December 20, 2019
News Release
Company: Olympus Corporation
Director, Representative Executive Officer, President and CEO: Yasuo Takeuchi(Code: 7733, First Section, Tokyo Stock Exchange)
Contact: Takaaki Sakurai, Vice President, Investor Relations(TEL:03-3340-2111)

Notice Concerning Internal Reorganization of the Olympus Group through Corporate
Separation (Simple Absorption-type Split)
Olympus Corporation (hereinafter the "Company") hereby announces that the Director, Representative
Executive Officer, President and CEO of the Company has decided to sign an absorption-type split agreementwith Olympus Medical Systems Corp. (hereinafter "OMSC"), a wholly-owned subsidiary of the Company,
to allow some of its functions, such as in research and development, manufacturing and repair planning, andso forth (hereinafter the "Function") to succeed to OMSC via an absorption-type split (hereinafter the"Corporate Separation"), with the intention of strengthening our quality and regulatory assurance functions.
This Corporate Separation is a simple absorption-type split carried out between the Company and a whollyowned subsidiary of the Company, hence the disclosure matters and details shall be partially abridged.

1.

Purpose of this Corporate Separation
The Company announced on November 6, 2019, its new corporate strategy (hereinafter the “CorporateStrategy”) to achieve growth as a global medical technology company, in order to realize sustainable growth
for the Olympus Group overall. Under this Corporate Strategy, the Company intends to strengthen its qualityand regulatory assurance functions, to meet the quality and regulatory requirements that are increasing year
by year. Through this, it aims to release at opportune times products that satisfy the highest-level quality andsafety standards demanded by the market and by our customers.
This time, the Company will strengthen our systems to enable firm governance functions of quality andregulatory assurance functions while maintaining a fitting level of quality, by the Corporate Separation.

2.

Main Points of this Corporate Separation
Corporate Separation date
Decision date

December 20, 2019

Corporate Separation agreement signing date

December 20, 2019

Effective date of Corporate Separation

April 1, 2020 (Planned)

The Corporate Separation is a simple absorption-type split for the Company based on theprovisions of Article 784 paragraph 2 of the Companies Act. The Corporate Separation is anabbreviated-type split based on Article 796 paragraph 1 of the Companies Act. Accordingly, theCorporate Separation will go ahead without either company holding a general meeting ofshareholders.

Format of the Corporate Separation
It shall be a (simple) absorption-type split where the Company is the Absorption-type split
company, and OMSC is the Absorption-type split successor company.

Details of allocation pertaining to the Corporate Separation
There shall be no allocation of shares or other forms of cash.

Treatment of equity warrants and convertible bonds accompanying the Corporate Separation
No applicable matters

Capital gain/loss due to this Corporate Separation
There is no capital gain or loss for either the Company or OMSC.

Claims and obligations devolving to the successor company
OMSC, based on the absorption-type split agreement dated December 20, 2019, signed with theCompany, shall as of the date of the effective date succeed to the assets and liabilities related tothe Function of the Company, and the status as of the agreement, and the attendant claims andobligations.

Anticipated fulfillment of obligations
No problems are judged to exist regarding the anticipated fulfillment of obligations the Companyand OMSC are expected to bear from the effective date onward.

Overview of the companies involved in the Corporate Separation
Absorption-type split successor company
1) Name

Olympus Medical Systems Corp

2) Location

43-2 Hatagaya 2-chome, Shibuya-ku, Tokyo3) Title and name ofrepresentative
4) Business operations5) Capital(as of September 30, 2019)6) Established7) Number of shares issued(as of September 30, 2019)8) Book Closing Date

President & Representative Director: Akihiro Taguchi
Manufacture of medical devices
90 million yen
April 27, 2004
20,000March 31

9) Major shareholder andshareholding ratio

Olympus Corporation 100%

(as of September 30, 2019)10) Financial Conditions andNet assets

10,140 million yen

Operating Results for theTotal assets

26,376 million yen

latest fiscal year

Net assets per share(Fiscal Year ended MarchNet sales

28,125 million yen

2019)

Operating income

11,827 million yen

Ordinary income

12,177 million yen

Current net income-1,572 million yen

Net income per share

507,017.74 yen-78,601.98 yen

Absorption-type split company
1) Name

Olympus Corporation

2) Location

2951 Ishikawa-machi, Hachioji-shi, Tokyo3) Title and name ofDirector, Representative Executive Officer, President and CEO:representative
4) Business operations5) Capital(as of September 30, 2019)6) Established7) Number of shares issued(as of September 30, 2019)8) Book Closing Date

Yasuo Takeuchi
Manufacture and sale of precision machinery
124,643 million yen
October 12, 1919
1,370,914,963
March 319) Major shareholder andThe Master Trust Bank of Japan, Ltd. (trust account), 10.56%

shareholding ratio

State Street Bank and Trust Company 505010, 6.03%(as of September 30, 2019)

Nippon Life Insurance Company, 4.13%
Japan Trustee Services Bank, Ltd. (trust accounts), 3.71%
SMBC Trust Bank Ltd. (Sumitomo Mitsui Banking Corporation
Pension Trust), 3.55%

11) Financial Conditions andNet assets

471,411 million yen

Operating Results for theTotal assets

745,793 million yen

latest fiscal year

Net assets per share(Fiscal Year ended March

Net sales

376,812 million yen

2019)

Operating income-6,495 million yen

Ordinary income

43,984 million yenCurrent net income

30,223 million yen

344.80 yen

Net income per share

22.13 yen[Overview of the divisions to succeed]1) Business operations of the divisions to succeed
Certain corporate functions e.g. research and development, manufacturing and repair planning2) Operating results of the divisions to succeed
No applicable matters3) Asset and liability items to succeed and the book value
AssetsItem

Liabilities
AmountItem

AmountCurrent assets-

Current liabilities-

Fixed assets

19,259 million yen

Fixed liabilities-Total19,259 million yen

Total-*The succeeding asset and liability items and amounts are estimates as of September 30, 2019. The
actual amounts for succession may differ from the above amounts.

Status after the corporate separation
The corporate separation will not change the name of the Company or OMSC, the location, the title andname of the representative, business operations, capital, and book closing date.

3.

Future Outlook
This Corporate Separation involves the Company and a wholly-owned subsidiary of the Company.

Because the impact on the consolidated financial results of the Company is minor, there will be no revisionof the consolidated earnings forecast for the fiscal year ending March 31, 2020.

End(For reference)
Consolidated Earnings Forecast for the fiscal year ending March 31, 2020 (announced November 6, 2019)
and actual results for fiscal year ended March 31, 2019
(Unit: millions of yen)

Consolidated Earnings
Forecast for the fiscal year
ending March 31, 2020
Consolidated Actual
Results for fiscal year
ended March 31, 2019

ProfitProfit before attributable toowners ofTax
parentRevenue

Operatingprofit800,000

90,00086,00063,000793,862

28,281

20,117

8,049

Basicearnings pershareYen47.05
Yen

5.97