September 17, 2003 Update:Janualy 1, 2006

OLYMPUS CELEBRATES FERRARI SCUDERIA F1 SPONSORSHIP WITH LIMITED-EDITION Ferrari DIGITAL MODEL 2003

The first digital camera in the world to be officially sanctioned by Ferrari S.p.A. Sleek, stylish, all-weather metal body with official Ferrari coloring and logo Top-class digital camera speed and responsiveness

Ferrari DIGITAL MODEL 2003

* The information contained in this news release applies only to the Japanese market.

Summary

Olympus Optical Co., Ltd. (President: Tsuyoshi Kikukawa) is pleased to announce the introduction of the Ferrari DIGITAL MODEL 2003, a special limited-edition model developed to celebrate Olympus sponsorship of the Ferrari Scuderia Formula One Racing Team. It is the first and only digital camera in the world currently sanctioned by Ferrari S.p.A. Only 10,000 units will be produced, of which 1,000 will be sold in Japan.The camera will be sold by advance order only.

The Ferrari DIGITAL MODEL 2003 is based on the stylish and all-weather µ-20 DIGITAL. It is designed to reflect the beauty and quality that are hallmarks of Ferrari craftsmanship, and is the first digital camera in the world to be officially sanctioned by the Ferrari organization. The body of the camera is finished in distinctive Ferrari Red, and the lens barrier is adorned with the world-famous "Cavallino Rampante - Prancing Horse" logo featured on Ferrari cars and F1 racing machines. When the camera's power is switched on, the built-in color LCD monitor displays the Ferrari name and logo, as well as an image of a Ferrari F1 racing machine. To reflect the fact that this is a limited-edition model with a production run of only 10,000 units, the body of each camera is stamped with its special serial number.

As a limited-edition camera designed to appeal not only to motor sport fans, but to anyone who appreciates the finer things in life, the Ferrari DIGITAL MODEL 2003 comes complete with a high-quality, suede-textured camera case and custom-designed camera strap, both of which are emblazoned with the Ferrari logo. A Certificate of Authenticity bearing the serial number that is stamped on the camera's body is also included, along with a Greeting Card that features autographed photos of Ferrari drivers Michael Schumacher and Rubens Barrichello.

Top Features

A limited-edition model featuring officially sanctioned Ferrari coloring and design accents Special packaging includes dedicated accessories with Ferrari design accents All the top-class digital camera features of the µ-20 DIGITAL

The Birth of the Ferrari DIGITAL MODEL 2003

At the start of the 2003 Formula One racing season, Olympus became an official sponsor of the Scuderia Ferrari Marlboro F1 racing team. This partnership between Ferrari and Olympus is an ideal match of corporate philosophies that are typified by an unswerving commitment to accept any challenge in pursuit of the No.1 position.

The Ferrari DIGITAL MODEL 2003 celebrates the bond between these two companies, and is the world's first digital camera to be officially sanctioned by Ferrari. In developing the camera, Olympus respected the beauty and quality of Ferrari design, and its commitment to reliability, in every possible regard. The Ferrari Red finish was subjected to approximately five times as many checks as usual to ensure color accuracy, and the external aluminum parts were hand-polished and given a special coating to ensure a level of luster and durability that are extremely difficult to achieve with ordinary mass-production methods. The result is a camera that accurately reflects the beauty and durability of Ferrari automobile design. Furthermore, both companies applied the same rigorous inspection standards to the camera's accessories.

From this process emerged the Ferrari DIGITAL MODEL 2003, a camera that embodies the No. 1 spirit of Olympus and Ferrari, and of which only 10,000 units will be available worldwide.

Main Features

FERRARI-SANCTIONED COLORING AND DESIGN SPECIFICATIONS The Ferrari DIGITAL MODEL 2003's Ferrari Red body color reflects the beauty and quality of design, and the reliability, for which Ferrari racing machines are world-famous. Alumite aluminum coating technologies have been applied to body surface details ensure maximum luster and durability, and the lens barrier features an elegant, high-quality, silver-tone base color, emblazoned with the "Cavallino Rampante - Prancing Horse" Ferrari logo in the center. When the camera is switched on, the built-in LCD monitor displays the Ferrari logo and an image of a Ferrari racing machine. As a limited-edition model with a production run of only 10,000 units, each camera is stamped with a unique production number.

SPECIAL PACKAGING AND FERRARI-SANCTIONED ACCESSORIES The camera's special commemorative packaging contains a number of accessories that have also been designed and manufactured to Ferrari specifications. The red-toned camera case has a high-quality, suede-like texture, and the flap is adorned with the "Cavallino Rampante - Prancing Horse" Ferrari logo in relief. The camera strap is Ferrari Red in color and also features the Ferrari logo. Also included in the packaging are a Certificate of Authenticity bearing the production number stamped on the camera's body, and -- as a special treat for Formula One fans -- a Greeting Card with autographed photos of Ferrari drivers Michael Schumacher and Rubens Barrichello. (Accessories will not be sold separately.)

HIGH-PERFORMANCE µ20 DIGITAL CAMERA FUNCTIONS

All-Weather Protection The compact and stylish metal body features exclusive Olympus all-weather technologies that ensure protection equivalent to IEC Standard Publication 529 IPX4 (protection against water splashed from any direction). As a result, the Ferrari DIGITAL MODEL 2003 allows worry-free shooting in rain or snow, and can be used at beaches, pools, ski resorts, and other locations where the use of a digital camera has until now been problematic. High Image Quality A compact, high-resolution lens and 4.0-megapixel CCD ensure that the compact Ferrari DIGITAL MODEL 2003 is capable of delivering truly stunning image quality. Superior Handling and Response Advanced technologies ensure top-class digital camera handling ease and shooting response for an improved user experience. Ease of Operation Simple, intuitive operation is assured by a Full Auto mode that provides point-and-shoot operating ease. In addition, there are five Scene Program modes (Portrait, Night Scene, Landscape-Portrait, Landscape, and Self-Portrait) with optimized settings for frequently encountered shooting situations. Versatile White Balance Settings In addition to an auto white balance mode that assures faithful reproduction of skin tones, four preset white balance settings are provided (Daylight, Overcast, Tungsten Light, Fluorescent Light). Light Metering Modes Two light metering modes are offered: digital ESP metering, which ensures natural-looking exposures even when shooting in backlight or in high-contrast situations; and spot metering, which allows exposure values to be set to suit a specific area of the composition. Exposure Compensation Exposure compensation of up to +-2EV can be set in 1/3EV increments. Easy-to-Use In-Camera Image Editing Functions A number of still-image editing operations can be performed directly in the camera, eliminating the need to download images to a personal computer for editing. Because the edited version is automatically stored in a separate area of memory, there is no need to worry that the original image will be overwritten. - Crop and Merge (2-in-1) Function When this feature is activated, the camera automatically combines the next two shots into a single split-screen image. - Monochrome & Sepia Modes Monochrome or sepia-tone versions of photos taken in color can be saved separately at the touch of a button. - Resize Function The Resize function saves a smaller-sized duplicate of the original image, making it possible to create photo e-mail attachments right in the camera. All-in-One Package All-in-one package includes everything necessary for image editing and storage, allowing entry-level users to begin enjoying digital photography right away. Long-life Batteries for Worry-Free Shooting To ensure worry-free shooting, the dedicated rechargeable lithium-ion battery provides power for approximately 150 shots under normal operating conditions. Recharging time is approximately 2 hours. * Test conditions for normal operation: repeated 2-shot shutter release followed by 10 minutes of rest; one zoom round trip per shot; HQ mode; LCD monitor and flash used on 50% of shots; no digital zoom, image display or file downloading; 25 degree ambient temperature. QuickTime Motion-JPEG Shooting QuickTime Motion-JPEG movies with a frame advance speed of 15 frames-per-second can be recorded. Up to about 16 seconds can be recorded at a resolution of 320 x 240 pixels, and up to about 70 seconds can be recorded at a resolution of 160 x 120 pixels.

HOW TO PLACE ADVANCE ORDERS

In Japan, the Ferrari DIGITAL MODEL 2003 will be available only from Olympus AVS Co., Ltd. by placing an advance order as described below. (If the number of orders received exceeds 1,000 units, a lottery will be held.) Shipment of cameras is scheduled for mid-November 2003.

Online Orders Orders can be placed at the Olympus website between October 10 and October 30, 2003, via a special form provided for that purpose.

Circuit Orders (valid Japan GP ticket holders only) Orders can also be placed October 10~12 at the Olympus booth at the Suzuka Circuit in Mie Prefecture, site of the Japan Grand Prix.

PRODUCT DISPLAY

Samples of the Ferrari DIGITAL MODEL 2003 will be on display as described below. Suzuka Circuit (October 10~12; Japan GP admission ticket required)

Olympus Plaza Tokyo (October 10 - 30) Ogawa-cho Mitsui Bldg. 1-3-1 Ogawa-cho, Kanda Chiyoda-ku, Tokyo 101-0052 Tel : 03 - 3292 - 340310:00 - 18:00 (closed Sundays and holidays) Olympus Plaza Osaka (October 10 - 30) Olympus Osaka Center 2F 2-12-26 Minami-Funaba Chuo-ku, Osaka 542-0081 Tel : 06 - 6252 - 6995 10:00 - 18:00 (closed Saturdays, Sundays and holidays)

Note: Further information will be posted on the Olympus website on October 10.

Specifications

Note:

Olympus had terminated its sponsorship contract with the Scuderia Ferrari Formula One Racing Team as of December 31, 2005.