July 30, 2020
Whom it may concern
Company Name: Olympus Corporation
Representative Executive Officer, President and CEO: Yasuo Takeuchi(Code No.: 7733, First Section of the Tokyo Stock Exchange)
Contact: Takaaki Sakurai, Vice President, Investor Relations(TEL: 03-3340-2111)

Outline of Evaluation Results on the Effectiveness of the Board of Directors of the Company
The Company conducted self-evaluation of the Board of Directors based on “Basic Policy forCorporate Governance”※ of the Company and analyzed/evaluated the effectiveness of the Board ofDirectors. Outline of the results is as follows:※ “Basic Policy for Corporate Governance”
https://www.olympus.co.jp/company/governance/pdf/basic_policy_for_corporate_governance_jp.pdf
１. Background of implementation and announcement of the evaluation of the Board of Directors
With the aim of realizing effective corporate governance, “Basic Policy for CorporateGovernance”※ of the Company was established in June 2015.
With respect to item 4. Obligations of the Board of Directors, etc., ⑬Evaluation of the Boardof Directors under the Basic Policy, the Company evaluates the effectiveness of the whole Boardof Directors and publishes the outline of the results every year.
The Company has conducting evaluation of the effectiveness, etc. of the Board of Directors
and Nominating Committee/Compensation Committee/Compliance Committee centering on
directors’ and Audit and Supervisory Board members’ self-evaluation by way of a questionnaire
form, and has been sharing issues to improve the effectiveness for enhancement since 2015,
and this is the sixth evaluation.
In accordance with “Transform Olympus,” a corporate transformation plan that wasimplemented to leap forward and become a truly global med-tech company, Olympus changed
its organizational design in June 2019 from a Company with Audit and Supervisory Board to a
Company with a Nominating Committee, etc., aiming to further separate execution fromsupervision, make quicker decisions on business execution, strengthen governance andenhance transparency. As the FY2019 evaluation of the Board of Directors’ effectiveness is thefirst evaluation since the change of the organizational design, we have conducted it withcooperation from an outside consultant to confirm whether we have established an appropriate
governance structure as a Company with a Nominating Committee, etc. and produced
operational results, and to objectively identify matters to be improved, etc. that can enhance- 1 -the effectiveness of the Board of Directors and each Committee (i.e., Nominating Committee,Compensation Committee, and Audit Committee).
２. Evaluation method
The evaluation was conducted by questionnaires and interviews with 15 directors, and theBoard of Directors discussed based on the analysis results.
The questionnaire was conducted based on the knowledge of external consultants in order tounderstand whether or not the directors and committees are aware of the issues regarding thecomposition, operation, and agenda of the committees.
The interview was also conducted by an external consultant with the purpose of objectively
grasping the direction for further improving the effectiveness based on the results of thequestionnaire. After that, the Board of Directors discussed measures to improve theeffectiveness of the Board of Directors, based on the analysis results compiled by the externalconsultant.
３. Outline of analysis and evaluation results
As a result of our analyses and evaluations, we have confirmed that the Board of Directors ofOlympus shares an awareness of sustainable growth and mid- to long-term corporate valueenhancement while Directors understand the corporate philosophy and management strategies
and hold in-depth and constructive discussions based on a relationship of mutual trust createdwith the Execution side in a tense atmosphere, and that as an achievement of the governancereform, Olympus has firmly implemented a structure where 50% or more of the Directors are
Outside Directors, one of whom serves as the Chair, and the Board of Directors effectively
fulfills its management supervision functions. Our evaluations also show that since thetransition to a Company with a Nominating Committee, etc., a new governance structure has
been appropriately constructed and operated with cooperation from outside professionals
whenever necessary (e.g., the Committees have fulfilled their respective job responsibilities
relating to nomination, compensation and auditing). In addition, we have confirmed that efforts
have been made to enhance the Board of Directors’ functions through various operational
measures and improvement activities, regardless of whether they are related to board
operations (e.g., as feedback (opinions) given by Outside Directors, the Board Chair effectively
notifies the Execution Side of the results of discussions at meetings held among Outside
Directors only). In summary, although there are still some issues that the Board of Directors
and each Committee must solve to further enhance their effectiveness, they are considered tobe effectively functioning to help Olympus steadily grow, leap forward and become a truly
global med-tech company.

４. Future initiatives based on the evaluation result of the effectiveness of the Board of Directors- 2 -To help Olympus leap forward and become a truly global med-tech company and to further
contribute to sustainable growth and mid- and long-term corporate value enhancement, the Board ofDirectors and each Committee of Olympus will implement the following measures.

I.

Aim to improve management performance even more in terms of quality and speed byhaving the Execution Side better understand the viewpoints of the Supervisory Side andgain management viewpoints (e.g., clarification of the respective job responsibilities of theExecution Side and the Supervisory Side, improvement of the quality of strategic
discussions at the Board of Directors meetings, and increased opportunities for theExecutive Officers to directly listen to Directors’ opinions).

II. Board composition: To consider business strategies from multiple perspectives more thanever before, the Nominating Committee and the Board of Directors will continuously
consider ensuring not only global diversity but also gender diversity. It enables us to
identify necessary experience and expertise in consideration of factors such as the businesscharacteristics and management strategies of us, to hold more in-depth discussions atmeetings.
III. Continuously devising new ways of conducting operations to enable the Board of Directorsand each Committee to make the best strategic and operational decisions in business areas
for which they bear long-term responsibilities (e.g., monitoring of strategically important
issues, and enhancement of global risk management as a prerequisite for an effective
supervisory structure).

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