Konica Minolta Holdings, Inc.
August 27, 2003

Tokyo (August 27, 2003) - Nihon Keizai Shimbun (Nikkei), a Japanese newspaper, reported on August 27 that "Konica Minolta Holdings agreed to collaborate with HP regarding copier business".

Business relationship between the two companies is as follows:
Konica Business Technologies, Inc. (KBT), a Japanese business company of Konica Minolta Holdings, Inc., and Hewlett-Packard Company (HP), a US entity, signed an agreement on supplying digital multi-functional copiers on OEM (original equipment manufacturer) basis by KBT. Through this new alliance, HP will expand it business and enter into digital multi-function copiers.

KBT plans to supply copier engines together with options and supply materials, which have been customized to meet HP’s networking environment.
The first lot of the products will be shipped in autumn of 2003, and KBT expects target sales turn over to be approximately 10 billion yen. Further details have not been decided yet.

The copier engine will be integrated with HP’s original controller and software before being shipped to the market. The products will be exported to HP by Konica Minolta Business Technologies, Inc., which is a new business company formed by merging information imaging company of Minolta Co., Ltd.

Konica Minolta will further seek future collaborations and opportunities to cooperate in research and development with HP. As for marketing and services of the products, Konica Minolta will promote sales activities on the basis of marketing strategies and provision of distinctive products, which reflect strengths of the both companies.

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.