FINANCIAL SECTION Independent AuditorsGLYPH<213> Report Pome s0) 3503-1100 Fan: 0) 35031197 Cerlifled Public Accoumiants Hibssa Koks Bldg 2.23, Veen, Chipiefa-ki, Telyo TO0-001 1 CPO Boa 1996, Tokyo 100-B61 Independent Auditors’ Report The Board of Directors FUJITSU LIMITED We have audited the accompanying consolidated balance sheets of Fujitsu Limited and constlidated subsidiaries (the Group”) os of March 31, 2003 and 2004, amd che related consclidabad atalemenia of operations, sharcholders' equity. aed cae Mows for each of the three years in the period ended March 31, 3004, all expressed in yen. These consolidated financial slatements are the responsibility of the Company's management, Our responsibility is io express an opinion on ibe consolidvted financial statements based on our audits. We conected our aediis im acconasce with auditing standards generally accepted in Japan. Those standards require that we plan and perform the gedit to obtain reasonable assurance about whether the financial sintements are free of moterial misstatement. Am amdit includes eramilalsg, on a test basis, evidence supporting ihe amounts and disclosures im the financial statements. Am audit also imclades assessing the accounting principles used and significand estimaics mode by management, as well as evaluating the owerall financial statement presentation. We believe that our aedits provede a reasomable basis for our opinion. In our opinion, the comsolidaced financial stasements referred to abowe, expressed in yen, preaent fasrly, in all maberial respects, the comsolidated financial position of the Group at March 31, 2003 and 2004, and ihe consoliclated results of its operations and its cash flaws for each of the three wears in the period ended March 31, 201M, in conformity with accounting principles generally accepted in Japan. The US. dollar amounts in the accompanying consolidated financial fabements wilh peapect io the year ended March 31, 2004 are presented solely for convenience, Chor audit also included the translation of yen amounts into US. dollar amounts and, in oar opinion, such translation has been made on the basis described in Mote 3 tothe consolidated financial statements, She Vile £ Co. June 28, 2004 € = Shin Nihon & Co. 56