Investor Relations

EFFICIENCY

(Times)

	2004	2005	2006	2007	2008
Total Assets Turnover*1	1.16	1.11	1.12	1.08	1.12
Equity Turnover*2	3.35	3.16	3.37	3.11	2.73
Tangible Fixed Assets Turnover*3	5.10	4.82	4.87	4.61	4.50
Inventory Turnover*4	6.46	6.07	6.64	7.26	8.04
Receivables Turnover*5	5.04	4.58	4.37	4.08	4.35

*1.

Total Assets Turnover = Net Sales / Average Total Assets (times)

*2.

Equity Turnover = Net Sales / Average Shareholder's Equity (times)

*3.

Tangible Fixed Assets Turnover = Net Sales / Average Tangible Fixed Assets (times)

*4.

Inventory Turnover = Net Sales / Average Inventories (times)

*5.

Receivables Turnover = Net Sales / Average Receivables (times)
Figures for items 1-5 for the fiscal year ended March 31, 2004 have been calculated based on figures as of March 31, 2004.

NOTES:
Konica Minolta Holdings, Inc. was formed in August 2003 following management integration and an exchange of shares between the former Konica Corporation and the former Minolta Co., Ltd. For accounting purposes, management integration
took effect as of September 30, 2003. Accordingly, both companies have prepared separate financial statements for the first
half of the fiscal year ended March 31, 2004. Financial data for the full fiscal year ended March 31, 2004 have been prepared as a matter of convenience on the following basis.
*The Statement of income has been prepared inclusive of the former Minolta Co., Ltd.’s first half results.

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