Investor Relations

CAPITAL INVESTMENTS AND OTHERS

(Millions of yen)

	2004	2005	2006	2007	2008
Capital Expenditures	43,129	56,448	67,570	64,000	75,295
Research and Development Expenditures	62,985	65,767	67,040	71,962	81,273
Depreciation Expenses	55,646	52,953	51,198	52,693	60,444
EBITDA	114,368	110,766	131,483	154,092	166,910
EV/EBITDA	8.52	6.88	7.26	6.27	5.31

*1.

EBITDA = Ordinary Income + Interest Expense - Interest Earned + Depreciation and Amortization

*2.

EV/EBITDA = Total Market Value + Interest-Bearing Debt + Cash and Deposits

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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