Fuji Photo Film Press Release

April 27, 2006 - Fuji Photo Film Co., Ltd. (President and CEO: Shigetaka Komori; hereinafter Fujifilm), announced today that it resolved a decision at its Board of Directors meeting to start a holding company structure on October 1, 2006, launching a new holding company and new operating companies. The names of the new companies have also been decided along with candidates for membership of the Board of Directors. The administration will be launched under the new structure on October 1, subject to approval at the annual Shareholders’ Meeting, to be held on June 29, 2006. On October 1, the current Fuji Photo Film Co., Ltd. will become the holding company, FUJIFILM Holdings Corporation (hereinafter FUJIFILM Holdings) to provide strategic management of the entire Fujifilm Group. Through this change, the Fujifilm Group will shift to a new group management structure. FUJIFILM Holdings will be directly responsible for the two major operating companies, FUJIFILM Corporation and Fuji Xerox Co., Ltd

Fujifilm has consistently been engaged in activities intended to disseminate and further develop the “Culture of Photography” since its establishment in 1934, when it aimed at domestic production of photographic films. Photography is indispensable to humankind because of its ability to express the full spectrum of human emotions such as joy, sadness and love. Fujifilm remains firmly committed to its belief that its mission is to preserve and nurture the culture of photography, and make contributions for the further progress of that culture by fusing it with digital technologies. In addition, Fujifilm has expanded its business domain by adding a diverse range of advanced technologies to the core technologies nurtured through photography. The new domain includes such businesses as the flat panel display materials business in which Fujifilm has successfully developed a protective film for the polarizing films used in LCDs, for which demand is increasing at a rapid pace; the medical imaging and life science businesses; the graphic arts business with a main focus on printing materials; and documents business dealing primarily with copiers and printers. With the shift to a holding company structure, Fujifilm has decided to change the company name to reflect the intended expansion into business domains beyond photography, while inheriting the assets of “Fujifilm,” which is an established corporate brand with a global reputation for reliability and high quality products and services.

The corporate governance system for management of the entire corporate group will undergo change with the transition to the holding company structure. Under the new structure, FUJIFILM Holdings will provide strategic management functions for the entire Fujifilm Group and firmly promote “effective management of resource allocation,” “increased areas of synergy among Fujifilm Group companies,” “cultivation and effective utilization of personnel,” as well as “improved efficiency of common operations.” The Board of Directors of FUJIFILM Holdings will be comprised of individuals selected from both companies of the current Fuji Photo Film Co., Ltd. and Fuji Xerox Co., Ltd. in order to facilitate smooth implementation of such functions. FUJIFILM Holdings will incorporate management sections to support decisions made at Board of Directors meetings. These sections include Group Business Planning, Accounting, Personnel, Legal Affairs, General Affairs, and IT.

The Fujifilm Group places the present time as a period of its “Second Foundation” or redefinition. Under the new consolidated management structure with FUJIFILM Holdings at its core, the Fujifilm Group will enhance new growth strategies through aggressive investments for growing businesses and the creation of new businesses through active M&A and enhanced research and development.