Investor Relations

INVESTMENT INDICATORS

(%)

	2004	2005	2006	2007	2008
Earnings per Share (EPS, yen)*1	36.39	14.11	-102.29	136.67	129.71
Price-to-Earnings Ratio (PER, times)*2	40.89	76.82	-14.69	11.33	1.72
Book Value per Share (BPS, yen)*3	631.54	639.80	553.50	692.39	786.20
Price-to-Book Value Ratio (PBR, times)*4	2.36	1.69	2.71	2.24	1.72
Cash Flow per Share (CFPS, yen)*5	105.36	104.85	148.65	125.69	231.80
Price-to-Cash Flow Ratio (PCFR, times)*6	14.12	10.34	10.10	12.32	5.84
Cash Dividends per Share (yen)	10	10	-	10	15
Dividend Payout Ratio (%)*7	27.49	70.52	-	7.32	11.56
Dividends on Equity (%)*8	1.58	1.57	-	1.61	2.03

*1.

Earings per Share (EPS) = Net Income / Average Shares Issued and Outstanding
Calculation is based on the number of shares issued and outstanding as of March 31, 2004.

*2.

Price-to-Earnings Ratio (PER) = Stock Price at Fiscal Year-End / Net Income Per Share

*3.

Book Value per Share (BPS) = Equity at Year-End / Shares Issued and Outstsnding at Year-End

*4.

Price-to-Book Value Ratio (PBR) = Stock Price at Year-End / Equity Per Share

*5.

Cash Flow per Share (CFPS) = Net Cash Provided by Operating Activities / Average Shares Issued and Outstanding
Calculation is based on shareholder's equity as of March 31, 2004.

*6.

Price-to-Cash Flow Ratio (PCFR) = Stock Price at Fiscal Year-End / Cash Flow Per Share

*7.

Dividend Payout Ratio = Total Cash Dividends / Net Income x 100 (%)

*8.

Dividends on Equity = Total Cash Dividends / Average Shareholder's Equity x 100 (%)
Calculation is based on equity as of March 31, 2004.

*Changes in items*8: Due to the enforcement of corporate law (applied from year ended March 31,2007)
 Reference: Equity (Net assets) = Shareholder's equity + Revaluation and translation adjustments
 

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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