KONICA MINOLTA

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Konica Minolta Holdings, Inc.
September 30, 2003

Reorganization and Company Name Changes of the Overseas Subsidiaries

Tokyo (September 30, 2003) --- Konica Minolta Holdings, Inc. announces formation of six business companies and two common function companies through reorganization of it businesses on October 2003.

Since Konica Corporation and Minolta Co., Ltd. integrated management on August 5, 2003, the Konica Minolta Group has expeditiously proceeded with reorganization and integration of its businesses. Through this business reorganization, Konica Minolta Group established solid structure to maximize corporate value by further strengthening market competitiveness and ensuring profitability.

The following is the outline of the major consolidated overseas subsidiaries affiliated with business companies, which will be reorganized and/or change company names.

<Sales and Service Companies>

Area Country Form After Reorganization Affiliated Business Company Before Reorganization Affiliated Business Company
North America USA Merger Konica Minolta Business Solutions U.S.A., Inc. BT Konica Business Technologies U.S.A., Inc. BT
Minolta Corporation BT, CA, SE
Konica Minolta Photo Imaging U.S.A., Inc. PI, CA, SE
Konica Photo Imaging U.S.A., Inc. PI
Name Change Konica Minolta Printing Solutions U.S.A., Inc. BT Minolta-QMS, Inc. BT
Name Change Konica Minolta Medical Imaging U.S.A., Inc. MG Konica Medical Imaging Inc. MG
Name Change Konica Minolta Graphic Imaging U.S.A., Inc. MG Konica Graphic Imaging International, Inc. MG
Canada Merger Konica Minolta Business Solutions (Canada), Ltd. BT Konica Business Technologies Canada, Inc. BT
Minolta Business Equipment (CANADA) Ltd. BT
Merger Konica Minolta Photo Imaging Canada, Inc. PI, CA, MG Konica Canada, Inc. PI, MG
Minolta Canada, Inc. CA
Europe Germany Merger Konica Minolta Business Solutions Europe GmbH*

Konica Minolta BusinessSolutions Deutschland GmbH*

*Merger planned during 2nd half of FY2003
BT Konica Business Machines Deutschland GmbH BT
Minolta Europe GmbH BT, CA, SE
Konica Minolta Photo Imaging Europe GmbH*

*Merger planned during 2nd half of FY2003
PI, CA, SE, MG
Konica Europe GmbH PI, MG
Name Change Konica Minolta Printing Solutions DeutschlandGmbH BT Minolta-QMS GmbH BT
France Merger Konica Minolta Business Solutions France S.A.S.*

*Merger planned during 2nd half of FY2003
BT Konica Bureautique S.A.S. BT
Minolta France S.A.S. BT, CA, SE
Konica Minolta Photo Imaging France S.A.S.*

*Merger planned during 2nd half of FY2003
PI, CA, MG, SE
Konica France S.A.S. PI, MG
Name Change Konica Minolta Printing Solutions France S.a.r.l BT Minolta-QMS France S.a.r.l BT
UK Merger Konica Minolta Business Solutions (UK) Ltd. BT Konica Business Machines (UK) Ltd. BT
Minolta (UK) Ltd. BT, CA, SE
Konica Minolta Photo Imaging (UK) Ltd. PI, CA, MG, SE
Konica UK Ltd. PI, MG
Name Change Konica Minolta Printing Solutions (UK) Ltd BT Minolta-QMS (UK) Ltd. BT
Italy Merger Konica Minolta Business Solutions Italia S.p.A.*

*Merger planned during 2nd half of FY2003
BT, SE Konica Business Machines Italia S.p.A. BT
Minolta Italia S.p.A. BT, SE
Spain Merger Konica Minolta Business Solutions Spain S.A. BT Konica Business Machines Deutschland GmbH Spain Branch BT
Minolta Spain S.A. BT
Austria Merger Konica Minolta Business Solutions Austria GmbH BT Konica Austria GmbH PI, MG
Minolta Austria Gesellschaft m.b.H BT, CA, SE
Konica Minolta Photo Imaging Austria GmbH*

*Merger planned during 2nd half of FY2003
PI, CA, MG, SE
Holland Merger Konica Minolta Photo Imaging Benelux B.V. PI, CA, SE Konica Nederland BV PI
Minolta Camera Benelux B.V. CA, SE
Name Change Konica Minolta Printing Solutions Europe B.V. BT Minolta-QMS Europe B.V. BT
Asia/Oceania Singapore Merger Konica Minolta Photo Imaging Asia H.Q. Pte. Ltd. PI, CA, SE Konica Asia H.Q. Pte. Ltd.Konica Singapore Pte. Ltd. PI
Minolta Singapore (PTE) Ltd. BT, CA, SE
Konica Minolta Business Solutions (S) Pte. Ltd. BT
Hong Kong Merger Konica Minolta Business Solutions (HK) Limited BT Minolta Hong Kong Ltd. BT, CA, SE
Konica Minolta Photo Imaging (HK) Limited PI, CA, SE
Konica Hong Kong Ltd. PI
China Name Change Konica Minolta Business Solutions (WUHAN) CO., Ltd. BT Wuhan Minolta Office Automation Equipments Co., Ltd. BT
Merger Konica Minolta International Trading (SHANGHAI) Co., Ltd. BT Konica Business Machines (SHANGHAI) Co., Ltd. BT
Minolta International Trading (SHANGHAI) BT
Australia Merger Konica Minolta Photo Imaging Australia Pty. Ltd.*

*Merger planned during 2nd half of FY2003
PI, CA Konica Holding Australia Pty. LtdKonica Australia Pty. Ltd. BT, PI
Konica Minolta Business Solutions Australia Pty. Ltd. BT
Minolta Business Equipment Australia Pty. Ltd. BT

<Manufacturing Companies, and Other than Sales and Service Companies>

Area Country Form After Reorganization Affiliated Business Company Before Reorganization Affiliated Business Company
North America USA Merger Konica Minolta Supplies Manufacturing U.S.A., Inc.*

*Merger planned during 2nd half of FY2003
BT Konica Supplies Manufacturing U.S.A., Inc. BT
Minolta Advance Technology, Inc. BT
Name Change Konica Minolta Manufacturing U.S.A., Inc. PI Konica Manufacturing U.S.A., Inc. PI
Europe France Name Change Konica Minolta Supplies Manufacturing France S.A.S. BT Minolta Lorraine S.A.S. BT
Asia China Merger Konica Minolta Business Technologies Manufacturing (HK) Ltd. BT Konica Manufacturing (H.K.) Ltd. BT
Minolta Industries (HK) Ltd. BT
Name Change Konica Minolta Optical Products (SHANGHAI) Co., Ltd. CA Shanghai Minolta Optical Products Co., Ltd. CA
Name Change Konica Minolta Opto (DALIAN) Co., Ltd. OT Konica (DALIAN) Co., Ltd. OT
Malaysia Name Change Konica Minolta Precision Engineering Malaysia Sdn. Bhd. CA Minolta Precision Engineering (M) SDN. BHD. CA

List of the abbreviated affiliated business companies

BT: Konica Minolta Business Technologies, Inc.
OT: Konica Minolta Opto, Inc.
PI: Konica Minolta Photo Imaging, Inc.
CA: Konica Minolta Camera, Inc.
MG: Konica Minolta Medical & Graphic, Inc.
SE: Konica Minolta Sensing, Inc.

Cautionary Statement Regarding Forward-Looking Statements:

This press release includes forward-looking statements that reflect the plans and expectations of Konica Minolta Holdings, Inc. To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. The forward-looking statements are based on the current assumptions and beliefs of Konica Minolta Holdings, Inc. in light of the information available to it, and involve known and unknown risks and uncertainties. Potential risks and uncertainties include, but are not limited to, the ability of Konica Minolta Holdings, Inc. to integrate the operations of Konica Corporation and Minolta Co., Ltd. effectively, as well as the factors identified under "Forward-Looking Statements" of the Annual Report 2002 of Konica Corporation and "Disclaimer Regarding Forward-Looking Statements" of the Annual Report 2002 of Minolta Co., Ltd. Such risks, uncertainties and other factors may cause the actual results, performance or financial position of Konica Minolta Holdings, Inc. to differ materially from those expressed or implied in the forward-looking statements. Konica Minolta Holdings, Inc. undertakes no obligation to update publicly any forward-looking statements after the date of this press release.

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