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Minolta Co., Ltd.
February 24, 2003

Return of the Entrusted Portion of the Employee Pension Fund

Osaka, Japan, February 24, 2003 - Following the implementation of the defined benefit enterprise pension plan law in Japan, Minolta Co., Ltd (Minolta) received approval as of February 17, 2003 from Japan's Ministry of Health, Labor and Welfare for exemption from future payment obligations with respect to the portion of the Minolta Employees Pension Funds that the Company operates on behalf of the government.

Pursuant to this, Minolta has applied the transitional measure set forth in the "Practical Guidelines Concerning Retirement Benefit Accounting (Interim Report)" (Report of the Accounting Standards Committee of the Japanese Institute of Certified Public Accountants No. 13, Item 47-2), and therefore on the day of approval, its release from the retirement payment obligations relating to the entrusted portion has been recognized. As a result, Minolta expects an extraordinary profit of 1 billion yen in consolidated and non-consolidated profits and losses respectively for fiscal 2002 ending March 31, 2003.

Since the effect of this return was not incorporated in the forecasts for financial results for fiscal 2002 announced on November 8, 2002, Minolta will issue a notification of revision to the forecasts as the occasion demands.

Notice to U.S. Investors

This press release includes forward-looking statements that reflect the plans and expectations of Minolta Co., Ltd. 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 Corporation and Minolta Co., Ltd. in light of the information available to them, and involve known and unknown risks and uncertainties. Potential risks and uncertainties include, but are not limited to, the ability of Konica Corporation and Minolta Co., Ltd. to integrate their operations 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 Minolta Co., Ltd. and the new corporate group (referred to in the press release issued by Konica Corporation and Minolta Co., Ltd. on January 7, 2003, and any subsequent press releases by either or both of them relating to the proposed share exchange and integration of management described therein) to differ materially from those expressed or implied in the forward-looking statements. Minolta Co., Ltd. undertakes no obligation to update publicly any forward-looking statements after the date of this press release.

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