Fujifilm fy2011 6months_results_note

Earnings of 1H FY2012/3 (April 1 - September 30, 2011) October 31, 2011FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTSForward-looking statements such as those relating to earnings forecasts and other projections contained in this Forward-looking statements such as those relating to earnings forecasts and other projections contained in thismaterial are management’s current assumptions and beliefs based on currently available information. Such forward- material are management’s current assumptions and beliefs based on currently available information. Such forward-looking statements are subject to a number of risks, uncertainties, and other factors. Accordingly, actual results may looking statements are subject to a number of risks, uncertainties, and other factors. Accordingly, actual results maydiffer materially from those projected due to various factors. differ materially from those projected due to various factors.

Performance Summary for 1H FY2012/3 Revenue and operating income decreased due to the impact of the strong yen appreciation and the decrease in demand caused by the earthquake. (Billions of yen) 1H FY2010/3 1H FY2011/3 1H FY2012/3 Change (Billions of yen) (Apr. - Sep. 2009) (Apr. - Sep. 2010) (Apr. - Sep. 2011) Amount % Revenue 100.0% 1,043.5 100.0% 1,105.3 100.0% 1,083.4 (21.9) (2.0) Operating Income (0.8)% (8.6) 7.8% 85.9 5.4% 59.0 (26.9) (31.3) Income before Income Taxes (0.8)% (8.0) 7.0% 77.0 3.0% 32.7 (44.3) (57.5) Net Income Attributable to (0.5)% (5.4) 3.6% 40.3 1.4% 14.9 (25.4) (63.0) FUJIFILM Holdings Net Income Attributable to FUJIFILM Holdings per ¥(11.07) ¥82.48 ¥30.93 ¥(51.55) Share Exchange Rates : ¥96 ¥89 ¥80 ¥(9) US$ 　　　　　　　　 € ¥133 ¥114 ¥114 ¥0 　　　　　　　 1During the first half of FY2012/3, Fujifilm recorded ¥ 1,083.4 billion in consolidated revenue,down 2.0% from the previous year.Despite the launch of new products and reinforcement of sales promotions in emergingcountries, negative impact of ¥ 22.5 billion due to the strong yen appreciation and thedecrease in demand in Japan caused by the earthquake had the effect of reducingconsolidated revenue.Excluding the effect of the strong yen appreciation, consolidated revenue was almost the samelevel as the previous year.As for consolidated operating income, the Group recorded ¥ 59.0 billion, down 31.3% from theprevious year.Fujifilm took measures including cost cuts and expenses reductions, but the impact of yenappreciation and sharp surge in raw material prices, such as for silver and aluminum, caused adecline in consolidated operating income.In addition, impairment losses on investment securities amounted to ¥ 15.0 billion, and incomebefore income taxes was ¥ 32.7 billion, down 57.5% from the previous year.

Performance Summary for 1H FY2012/3 Analysis of Operating Income in 1H FY2012/3 (Change from previous fiscal year) 85.9 (Billions of yen) -2.7 Exchange rate fluctuations 59.0 -18.3 Raw material -5.9 prices Decrease in sales and others 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) 2Regarding the factors causing a decline in operating income, the exchange ratefluctuations had a negative impact of ¥ 2.7 billion, and the sharp surge in rawmaterial prices, such as for silver and aluminum, had a negative impact of ¥ 18.3billion.

Operating Segments Imaging Solutions Revenue** /Operating Income Revenue /Operating Income Revenue Operating Income [ ]: Operating Margin ( ): YoY Comparison Revenue Revenue ¥ 162.4 billion (YoY: -2.2%) 162.4 (excluding the impact of forex: YoY +1.9%) 166.1 （-2.2％） 2.2％ Although sales of digital cameras were strong, the Billions of yen impact of strong yen appreciation and other factors caused a decline in total revenue. Impact of forex: -¥ 6.7 billion Operating Income Operating Income -¥ 3.7 billion (loss) Despite measures to cut costs, operating income 0.3 -3.7 decreased due to yen appreciation and the sharp surge [0.2％] 0.2％ [-2.3％] in raw material prices, especially for silver. 2.3％ 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) *Note: After elimination of intersegment transaction 3Revenue in the Imaging Solutions segment, affected by factors including yenappreciation, recorded ¥ 162.4 billion, down 2.2% from the previous year.As a result of the reinforcement of sales promotions, sales of digital cameras werestrong, and the Group’s market share in photo imaging business expanded.Excluding the impact of yen appreciation, revenue was up 1.9% from the previous year.Operating loss was ¥ 3.7 billion, down ¥ 4.0 billion from the previous year.The Group undertook measures to cut costs, but the impact of the yen appreciation andsharp surge in raw material prices, especially for silver, totaled ¥ 11.1 billion.

Imaging Solutions Operating Segments Sub-Segment Revenue Sub-Segment Revenue Billions of yen %: Proportion of sub-segment revenue Photo Imaging Photo Imaging ¥ 101.0 billion (YoY: -6%) 166.1 162.4 Revenue declined due to strong yen appreciation and the impact of the earthquake. Photo Sales of color paper were strong, resulting in a share increase. Ｉmaging 107.3 107. 101.0 101. Electronic Imaging Electronic Imaging ¥ 61.4 billion (YoY: +4%) Despite the decline in total demand, sales volume for the first half of FY2012/3 was approximately 5.9 million units, up 9% compared to the previous year. 62％ 62％ Sales of mid-range and high-end distinctive products, such as the FUJIFILM X100, 65％ 65％ FinePix F600EXR, and FinePix S4000, were strong. The target of digital camera sales volume for this year is set at 13 million units, up 16% from the previous year. Electronic 58.8 58. 61.4 61. Imaging 35％ 35％ 38％ 38％ 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) 4Sub-segment business conditions are as shown.In photo imaging business, sales declined due to yen appreciation and the impact of theearthquake.On the other hand, sales of color paper were strong, resulting in a share increase.In electronic imaging business, despite the decline in total demand, Fujifilm expanded itssales volume to approximately 5.9 million units, up about 9% from the previous year.Sales of mid-range and high-end distinctive products were strong, resulting in an overallincrease in sales.This includes the FUJIFILM X100, a high-end compact digital camera, FinePix F600EXR, andFinePix S4000.Considering the market situation, the sales volume target for this year will be set at 13 millionunits, up 16% from the previous year.

Operating Segments Information Solutions Revenue* /Operating Income Revenue* /Operating Income Revenue Revenue Revenue Operating Income [ ]: Operating Margin ¥ 434.9 billion (YoY: -5.1%) ( ): YoY Comparison (excluding the impact of forex: YoY -2.2%) Strong yen appreciation and a decline in demand caused by the earthquake resulted in a decrease in sales 458.2 434.9 in major business. （-5.1％） Billions of yen 5.1％） Sales of flat panel display materials declined compared to the same quarter of the previous year, when the demand was strong. Impact of forex: -¥ 13.0 billion 61.1 Operating Income Operating Income [13.3％] 13.3％ 33.7 ¥ 33.7 billion (YoY: -44.8%) [7.7％] 7.7％（-44.8％） 44.8％） Despite measures to cut costs, operating income dropped, affected by a decline in sales, yen appreciation, and a sharp surge in raw material prices, such as for silver and aluminum. 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) *Note: After elimination of intersegment transaction 5In the Information Solutions segment, revenue amounted to ¥ 434.9 billion, down 5.1%from the previous year.This was owing to strong yen appreciation, a decline in demand caused by the earthquake,and a decrease in sales of flat panel display materials compared with the same quarter ofthe previous year, when the demand was strong.Excluding the impact of forex, revenue will be down 2.2% from the previous year.As for operating income, Fujifilm recorded ¥ 33.7 billion, down 44.8% from the previousyear.The Group took measures to reduce costs, but the impact of the decrease in sales, yenappreciation, and sharp surge in raw material prices, such as for silver and aluminum, couldnot be fully covered.

Information Solution Operating Segments Medical Systems/Life Sciences Medical Systems/Life Sciences ¥ 133.8 billion (YoY: +7%) Sub-Segment Revenue Sub-Segment Revenue Despite the yen appreciation, revenue increased owing to expansion of sales in cosmetics and pharmaceuticals. Sales of low-priced/small-sized FCR were strong. Fujifilm also expanded its lineups by Billions of yen launching FCR PRIMA T, an FCR that can be used on a desk, and CALNEO C 1417 %: Proportion of sub-segment revenue Wireless SQ, a cassette-sized DR. Medical-use picture archiving and communication systems, including SYNAPSE, maintain the top share in the domestic market. 458.2 In life sciences business, sales increased due to factors such as the release of a new skin brightening product series within the ASTALIFT series, launched in March. Medical 434.9 Sales of Zosyn* were strong in the pharmaceutical field. Application for approval in Japan Systems/Life of T-705 is being submitted. Sciences 124.7 124. ¥ 111.6 billion (YoY: -3%) Graphic Arts Graphic Arts 133.8 133. Sales decreased due to strong yen appreciation and the decline in demand caused by the 27％ 27％ earthquake. 31％ 31％ Reinforcing sales promotion of wide-format UV inkjet systems. Graphic Arts 114.6 114. FPD Materials FPD Materials ¥ 92.7 billion (YoY: -21%) Sales declined compared to the previous year, when the demand for LCD TVs was 111.6 111. strong owing to Japan’s Eco-Point system and Chinese government policies for 25％ 25％ promoting the ownership of household electric products. 26％ 26％ FPD Recording Media Recording Media ¥ 23.5 billion (YoY: +12%) Materials 118.0 118. Sales of data tapes using BaFe** magnetic materials for the first time in the world and 92.7 92. industrial video tapes increased. Recording 26％ 26％ 21％ 21％ Media 21.0 21. 4％ 23.5 23. 5％ Industrial Materials/Electronic Materials & Others Industrial Materials/Electronic Materials & Others ¥ 45.8 billion (YoY: +2%) Industrial Materials/ Electronic Materials 44.9 44. 10％ 45.8 45. Electronic materials, such as Color Mosaic for image sensors and ArF immersion & Others 10％ 11％ 11％ photoresists, expanded its sales. Optical Devices 35.0 35. 27.5 27. Optical Devices ¥ 27.5 billion (YoY: -21%) 8％ 6％ Optical Devices 1H FY2011/3 1H FY2012/3 Sales decline in camera phone lenses resulted in a decrease in revenue. (Apr.-Sep.’10) (Apr.-Sep.’11) *Zosyn: pharmaceuticals applicable to the treatment of blood poisoning, pyelonephritis, complex cystitis, and pneumonia **BaFe: barium ferrite 6The condition of sub-segment business is as shown.In medical systems/life sciences business, despite the yen appreciation and decline in demand causedby the earthquake, revenue increased owing to expanding sales in life science business andpharmaceuticals business.In medical systems business, sales of FCR PRIMA, a low-priced/small-sized FCR, were strong in themodality field.As for the network system field, SYNAPSE medical-use picture archiving and communications systemcontinues to maintain the top share in Japan.In life sciences business, sales rose considerably by the reinforcement of sales promotions, such as thelaunch of a skin brightening product series within ASTALIFT, a functional cosmetic series.Sales also rose considerably in pharmaceutical field, due to strong sales of Zosyn from Toyama Chemical.Regarding graphic arts business, sales decreased, affected by the negative impact of strong yenappreciation and the decline in demand caused by the earthquake. However, CTP increased its share byexpanding sales of environment-friendly CTPs.Regarding flat panel display materials business, a decrease in sales was seen compared to the samequarter of the previous year, when the demand was strong owing to Japan’s Eco-Point system andChinese government policies for promoting the ownership of household electric products.As for recording media business, sales of industrial video tapes and data backup tapes that usesbarium ferrite magnetic materials for the first time in the world were strong, increasing the overall revenue.As for the electronic materials business, sales expanded due to strong sales in ArF immersionphotoresists and Color Mosaic for image sensors.As for the optical devices business, revenue decreased owing to a decline in camera phone lenses.

Operating Segments Document Solutions Revenue* /Operating Income Revenue* /Operating Income Revenue Operating Income Revenue Revenue [ ]: Operating Margin ( ): YoY Comparison ¥ 486.1 billion (YoY: +1.0% ) (excluding the impact of forex: YoY +1.6%) An increase in revenue was recorded by retrieving the 486.1 negative impact of the earthquake seen in Japan in the 481.0 （+1.0％） Billions of yen first quarter, securing the same level as the previous +1.0％） year. In addition, continuing growth in the Asia-Oceania region also had a positive impact. Impact of forex: -¥ 2.8 billion Operating Income Operating Income 43.7 [8.9％] 8.9％ 38.4 ¥ 43.7 billion (YoY: +13.6%) [7.9％] 7.9％（+13.6％） +13.6％） An increase in sales and improvement in cost efficiency led to an increase in operating income. 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) *Note: After elimination of intersegment transaction 7In the Document Solutions segment, revenue was ¥ 486.1 billion, up 1.0% fromthe previous year.This increase was achieved by securing the same level of revenue as theprevious year in Japan, retrieving the negative impact of the earthquake seen inthe first quarter. In addition, sales in the Asia-Oceania region continued strong,contributing to this increase.As for operating income, Fujifilm recorded ¥ 43.7 billion, up 13.6% from theprevious year, owing to strong sales and an improvement in cost efficiency.The impact of the earthquake was seen in the first quarter, but the manufacturingvolume recovered in the second quarter.

Document Solution Operating Segments Sub-Segment Revenue Sub-Segment Revenue Office Products Office Products ¥ 254.6 billion (YoY: +1%) In Japan, the sales volume of color products increased. Billions of yen In the Asia-Oceania region, the volume of both color and monochrome %: Proportion of sub-segment revenue products increased. As for Xerox Corporation, the shipment volume increased due to increase in color products. 481.0 486.1 Office Printers Office Printers ¥ 78.7 billion (YoY: -6%) Sales volume increased in Japan by the effect of new products. Volume of color products increased in the Asia-Oceania region. Office Products 254.6 254. 251.9 251. Production Services Production Services ¥ 64.8 billion (YoY: +1%) Sales volume in Japan increased, reflecting growth in sales of light production 52％ 52％ 52％ 52％ color printing systems and entry production color systems. As for the Asia-Oceania region, the sales volume grew due to strong sales of Office entry production color systems. Printers 84.0 84. 78.7 78. 17％ 17％ 16％ 16％ Production Global Services Global Services ¥ 46.4 billion (YoY: +13%) Services 64.3 64. 64.8 64. 13％ 13％ 13％ 13％ Global Considerable growth was achieved in the Asia-Oceania region, leading to Services 41.0 41. 9％ 46.4 46. 10％ 10％ an increase in revenue. Enterprise Print Service, which comprehensively manages the whole company’s output operations, was started up in Japan and the Asia-Oceania region. 1H FY2011/3 1H FY2012/3 (Apr.-Sep.’10) (Apr.-Sep.’11) 8Sub-segment business conditions are as shown.In office products business, the volume of color products grew, owing to strongsales of the ApeosPort-Ⅳ/DocuCentre-Ⅳ series in Japan.Copy volume that declined after the earthquake increased in the second quarter andthe overall copy volume in the first half of FY2012/3 was at the same level as theprevious year.Sales volume in the Asia-Oceania region and the shipment volume for XeroxCorporation also increased.In office printers business, the sales volume in Japan increased due to the launchof new products.As for the Asia-Oceania region, a decline in sales of monochrome products resultedin a decrease in total sales volume, despite an increase in sales of color products.With respect to the production services business, sales of Color 1000Press/Color 800 Press and DocuColor 1450 GA, a light production color system,were strong in Japan. Sales volume also grew in the Asia-Oceania region.With respect to the global services business, a considerable rise was seen insales, owing to a great increase in the Asia-Oceania region.In July 2011, Fuji Xerox started up its Enterprise Print Service in Japan and theAsia-Oceania region. This service offers comprehensive management of the wholecompany’s output operations.

We will use leading-edge, proprietary technologies to provide top- quality products and services that contribute to the advancement of culture, science, technology and industry, as well as improved health and environmental protection in society. Our overarching aim is to help enhance the quality of life of people worldwide. IR Office, Corporate Planning Div. http://www.fujifilmholdings.com/en/index.htmlNote: This document is a faithful translation into English of a financial condition-related report prepared in Japanese byFUJIFILM Holdings Corporation in accordance with Tokyo Stock Exchange guidelines.Accordingly, the explanations for each business segment may include references to products that aremarketed under different product names overseasor are not marketed overseas and may also include references to product marketing periods that differ by region.“Xerox” is a registered trademark of Xerox Corporation in the U.S. and other countries.All other product names contained in this material are trademarks of their respective companies.

Appendix ■ Forecast For FY2012/3 　　　　　　　　　　　　　　　　　　　　　　yen) (Billions of 　　　　　　　　　　　　　　　　 FY2012/3 FY2012/3 Change from the FY2011/3 previous year Actual Forecast Forecast (announced on July) (latest) Amount ％ Revenue 100.0％ 2,217.1 100.0％ 2,340.0 100.0％ 2,290.0 72.9 3.3 Operating Income 6.2％ 136.4 6.8％ 160.0 6.0％ 136.5 0.1 0.1 Income before Income Taxes 5.3％ 117.1 6.6％ 155.0 4.7％ 107.5 (9.6) (8.2) Net Income Attributable to FUJIFILM Holdings 2.9％ 63.9 3.4％ 80.0 2.4％ 54.0 (9.9) (15.4) Net Income Attributable to FUJIFILM Holdings ¥131.30 ¥166.08 ¥112.10 ¥(19.20) per share Cash Dividends per Share ¥30 ¥35 ¥35 ¥5 Exchange Rates ¥86 ¥80 ¥78 ¥(8) US$ € ¥113 ¥116 ¥109 ¥(4) Impact of exchange rate movements on operating income (full year, ¥ 1 change)　US$: ¥1.1 billion €: ¥0.7 billion 10

Appendix Performance Summary For 2Q FY2012/3 (Billions of yen) Change from the 2Q FY2010/3 2Q FY2011/3 2Q FY2012/3 previous year (Jul.’09-Sep.’09) (Jul.’10-Sep.’10) (Jul.’11-Sep.’11) Amount ％ Revenue 100.0％ 541.1 100.0％　557.9 100.0％ 553.3 (4.6) (0.8) Operating Income (1.1)％ (5.9) 7.0％ 39.0 5.4％ 30.0 (9.0) (23.0) Income before Income Taxes (1.7)％ (9.2) 6.9％ 38.5 0.8％ 4.6 (33.9) (88.0) Net Income Attributable to (0.9)％ (4.7) 4.0％ 22.5 0.1％ 0.4 (22.1) (98.3) FUJIFILM Holdings Net Income Attributable to FUJIFILM Holdings ¥(9.65) ¥46.14 ¥0.80 ¥(45.34) per share Exchange Rates ¥94 ¥86 ¥78 ¥(8) US$ € ¥133 ¥111 ¥110 ¥(1) 11

Appendix Imaging Solutions　 Revenue*/Operating Income Revenue*/Operating Income Sub-Segment Revenue Sub- Sub-Segment Revenue ％：Proportion of sub-segment revenue Revenue 　　[ ]：Operating Margin 　　 Billions of yen Operating Income 　 ( )：YoY Comparison 82.9 80.7 YoY 80.7 82.9 （-2.6％） 2.6％） Billions of yen -6％ Photo 54.5 54. 51.3 51. Imaging 66％ 66％ 64％ 64％ [-3.0％] 3.0％ Electronic 28.4 28. 29.4 +3％ [-1.8％] 1.8％ Imaging -1.5 -2.4 34％ 34％ 36％ 36％ 2Q FY2011/3 2Q FY2012/3 2Q FY2011/3 2Q FY2012/3 2010年度2Q 2011年度2Q (Jul.-Sep.’10) (Jul.-Sep.’11) (Jul.-Sep.’10) (Jul.-Sep.’11)*Note: After elimination of intersegment transaction 12

Appendix Information Solutions　 Revenue*/Operating Income Revenue*/Operating Income Sub-Segment Revenue Sub- Sub-Segment Revenue Revenue ％：Proportion of sub-segment revenue 　　[ ]：Operating Margin 　　 Operating Income 　 ( )：YoY Comparison 232.4 Billions of yen Medical 216.9 YoY Billions of yen Systems / Life 68.9 68. Science 232.4 216.9 72.6 72. （-6.7％） 6.7％） 30％ 30％ +6％ 34％ 34％ Graphic Arts 56.7 56. 24％ 56.8 56. ±0％ 24％ 26％ 26％ FPD Materials 54.9 54. 24％ 24％ 39.3 39. -29％ 29％ 28.9 18％ 18％ [12.4％] 12.4％ 13.9 Recording Media 10.1 4％ 10. +14％ 14％ [6.4％] 11.5 5％ 11. 6.4％ Industrial Materials / Electronic 23.1 10％ 23. 10％ 23.1 23. （-51.6％） 51.6％） Materials & Others 11％ 11％ ±0％ Optical Devices 18.7 18. 13.6 13. -27％ 8％ 6％ 27％ 2Q FY2011/3 2Q FY2012/3 2Q FY2011/3 2Q FY2012/3 2010年度2Q (Jul.-Sep.’10) 2011年度2Q (Jul.-Sep.’11) 2010年度2Q (Jul.-Sep.’10) 2011年度2Q (Jul.-Sep.’11)*Note: After elimination of intersegment transaction 13

Appendix Document Solutions　 Revenue*/Operating Income Revenue*/Operating Income Sub-Segment Revenue Sub- Sub-Segment Revenue Revenue ％：Proportion of sub-segment revenue 　　[ ]：Operating Margin 　　 Operating Income 255.7 Billions of yen 　 ( )：YoY Comparison 242.6 YoY Billions of yen 255.7 Office （+5.4％） 5.4％） 132.9 132. Products 123.6 123. 242.6 +7％ +7％ 52％ 52％ 51％ 51％ Office 42.7 42. 41.7 41. -2％ Printers 16％ 16％ 25.7 18％ 18％ [9.9％] 9.9％ Production Services 34.6 34. 35.0 35. +1％ +1％ 19.1 （+34.1％） +34.1 14％ 14％ 14％ [7.8％] 7.8％ Global Services 21.6 21. 9％ 25.0 25. 9％ +16％ 2Q FY2012/3 2Q FY2011/3 2Q FY2012/3 2Q FY2011/3 (Jul.-Sep.’11) (Jul.-Sep.’10) (Jul.-Sep.’11) 2010年度2Q (Jul.-Sep.’10) 2011年度2Q*Note: After elimination of intersegment transaction 14

Appendix Revenue from Domestic and Overseas (Billions of yen) 1H FY2011/3 1H FY2012/3 Ratio Ratio YoY (%) (%) Change (%) Domestic 46.2 510.2 45.0 487.3 (4.5) The Americas 17.0 188.2 16.9 183.3 (2.6) Europe 11.6 128.2 12.3 133.5 4.2 China 7.8 86.4 9.4 102.3 18.4 Asia and others 25.2 278.7 25.8 279.3 0.2 Overseas 53.8 595.1 55.0 596.1 0.2 Consolidated total 100.0 1,105.3 100.0 1,083.4 (2.0) 15

Appendix ■ Capital Expenditure , Depreciation & Amortization 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　 (Billions of yen) FY2010/3 FY2011/3 FY2012/3 2Ｑ 1H 2Ｑ 1H 2Ｑ 1H 　 (forecast) Imaging 2.5 4.1 9.1 2.3 4.0 8.1 0.2 3.3 Information 8.5 15.3 28.5 14.2 23.3 61.8 19.7 33.5 Document 8.9 21.2 40.3 6.6 8.2 19.5 5.4 7.5 Corporate 0.0 0.0 0.0 0.9 1.0 0.5 1.1 1.3Capex * 19.9 40.6 77.9 24.0 36.5 89.9 26.4 45.6 120.0 Imaging 6.1 11.4 21.9 2.6 4.9 10.1 2.1 4.6 Information 25.1 48.5 99.1 17.2 36.6 77.4 18.8 36.3 Document 17.4 33.6 73.6 16.8 33.4 65.8 13.7 27.9 Corporate 0.1 0.2 0.5 1.7 1.9 3.8 0.9 1.6Depreciation&Amortization 48.7 93.7 195.1 38.3 76.8 157.1 35.5 70.4 160.0 Depreciation* 32.7 63.1 135.1 25.9 51.1 106.6 22.9 45.2 110.0 *Note: Figures do not include amounts for rental equipment handled by the Document Solutions segment. 16

Appendix R&D Expenses, SG&A Expenses (Billions of yen) FY2011/3 FY2012/3 2Ｑ 1H 2Ｑ 1H 　 (forecast) Imaging 1.5 3.4 7.6 1.7 3.4 Information 18.7 34.4 69.7 18.4 35.9 Document 18.1 34.3 65.4 17.2 32.9 Corporate 5.7 10.9 22.6 5.8 11.1 R&D Expenses 44.0 83.0 165.3 43.1 83.3 175.0 <ratio to revenue> 7.9％ 7.5％ 7.5％ 7.8% 7.7% 7.6% SG&A Expenses 141.5 281.0 570.6 142.1 285.6 560.0 <ratio to revenue > 25.4％ 25.4％ 25.7％ 25.7% 26.4% 24.5% 17

Appendix Cash Flow (Billions of yen) 1H FY2010/3 1H FY2011/3 1H FY2012/3 Net income (4.7) 44.9 21.5 Depreciation & amortization 93.7 76.8 70.4 Change in notes and accounts receivable 30.0 7.4 1.5 Change in inventories 35.1 (34.9) (19.1) Change in notes and accounts payable-trade (7.4) (4.0) (16.0) Change in accrued income taxes and other 7.9 (6.7) (16.0) liablities Others 24.8 22.0 17.4 C/F from operating activities 179.4 105.5 59.7 Capital expenditure (42.6) (48.5) (51.0) Purchases of software (6.3) (8.5) (9.8) Sales and purchases of marketable and (3.6) (12.9) 15.1 investment securities Others (7.0) (10.9) (11.8) C/F from investing activities (59.5) (80.8) (57.5) Free cash flow 119.9 24.7 2.2 C/F from operating activities + Capital expenditure 136.8 57.0 8.7 18

Appendix Balance Sheet (Billions of yen) Mar.’10 Mar.’11 Sep.’11 Mar.’10 Mar.’11 Sep.’11 Cash and cash Short-term and long-term equivalents 406.2 313.1 279.9 debt 295.6 189.6 175.1 Notes and accounts Notes and accounts receivable 495.0 502.2 479.9 payable 261.6 261.4 235.5 Inventories 303.1 342.2 349.8 Other liabilities 394.4 406.9 378.8 Marketable securities and other 206.2 153.3 168.8 Total liabilities 951.6 857.9 789.4 Total FUJIFILM Holdings Total current assets 1,410.5 1,310.8 1,278.4 shareholders equity 1,746.1 1,722.5 1,684.4 Property, plant and equipment 601.7 564.1 551.6 Noncontrolling interests 129.7 128.4 129.5 Goodwill, net 325.9 344.4 334.6 Total equity 1,875.8 1,850.9 1,813.9 Investment securities and other 489.3 489.5 438.7 Total liabilities and equity 2,827.4 2,708.8 2,603.3 Total noncurrent assets 1,416.9 1,398.0 1,324.9 yen Exchange rates Mar.’10 Mar.’11 Sep.’11 Total assets 2,827.4 2,708.8 2,603.3 US$ 93 83 77 Euro 125 118 104 19

Appendix Current State of New Drug DevelopmentRegarding overseas markets, development is done under the name of Fujifilm Group (as of August 2011). Development Development stage Therapeutic category Region code Non-clinical PI P II P III Filed Formulation T-705 Antiviral Japan Oral U.S.A. T-614 Rheumatoid arthritis Japan Oral T-3811 New-type quinolone synthetic antibacterial Japan Injection* U.S.A. Oral/Injection Europe T-817MA Alzheimer’s disease U.S.A. Oral T-5224 Rheumatoid arthritis Japan Oral Overseas T-2307 Antifungal U.S.A. Injection T-1106 Antiviral Japan Oral * Oral drugs are sold under the name "Geninax"PⅢ has been terminated, and on March 30, 2011, Toyama Chemical submitted an application forpermission to manufacture and market T-705, a treatment for influenza infections in Japan.Difference from the 1Q FY2012/3On August 31, Toyama Chemical submitted an application for permission for approval of new drugs for T-614 inJapan. 20

Appendix Exchange Rates （yen） FY2011/3 FY2012/3 1Q 2Q 1H 1Q 2Q 1H (forecast) US$ 92 86 89 86 82 78 80 78 € 117 111 114 113 117 110 114 109 Number of Employees Sep.2010 Dec.2010 Mar.2011 Jun.2011 Sep.2011 Consolidated Total 77,616 78,177 78,862 79,367 81,387 Distribution of Shareholders 2.4% 4.5% 6.4% Financial Institution Sep.’11 39.4% 9.7% 37.6% Securities Companies Other Corporations 2.7% 4.4% 6.4% Individuals & Others Foreign Corporations Mar.’11 39.1% 8.7% 38.7% Treasury Stocks 21

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