|Tohmatsu & Co.|
|MS Shibaura Building
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 consolidated
balance sheets of Yamato Transport Co., Ltd. and consolidated subsidiaries
as of March 31, 2002 and 2001, and the related consolidated statements of
operations, shareholders equity, and cash flows for the years then
ended, 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
In our opinion, the consolidated financial statements referred to above present fairly the financial position of Yamato Transport Co., Ltd. and consolidated subsidiaries as of March 31, 2002 and 2001, and the results of their operations and their cash flows for the years then ended in conformity with accounting principles and practices generally accepted in Japan applied on a consistent basis.
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|