Minolta Co., Ltd.
January 1, 2003

I respectfully offer my best wishes for the New Year.

The economic conditions presently show the major European countries in a climate of gradual economic recovery and countries in Asia exhibiting signs of economic improvement with a focus on IT-related businesses, while the United States is in a continuing state of economic slowdown with feelings of uncertainty for the future and also in Japan, individual consumption and corporate capital investments continue their steady decline.

We, Minolta, have responded to these economic conditions by aggressively pursuing structural reform programs to strengthen corporate management. At the same time, all members of the Minolta Group have rallied behind the emergency measures designed to accelerate a "V-shaped recovery" in our operating performance. And with our corporate slogan "The essentials of imaging" that hails our commitment to playing an indispensable role in the world of imaging, we tailor all of our business initiatives to the rapidly diversifying needs of our customers.

Last year in the field of image information products, we garnered good reviews for two high-speed models newly added to our DiALTA series digital black-and-white MFP lineup, as well as DiALTA Color CF3102 and CF2002 digital full-color MFPs that employ polymerized toner to deliver high image quality. In addition, we introduced magicolor 2300 DL, a color laser printer bearing Minolta-QMS brand, to also meet rapidly growing needs for color output in office environments. This year, we will continue to strengthen our position in the field of color output by utilizing the unique technologies and marketing strengths that we have strategically expanded and improved upon to date.
In the field of optical products, we received several awards both in Japan and overseas for the DiMAGE X, the world's smallest, lightest and thinnest (at the time of its release) digital camera equipped with 3x optical zoom lens. In November, we released the DiMAGE Xi, which outperforms its predecessor and maintains a position of prominence in the extremely competitive digital camera market. We will continue to introduce new models equipped with unique optics and image processing technology this year, focusing on distinctive product lines.
For environmental preservation activities, the energy we have devoted has also been producing consistent results. And we will step up our efforts to promote and undertake recycling/reuse, and develop environment-conscious technologies and products.

The year 2003 marks the start of the final stage of the "NEXT '03" medium-term management plan. We will strive to achieve our objectives giving priority to three principles, 1) Strengthening business competitiveness, 2) Improving profitability, and 3) Qualitative improvement of business management. And a sound business ethic will guide the development of our corporate activities and an increase in our enterprise value so that we may enjoy the trust of all parties with whom we have dealings and measure up to their expectations of us.

We look forward to your continued guidance and encouragement.

Minolta Co., Ltd.
Yoshikatsu Ota, President
President and Representative Director