Of course, change is not new to Olympus. As an organization that is over 100-years-old
we manifest a long history of successful adaptation and focused renewal.
• And once again, we stand on the cusp of our next evolution as we accelerate our journey
to become a global medtech leader of the future.
• By the conclusion of today’s presentation, I hope that you will have a clear view of how
Olympus will stay true to its Purpose of making people’s lives healthier, safer, and more
fulfilling long into the future.

Page 4

02
Performance Highlights andStrategic Outlook• Before we look ahead, I would first like to summarize the steps we have taken and what
we have achieved since 2019 by briefly revisiting our actions, our performance and ouroutlook.

Page 5

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

5-6% growth annually> 20%

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

Page 6

No data copy / No data transfer permitted• At Olympus, a key element of our success is that we continually challenge ourselves.
• When we revealed our aspiration to you in 2019, we set some tough targets:• Sustain 5-6 percent growth annually.
• Deliver a consolidated corporate operating margin of over 20 percent• Attain a leadership position in the areas where we can compete in a meaningful way.
• Achieving these goals enables us to deliver solutions that benefit all facets of thehealthcare industry – from patients and the healthcare professionals who care for them, tothe payors and infrastructure that support the system.

Page 6

We adopted an ambitious timeline out to 2023
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

Compete to Grow
Transform to Perform
Focus and Simplify
To have immediate, early impact
on corporate performance

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

Page 7No data copy / No data transfer permitted• We set an ambitious timeline to achieve over 20% operating margin by 2023, with theunderstanding that this journey would be a process, not a moment.
• Achieving an operating margin over 20% in a short period of time will significantly change
the awareness of colleagues and corporate culture and bring out the potential of Olympus
as a whole by fiscal year 2023.
• Let me be clear, 2023 is not the end goal, it is a milestone on our continuing journey.
• For our journey to be successful, it requires a carefully charted path; one that enables
Olympus to realize its full potential through a world-class organizational, operational andcultural approach.

Page 7

We have become a global
medtech company

Medical Business (86%)
Gastrointestinal Endoscope, Surgical Endoscope,
Medical Service, GI-EndoTherapy, Urology,
Respiratory, Other Therapeutic Areas
Scientific Solutions Division (13%):
Life Science, Industrial
Others (1%)

31,653
Employees
worldwide

150
Countries and regions
served with oursolutions** Approx. as of March 2021

All data as of March 2021

Page 8No data copy / No data transfer permitted• Today, with 86 percent of our revenues derived from medical, and 80 percent of revenue
generated outside of Japan, we are a global medtech company. And we serve solutions to
150 countries and regions across the world.

Page 8

We believe in sustainable operations and sourcing
We prioritized six important ESG areas and identified material topics,
which include newly added environmental perspectives

We will actively engage on six ESG areas
Corporate
governance

Economicsustainability

Product
sustainability

Environment

PeopleSociety

Our materiality

 Healthcare access and outcomes Compliance, product quality and safety
 Responsible supply chain Diversity and inclusion
 Carbon neutral society andcircular economy

Page 9No data copy / No data transfer permitted• It’s important to recognize how our contributions to society go beyond our medical
contributions.
• Olympus also recognizes that one of its important management activities is to consider
the sustainability of the society and actively promote initiatives that incorporate ESG
perspectives.
• Therefore, we have committed to this set of materialities and made sure all management
initiatives are clearly engaged.

Page 9

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 10No data copy / No data transfer permitted• While there remains much to do, we have made substantial progress in a relatively shorttime.
• One of the key initiatives was the portfolio management. We transferred the Imaging
business in January 2021 and some businesses in the U.S. and Japan. We acquired 5
medical companies since last year to grow our medical business.
• We have increased our attention on improving our operational model and capability. We
established a globally integrated HR management system to utilize our talents globallyand set up the Global Business Service structure.
• The “Career Support for External Opportunity” initiative implemented in Japan has shifted
our employees’ mind-set in a globally aligned way, especially in Japan. I am proud of ourwork in improving our corporate culture and making the best use of our organizational
strengths.
• I am confident that Olympus is steadily transforming into what we want to be: a leading
global medtech company. We have implemented a variety of measures since the firstfiscal year of the corporate strategy, and we are enthusiastic to accomplish the goals set
forth in that strategy.

Page 10

Financial guidance and supporting financial indicators
2020/3Financial guidanceApprox.

Operatingmargin*11%

Free cash
flow growth*¥50
BillionApprox.

Supporting financial
indicators

ROIC*

10%

EPS growth*¥47

TARGET 2023/3

>20%
>20%
CAGR from FY2020/3

>20%
>25%
CAGR from FY2020/3* Adjusted for extraordinary items

Page 11No data copy / No data transfer permitted• These are the financial KPIs we published in our Corporate Strategy.
• We have set the operating margin as the most important KPI and have set three supporting
indicators.

Page 11

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

Billion

FY 2022 FORECAST

Billion18.9% ¥161.5
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

Page 12No data copy / No data transfer permitted• As I mentioned earlier, we have implemented a number of important initiatives in a shorttime period. As a result, despite Covid-19, we have been able to significantly improve ouroperating margin and are right on track to achieve over 20% in FY2023.
• The figures are on an adjusted basis and we define the extraordinary items.

Page 12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 Business¥62.42¥94.23

Continuing Business Only

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

Page 13

No data copy / No data transfer permitted• The supporting financial indicators are also improving along with the operating margin. In
particular, EPS is currently progressing ahead of schedule, and we expect further
improvement in the next fiscal year.
• On the other hand, free cash flow and ROIC are a little bit behind. We will continue tomake efforts to improve them in order to maximize cash flow, which is the source ofcorporate value.

Page 13

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

Page 14

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

No data copy / No data transfer permitted• This is the update regarding the capital allocation policy.
• Taking advantage of our robust platform centered on GI-Endoscopes in the Medical
business, I believe we can continue to generate a stable free cash flow.
• First of all, business investment is the top priority in capital allocation.
• I believe our shareholders expect Olympus to make business investments that can create
unique added value and also increase shareholder value.
• In line with our corporate strategy, we will continue to promote business investment andM&A centered on the Medical business, especially in our three focus areas.
• We pay dividends stably and aim to increase them gradually.
• After securing sufficient liquidity on hand for working capital and investment, we willconsider flexible buyback of treasury stock if there are surplus funds.

Page 14

Today, we stand on a

Solid Foundation.

• To summarize, our focus and resolve has brought us to where we are today – standing ona solid foundation that will enable us to extend our offerings, to lead in the areas where we
can generate the most impact, and to achieve our global ambition.

Page 15

Our impact on patients’ lives is already substantial

100

TOP 4

Diseases or Conditions Treated

Cancers Treated

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* As of March 2021

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

Page 16

No data copy / No data transfer permitted• Our contribution to improving the lives of patients around the world is already significant,with our solutions treating over 100 diseases and conditions.
• Our solutions support physicians treating and patients suffering from 4 out of the 5 mostcommon cancers – lung, stomach, colon and prostate.
• However, we can, and must, do more.

Page 16Chronic diseases are increasing as the
population ages
25%
20%
15%

2020

2040

19.3

30.2

Percentage of population over 65

MillionMillionLong-term rise inshare of population
over 651

Estimated increase in
new cancer cases from2020 to 20402

10%
5%
0%
1950

2000

2050

2100

Source: 1 United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019

Page 17

2 GLOBOCAN 2020

No data copy / No data transfer permitted• This snapshot provides a sobering view of the aging population and the rise of new cancer
cases• As the age of the global population rises, so does the incidence of chronic diseases.
• For example, the estimated number of new cancer cases is expected to grow substantially,
from approximately 19 million cases in 2020, to over 30 million cases by 2040.
• The need for effective medical solutions is growing rapidly, and we as an industry must act.

Page 17

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.

And will resultin substantial
cost reduction
by 2030

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.

Source: McKinsey

Page 18

No data copy / No data transfer permitted• At the same time, new technologies offer great promise in terms of raising the standard ofcare.
• Data and analytics have the potential to unlock enormous value by improving patient careand experience, reducing the care burden for professionals and driving costs down.

Page 18

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

Page 19

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

No data copy / No data transfer permitted• Alongside these drivers is a definitive shift across the industry around the expectations forpatient care.
• There is an emerging need to create solutions and optimize procedures to enhance thecare pathway.
• For healthcare professionals this drives better performance, increase efficiency inresource allocation, lowers cost and has the potential to deliver new insights from the data
accrued.
• For patients the benefits are clear: more personalized care, faster service, lower cost and,ultimately, better outcomes.
• This is another area where challenges present us with exciting opportunities to extend ourofferings, collaborate with partners, and ultimately shape a better healthcare system.

Page 19x

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
 Technology-first innovation, focused
primarily on developed markets

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

 Siloed, disconnected data unevenly
used for decision-making

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

Page 20

No data copy / No data transfer permitted• So, what does that all mean, you may ask?
• These benefits for HCPs and patients mean simply that it is incumbent on leaders in ourarena to look beyond optimizing device performance and think more expansively about
how their capabilities can be better leveraged to enhance patient care.

Page 20

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

Page 21

Focus

Shape

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

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

Enable ourorganization to better
execute globally andat paceNo data copy / No data transfer permitted• So where does that lead us?
• As we move forward from today, our strategy is to improve patient outcomes by elevating
the standard of care in targeted disease states.
• Significant opportunity exists to address unmet needs and elevate the standard of care inareas where Olympus has an existing right to win.
• Important unmet needs are common across target disease states, including the need forearlier patient engagement, for better care along the patient pathway, and for theapplication of data-driven and advanced technological solutions.
• This opportunity landscape represents a significant shift in direction toward a pathwayand procedure-focus – while next-generation products will also play an important role.
• The initial implications of this strategy are clear:• We will focus on areas where we can win, where Olympus can truly elevate the standardof care and ultimately improve patient outcomes.
• We will seek new opportunities to expand our participation at multiple stages of the patient
pathway. Adopting a care pathway-focused approach offers us the opportunity to take aleading role in shaping the future of healthcare.
• This will require enabling operational adjustments that allow us to meet our aims globallyand at pace.
• I want to be clear. This is a unifying value creation strategy designed to:• Accelerate our ability to deliver on the growth and profitability targets we have set,
• Optimize the treatment journey for patients and healthcare professionals, as well as• Unite and inspire our global team around the impact we can have.
• I will now ask our Chief Operating Officer, Nacho Abia, to take you through the details of
how we move forward from today. Nacho over to you…

Page 21

03
Focus and Shape: Medical
Business Direction• Thank you, Yas.
• As Takeuchi-san just has said, moving forward we have absolute clarity to continue our
purpose of making people’s lives healthier, safer and more fulfilling.
• The steps we have taken under Transform Olympus, and the divestments and newinvestments we have made in the recent past, are supporting our move in a further
developed direction. The first chapter was establishing the endoscopic solutions andtherapeutic solutions divisions and developing the governance and organizational
structures needed to become a truly global medical technology company.

Page 22

Improve patient outcomesby elevating the standard of carein targeted disease states

Page 23

Focus

Shape

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

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

EnableEnable ourorganization to better
execute globally andat paceNo data copy / No data transfer permitted•

Now, I would like to take you through the next chapter and share with you the details of
our Focus and Shape principles.

•First and foremost, our stated strategy is to improve patient outcomes by elevating thestandard of care in targeted disease states.

•

This strategy is based on our strengths today, inclusive of imaging, endoscopic
screening, diagnostics and endoluminal therapeutics.

•

But it also addresses the market shifts, such as the integration of digital solutions andour drive to meet unmet needs along the patient pathway.

•

It is a strategy that requires us to focus in areas of the business where Olympus canmake the greatest difference in the lives of patients around the world.

•

And it is a strategy that compels us to work together, focusing human and financial
resources across the organization, on new innovations, care models and technologies
that shape the future of healthcare.

Page 23

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

Market CAGR

4-6%

5-7%

No.

1

55% of ESD
revenue*No.

2

30% of TSD
revenue*

5-7%

No.

2

25% of TSD
revenue*

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.

Page 24

No data copy / No data transfer permitted• We must focus on our strengths in the areas where we can have the greatest impact on
healthcare, patients’ lives and where we will be most successful against our competition• As you can see in the slide, Olympus is a clear leader in the areas of gastroenterology,
urology, and respiratory. This is where we are having greatest impact today, but it is also
where we have new growth opportunities.
• These are the areas where we will focus our investments and resources to achieve
profitable and sustainable growth and make the biggest difference in the care pathway
journey.
• As a result, we plan to maintain market leadership in GI Endoscopy and outpace market
growth in GI-Endotherapy, Urology, and Respiratory.

Page 24

We will continue to lead in GI focus areas with significant unmet
needs
Other

Stomachcancer
¥200B

Est. 1M
new patients
per year1

4th
leading causeof cancerrelated death2

3rd
most
diagnosed
malignancy2

2ndleading causeof cancerrelated death2

ESD

TSD

GI endoscopes and endoscopic
ultrasound for detection, diagnosis
and staging

GI Endotherapy single-use devices for
detection, biopsy, ERCP, hemostasis,
resection / dissection¥650-720B
Total served
market for
GI

Colorectal
cancer¥180B

Sources:
1 Epi Database®. Cerner Enviza.
Available from wee.epidb.com.
Accessed 18 Nov 21. Data for USA,
EU5, JP, CN
2 GLOBOCAN 2020

Page 25

Pancreaticobiliary
diseases¥137B

No data copy / No data transfer permitted

Est.

60M
patients
affected1

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

• Let’s talk about GI first.
• The prevalence of chronic GI diseases is increasing and therefore, there will continue tobe significant unmet need in screening and treatment of GI diseases.
• Our disease states of focus represent markets where Olympus is strong and will continue
to grow.
• Both, stomach and colorectal cancer are in the top 4 out of 5 most common causes ofcancer related deaths and our two divisions, ESD and TSD, collectively offer a portfolio of
solutions across the continuum of care enabling detection, diagnosis, staging andtreatment.
• So, we are uniquely positioned to reach more patients by delivering such acomprehensive offering, and through it, to continue increasing our value to healthcare
systems and patients alike.

Page 25

Elevating the standard of care in our fight against colon cancer
Our focus

Screening, diagnosis and treatment in early stages to limit severe cases

The diseasestate

Colorectal cancer (CRC) is the third most diagnosed malignancy and the second leading cause of cancer-related
deaths in the world.1 Its burden is expected to increase by 60%, to more than 2.2M new cases and 1.1M deaths, by2030.2 Currently, 50M colonoscopies are performed worldwide.3

Detection

Our
solutions
Sources: 1 GLOBOCAN 2020
2 https://gut.bmj.com, Global
patterns and trends in colorectal
cancer incidence and mortality,
Melina Arnold, Mónica S Sierra,
Mathieu Laversanne, Isabelle
Soerjomataram, Ahmedin Jemal,
Freddie Bray
3 Based on Company‘s research.
Numbers for US, CA, EU5, JP, CN,
KR, AU, IN as of 2018 or 2019
depending on region
4 Floer M, Biecker E, Fitzlaff R, et al.
Higher Adenoma Detection Rates
with Endocuff-Assisted Colonoscopy— A Randomized Controlled
Multicenter Trial. PLoS ONE.
2014;9(12):e114267

Page 26

Characterization

EVIS X1:
Our most advanced
endoscopy system
Revolutionizes theway gastrointestinal
disorders can bedetected,
characterized,
diagnosed andtreated* Computer-aided detection

No data copy / No data transfer permitted

Diagnosis
ENDO-AID CAD*:
AI supported detection
Automatic real-time
detection of suspicious
tissues and lesions
ENDOCUFF VISION
maximizes visualization

Treatment
Versatile range of
products forendotherapies
Advancedtherapeutic
procedure for nonsurgical treatmentof early diseasestates

Notable increase inadenoma detection rate of
10.8% in comparison to
standard colonoscopy4

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

• Looking at the prevalence of colorectal cancer, in particular, we see greater opportunity for
Olympus to elevate the standard of care through solutions for screening, diagnosis, andtreatment.
• The encouraging news is that our solutions can make a difference to patients.
• And while research tells us that many eligible, and at-risk patients are not screened forcolorectal cancer, there is a significant opportunity to improve the patient care pathway, toensure that the right patients receive earlier screening, earlier diagnosis and earlier, lessinvasive treatment.
• This is a tangible example of where we can elevate the standard of care and deliversignificant value.

Page 26

Our GI growth driversv

Digitalimaging
solutions like
CADe/x

Maintainleadership withnew launches

EVIS X1
scope
additions

Grow by regionaland commercial
model expansion

Prepare EVIS X1
launch for US and
China

Drive professional
education initiatives
in emerging markets

Grow byexpanding into
adjacent areas

Upper GI
screeningfor therapeuticintervention
including for GERD
and Barrett's

Advance EUS
imaging andintervention

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

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

Page 27

No data copy / No data transfer permitted• So, how will we drive future growth in gastroenterology and harness the opportunities
ahead?
• In GI, we can segment our growth opportunity into three categories:• Innovation of new products;• Regional expansions; and• Leveraging our domain knowledge to grow into areas adjacent to our existing expertise.
• Let’s explore this approach with some specific examples on the following slides.

Page 27

Growth driver highlights: Regional expansion of EVIS X1

Launch ofpredecessor
systemCAGR in first 5 years
after launch

7.4%
Potential for replacing
the previous model

70,000EVIS X1 sales start inJapan, Europe andAsia-Pacific
EVIS X1 share of
total GI Endoscopy
net sales in EMEA, Japan,and Asia Pacific
~ 19%
~ 11%

units** Unit sales of previous generation video

processor (CV-190 and CV-290)

FY21

FY22
(1H)

Note: Products or devices presented include future technology which may be pending regional regulatory approval and are notavailable for sale in all regions.

Page 28

Americas

Europe**China

Asia-Pacific***

Japan

Targeting launch in
FY2023

Sales started
in FY2021

Preparation stage

Sales started
in FY2021

Sales started
in FY2021** Europe excluding Russia, CIS*** Asia-Pacific excluding Korea, Indonesia, Sri Lanka and Taiwan

No data copy / No data transfer permitted•

The launch of EVIS X1, our most advanced endoscopy system, has beenenthusiastically received by customers and is contributing to growth in the regions
already launched.

•

The CAGR for the predecessor platform of EVIS X1 provides a good outlook on the kindof momentum we can expect for EVIS X1 as it is launched around the world. The EVIS
X1 system launches in Europe, Asia-Pacific, and Japan have been quite successful, so
we are very confident that the new launches planned, extending entry for this productinto the US and China, will be very successful as well.

•

We are bullish on these launches and have full confidence that our efforts will yieldsignificant additional results over the next 5 years

Page 28

Growth driver highlights: Innovate in infection prevention

Infection prevention is key topatient safety
Growing market for infection
prevention solutions
Dedicated unit to accelerateorganic and inorganic growthPage 29

Strengthen core andaccessories

Trusted partner with end-to-end
portfolio and advisory service

Innovate the manual cleaning
process to be automatedNo data copy / No data transfer permitted• Another growth driver we would like to highlight is infection prevention.
• As we all know, infection prevention is top of mind at every healthcare facility, large orsmall. And here, Olympus has a substantial opportunity to make a difference.
• We intend to compete for a portion of that market that greatly complements our productlines and disease states of focus.
• To accelerate our impact and offering, Olympus has established a dedicated unit to build
our capabilities through a combination of organic and in-organic growth. This unit has
three clear priorities:• Strengthen effectiveness of core products and accessories• Provide end-to-end portfolio and advisory, and to• Develop innovations for manual and automated cleaning

Page 29

7 December 2021

We are well positioned to address patient needs in high-growthurology markets
Est.
Bladder cancer¥32B (6% CAGR)
BPH
BPH¥94.5B¥95B
12% CAGR(12% CAGR)

1.5M
patients1

Up to 74%
recurrence
rate2

50%

86M
of men aged
men affected
between(including
undiagnosed)1 51 and 60 are
affected3

PLASMA+ advancedenergy system
World-class endoscopic
visualization technology
Minimally
invasive,
temporarily
implanted
device¥280-350B
Total served
market for
Urology

Urology stone
Kidneymanagement
stone
¥180B
management¥178.5B(4% CAGR)
4% CAGR

Risingprevalence –up to 13%of population4

Est. 40%5-yearrecurrence
rate5

Soltive SuperPulsed
Laser System breaks upstones faster and more
completely than previous
options

ShockPulse Lithotripsy
System for efficient
ShockPulse
Lithotripsy
percutaneous
stone
System for efficient
procedures
percutaneous stone
procedures

Sources:
1 Epi Database®. Cerner Enviza. Available from wee.epidb.com. Accessed 18 Nov 21. Data for USA, EU5, JP, CN
2 Recurrence of high-risk bladder cancer: A population-based analysis – Cancer. 2013 Sep 1; 119(17): 3219–3227.
3 BPH: surgical management. – Urology Care Foundation website. www.urologyhealth.org. Updated July 2013.
4 Epidemiology of stone disease across the world – World J Urol. 2017 Sep;35(9):1301-1320. doi: 10.1007/s00345-017-2008-6.
5 Recurrent Nephrolithiasis in Adults: A Comparative Effectiveness Review of Preventive Medical Strategies – Agency for Healthcare Research and Quality (www.effectivehealthcare.ahrq.gov), published online June 15, 2011.
Note: Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.

Page 30

No data copy / No data transfer permitted• The next area we will focus on is Urology – where Olympus is uniquely positioned with acomprehensive portfolio of products to treat some of the most common urologicaldiseases.
• We have significant market opportunities for in BPH, bladder cancer, and kidney stones
treatments.
• Benign prostatic hyperplasia — or BPH — impacts 50 percent of men between 51 and 60;
and 90 percent in men older than 80.
• As Yas highlighted earlier, the aging population is a trend that is driving the industry – thisis a specific example of how that trend aligns with our focus• The second disease state of focus is bladder cancer, which unfortunately has very highrecurrence rates – up to 74 percent.
• And 3rd, the incidence of kidney stones is rising, and is associated with high recurrence
rates over 5 years.
• The good news is that Olympus has world-class treatment solutions to address each ofthese conditions, making the aggressive goals we have set possible.

Page 30

Elevating the standard of care for benign
prostatic hyperplasia (BPH)
Our focus

Provide urologists a complete suite of procedural solutions to treat all patients

The diseasestate

BPH is a widespread disease. Symptoms start mildly, but typically develop further over time, requiring
different types of therapies in line with severity.

Oursolutions

Diagnosed
patients1
Potential
treatment

Source: 1 Epi Database®. Cerner Enviza.
Available from wee.epidb.com. Accessed 18
Nov 21. Data for USA, EU5, JP,CN.
Note: Products or devices presented include
future technology which may be pending
regional regulatory approval and are notavailable for sale in all regions.

Page 31

23.5M
Mild symptoms

20.5M
Moderate symptoms
Resection

Enucleation

iTind

PLASMA+SOLTIVE,EMPOWER Minimally invasive,
temporarily implanted
device Implant for 5-7 days only
 Aims to deliver rapid
relief of BPH symptoms

 Proven PLASMA therapy New system delivers
improved performance,
treatment options, safety,
and cost and time
efficiency

Medication

Implants

10.5M
Severe symptoms

 Complete suite of lasers
for enucleation ofenlarged prostates

No data copy / No data transfer permitted• Let’s talk specifically about BPH, where the prevalence is considerable.
• Our focus is to provide urologists with a complete suite of solutions to treat patients
suffering from BPH, so we can address the disease state all along the patient pathway.
• For example, in less severe cases of BPH, iTind is a temporary device that is easily
implanted, aims to deliver rapid support, and is completely removed at the end of atreatment period.
• For more severe cases, through Trans Urethral Resection of the Prostate – TURP procedures, our PLASMA+ has integrated third-generation bipolar technology. The newest
generation continues to set new standards across the board – in terms of performance,
treatment options, safety, cost, and time efficiency.
• Finally, in addition to its main application area in stone management, the Soltive platform
allows physicians to address unique procedures and economic needs associated with
Prostate Enucleation as our laser solution is used for this procedure as well.
• By focusing on the solutions that satisfy growing market needs, Olympus is well positioned
to continue its growth in these areas and even extend leading positions that we havealready created.

Page 31

Our urology growth drivers

Drivelithotripsy
leadership

Offer urologists acomprehensive
BPH solution

Page 32

No data copy / No data transfer permitted

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.

• To summarize, we will be driving growth in Urology by continuing to invest in core
procedures and technology areas, while expanding our reach globally.
• Our key focus areas of BPH, bladder cancer and stone management will be driven by ourvisualizations solutions plus other key technologies – like iTind, PLASMA+, and the Soltive
Laser System and also through our entry into the single-use ureteroscopy market.
• And we will drive global market development to allow patients worldwide to benefit fromthe iTind procedure, while expanding our stone management portfolio beyond coremarkets, powered by our revolutionary market leading Soltive solution. Physicians andclinical evidence have shown that this is game changing technology, and we are very
proud to bring it to market.

Page 32

We will focus on respiratory diseases with highincidence / prevalence and significant unmet need

Lung cancer¥22B¥60-80B
Total served
market for
Respiratory

Sources: 1 Epi Database®.
Cerner Enviza. Available
from wee.epidb.com.
Accessed 18 Nov 21. Datafor USA, EU5, JP, CN 2
GLOBOCAN 2020 3 World
Health Organization

Page 33

Other lungdiseasesand lung
complications(COPD,
air leaks,
et. al).

Est.

3.4M
patients1

Est.

174 M
patients1

Endobronchialultrasound(EBUS)
Thoracic
electromagnetic
navigation#1
cause ofcancerdeath23rd
leading
cause ofdeath3

Bronchoscopy (traditionaland single-use) andendoscopic devices¥54B

No data copy / No data transfer permitted

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

• Let’s move on to Respiratory.
• Olympus will make a real impact on the global healthcare system by focusing as well on
the respiratory segment, where disease prevalence is growing, and the unmet need issignificant.
• Lung cancer is the deadliest cancer, with over 3.4 million patients per year, and highassociated mortality rates. Early detection and diagnosis are critical and well aligned withour current and future product suite.
• A second disease state of focus is Chronic Obstruction Pulmonary diseases - COPD,
which is the third leading cause of death globally, with 174 million patients suffering fromthis disease worldwide.
• With our bronchoscopy and endoscopic devices, we lead the Respiratory endoscopy
market – a market that is currently under-penetrated. This together with our productpipeline, positions Olympus for continued growth and signals our opportunity to make areal difference in the lives of patients and their families.

Page 33

Elevating the standard of care for lung cancer
Our focus

Drive improvements in the five-year survival rate of lung cancer patientsby developing new and disruptive technologies

The diseasestate

Lung cancer has the highest mortality of any type of cancer.1 Only small percentage of patients are screened
today. Utilization of EBUS-TBNA*, a guideline recommended diagnostic and staging tool remains low. Maximizing
diagnostic yield of suspicious peripheral nodules while minimizing complications remains a critical need.

Oursolutions

Source: 1 GLOBOCAN 2020

Page 34

Screening

Diagnosis

Staging Increased screening candetect lung cancer earlier
and thereby grow thenumber of patients who will
benefit from diagnosis andstaging.

 Suspicious lesions are most often found in thehard-to-reach periphery of the lung.
 Olympus’ advancements in peripheral diagnostic
technology have the potential to increase yield
while minimizing complications.

 EBUS-TBNA enables real-time visualization andsampling of mediastinal lymph nodes.
 Societal guidelines recommend EBUS-TBNA
as the best first test for lung cancer staging.
 Opportunity exists to streamline the patientcare pathway.

* Endobronchial ultrasoundtransbronchial needle aspiration

Ultra-thin scope, radial ultrasound miniatureprobe, thoracic electromagnetic navigation

EBUS bronchoscope and EBUS
TBNA needles

No data copy / No data transfer permitted• While talking about elevating the standard of care, Olympus was an early and criticalinnovator in the lung cancer space with the introduction of the Endobronchial Ultrasoundguided Trans-Bronchial Needle Aspiration – EBUS-TBNA – solution, that supports lungcancer standing.
• Furthermore, the acquisition of Veran Medical Technologies enabled Olympus to extend its
important work in this space, bringing an integrated offering – bronchoscopes, devices,
endobronchial and transthoracic navigation technologies – designed to thwart the lungcancer threat.
• However, the prevalence of lung cancer and the mortality rates remain high and new
solutions are still needed.
• The reason for this is that while lung cancer screening is recommended, many instances
continue to go undiagnosed, and the standard of care for diagnosing is CT-guided needle
biopsy – TTNA – which has a high complication rate.
• So, this is yet another example of an area where our leadership is needed. It is ourobligation to continue to innovate in this area and uncover a more precise path to early
detection and effective treatment.
• We continue with bold intentions in this space, as we have in the past - one example of animportant patient pathway improvement that Olympus has already brought to therespiratory market, is in the combination of EBUS-TBNA plus peripheral bronchoscopy,
this enables diagnosis and staging to be done in one episode of care. This is the kind ofpatient care and procedure efficiency that we must strive for.

Page 34

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

Page 35

No data copy / No data transfer permitted

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

• Overall, our growth in Respiratory will center on three core actions:• First, it is incumbent upon us to leverage our innovations and clinical knowledge tomaintain leadership in core markets, such as the US, where we will launch EVIS X1. We
will also have a full portfolio of single-use and traditional bronchoscopes as well as new
EBUS technologies that will address currently unmet needs.
• Second, we will expand our market presence with platforms such as the Veran SPiN
Thoracic Navigation Platform and the commercialization of the Spiration Valve System inother geographies such as China.
• And third, we will meet so far unmet clinical needs by growing our pipeline of technologies
to improve diagnostics for suspicious peripheral lesions while applying our domain
expertise to adjacent areas in lung cancer screening, risk stratification and treatment.

Page 35Other areas that makestandard of care contributions
Surgical Endoscopy Protect and grow through investment insolutions that follow market shifts towards
minimally invasive procedures across carepathways

Surgical Devices

 Improve profitability through focused efforts
towards operational and commercial efficiencies
 Capitalize on upcoming launches to drive
growth15% of ESD
revenue*

ENT

25% of TSD
revenue*

Gynecology

Note: Sub-segment sales ratios within ESD/TSD are figures of fiscal year 2021. Please refer to the appendix
for the summary of sub-segment sales ratio within ESD/TSD*Approx.

Page 36

No data copy / No data transfer permitted• Let me talk now for a moment about our other therapeutic areas.
• While we look towards a new horizon with higher focus in mind, it is critical toacknowledge the important investments we have already made in other areas where we
can now realize tangible benefits.
• These four business areas – surgical endoscopy, surgical devices, ENT and Gynecology –will continue providing a robust contribution to Olympus and while we may not be theglobal leader in these entire spaces, our products have provided great value to ourcustomers for many years which is visible for example in our leadership in Surgicalsolutions in Japan, or our global leadership position in visualization in ENT.
• Therefore, we plan to protect and grow these areas leveraging past investments,
harnessing market shifts toward minimally invasive procedures across the care pathway,
and we will do it while focusing our efforts on operational and commercial efficiencies thatbest serve our margin goals while demonstrating our ability to launch products that areable to catalyze growth.

Page 36

Upcoming major launches as catalysts for future growth
Next-generation Imaging Platform

Powerseal

Celeris Sinus Debrider

Reducing risk of complications
and recurrence in cancer
treatment

Increasing performance andworkflow efficiency

Fully disposable all-in-one
microdebrider handpiece

Meet high standards of clinicalperformance Consistent sealing reliability
 Ergonomic, multifunctional design that
promotes procedural efficiency

Already launched in
the US; other regions tofollow in FY23

Launch in the US in FY22; other regions tofollow in FY23

Visualize Cancer Nerves Surgical landmarks
 Perfusion with decision criteria

Easy setup for workflow efficiency
Designed for office-based procedures
 Bipolar energy option to manage
incidental bleeding

QuestSpectrum

Page 37

No data copy / No data transfer permitted

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

• Let me highlight some of those developments that will be catalysts for growth in these justmentioned therapeutic areas.
• These solutions, some already in the market and some upcoming, will help physicians
avoid complications and can prevent recurrence of serious diseases.
• For example - our newest surgical endoscopy platform, together with recently acquired
Quest Spectrum technologies, will use advanced visualization techniques, like
Fluorescence or Molecular Imaging, to help avoid complications during surgery,• Or in the Surgical Devices space, we have just launched Powerseal in the US, with plans
to launch this advanced bipolar energy portfolio in Europe and other regions in the next
fiscal year. This marks a significant market penetration and growth driver opportunity forus, by releasing a solution that meets high clinical performance standards.

Page 37

Improve patient outcomesby elevating the standard of carein targeted disease states

Page 38

Focus

Shape

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

Shape the future by
investing in new ways
to elevate the standardof careEnableEnable ourorganization to better
execute globally andat paceNo data copy / No data transfer permitted• Ok, Let’s move on now into the “SHAPE”.
• The solutions we have discussed so far demonstrate our potential to realize further growthand have greater impact, but, if we are aiming to continue elevating the standard of careas the core of our strategy, we will also need to determine what other innovations will be
required.
• Themes that you have heard so far in this presentation, such as elevating the standard ofcare, procedure optimization and enhancing the care pathway are synonymous with thiscategory of shaping the future, shaping the new – shaping the way Olympus will continue
impacting healthcare and patients alike in the future.

Page 38

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

Page 39

No data copy / No data transfer permitted• In looking to the future, we are applying three lenses as we pursue our Shape principle pathway enhancement, procedure optimization, and next-generation product innovation.
• For care pathway enhancement, the emphasis is on driving value through acomprehensive understanding and management of the care pathway of diseases and tooffer more personalized care. For example, we will pursue integration of improved
screening and diagnostics offerings with decision-making tools at each stage across thecare pathway.
• We will put emphasis on driving value through data and analytics solutions in high-fidelity,
complex procedures as hardware and software integration can enable care teams to
reduce variation, avoid errors and optimize performance• And while considering next-generation product innovation - we will emphasize productdifferentiation to drive value creation. Here our focus will be on devices that are designed
to address unmet needs by improving upon cost, quality, ease of use and connectedness.
• Our goal is to help bring new care delivery models, new technologies and new businessmodels to the forefront to better serve the healthcare provider, and ultimately the patient,in fundamentally new ways.

Page 39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

Expertise in visualization,
maneuverability and ergonomics

Highmaneuverability

Infection
prevention

Largest installedbase in the market

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 40

No data copy / No data transfer permitted• While talking about the shape of the future, one unquestionable area of our next
generation product innovation will be in single-use endoscopy.
• Our leadership in endoscopy allows us the ability to develop a portfolio of endoscopes thatare right for the job. Recent market research we conducted gave a view into the mostimportant attributes an endoscope should have, from reliability, maneuverability,
ergonomics, workflow features and more. Olympus has and will continue to align ouroffering to these critical needs and best in class attributes to complement our reusable
endoscopes portfolio with solutions that can fit the need of every specific case. This isleading us to introduce more breadth and balanced portfolio offerings such as single-use
endoscopes, which gives our customers access to the best tools for each procedure, siteof care and individual patient needs.

Page 40

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

Cholangioscope

Ureteroscope

Duodenoscope* Served market projection by Olympus

Page 41

No data copy / No data transfer permitted• We recognize the growth opportunities and market demand for single-use endoscopes,
and we are launching a first line of single-use bronchoscopes now and have near futureplans for single-use endoscopes in several specialty areas.
• Our customers tell us that there is ample room for both single use and reusable
endoscopes and that they are excited to benefit from the new features and benefits webring with each new product launch.
• But our Shape principle doesn't end with the endoscopes. It is just the beginning.

Page 41

A digital endosuite will add value to users of our diversified
endoscope lines, and their patients
Our vision
for thedigitalendosuite:
AI and robotics
ensuring high qualityof careImproving patientand clinician
experience

Extending the reachof EndoTherapy

Page 42No data copy / No data transfer permitted• Our digital endosuite concept is part of our vision beyond the endoscope. Here is asolution that could extend the reach of endotherapies while improving the patient
experience, using Artificial Intelligence (AI) and other digital tools and technologies.
• Some specifics examples of what it may include are:
• Cloud-based content management for cross-procedural data access;• The ability to link endotherapy seamlessly with other disciplines, such as pathology;• An endoscopy workflow management platform; and• 3D body map visualization.

Page 42

• Some of those aspects of our Shape principle through our digital solutions can be found inwork already in progress.
• With our digital initiatives, we are harnessing digital technology and automation, creating
the opportunity to reduce the cognitive burden currently managed by clinicians and staff,
allowing them to focus on serving their patients.
• These critical concepts sit at the heart of our new digital governance, led by the recently
created Digital Unit.
• This unit will oversee and accelerate progress starting with three prioritized digital
initiatives, all of which will make a meaningful contribution to our success.
• First: To develop the Olympus Health Cloud – with infrastructure and capabilities in datacollection, Artificial Intelligence and Machine Learning.
• Second: In the already mentioned endoscopy workflow management platform — tosustain long-term competitiveness and increased value to our customers.
• And last, but by no means least, to establish market leadership in CAD —Computer-Aided
Diagnosis— and clinical decision support. Here we will define the future of CAD for
OlympusPage 43

Our research into endoluminal technologies holds promise fornext-generation therapies
View of the future: Standard ofcare needs will drive nextgeneration endoluminal
therapies.
Surgical volumes
Will increase and most treatment will beminimally invasive.
Care providers
Will demand tools that simplify procedures,
improve decision-making and enhanceoutcomes.
Sites of careWill move from inpatient settings to more
efficient and lower cost sites.
Assistive technologies
Will be significantly more utilized acrosssites.

We believe endoluminal intervention coupled with autonomous
capabilities will be widely adopted in the future.

 Advanced endotherapeutic interventions have alreadyelevated the standard of care for early-stage GI cancer andpancreaticobiliary disease treatment.
 Currently endoscopic treatment such as ESD and ERCP are
only performed by skilled physicians with extensive training
and experience.
 Next-generation endoluminal interventions aim to allow more
physicians to perform difficult procedures and make major
surgeries significantly less invasive.
 As the global leader in endoscopy, we will focus on exploringand developing an innovative endoluminal ecosystem withautonomous technologies

Business models
Will be tailored to providers' needfor consumer-centric and personalized care.
Note: Products or devices presented include future technology which may be pending regional
regulatory approval and are not available for sale in all regions.

Page 44

No data copy / No data transfer permitted• The last topic I would like to speak to you about is our view on endoluminal therapies.
• By now, you will recognize our resolve to focus our portfolio on businesses that maximize
the impact we can have.
• Endotherapy, which is also a key focus area of Olympus, is a portfolio of advanced,
minimally invasive devices and procedures focused on treating an array of GI diseases
through endoscopic access without the need for open or even laparoscopy surgery.
• This has several advantages like higher procedural success with lower morbidity rates;
lower patient down time, and economical benefits for the healthcare system as theprocedure is usually conducted in an outpatient, less expensive, setting.
• We at Olympus believe that additional endoluminal technologies will make it easier toperform endoluminal procedures which will extend its utilization and therefore they are thenatural extension of our endotherapy product offering.
• This will increase not only the variety of procedures that can be conducted endoluminally,
but also will benefit the ultimate patient outcomes of those procedures.
• We believe that further extension of endoluminal therapies, coupled with autonomous
capabilities, will be widely adopted in the future as minimally invasive therapies become
the norm and providers demand tools to simplify procedures, improve decision-making
and enhance outcomes. Here we will focus in the future on exploring the possibility ofdeveloping an innovative endoluminal ecosystem.

Page 44

Key take-aways for
Focus and Shape

Further enhance growth,
profitability, and patient
outcomes and elevate thestandard of care in key
disease states, by focusingon: GI Urology
 Respiratory

Page 45

Harness technologies andnew business models thatenhance care pathways
 Single-use endoscopes
 Digital initiatives
 Endoluminal therapies

No data copy / No data transfer permitted• In conclusion and to recap, we will FOCUS our efforts in the areas where we can make agreater medical difference – namely GI, Urology and Respiratory – by thinking in terms of
disease states instead of products, and by elevating the standard of care in these
therapeutic areas.
• And we will SHAPE the future of endoscopy, leveraging our many decades of expertise in
the area and introducing a balanced portfolio that contains single-use endoscopes, while
we will also push into new frontiers, leveraging a suite of interconnected digitaltechnologies and exploring exciting new terrain such as the development of new andinnovative tools for endoluminal surgical procedures.
• We are truly excited about the great potential this strategy holds, that will allow us to focus
and shape our leadership in medical technology to elevate the standard of care andenhance patient care pathways.
• And with that, back to you, Yas, to detail how we will Enable our strategy.

Page 45

04
Enable: Executing Globallyand at Pace

• Thank you, Nacho.
• To be successful as we Focus and Shape, we must continue to improve the capabilities ofour organization.

Page 46

Improve patient outcomesby elevating the standard of carein targeted disease states

Page 47

Focus

Shape

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

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

EnableEnable ourorganization to better
execute globally andat paceNo data copy / No data transfer permitted• We must Enable Olympus to fulfil its potential and compete more effectively on a global
scale.

Page 47

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

Page 48

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

No data copy / No data transfer permitted• As Olympus gains capability as a medtech company, it is clear that significant opportunity
exists to address unmet needs and elevate the standard of care – both in areas where
Olympus is strong today and areas where we are exploring.
• Solutions that lead to earlier patient engagement, enhanced care, and better use of newtechnologies will have notable potential for value.
• Continuous investments in these opportunities will be necessary if we are to pursue themeffectively. And for this, we are more than ready.
• Business development structures and processes have been established across sevenlocations worldwide.
• Key medical areas have been strengthened through a series of relevant deals andpartnerships in the last year, and we are continuously exploring opportunities.
• And finally, this September, we announced the creation of a corporate venture capital fund,Olympus Innovation Ventures, seeded with an initial commitment of 50 million US dollars
over five years.
• This fund will allow us to form relationships with early-stage companies in desirable areasand help nurture partnerships with relevant and compelling entrepreneurial teams andinnovators.

Page 48

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

>20

3x

Value

Medicalexperts hired

Training
attendance*

Throughdata

Strengthen Olympus’
functional capabilities todevelop medical device
innovations and promotepatient-centered solutions
that are safer and more
effective

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

Leverage real-world
evidence to improve clinicaloutcomes for patients that,in turn, produce economic
value for payers, healthcare
systems, and society* >70,000 participants covered by remote methods in FY21.

Page 49

No data copy / No data transfer permitted• Our shift in focus to a care pathway approach will deliver significant benefits. But to getthings right, we need to extend our clinical expertise in new ways.
• We have already taken steps to ramp up our medical and scientific affairs function, adding
significant clinical expertise across the globe.
• We will also continue to expand our leading educational programs and training exercises
to help healthcare professionals increase their technical expertise, achieve excellent
clinical results, and ensure patient safety.
• We have been hard at work, identifying and bringing on respected experts and talented
individuals who will be the architects of this shift and underscore our commitment to apatient pathway orientation. We will support this with a clinical, scientific and data-driven,decision-making framework.

Page 49

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

Research anddevelopment

Deliver innovative and patientoutcome oriented, customer-centriccore technologies, products, systems
and services with enhanced launch
cycle speed

Redefine processes, clarify roles
and responsibilities and strengthen
capabilities to execute operational
strategy and manage risk

Operate efficiently with internal andexternal stakeholders under agile andlean processes

Increase agility and cost efficiency
to further improve customer
experience by applying innovativetechnologies in an integrated manner

Further globalize the R&D
organization and develop the mostproductive, capable and motivatedengineers

Page 50

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

No data copy / No data transfer permitted• We must continue to be bold and committed in making changes that will enable ourorganization to thrive to execute better globally and at pace.
• Therefore, we are putting structures in place to support more agile and empowered
decision making, governed by global functions rather than by regions.
• We are establishing global end-to-end operations for Manufacturing, Procurement andSupply Chain Management.
• We are building a strong, global R&D network that is deeply connected to our othercorporate functions.
• We will deepen our expertise in core areas and continue to streamline our quality
assurance and regulatory affairs functions.
• All of these actions will help us to increase productivity and improve cost efficiency inorder to ground our business in a culture of excellence. Ultimately, we will operate more
efficiently, in a way that allows us to make future investments.

Page 50

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

Page 51NEW

NEW

Andre Roggan

Tetsuo Kobayashi

Executive Officer,
Chief Technology Officer

Executive Officer, Chief
Manufacturing and Supply Officer

No data copy / No data transfer permitted• To meet our aims and ensure the success of our Enable principle, this September weannounced plans to broaden our Executive team by next April.
• We will add a sixth Executive Officer role to guide our end-to-end operations including
Procurement, Manufacturing and Supply Chain and will make the necessary reforms
envisioned for these functions. R&D will be handed over to a new Executive Officer who
will head this function into the future.

Page 51

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

Sustaingrowth annually

5-6%
Deliver> 20%

consolidated
corporate operating
margin** Adjusted for extraordinary items

Page 52

No data copy / No data transfer permitted• To conclude, let me once again recall the challenging targets that Olympus has set. These
include core financial indicators of continual growth and a solid operating margin of over
20%, with expectations towards maintaining revenue growth and improving profitability
through cost leverage and balance sheet efficiency after fiscal year 2024.
• Our strategy builds on our core strengths, addresses key value creation shifts in theindustry, and provides focus for our efforts for better patient outcomes and an elevatedstandard of care. Our ultimate goal is to make people’s lives healthier, safer and more
fulfilling. With a care pathway-focused approach that is driven by demand for better
treatments, we will be broadening our participation in growing markets and capturing newvalue.
• The transformation we have announced to you today will help us best align our capabilities
with our goals, focus on the areas where we generate the most value for patients, achievesolid growth, and fully stand by our commitments.

• Thank you for your time.

Page 52

05
Q&A

Page 53

Appendix

Page 55

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

Page 56

No data copy / No data transfer permitted

Page 56

Revenue, CoGS and SG&A
(JPY Bn)
900
900

Revenue has been back on
growth track after the
pandemic.

800
800

20.0%
20.0%

15.0%
15.0%

13.5%
10.0%
10.0%

600
600

9.1%
5.0%
5.0%

500
500
FY2019FY2020

FY2021

FY2022 (forecast)

FY2020~FY2022

Revenue
growth

0.9%

-4.9%

-3.3%

17.2%

CAGR 6.5%

CoGS
ratio

35.8%

36.1%

37.1%

34.5%

-1.6pt

SG&A
ratio

55.1%

50.5%

48.9%

46.7%

-3.8pt* Adjusted: 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

No data copy / No data transfer permitted

Page 57

18.9%

Corporate Strategy

Continuing andDiscontinued business

Page 57

O.P. margin

Transform Olympus

700
700

Operating profit margin*improved due to significant
efficiency improvements in
SG&A expenses.
CoGS ratio improved only
slightly, excluding recall costs(FY2020 and FY2021).

Revenue

Continuing business only

Financial indicators (no adjustment)
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%

Financial guidance

CAGR from FY2020/3

Supporting financial
indicators

Billion¥48.0

Billion

>20%

9.4%

3.1%

13.1%

EPS growth*

>25%

-%

+10.5%+35.5%* Continuing business baseNo data copy / No data transfer permitted

Page 58¥5.2

BillionROICCAGR from FY2020/3

Page 58¥71.1¥46.18¥51.03
Continuing Business Only

¥84.78

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%.

Page 59

No data copy / No data transfer permitted

Page 59

GI Endoscopy
55%*

GI Endotherapy
30%*

TSD
¥231.8B
Respiratory
15%*

Urology25%*