June 28, 2016
News Release
Company: Olympus Corporation
Representative Director, President: Hiroyuki Sasa
(Code: 7733, First Section, Tokyo Stock Exchange)
Contact: Tetsuo Hyakutake, General Manager, Public Relations and IR Office

Overview of Evaluation Results for Effectiveness of Board of Directors
1. Background of Implementation and Disclosure of Board of Directors (BOD) Evaluation
Olympus Corporation (the “Company”) established the Basic Policy for Corporate Governance*1 in June 2015 toachieve effective corporate governance. Paragraph 4 of the Basic Policy, “Duties of the Board of Directors, etc.
(xiii) BOD Evaluation” states that the Company shall annually evaluate the effectiveness of the entire BOD anddisclose an overview of the results thereof, and such overview was disclosed in August 2015. As with last year, weevaluated the effectiveness of the entire BOD in accordance with the Policy, so we will disclose the overview ofthe results thereof.

2. Method of Evaluation
In cooperation with an external consulting firm, the Company prepared a questionnaire*2 on the effectivenessof its BOD and individual committees (nominating committee, compensation committee, and compliancecommittee), and their relationships with investors and shareholders, etc. This questionnaire was distributed toevery director and corporate auditor, and the Company received answers from all of these respondents. With theanswers from the directors and corporate auditors as well as the feedback from the external consulting firm, theCompany carried out an analysis and evaluation of the effectiveness of the BOD.

3. Results of Analysis and Evaluation of the Effectiveness of the BOD(1) Fulfillment of the functions of the BOD

This is a new item that we added for this year and beyond to evaluate the fulfillment of the primaryfunctions of the BOD, i.e., objective supervision over decisions made on the direction of business strategies*1*2

URL: http://www.olympus.co.jp/jp/common/pdf/basic_policy_on_corporate_governance_2015.pdf
Main items in the questionnaire for the BOD evaluation
1. Fulfillment of the functions of the BOD
2. Composition and actual operation of the BOD
3. Important committees
4. Support system for outside directors
5. Expectations for the roles of corporate auditors
6. Relationship with investors / shareholders-1-and significant issues as well as over the execution of such decisions. The evaluation found that the BOD
fully fulfills these functions, indicating that its effectiveness is secured.
(2) Composition and actual operation of the BOD

The evaluation found that the BOD is appropriate in size and composition and holds open and activediscussions. Accordingly, the result is better than the last year. Moreover, since we have made efforts to havemore fulfilled discussions on medium- and long-term management challenges, in the evaluation, the items ofdiscussion on a few of such challenges were found to have improved. Meanwhile, we received some opinions,such as “it would be more appropriate if outside directors made up a majority of the BOD” and “it isnecessary to narrow down the items on the agenda submitted to BOD meetings.”
Please note that in terms of the composition of the BOD, outside directors now make up a majority of theBOD after the election of directors at the general meeting of shareholders for the 148th term held on June 28,
2016.
(3) Important committees

The nominating committee, the compensation committee, and the compliance committee were highlyevaluated in general. The evaluation found that they are operated properly.
(4) Support system for outside directors

As last year, this item was evaluated highly. The evaluation found that the training / education andinformation are adequately provided to outside directors in terms of how much they need for discussions.
(5) Expectations for the roles of corporate auditors

As last year, this item was evaluated highly. The evaluation found that the existence of corporate auditors
contributes to the securement of the BOD’s effectiveness.
(6) Relationships with investors / shareholders

The Company’s long-term competitiveness is being communicated to the capital market (investors /shareholders, etc.), and we have established a system to ensure that the BOD will periodically receive
feedback from investors and shareholders regarding their evaluations of the Company in a structured mannerand in their entirety. As a result, the evaluation found that the BOD receives feedback from the capital market
and this item was evaluated more highly than last year.

4. Future Efforts Based on Evaluation Results on BOD Effectiveness
The BOD of the Company will identify issues to be addressed and then draw up and take measures therefor
based on the results of the analysis and evaluation of the effectiveness of the BOD in order to enhance sucheffectiveness.

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