|MS Shibaura Buikding 13-23, Shibaura
4-chome, Minato-ku, Tokyo 108-8530 Japan
|To the Board of Directors of
Yamato Transport Co., Ltd.:
|We have examined the non-consolidated
balance sheets of Yamato Transport Co., Ltd. as of March 31, 2002 and 2001,
and the related non-consolidated statements of operations and shareholders
equity for each of the three years in the period ended March 31, 2002, all
expressed in Japanese yen. Our examinations were made in accordance with
auditing standards, procedures and practices generally accepted and applied
in Japan and, accordingly, included such tests of the accounting records
and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the non-consolidated financial statements referred to above present fairly the financial position of Yamato Transport Co., Ltd. as of March 31, 2002 and 2001, and the results of its operations for each of the three years in the period ended March 31, 2002, in conformity with accounting principles and practices generally accepted in Japan applied on a consistent basis.
As discussed in Note 2, effective April 1, 2000, the non-consolidated financial statements have been prepared in accordance with new accounting standards for employees retirement benefits and financial instruments and a revised accounting standard for foreign currency transactions.
Our examinations also comprehended the translation of Japanese yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made in conformity with the basis stated in Note 1. Such U.S. dollar amounts are presented solely for the convenience of readers outside Japan.
|June 27, 2002|