Minolta Co., Ltd.
April 25, 2003

Osaka, Japan, April 25, 2003 - Shown below are revisions to the forecasts of financial results for the full period ended March 2003 (April 1, 2002 to March 31, 2003) previously announced in the Consolidated Interim Financial Results issued November 8, 2002.

1. Revision to Financial Results Forecasts for Fiscal 2002

   1. Revised forecasts for the period (April 1, 2002 to March 31, 2003)

      (1) Consolidated Forecasts

      (Units: millions of yen)

      	Net Sales	Recurring Income	Net Income
      Previous Forecasts (A)	525,000	13,000	10,000
      Current Forecasts (B)	528,000	22,000	12,500
      Increase or Decrease (B-A)	3,000	9,000	2,500
      Percentage (%)	0.6%	69.2%	25.0%
      Results for the Same Term for the Previous Year (Period ended March 2002)	510,862	(7,890)	(34,350)

      (2) Non-consolidated Forecasts

      (Units: millions of yen)

      	Net Sales	Recurring Income	Net Income
      Previous Forecasts (A)	290,000	10,000	6,000
      Current Forecasts (B)	296,300	17,700	11,900
      Increase or Decrease (B-A)	6,300	7,700	5,900
      Percentage (%)	2.2%	77.0%	98.3%
      Results for the Same Term for the Previous Year (Period ended March 2002)	272,105	(1,531)	(33,596)

   2. Reasons for Revisions

      Consolidated and non-consolidated recurring income was greater than the previous forecasts due to an improved gross margin rate from cost reductions and a decrease in sales, general and administrative expenses through accelerated structural reform, in addition to favorable foreign-exchange rates beyond our assumptions.
      Despite an estimated special loss of Yen 6.0 billion as a result of securities revaluation based on a steep decline in the value of shareholdings, non-consolidated net income will substantially exceed the previous forecasts, because of both an extraordinary profit of Yen 2.6 billion stemming from the return of the entrusted portion of the employee pension fund and corporate tax cuts. Consolidated net income is also estimated to be greater than expected.

2. Return of the Entrusted Portion of the Employee Pension Fund

   An extraordinary profit of Yen 2.6 billion will be posted to the financial results forecasts for fiscal 2002, up from the previously estimated Yen 1.0 billion in the "Return of the Entrusted Portion of the Employee Pension Fund" announced February 24, 2003 for both consolidated and non-consolidated profit, with the recalculation based on the actual ratio.

3. Notification of Estimated Securities Valuation Losses

   Minolta will necessarily post securities valuation losses to the forecasts for fiscal 2002 for shareholdings that have steeply declined in market value and seem unlikely to recover.

   Estimated securities valuation losses for the year ended March 31, 2003

   (Units: millions of yen)

   (A) Estimated securities-valuation losses for the year ended March 31, 2003	6,032
   (B) Net assets for the fiscal 2001 ended March 31, 2002 (A/B*100)	74,309(8.1%)
   (C) Average for recurring income in the past 5 fiscal years(A/C*100)	8,136(74.1%)
   (D) Average for net income in the past 5 fiscal years (A/D*100)	2,790(216.2)

   - Fiscal year ended March 31.

   - As to (C) and (D), the 5-year average is listed because fiscal 2001 ended in March 31, 2002 posted loss.

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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.