At Fujifilm, we are continuously innovating — creating new technologies, products and services that inspire and excite people everywhere. Our goal is to empower the potential and expand the horizons of tomorrow’s businesses and lifestyles.

2. About the Fujifilm Group 2
Value Creation Process 3
The Fujifilm Group’s Value Creation History 4
Business Portfolio and Competitive Advantages 6
Financial Highlights 8
New CSR Plan / New Medium-Term Management Plan 10
New CSR Plan “Sustainable Value Plan 2030” 10
New Medium-Term Management Plan “VISION2019” 12
Management Message 16
Message from the CEO 16
Interview with the COO 20
Corporate Governance 24
Regarding Inappropriate Accounting of Overseas
Sales Subsidiaries of Fuji Xerox Co., Ltd. 24
Status of Corporate Governance 26
Management Structure 32
Message from Outside Directors 34
Business Activities 36
Imaging Solutions 37
Information Solutions 39
Document Solutions 43
Sources of Corporate Value 45
Technological Strength 46
Corporate Culture / Brand Strength 50
Human Resources 51
Global Network 52
Financial Information / Non-Financial Information 53
Financial Highlights 54
Financial Analysis and Review 56
Business-Related and Other Risks 59
Consolidated Financial Statements 60
Non-Financial Information 67
Corporate Data 69
CONTENTS

3. URL http://www.fujifilmholdings.com/en/
FUJIFILM Holdings Corporation Corporate Site
This site provides such latest information as the Fujifilm Group’s corporate data and busi-
ness activities, as well as information for shareholders/investors and on CSR activities.
Fuji Xerox Sustainability Report
This report describes various CSR activities to realize a sustainable society of Fuji Xerox and its affiliated companies.
FUJIFILM Holdings Corporation Sustainability Report
This report describes various efforts of the Fujifilm Group to contribute to the sustainable develop-
ment of society.
We disclose the Fujifilm Group’s business and diverse CSR activities to a wide spectrum of stakeholders, including local com-
munities and society, customers, shareholders, investors, business partners and employees.
General Disclaimer
The information contained in this integrated report concerning business performance and results forecasts, excluding state-
ments of objective fact, are based on management’s views that have been made in accordance with information available at
the time of issue. These forward-looking statements involve risks and uncertainties. Actual results may materially differ from
those discussed in the forward-looking statements due to a variety of factors, including trends in economic conditions and mar-
kets in which the Company operates as well as fluctuations in foreign currency exchange rates.
The contents of amendment to earnings releases for prior fiscal years, which were announced in 2017, have reflected on
the numerical data for FY 2011/3 to FY 2016/3. Unless otherwise specified in this integrated report, the information herein is as
of March 31, 2017.
URL http://www.fujifilmholdings.com/en/sustainability/report/download/report2017.html
This integrated report particularly focuses on information that is believed to be highly important for shareholders/investors
among diverse activities disclosed through statutory disclosure reports, the sustainability report and other related materials.
This voluntarily disclosed report describe growth strategies and stories, and it is intended to serve as a very useful tool.
Editorial Policy
Information of Corporate Communication Tools
1

4. Value from Innovation
At Fujifilm, we are continuously innovating —
creating new technologies, products and services
that inspire and excite people everywhere. Our
goal is to empower the potential and expand the
horizons of tomorrow’s businesses and lifestyles.
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.
Corporate Philosophy
Anchored by an open, fair and clear corporate culture and with
leading-edge, proprietary technologies, Fujifilm is determined
to remain a leading company by boldly taking up the challenge
of developing new products and creating new value.
Vision
About the Fujifilm Group
2

5. Customers Shareholders Business partners
Local communities
and society
Employees
Imaging
Solutions
Information
Solutions
Document
Solutions
P37 P39 P43
Sources of Corporate Value
Proprietary products and services
Sustainable Value Plan 2030
Governance
Technological Strength, Corporate Culture,
Brand Strength, Human Resources,
Global Network
Create value from innovation Expectation / needs / trust
Business Activities
Providing photo-related
products and services ranging
from photo-taking to printing
Engaging in a wide range of
activities focusing mainly on B2B
businesses including healthcare and
highly functional materials, both of
which are priority business fields
Undertaking document-related business
activities including the provision of
digital multifunction devices for offices
and related services
We aim to achieve sustainable growth and increase the corporate
value of the Fujifilm Group while contributing to the sustainable
development of society by conducting sincere and fair business activities guided
by the following corporate philosophy and vision common to the Fujifilm Group.
The Fujifilm Group’s Value Creation Process
About the Fujifilm Group
3

6. The Fujifilm Group was established in 1934 to produce photographic film in Japan. Since its founding, Fujifilm has consis-
tently anticipated the future during times of change, has amassed a wide range of technologies, and provided innovative
products and services.
Since 2000, putting the Company’s future at risk, we undertook drastic business restructuring due to the demand for
photographic film, our mainstay product, has declined sharply due to digitization.
The key, at that time, was the advanced and various technological capabilities of our photographic business. Fujifilm
established businesses with a competitive advantage based on a variety of technologies such as optics, chemicals, and
electronics, which are needed to develop and produce photo-related products.
The Fujifilm Group, which had overcome a turbulent “second foundation” and gotten back on a growth track, has
even more developed products, services, and solutions unique to the Fujifilm Group with the aim of strategic leap forward.
The history of the Fujifilm Group is a history of innovation.
1934 Motion picture film
Plate-making film
1936 Photographic film
X-ray film
1948 Still cameras
1954 Industrial X-ray film
1958 FUJITAC (TAC film)
1959 Videotapes for broadcasting
Groundbreaking product portfolio created
by Fujifilm Group
Groundbreaking product portfolio created
by Fujifilm Group
• Forged a robust position as a manufacturer of comprehen-
sive photosensitive materials
• Expanded into the lens and optical equipment fields
• Diversified business operations into the medical, graphic
systems, magnetic materials, and related fields
Ashigara factory at time of establishment
Engaging in the Domestic Production of Photographic Film /
Establishing a Sales Network in Japan
Expanding Business / Improvement of Technologies
1934 – 1950s
1960 – 1970s
0
20
40
60
80
100
’94/3
(Index)
’95/3 ’96/3 ’97/3 ’98/3 ’99/3 ’00/3 ’01/3 ’02/3 ’03/3 ’04/3 ’05/3 ’06/3 ’07/3 ’08/3 ’09/3 ’10/3 ’11/3
Peak
Sharp decline
(FY)
Trends in total world demand for color film and changes in revenue composition
Index is based on 100 for FY2001/3
15%
39%
46%
¥1,383.4billion
¥2,322.2 billion
54%46%
Imaging
Solutions
Document
Solutions
FY2001/3
FY2017/3
Imaging
Solutions
Information
Solutions
Information
Solutions
• Commenced the development of a global network by
establishing local overseas subsidiaries and offices
• Established Fuji Xerox Co., Ltd., as a joint venture with Rank
Xerox Ltd. in the United Kingdom, and entered into the copy
machine business field
• Pioneered the successful research, development, and commer-
cialization of color negative films
1962 Plain paper copier
1965 PS plates
Magnetic recording tape for
computers
1969 Filtration filter
1971 Home videotapes
1975 Full-color copy machine
1976 High-performance color negative film
Fuji Color FII 400
High-performance color negative film Fuji Color FII 400
Japan First
World First
Japan First
World First
The Fujifilm Group’s Value Creation History
About the Fujifilm Group
4

7. Groundbreaking product portfolio created
by Fujifilm Group
Groundbreaking product portfolio created
by Fujifilm Group
Groundbreaking product portfolio created
by Fujifilm Group
Digitization / Accelerating Globalization
Second Foundation
Aiming for Strategic Leap Forward
1980 – 1990s
2000 – 2013
2014 –
• Accelerating the pace of globalization by developing
overseas production bases in a bid to forge a widely
recognized global presence
• Pioneered efforts to digitize the photography, medical, and
graphic systems fields
• Introduced a host of innovative products, including the FCR
line of digital X-ray imaging diagnostic systems and digital
cameras
1983 Digital X-ray imaging diagnostic system FCR
1986 QuickSnap, a one-time-use recyclable camera
1988 Full digital still camera (development)
1993 High-speed production publisher
1996 Digital minilab
WV film
Computer-to-plate
(CTP) plates
1998 instax mini 10
1999 Medical-use picture archiving and
communications systems SYNAPSE
The world’s first digital X-ray imaging diagnostic system FCR
FUJIFILM Advanced Research Laboratories, based on the concept of “Intellectual Fusion, Innovation and Value Creation”
2003 Double-balloon endoscope
2004 Full digital endoscope
2006 Functional cosmetics
2011 Magnetic recording tape for
computers that utilizes Barium
Ferrite (BaFe) particles
2011 Next-generation inkjet digital printer Jet Press 720
2012 Endoscope with a laser light source system
LASEREO
• Converted Fuji Xerox to a consolidated subsidiary
• Implemented business structure transformation in
response to rapid digitization
• Established FUJIFILM Advanced Research Laboratories
• Transitioned to a holding company structure by establish-
ing FUJIFILM Holdings Corporation
• Focused on the healthcare field, including the pharmaceu-
ticals business
Open Innovation Hub, a place for new value co-creation with business partners
2014 Production printer Color 1000i Press
2015 Broadcast zoom lens compatible with 4K cameras
equipped with 2/3-inch sensor
2016 Integrated archive system SYNAPSE VNA
2016 Tablet-type ultrasound image diagnostic equipment
SonoSite iViz
2017 Medium format mirrorless
digital camera, equipped
with a large sized sensor
FUJIFILM GFX 50S
• Formulated “Value from Innovation” as the Company’s
new corporate slogan to mark 80th anniversary
• Launched Open Innovation Hubs in Japan, the United
States, and Europe
• Announced new CSR plan “Sustainable Value Plan 2030”
and new medium-term management plan VISION 2019 in
2017
Japan First
World First
Japan First
World First
Japan First
World First
About the Fujifilm Group
5

8. Photo imaging
Optical device and electronic imaging
Imaging Solutions
Develops photo-related products and
services, ranging from photo-taking to
printing
• A wide range of technologies and
know-how related to images culti-
vated in photographic film develop-
ment
• Strong market position as a leading
company in the imaging field
• Collective strength capable of pro-
viding services from photo-taking to
printing
Competitive advantages
Competitive advantages
• Superior descriptive capability and
color reproducibility of a digital cam-
era based on its unique imaging de-
sign technology cultivated in the
development of high-performance
lenses and photographic film
• Advanced optical technologies and
high-precision processing and assem-
bly technologies required in lens
manufacturing that accommodate the
high-definition digital age
Provides products such as the X Series of
digital cameras, interchangeable lenses,
and TV lenses
Other
Imaging
Solutions
Information
Solutions
¥341.8 billion
¥899.5 billion
Document
Solutions
¥1,080.9 billion
¥236.8 billion
¥105.0 billion
¥384.0 billion
¥208.9 billion
¥47.6 billion
¥255.8 billion
¥477.0 billion
¥163.2 billion
¥139.6 billion
¥186.8 billion
¥114.3 billion
Business Portfolio and Competitive Advantages
We created our current business portfolio by leveraging the advanced and unique technological capabilities devel-
oped through our photographic business and overcoming the risk of disappearing incurred in our core business due
to digitization.
We are now pursuing a growth strategy centered on the three business fields of healthcare and highly functional ma-
terials, included in Information Solutions, and Document Solutions.
Revenue for
FY2017/3
* A portable broadcast zoom lens with optical perfor-
mance compatible with broadcast 4K cameras
equipped with 2/3 inch sensor (as of April 2015 ac-
cording to a survey by Fujifilm)
World First*
Broadcast zoom lens
compatible with 4K
cameras
¥2,322.2billion
Photo imaging
Optical device and
electronic imaging
Recording media
Graphic systems
Office products
Office printers
Production services
Global services
Healthcare
Highly functional
materials
instax
instant camera
Annual worldwide sales volume
6.6million units
About the Fujifilm Group
6

9. Competitive advantages
Competitive advantages
Information Solutions
Document Solutions
Recording Media Graphic systems
Develops businesses in the fields of medical systems, pharmaceuticals / bio CDMO, regenerative
medicine, and life sciences; operates in three fields of prevention, diagnosis, and treatment
Provides display materials, industrial products including non-destructive
testing equipment and various types of highly functional films, and electronic
materials including semiconductor processing materials
Offer magnetic recording tape for computers with unique technolo-
gies such as barium ferrite (BaFe) particles and data archive service
Offer inkjet digital presses, industrial inkjet printheads, plate-making
films and computer-to-plate (CTP) plates
Office products
Provides digital multifunction devices and
other devices for office use
Office printers
Provides printers for office use
Production services
Provides high-speed, high-quality digital
printing systems and associated services
Global services
Supports finding solutions to customers’
document-related issues through improve-
ments to corporate document solutions and
operational processes
• Proprietary image processing technologies capable of pro-
viding optimal images in diagnosis
• Advanced chemical compounds, design capabilities, and
technologies that enable development of pharmaceuticals
that respond to unmet medical needs
• High technological strength and productivity for Contract
Development and Manufacturing Organization of biophar-
maceuticals
• Extensive technologies and patent portfolio related to regenerative medicine,
such as iPS cell-related technologies
• Extensive chemical compound library of 200,000 types
• Advanced technologies, such as functional molecules for impart-
ing high functionality to film
• Advanced film forming and coating technologies capable of
meeting market requirements for thinness and largeness
• Cost competitiveness and stable supply
• Rapid and accurate product formulation, development capabili-
ties and global production systems that respond to customer
needs
domestic
market share
global
market share
Japan First
Competitive advantages
• Excellent customer base leveraging a
powerful direct sales structure in Ja-
pan and the regions of Asia and Oce-
ania
• Diverse product lineups that meet
customers’ wide-ranging needs, in-
cluding links with various cloud ser-
vices
• Consistent service provided globally
in cooperation with Xerox Corpora-
tion
Sales volume market share in
Asia-Pacific region
Healthcare
Highly functional materials
Medical-Use Picture Archiving
and Communications Systems
Approval and launch of regener-
ative medicine products
Protective film
for polarizers
Image sensor color mosaic
A3 multifunction
device
global
market share
global
market share
About the Fujifilm Group
7

10. Financial Highlights
Revenue / Operating income / Operating margin
Net income attributable to FUJIFILM Holdings / ROE
Total assets / Shareholders’ equity ratio
-1,000
0
1,000
2,000
3,000
4,000
-100
100
200
300
400
0
(Billions of yen)
172.3
2,322.2
7.4%
2007/3(FY) 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3
(Billions of yen) Operating marginRevenue Operating income (right scale)
-50
0
50
100
150
131.5
6.5
-4
0
4
8
12
(%)ROE (right scale)Net income attributable to FUJIFILM Holdings(Billions of yen)
2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3(FY)
0
1,000
2,000
3,000
4,000
3,533.2
57.8
0
20
40
60
80
Total assets(Billions of yen) (%)Shareholders’ equity ratio (right scale)
(FY) 2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3
* Numerical data for FY2007/3 through FY2017/3 are posted on page 54 and 55.
About the Fujifilm Group
8

11. RD expenses / Ratio of RD expenses to revenue
Capital expenditures / Depreciation
Cash flows
0
50
100
150
200
160.2
6.9
0
3
6
9
12
(Billions of yen) Ratio of RD expenses to revenue (right scale)
(FY)
RD expenses (%)
2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3
0
50
100
150
200
(Billions of yen) Capital expenditures Depreciation*
71.8
58.9
2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3(FY)
-400
-200
0
200
400
172.2
288.6
-116.4
(Billions of yen) Free cash flows*Net cash provided by operating activities Net cash used in investing activities
2007/3 2008/3 2009/3 2010/3 2011/3 2012/3 2013/3 2014/3 2015/3 2016/3 2017/3(FY)
* Free cash flows: Net cash provided by operating activities
+ Net cash used in investing activities
* These figures only include property, plant and equipment excluding rental equipment in the Document Solutions segment and others.
About the Fujifilm Group
9

12. FUJIFILM Holdings has been creating new value to resolve
social issues through Sustainable Value Plan 2016, a medi-
um-term CSR plan for FY2015/3 through FY2017/3. Through
the new formulation of long-term goals for FY2031/3 in
SVP2030, the Fujifilm Group is aiming to contribute further
to the realization of a sustainable society, with increased ef-
forts to resolve social issues through its business activities by
providing innovative technologies, products and services.
In the global society, a number of long-term goals have
been published recently with the aim of resolving social is-
sues. The Sustainable Development Goals (SDGs*), which
were adopted by the United Nations in September 2015,
identified 17 goals for the global society to make efforts to
resolve these social issues by 2030. In addition, the global
decision was made over the Paris Agreement, which entered
into force in November 2016. The agreement aims to
strengthen the global response to the threat of climate
change to keep a global temperature rise well below 2 de-
grees Celsius above pre-industrial levels.
“SVP2030” is a new CSR plan targeting FY2031/3 which
aims to contribute to the achievement of goals related to
the resolution of social issues identified by international ini-
tiatives such as the SDGs and the Paris Agreement.
“SVP2030” defines the “environment,” “health,” “daily life”
and “working style” as four key areas, which will be ad-
dressed from the perspectives of both “resolving social is-
sues through business activities” and “considering
environmental and social impacts through business process-
es.” Furthermore, as a global company, “SVP2030” specifies
the stronger CSR foundations, in terms of environmental,
ethical and human rights issues affecting the whole supply
chain and also refer to the stronger governance required to
achieve the further penetration of an open, fair and clear
corporate culture.
We have formulated “Sustainable Value Plan 2030 (“SVP2030”),” a new CSR plan specifying targets for the fiscal year end-
ing March 2031 (FY2031/3).
The Fujifilm Group believes that solving social issues provides opportunities for business growth. By actively creating
new value as part of our efforts to address each challenge, we are committed to continuously contributing to the develop-
ment of a sustainable society as a key management priority. Such commitment is further reinforced through formulation of
SVP2030. In this new CSR plan, we show our strong will to contribute to resolving social issues of the global scale through
business activities.
* SDGs are new sustainable development goals adopted by the United Nations General Assembly in September 2015 in order to follow on from the Millennium Development Goals
(MDGs) which were established in 2001. SDGs states “no one will be left behind” as its slogan, and has 17 sustainable development goals and 169 targets for global society to tackle
as social issues by 2030.
In the area of the “environment,” we will contribute to
solving environmental issues as well as reducing our own
environmental burden. In particular, the plan identifies nu-
merical targets for CO2 emissions and water usage to be
achieved by FY2031/3. The targets for CO2 emissions are to
“achieve a 30% reduction in the volume of CO2 emitted
across the entire product lifecycle compared to
FY2014/3,” and “contribute to a 50-million-ton reduction
in the volume of CO2 emitted in a society by encouraging
wider use of the company’s products and services.” This
reduction offsets the equivalent volume of CO2 emitted by
the company between FY2018/3 and FY2031/3. The Fujifilm
Group is committed to reduce water usage of the entire
group by 30% in comparison to FY2014/3, keeping overall
usage below 35 million tons in FY2031/3. In addition, the
Fujifilm Group is aiming to contribute to the processing of
35 million tons of water per year in FY2031/3 through the
provision of highly functional materials and services used for
water processing. It aims to achieve the environmental
contribution that is equal to or greater than the environ-
mental impact of the Company’s business activities.
In the area of “health,” the Fujifilm Group is aiming to “cre-
ate a healthy society through the process of prevention,
diagnosis and treatment in healthcare.” The group’s aims
in the area of “daily life” are to “support the tangible and
intangible aspects of social infrastructure in people’s lives
through various products, services and technologies.” In
the area of “working style,” the Fujifilm Group is aiming to
“extend in-house work-style reforms to change society so
that everyone can be satisfied with his/her job.”
By focusing on these areas, the corporate group aims to re-
solve these various social issues through its business activi-
ties. The Fujifilm Group will work to contribute to the
resolution of social issues and raise the company’s corporate
value by promoting activities along with “SVP2030” and cre-
ating new value through the development of products, ser-
vices and technologies.
New CSR Plan “Sustainable Value Plan 2030”
Contributing to solving social issues
through “Sustainable Value Plan 2030”
10
New CSR Plan / New Medium-Term Management Plan

13. Realization of a
Sustainable Society
Environment
Health Daily Life
Working Style
Supply Chain
Business Fields
Governance
Imaging
Solutions
Information
Solutions
Document
Solutions
Corporate Code
Corporate Philosophy / Vision / Code of Conduct
Priority Issues
Environment
Reduce our own environmental impacts
and contribute to the resolution of
environmental issues.
1. Address climate change.
2. Promote recycling of resources.
3. Address energy issues toward a
non-carbon society.
4. Ensure product and chemical safety.
Priority Issues
Create a healthy society through the
process of prevention, diagnosis and
treatment in healthcare.
1. Fulfill unmet medical needs.
2. Improve accessibilities to medical services.
3. Contribute to identifying diseases at
an early stage.
4. Contribute to health promotion and beauty.
5. Promote management of health and
productivity.
Health
Priority Issues
Daily Life
Support the tangible and intangible
aspects of social infrastructure in
people’s lives through various products,
services and technologies.
1. Contribute to creating a safe and
secure society.
2. Contribute to enriching humanity and
relationships between people.
Priority Issues
Working Style
Extend in-house work style reforms to
change society so that everyone can be
satisfied with their job.
1. Create an environment that leads to
job satisfaction.
2. Develop and utilize diverse human
resources.
Priority Issue
Supply Chain
Strengthen CSR foundations across the
entire supply chain including factors affecting
the environment, ethics and human rights.
Priority Issue
Governance
Improve and maintain governance
structures by further penetrating an open,
fair and clear corporate culture.
“SVP2030” Philosophy
11
New CSR Plan / New Medium-Term Management Plan

14. (Enhancement of shareholder returns)
Improving the ROE Total ¥300 billion
Share buybacks: ¥200 billion
Dividends: ¥100 billion
¥70 in FY2017/3 ¥95 in FY2020/3
(dividend increase for 10 consecutive years)
Strategic leap forward Total ¥500 billion
Investment allocation for further accelerating
revenues and profits
Next Stage
Improving profitability
Imaging
Information (healthcare)
Information (highly functional materials, etc.)
Document
Accelerating growth
Investing for the future
Strengthening of governance Accelerating global business deployment
Delivering a record profit
Enhancement of
shareholder returns
MA investment
New Medium-Term Management Plan VISION2019
We have drawn up a new medium-term management plan VISION2019, covering the three-year period from the fiscal year
ending March 2018 (FY2018/3) to the fiscal year ending March 2020 (FY2020/3). This is a concrete action plan for the next
three years to achieve “Sustainable Value Plan 2030.” Through a series of structural reforms, Fujifilm has been able to estab-
lish a solid management base that generates profits. By efficiently utilizing these profits, the Company has built a diversified
and extensive business portfolio. The VISION2019 aims to further enhance this portfolio by reinforcing each of the business
segments and thus achieve sustainable growth.
Performance targets
Revenues
FY2020/3
¥2,600 billion
¥230 billion
¥150 billion
7.3%
100%
8.8%
5.8%
Operating Income /
operating margin
Net income attributable
to shareholders
ROE
Record-
high
Record-
high FY2021/3
Achieving
ROE of 8.0%
New CSR Plan / New Medium-Term Management Plan
Overview of the medium-term management plan, VISION2019
The VISION2019 maps out its “Imaging,” “Information” and “Document solution” businesses to the following three stages: (1)
improving the profitability to generate stable cash-flow, (2) accelerating the growth of main business areas to expand revenues
and profits, and (3) developing businesses with high profitability that will constitute the cornerstones of its future business op-
erations, thereby further strengthening the business portfolio to achieve a strategic leap forward. Fujifilm will also pursue fur-
ther growth by enhancing its overseas sales foundation, established through existing business operations, while accelerating
overseas deployment of healthcare products and new highly functional products.
With these initiatives, Fujifilm plans to achieve ¥2,600 billion in revenues, a record ¥230 billion in operating income and a
record ¥150 billion in net income attributable to shareholders in FY2020/3, which is the final year of this three-year plan. Share-
holder returns will be boosted to ¥300 billion in dividends and share buybacks over the three-year period from FY2018/3 to
FY2020/3, raising Return on Equity (ROE) to 7.3% by FY2020/3 as a target reflecting organic business growth. A total of ¥500
billion will be set aside as an investment fund for strategic MA over the three-year period for further growth in revenues and
profits, achieving ROE of 8.0% in FY2021/3.
12

15. • With regard to the instax instant camera
and film, expand the sales of existing
products and square format products.
• Expand printing service solutions with
added convenience, e.g., by incorporat-
ing Artificial Intelligence (AI), to boost
printing demand from smartphones to
maintain the upward trend in profits.
Delivering highly competitive products that incorporate
proprietary technologies to generate stable profits, while
contributing to the development of photographic cultures
The Bio CDMO and Medical systems business will drive
sales growth to ensure increased revenues and profits.
RD is accelerated for Pharmaceuticals and Regenerative
medicine under controlled profit–loss balance.
• In Bio CDMO business, expand its production capacity
through capital investments and technological develop-
ment, and boost profitability through scale merit to accel-
erate business growth, so as to achieve two-digit sales
growth per annum, outstripping the market growth.
• In innovative drug development, target disease areas
with high un-met medical needs, such as Alzheimer’s dis-
ease and cancer and promote efficient RD. Further push
forward developing our pipeline which includes Alzhei-
mer’s disease drug T-817MA.
• Accelerate initiatives for commercial application of formu-
lation technology that makes use of our proprietary tech-
nologies such as micro-needles and liposomes.
• In digital cameras, work toward capturing No.1 market
share in the premium mirrorless camera market, promot-
ing the X Series that continues to evolve with premium
image quality, fast speed and mobility, alongside the me-
dium format GFX Series that uses a large sized sensor,
1.7 times bigger than that of full size, to pursue the pin-
nacle of image quality.
• Reinforce the lineup of highly reputable interchangeable
lenses to continue to achieve increased revenues and
profits in the mirrorless system business as a whole.
• Broaden the lens business by expanding the lineup of 4K
broadcast lenses, launched ahead of the rest of the
world, as well as the lineup of lenses for the fast-growing
new video production market, including online video.
Imaging Solutions
Information Solutions segment
Healthcare
Pharmaceuticals and
Bio CDMO*
Optical Device and
Electronic Imaging
Photo Imaging Profit Growth Investment
Profit Growth Investment
Profit Growth Investment
FUJINON UA107×8.4
instax SQUARE SQ10
FUJIFILM GFX 50S FUJIFILM X-T2
New CSR Plan / New Medium-Term Management Plan
(Billions of yen)
(FY) ’20/3’17/3’14/3
Revenue: Photo Imaging
Revenue: Optical Device and Electronic Imaging
Operating Margin
Operating Income
(Billions of yen)
(FY)
Revenue
Operating Margin
Operating Income
’20/3’17/3’14/3
* CDMO stands for Contract Development Manufacturing Organization. CDMO pro-
vides clients such as pharmaceutical and biotechnology companies with a wide range
of services from cell line development in the early stage of pharmaceutical develop-
ment to process development, stability testing, process development and manufac-
turing of investigational drugs, and commercial drug manufacturing.
Profit Growth Investment
* The three icons—Profit, Growth, and Investment—refer to the stages of each business within its lifecycle. “Profit” is improving the profitability to generate stable
cash-flow, “Growth” is accelerating growth to expand revenues and profits, and “Investment” is investing to develop businesses that will constitute the corner-
stones of its future business operations.
Culturing tank for biopharma-
ceutical manufacturing
Micro-needles array
13

16. • Accelerate business growth by expanding the lineup of
iPS cell-derived differentiated cells in the drug discovery
support business, and promoting the sales of autologous
cultured epidermis / cartilage in the cell therapy business.
• In cutting-edge regenerative medicine products using iPS
cell, accelerate RD in the areas of eye diseases, heart
diseases, neurological disorders and cancer.
• Broaden the contract cell culture business and deploy the
culture medium business globally.
• Provide solutions to customers with its far-reaching prod-
uct lineup, covering X-ray imaging diagnostic systems,
endoscopes, ultrasound units and IVD systems, advanced
medical IT systems having a strong competitive edge,
and the comprehensive capabilities based on these tech-
nologies. Offer products and services that meet the
needs of local markets in fast-growing emerging econo-
mies’ to achieve sales growth of 7% per annum.
• Promote the medical ICT business that makes maximum
use of medical imaging data.
• Reinforce the skin care brand ASTALIFT with the introduc-
tion of the top-of-the-range ASTALIFT IN-FOCUS series
to attract new customers and increase per-customer
spending among existing customers.
• Target the markets of growth potential for lifestyle dis-
ease prevention and healthy aging skincare for business
expansion with the introduction of “foods with function
claims.”
Regenerative Medicine Medical Systems
Life Science
Healthcare
Highly Functional Materials, etc.
We will maintain the competitive edge of existing
business operations, and make use of proprietary
technologies to introduce highly profitable products
that meet local market needs in a timely fashion to
ensure expansion of sales and profits.
Profit Growth Investment
Profit Growth Investment
• Expand the sales of highly functional products that use
proprietary technologies, such as the touch panel sensor
film EXCLEAR and the precision filtering Micro Filter.
• Enter into the inspection services business for social infra-
structures, such as tunnels and bridges, by utilizing our
diagnostic imaging technology.
Industrial Products Profit Growth Investment
• Achieve business growth outperforming competitors
through expanding the sales of existing products such as
photoresists, photolithography peripherals and CMP slur-
ries, and expanding the product range by introducing
new peripheral materials.
Electronic Materials Profit Growth Investment
• Utilize our thin-film and multi-layer coating technologies
to expand the sales of materials for OLED and touch-
screen panels, thereby raising the sales ratio of new ma-
terials to 30%.
Display Materials Profit Growth Investment
Profit Growth Investment
Functional Cosmetic ASTALIFT series
EXCLEAR
touch panel sensor film
Medical-use picture
archiving and communi-
cation system SYNAPSE
Tablet-type ultrasound image
diagnostic equipment
Sonosite iViz
Endoscope system equipped
with a laser light source
LASEREO
Autologous cultured
epidermis JACE
Autologous cultured
cartilage JACC
(FY)
Graphic/Inkjet/Recording Media Revenue
Highly Functional Materials Revenue
Operating margin
Operating income
’20/3’17/3’14/3
(Billions of yen)
14
New CSR Plan / New Medium-Term Management Plan

17. FUJIFILM LTO Ultrium 7 Data Cartridge
In an effort to strengthen business operation, optimize the product lineup with the emphasis on profitability, and enforce
thorough cost reduction and cut-backs in fixed costs.
Add Group-wide cost reduction measures and streamline operations through integration of the business management
divisions.
Document Solutions segment
We will shift operational focus to profitability while
maintaining the No.1 market position, so as to
strengthen the corporate structure, bringing the ra-
tio of operating income to 10% by FY2021/3.
• Strengthen value provided through solutions and ser-
vices, and optimize the structure for solution and services
delivery.
• Make greater use of ICT to improve competitiveness of
Managed Print Services (MPS) and Business Process Out-
sourcing (BPO).
• Make active investments to create new value that facili-
tates work-style and productivity reforms by way of utiliz-
ing offices’ massive Big Data and technologies such as
IoT and AI.
Solutions Services Profit Growth Investment
• Market the chemical compounds from its wide range
chemical compound library through Wako Pure Chemical
Industries, Ltd.’s extensive sales network across Japan.
• Integrate the two companies’ technologies to develop
competitive chemicals and reagents.
• Wako Pure Chemical Industries, Ltd., a core subsidiary of
Fujifilm’s fine chemical business, will utilize Fujifilm’s re-
sources including the overseas sales networks to acceler-
ate the overseas deployment as well as the products in
the medical systems and electronic materials business
fields, and thus achieve double-digit sales growth in
FY2020/3 from the FY2017/3 level.
Fine Chemicals Profit Growth Investment
• Increase the market share in the magnetic tape market by
offering greater storage capacity compared with the cur-
rent mainstream, LTO6, with Barium Ferrite (BaFe) mag-
netic particles using its proprietary technologies.
• Accelerate the overseas introduction of the dternity data
archive solution.
• Promote the switchover from hard disks to magnetic
tapes as a solution that accommodates the advancement
of Big Data.
Recording Media Profit Growth Investment
• Promote the sales expansion of high value-added prod-
ucts in the field of CTP plate, including process-less CTP
plates with its high environmental performance.
• Promote the company’s industrial printheads and inks,
known for advanced image quality and durability, not
only in commercial printing but also to explore new fields
of growth potential, such as industrial applications and
3D printing.
Graphics and Inkjets Profit Growth Investment
• Link multifunction devices to cloud services to provide
new value.
• Develop cost-competitive products that meet market
needs.
• Reviewing the profitability model through expanding
high-end models and solutions.
Office Products and Printers Profit Growth Investment
• Strengthen inkjet systems and expand printing applica-
tions for business growth.
• Tap into the strong customer base to accelerate the de-
livery of services covering the entire printing workflow.
Production Services Profit Growth Investment
VersantTM
3100 Press
(Billions of yen)
(FY)
Revenue
Operating Income
Operating Margin
’20/3’17/3’14/3
15
New CSR Plan / New Medium-Term Management Plan

18. Message from the CEO
Contributing to
resolving social
issues through
business activities
to achieve a
strategic leap
forward
Shigetaka Komori,
Chairman and
Chief Executive Officer
Management Message
16

19. I believe that the purpose of any company is to help make people’s lives better and enrich
society through their technologies and the products and services they provide; that is, to con-
tribute to resolving social issues through business.
The Fujifilm Group, as an example, has made a valuable contribution to society for years
by providing photographic film, making people happy by helping to preserve the pleasure
they experience and brilliant memories they build up in their life. The advance of digital
technology caused demand for photographic film to decline drastically, putting the Group’s
viability at risk. However, the Group has overcome this difficulty through business restructuring
based on technologies it has cultivated. This was made possible by human resources, sound
and appropriate decisions by management, and the high levels of technological capabilities
developed through the research, development and manufacture of photographic film.
The Group put these capabilities together and tapped into new businesses in various
fields, successfully developing a business structure that can stably generate cash flows. Some
think that when a technology has had its day, a company dependent on it is no longer needed
and is better replaced by a company with new technology. However, I believe that companies
can continue to generate new value by combining and putting to use their management re-
sources which include excellent human resources, technologies, and corporate culture. In that
sense, a company is an extremely rational and efficient organization capable of generating
new value. The Group will capture changes in society, create innovations and continue to de-
liver new value to society while continuing to grow as a going concern.
Viewing social changes as opportunities for and
driving growth of businesses
We help enrich society through our technologies, products,
and services
Based on these ideas, the Fujifilm Group formulated “Value from Innovation” as its corporate
slogan in 2014. In addition, the Group drew up the Sustainable Value Plan 2016 (SVP2016), its
medium-term CSR plan, and the medium-term management plan VISION2016, the action plan
detailing concrete measures to achieve SVP2016. The Group has made every effort to achieve
the objectives of these plans.
In SVP2016, we made a commitment to implementing CSR activities from the new per-
spective of contributing to resolving social issues through its business activities, in addition to
the existing policy of being conscious of the environmental and social impact within business
processes. Based on this policy, the Group devoted its efforts to contributing to resolving
social issues in the priority fields of health and environment through the provision of
energy-saving products and services in the healthcare and other businesses.
Under VISION2016 positioning the healthcare, highly functional materials, document
business fields as growth drivers, the Group has expanded revenue, market share, and profits
using the growth drivers with sales promotions and new product launches, enhanced its busi-
ness portfolio and achieved steady growth in each business. As a result, the Group achieved
revenue of ¥2,322.2 billion and operating income of ¥172.3 billion for the fiscal year ended
March 31, 2017 (FY2017/3), the final year of VISION2016. Excluding the negative impact of
the appreciation of the yen (a decrease in revenue of ¥152.7 billion and operating income of
¥33.6 billion), the Group achieved an increase in both revenue and profits, with net income at-
tributable to Fujifilm Holdings rising to a record high of ¥131.5 billion and ROE reaching 6.5%,
the highest for Fujifilm Holdings. In this manner, the Group has succeeded in attaining solid
results during the past three years by simultaneously contributing to resolving social issues and
growing its businesses with linking the two plans of SVP2016 and VISION2016.
Management Message
17

20. 0
50
100
150
200
250
0.0
3.0
6.0
9.0
(Billions of yen) (%)
(Target)
Operating income
Operating margin (right scale)
’13/3 ’14/3 ’15/3 ’16/3 ’17/3 ’20/3
172.3
230.07.4%
8.8%
(FY)
0
30
60
90
120
150
0.0
2.0
4.0
6.0
8.0
10.0
(Billions of yen) (%)
131.5
150.0
6.5%
7.3%
(Target)
Net income attributable to FUJIFILM Holdings
ROE (right scale)
’13/3 ’14/3 ’15/3 ’16/3 ’17/3 ’20/3(FY)
Operating income / Operating margin Net income attributable to FUJIFILM Holdings / ROE
Carrying through VISION2019 and achieving
a strategic leap forward
The Fujifilm Group drew up SVP2030 and VISION2019 in August 2017 based on the results
and experience of the preceding two plans to ensure further growth. SVP2030 is a CSR plan
specifying targets for FY2031/3 in accordance with the Sustainable Development Goals (SDGs)
adopted by the United Nations in September 2015. In this CSR plan, the Group expressed its
renewed strong commitment to contributing to resolving social issues on a global scale through
its business activities. The new medium-term management plan VISION2019 is the action plan
specifying concrete measures to realize the vision the Group will strive to achieve through
SVP2030. Under VISION2019, we will further enhance the business portfolio developed by the
Group with the aim of achieving a strategic leap forward.
Specifically, the plan maps the Imaging, Information and Document Solutions businesses
to the stages of improving profitability, accelerating growth and investing for the future, and
is designed to implement appropriate measures according to each stage in order to further
strengthen the profitability of individual businesses. I believe what is critical is to overcome the
two challenges of driving strong growth in the healthcare field as a core business by improving
the profitability of the pharmaceutical and regenerative medicine businesses and strengthening
the document business field amid the changing business environment. In the healthcare field, we
will enhance the production capacity for the contract manufacturing of biopharmaceuticals and
the development bases for production processes. In addition, the Group will accelerate business
growth by stepping up research and development in fields where the Group can capitalize on its
technologies, such as research and development of pipeline and drug delivery systems. In the
document business, the Group will improve profitability by pursuing thorough cost reduction
and reduction of fixed costs to strengthen the business structure, and firmly utilize its offices’ big
data to achieve the streamlining of operations and working style, as well as productivity reforms
through artificial intelligence (AI) and Internet of things (IoT) to attain an operating income ra-
tio of 10% in FY2021/3. Based on the organic business growth, the Group will aim to achieve a
record high operating income of ¥230 billion and net income attributable to Fujifilm Holdings
of ¥150 billion for FY2020/3, the final year of VISION2019. We will aim for an ROE of 7.3% in
FY2020/3 with the target of achieving an ROE of 8.0% in FY2021/3. Meanwhile, a total of ¥500
billion will be set aside as an investment fund for strategic MA and shareholder returns will be
boosted to ¥300 billion. We plan to pay annual cash dividends of ¥95 per share applicable to
FY2020/3, making consecutive dividend increase for 10 years. For the Group to carry out these
targets, it is necessary for all employees to accept SVP2030 and VISION2019 as their own plans,
and carry out the missions assigned to them as members of a truly global company with a more
proactive and longer-term perspective.
Management Message
18

21. Bringing together the Fujifilm Group’s strengths in
diverse fields to create innovation
The Fujifilm Group is a global company with 15 business fields and 277 Group companies
around the world with around 79,000 employees. For the Group’s employees in each country
and region to face issues in their local areas, explore business opportunities on their own, and
deliver appropriate products and services to customers, it is essential that they collaborate
with many people and organizations. To enable this, it is critical that the Group create an open,
fair, and clear corporate culture which is diverse and accepts different values.
We would like to express our deepest regrets to our shareholders and stakeholders
for any inconvenience and concerns caused due to the delay in the announcement of our
consolidated financial results for FY2017/3. This was to review the inappropriate accounting
conducted by overseas sales subsidiaries of Fuji Xerox which is engaged in the document busi-
ness. In order to prevent the recurrence of such an issue, the Group is implementing measures
to strengthen governance, such as dispatching management personnel from Fujifilm Holdings
to Fuji Xerox, integrating the accounting and auditing departments, and establishing the
Committee for Strengthening Governance. Fuji Xerox created the market as a pioneer in the
field of office document solutions and, as a leading company in the industry, has outstanding
capabilities, such as its excellent approach to customers, technological capability, marketing
capability, and strength in proposals. I believe it is important that, through the new manage-
ment structure, we will merge Fujifilm’s strengths such as high strategic capability, speed of
execution, and fairness with those of Fuji Xerox to make it a better company. We have already
launched initiatives to demonstrate the synergy of the two companies in the graphics business
and other businesses to make these challenges into opportunity. The Group will combine the
strengths of the two companies with an open, fair, and clear corporate culture as the guiding
principle, and make all-out efforts for creating new innovations and lead them to the growth of
each of its businesses.
As the management and employees will make a united effort toward attaining
VISION2019, we request the continued support and understanding of all stakeholders of the
Fujifilm Group.
(Plan)(Plan)
’13/3’12/3’11/3’10/3 ’14/3 ’15/3 ’16/3 ’17/3 ’18/3 ’20/3
25
30
35
40
50
60
65
70
75
95
(FY)
Cash dividends per share (Yen)
Management Message
19

22. Interview with
the COO
To sum up our achievements under the previous medium-term management plan VISION2016,
we accelerated the growth of our growth drivers of the healthcare and highly functional materials
businesses by efficiently utilizing the stable profit and cash generated from the business portfolio
that was established through our successful restructuring of business structure, and succeeded in
improving the profitability of all our businesses. In addition, we have made progress in fulfilling our
business portfolio and strengthening the ability to stably generate profits. As a result, I believe we
have, for the most part, achieved the targets set out in VISION2016.
Specifically, our main accomplishments are as follows.
In the Imaging Solutions segment, the Fujifilm Group achieved significant profit improve-
ments in the photo imaging business, centering around the instax instant photo systems, and the
electronic imaging business, for which we have successfully shifted the focus to high-end mirrorless
digital camera models which significantly improved profitability. In the optical device business, the
Group advanced the development of high value-added products, such as 4K broadcast lenses,
and promoted cost reduction through the downsizing of unprofitable businesses, optimization of
production systems, and improvement of production processes.
In the healthcare business field of the Information Solutions segment, we achieved steady
growth in the four priority fields (endoscopes, ultrasound diagnosis, medical IT, and IVD (In Vitro
Diagnostics)) in the medical systems business, and maintained an operating income ratio of 10%.
In the pharmaceuticals business, the Group made progress with the development of a pipeline
of potential new drugs went as planned, and turned the Bio CDMO (Contract Development
Manufacturing Organization) business into a high growth and high profitability business by apply-
ing technologies which it cultivated through photographic film manufacturing. In the regenerative
medicine business, we solidified the business foundation by transforming Japan Tissue Engineering
Co., Ltd. (J-TEC) into a consolidated subsidiary and acquiring Cellular Dynamics International, Inc.
(CDI). In the highly functional materials business field, we acquired major customers by expanding
the lineup, mainly of advanced products, in the electronic materials business and maintained high
Toward Achieving
“VISION2019,”
the New Medium-Term
Management Plan
Tell us about the results of the medium-term management plan VISION2016,
which has been completed, and the remaining challenges.
Q1
Kenji Sukeno,
President and
Chief Operating Officer
Management Message
20

23. growth in revenues and profits. In the flat panel display materials business, we continued to secure
a high level of profits through the stable supply of TAC films, while advancing the development of
new materials. In the industrial products business, sales expansion of highly functional products,
such as the EXCLEAR sensor film for touch screen panels, contributed to the sales growth of the
Group. In the recording media business, Fujifilm introduced large capacity tapes that use barium
ferrite (BaFe) particles based on its unique technologies, and successfully drove sales and profit in
step with the expansion of the data archive market.
In this manner, the Fujifilm Group strengthened many businesses that comprise its business
portfolio. However, reinforcement of the Document Solutions segment remained an issue to be
addressed. In the Document Solutions segment, although growth strategies were implemented,
the Group was unable to make up for the negative factors that occurred during the VISION2016
period, such as increased costs due to the appreciation of the US dollar, the effects of depreciation
of exchange rates of countries in the Asia-Oceania region, and maturing of the printer market. As a
result, both sales and profit in this business fell below our targets. In the pharmaceuticals business
field, sales of low-molecular antimicrobial drugs, one of the major profit sources, were affected by
generic drugs, and therefore profits did not improve.
What the Fujifilm Group will strive to achieve through the new medium-term management
plan VISION2019 is to take appropriate measures for these two issues and further expand the re-
sults attained through VISION 2016.
The new medium-term management plan VISION2019 is a three-year plan designed to lead the
Fujifilm Group to the phase of achieving a strategic leap forward by further enhancing our business
portfolio through deepening the profitability improvement in all projects that was achieved with
VISION2016, and through well-modulated business resources allocation.
The VISION2019 maps the Imaging, Information, and Document solution businesses to the
three stages of improving profitability, accelerating growth, and investing for the future in ac-
cordance with the growth stage of each business segment. In addition, the plan clarifies current
stage of each business and promotes the generation of stable cash-flow by improving profitability,
expanding revenues and profits through acceleration of growth of main business areas, and de-
velopment of businesses with high profitability that will constitute the cornerstones of the Group’s
future business operations, thereby further strengthening the business portfolio to achieve growth
across the Fujifilm Group.
For businesses which are at the stage of “improving profitability,” we will draw up and im-
plement far-sighted strategies to achieve cash flow generation through the further improvement
of profitability. Specifically, we will improve profitability by taking the following measures. In the
photo imaging business, such as color paper, and the graphic systems business, such as com-
puter-to-plate (CTP) plates, we will maintain high profitability by further expanding market share
and sales of high value-added products, despite a decline in total demand. In the optical devices
business, we will promote the sales expansion of highly competitive products that make use of our
proprietary technologies, such as 4K broadcast lenses. In the display materials business, we will
ensure stable supply of TAC film and other materials. In the office products and office printers busi-
ness, we will promote the switchover in product mix from low-end models to high-end models.
For businesses which are at the stage of “accelerating growth,” we will accelerate the
maximization of revenue and profits, in addition to the promotion of growth strategies we have
implemented to date. Specifically, we will aim to achieve further growth by taking the following
measures. In the electronic imaging business, we will continue to expand sales of favorable mirror-
less digital cameras. In the medical systems business, we will aim for an annual sales growth of 7%
by pursuing a sales expansion strategy based on the far-reaching product lineup unique to Fujifilm,
covering X-ray diagnostic imaging systems, medical IT, endoscopes, ultrasound, and IVD systems.
In the bio CDMO business, we will aim for an annual sales growth of over 10% by expanding pro-
duction capacity through capital investment and production process development. In the inkjet
business, we will expand our business by leveraging high-quality and high-durability industrial
heads and inks to develop new fields such as industrial applications and 3D printing, which are ex-
pected to grow. In the recording media business, we will promote even higher capacity with BaFe
particles and aim to raise market share in the magnetic tape market, which is growing in demand
Explain the growth strategies of the new medium-term management plan
VISION2019.
Q2
Management Message
21

24. for archiving applications. In the solutions services business, we will aim to achieve further growth
by offering high value-added solutions according to the types of business and operations of cus-
tomers and supporting work-style and productivity reforms by way of utilizing offices’ massive Big
Data and technologies such as artificial intelligence (AI) and Internet of things (IoT).
For businesses which are at the stage of “investing for the future,” we will identify and concen-
trate management resources into areas where we can capitalize on our technologies and strengths
in order to drive the growth of those businesses into engines of growth of the Fujifilm Group in the
future. Specifically, in the pharmaceuticals business, we will pursue the development of the existing
pipeline that targets disease areas with unmet medical needs. In the drug delivery system (DDS)
field, we will work to attain the commercial application of formulation technology that makes use
of our proprietary technologies, such as micro-needles and liposomes. In the regenerative medi-
cine business, we will accelerate our business growth by expanding the lineup of iPS cell-derived
differentiation cells in the drug discovery support business, and promoting the sales of autologous
cultured epidermis / cartilage in the cell therapy business. In cutting-edge regenerative medicine
products using iPS cells, we will accelerate RD for the areas of eye disease, heart disease, neu-
rological disorders and cancer. In addition, we will work on business expansion by expanding the
contract cell culture business and deploying the culture medium business globally.
In businesses other than the above-mentioned businesses, we will also take measures accord-
ing to the stage of each business, and enhance business capability to further reinforce our business
portfolio. Through these measures, we will aim to achieve the targets for revenues and profits for
the final year of VISION 2019.
The performance targets of the medium-term management plan VISION2019 are targets for
organic business growth and do not take into account business expansion through MA. We will
pursue technological synergies and execute strategic MA that will make one plus one equal three
or four, and aim for revenue and profits that exceed targets.
In drawing up the new medium-term management plan, we discussed which measures need
to be taken now based on a simulation of how our businesses should look in three years with
an eye on changes in the economic and market environments. We will strengthen collaboration
between business divisions and utilize the strengths and assets of each function, such as sales,
marketing and technology, thereby leading to the expansion of each business. We will unite efforts
toward achieving the targets set out in VISION2019. The Fujifilm Group looks forward to meeting
your expectations on growth in the next three years.
Strengthening and developing new businesses, improving management efficiency, and strength-
ening the global development activities are important methods for achieving our targets of
VISION2019.
From the perspective of strengthening and developing new businesses, an important task in
achieving the targets is to turn the pharmaceuticals, bio CDMO and regenerative medicine busi-
nesses, which are priority business fields of VISION2019, into profit. In the pharmaceuticals and bio
CDMO business, we will make capital investment and drive sales and profit growth, and accelerate
progress in the research and development of pharmaceuticals by narrowing down themes to those
in fields in which Fujifilm can draw upon its strengths. In the regenerative medicine business, we
will expand the lineup of iPS cell-derived differentiated cells in the drug discovery support busi-
ness, and promote the sales of autologous cultured epidermis / cartilage manufactured by J-TEC
in the cell therapy business. In addition, we will collaborate with regenerative venture companies
and research institutions with advanced technologies, such as universities, and government agen-
cies, and build the foundation for the regenerative medicine business.
From the perspective of improving management efficiency, we manage with particular em-
phasis on numerical targets, and allocate resources for capital investment and RD expenses to
each business based on priorities according to which of the abovementioned three stages it is in.
For businesses which are at the stage of “improving profitability,” we will make capital investment
only in projects designed to improve profitability. For businesses which are at the stage of “acceler-
ating growth” and “investing for the future,” we will proactively make the investments necessary to
drive sales and build a business foundation for the future. In this manner, we will allocate resources
Tell us how the three initiatives you have set out upon your appointment as President—
to strengthen and develop new businesses, to improve management efficiency, and to
strengthen global development activities—are reflected in VISION2019.
Q3
Management Message
Interview with
the COO
22

25. We express our deepest regrets for that the issue of inappropriate accounting at Fuji Xerox New
Zealand and Australia have caused concern and inconvenience to our shareholders and stakehold-
ers. This is an issue that the entire Fujifilm Group must deal with, and VISION2019 therefore maps
out the strengthening of governance as a key issue to develop the foundation for promoting its
business strategy.
The Group established the Committee for Strengthening Governance, where I serve as
Chairman, in July. Under the committee, the Company launched five theme-based projects, which
are a project for enhanced management of group companies, project for enhanced account-
ing, project for enhanced auditing, project for enhanced compliance, and project for enhanced
IT governance, and is working on addressing each issue. In line with this policy, the Group has
implemented governance enhancement measures. For instance, we implemented compliance
re-education for all management-level personnel and employees. In addition, we established the
Subsidiaries Administration Division in August, and integrated Fujifilm’s financial accounting func-
tions and audit function with those of Fuji Xerox in September.
I had face-to-face discussions with all the management personnel of the Fujifilm Group in
August, and the details were communicated to all employees of the Fujifilm Group companies,
including overseas subsidiaries. On that occasion, I shared what the inappropriate accounting in-
cident had made realize. Wishful thinking that “minor misconduct like this won’t be a problem”
can erode the trust of the public and inflict serious damage that could threaten the existence of a
company. It takes a long time to build trust but it only takes seconds to destroy it, and it is harder
to restore lost trust than to start again from scratch; and it is important to eliminate the communi-
cation gap and talk openly among Group companies, superiors and subordinates, organizations,
etc. I believe our employees have become aware of the importance of these things.
We will announce to our shareholders and stakeholders the progress of the initiative to
strengthen governance through financial results briefing sessions and on other occasions.
Anchored by a solid corporate governance system, we will strive to attain the targets of
VISION2019.
based on priorities and ensure the efficient use of cash flow across the Fujifilm Group. We will
manage capital investment within depreciation in principle, and aim to reduce the ratio of RD
expenses to sales from 6.9% in the FY2017/3 results to 6% or below in FY2020/3, the final year of
VISION2019. In each of the businesses and back-office departments, we will continue with mea-
sures for improving efficiency, such as review and reduction of various expenses and promotion of
shared services. In the pharmaceuticals and the document businesses in particular, we will promote
thorough cost reductions and management and reduction of fixed costs while securing capital
investment in their growth fields. In addition, we will promote management that places emphasis
on speedy decision making and management by encouraging each employee to think about and
implement what they should do to deliver innovative results in a short time and improve their work
efficiency.
Strengthening global development activities is the key to achieving sales growth through
VISION2019. To this end, we will work to expand sales of instax instant photo systems and film in
emerging countries, in addition to the United States and Europe, where the product is enjoying
strong sales. In the medical systems business, we will strengthen comprehensive solution propos-
als centering on medical IT solutions worldwide, and deliver products and services that meet local
needs, in particular in emerging markets such as the Middle East and Africa. In the bio CDMO
business, we will make capital investment mainly in the United States and the United Kingdom. In
addition, we will advance business partnerships with China Resources (Holdings) Company Limited,
one of China’s largest business conglomerates, and JSC R-Pharm, one of Russia’s leading pharma-
ceuticals companies, to expand business in the vast markets in China and Russia. In addition, we
will seek to expand sales of products of Wako Pure Chemical Industries, Ltd., which became our
consolidated subsidiary in April, by utilizing Fujifilm’s overseas sales channels. In the Document
Solutions segment, we will pursue global business development by maintaining the top position in
the growth markets of China and Asia and strengthen collaboration with Xerox Corporation.
What are Fujifilm’s initiatives to strengthen governance under VISION2019?Q4
Management Message
23

26. Regarding Inappropriate Accounting of Overseas Sales Subsidiaries of Fuji Xerox Co., Ltd.
With respect to inappropriate accounting conducted in the past by overseas sales subsidiaries of Fuji Xerox Co., Ltd. (“FX”),
a consolidated subsidiary of FUJIFILM Holdings (“FH”), we deeply apologize to our shareholders, investors, customers and
other stakeholders for any inconvenience and concerns caused. This section explains the revealed facts and recurrence-pre-
vention measures to be taken by the Fujifilm Group.
Outline Background and Managerial Issues
As the background to the inappropriate accounting and
managerial issues, the Independent Investigation Commit-
tee indicated the following points:
Background to Inappropriate Accounting
• The system of incentives including bonus payments
for the managing director and employees at FXNZ,
based on the sales target achievement, led to contin-
ue the inappropriate accounting practice, recording
sales early.
• At FXNZ, there was a concentration of authority with
the managing director of FXNZ, and supervision by
the board of directors did not function effectively, re-
sulting in the lack of transparency in the business
management process.
• There were problems including an insufficient subsidi-
ary management system at Fuji Xerox Asia Pacific Pte
Ltd and the lack of control over the audit system and
administration department at FX. (Accordingly, infor-
mation was blocked in the process of reporting within
FX and appropriate information on the actual situa-
tion did not reach the Chairman and President of FX.)
• There were systemic deficiencies in FH monitoring of
FX and its subsidiaries, the audit system of the audit
department and the information sharing system. (Ac-
cordingly, appropriate information on the situation
was not reported by FX to FH.)
Managerial Issues
Issues to be addressed at FXNZ
• Review of incentives emphasized on sales achieve-
ment
• Improve the internal system to correct the reporting
line centralization
Issues to be addressed at FX
• Strengthen the system of managing subsidiaries and
affiliates
• Strengthen information sharing within FX and improve
transparency of the business management process
• Strengthen the supervisory function of the board of
directors and the audit function of the audit super-
visory board members and the audit department
• Strengthen the checking function of the accounting
department
• Improve awareness of compliance with laws and regu-
lations
Issues to be addressed at FH
• Strengthen the function of managing FX
It was identified as being necessary to review certain ac-
counting practices related to certain sales leasing transac-
tions in and prior to FY2016/3 at Fuji Xerox New Zealand
Ltd (“FXNZ”), an overseas sales subsidiary of FX. As an ini-
tial step, FH established an internal investigation commit-
tee to conduct investigations. Furthermore, to enhance the
objectivity of the investigations, we established the Inde-
pendent Investigation Committee, consisting of outside
experts that do not have any financial or other interests in
the Fujifilm Group in April 2017, to clarify all the facts.
In June 2017 the report from the Independent Investi-
gation Committee showed that in addition to FXNZ, Fuji
Xerox Australia Pty. Ltd. (“FXA”) also conduced inappropri-
ate accounting.
The accumulated impact of the inappropriate account-
ing on the “net“ income attributable to FUJIFILM Holdings
through FY2011/3 to FY2016/3 is a loss of ¥28.1 billion.
The results of the investigation by the Independent Investi-
gation committee also raised an issue with regard to FX’s
internal controls. Currently, FH is engaged in initiatives to
prevent recurrence and strengthen governance.
About the Inappropriate Accounting Practice
FXNZ had been selling equipment, by introducing Man-
aged Services Agreements (MSAs) that bundled together
equipment sales and maintenance services. Under MSAs,
sales equivalent to the price of the copying machines are
recorded as a single sale as a capital lease upon installation
of equipment during the first fiscal year, and following that,
the sales price is recovered as a copy service fee deter-
mined by multiplying the actual number of copies by the
copy unit price, which is set according to the monthly tar-
get volume.
In order to treat contracts as capital leases, they must
satisfy certain conditions including possibility of the recov-
ery of a minimum payment of lease fees. In the case of
FXNZ, however, all transactions, including those with con-
ditions that did not satisfy the capital lease conditions,
were recorded as capital leases. Consequently, there were
many transactions in which receivables could not be recov-
ered, and this became common practice. A similar account-
ing practice was also conducted at FXA.
Corporate Governance
24

27. FH has implemented personnel actions in response to the
problem. Three directors, one senior vice president and
one full-time corporate auditor at FX were subject to man-
datory retirement, and one corporate vice president was
demoted. Ten officers, namely the president, the other full-
time corporate auditor, two corporate auditors at FX and
the aforementioned six officers, had their compensation
and bonuses reduced by 10-50% for three months. The
chairman and president of FH also returned 10% of their
compensation over the three-month period.
FH makes progress in strengthening of governance as
following.
Strengthening of governance structure of FH
June 2017
Changes to governance structure of FH
• Reducing the number of directors from 12 to nine for
greater operational flexibility, promoting active deliber-
ation by the board of directors and making quicker
management decisions
• Appointing a total of three outside directors to raise
the ratio of outside directors on the board to 1/3 to en-
sure the appropriateness of decision-making by incor-
porating opinions from multiple perspectives
Strengthening of governance and the business
management process of group companies
June 2017
Dispatching of management personnel from FH to FX
• Dispatch seven officers including the chairman, deputy
president, executive vice president, and senior vice
president from FH to FX
July 2017
Establishment of the FH Committee for Strengthening Governance
• The committee, which is chaired by FH President, has
set up a comprehensive project system to implement
through and continuous governance enhancement.
Five projects are underway to address different themes.
We express our deepest regrets regarding inappropriate accounting by overseas sales subsidiaries of FX. Taking
these findings seriously, we will make every possible effort to restore the trust of stakeholders under the new
management structure with a stronger governance system.
July and August 2017
Strengthening and thorough reinforcement of
compliance education
• Conducted compliance re-education to directors of all
divisions of FH, Fujifilm Corporation (“FF“), and FX,
and presidents of all subsidiaries
• Provide compliance re-education to all employees
August 2017
Establishment of the Subsidiaries
• Establish the Administration Division to develop a
mechanism to ensure appropriate information provi-
sion within the Fujifilm Group
September 2017
Integration of the financial accounting function
• Integrate the accounting function of FF and FX with
the Accounting and Finance Division of FH to strength-
en the business management process
• Establishment of the Global Audit Division
• Establish the Global Audit Division to strengthen the
audit function through out the group
November 2017
Establishment of the whistleblowing system at FH
• Set up the common whistleblowing system so that all
domestic and overseas employees of Fujifilm Group
can report incidents directly to FH, to detect early and
respond promptly to signs that lead to misconduct or
violation of law at the companies and organizations
Main Measures Taken by FH in Response
Projects for enhancing management of group companies
Projects for enhancing accounting
Projects for enhancing auditing
Projects for enhancing compliance
Projects for enhancing IT governance
FH Committee for Strengthening Governance
Corporate Governance
25

28. The Company aims to achieve sustainable growth and in-
crease the corporate value of the Group while contributing
to the sustainable development of society by conducting
sincere and fair business activities. The Company has posi-
tioned corporate governance as an important management
priority to achieve this aim.
Basic Policy of Corporate Governance
The Company has implemented such measures as appoint-
ment and addition of outside Directors, revision of the pay-
ment of remuneration to Directors and Audit Supervisory
Board Members, formulation of Corporate Governance
Guidelines, and evaluation on the effectiveness of the
Board of Directors. In addition, it will promote group-wide
measures to strengthen governance in response to the in-
appropriate accounting in overseas subsidiaries of Fuji
Xerox Co., Ltd. to further strengthen the corporate gover-
nance system.
Activities for Strengthening Corporate Governance
Status of Corporate Governance
Past Activities
Year/month Activities for strengthening governance Purpose
FY2007/3
Transitioned to a holdings company structure To strengthen consolidated management of the Fujifilm Group
First appointment of outside Director
To properly supervise and audit performance of duties to en-
sure transparency of the management, while promoting active
discussion by asking for appropriate advice and necessary ex-
planation at the Board of Directors meetings from an objective
viewpoint
FY2008/3 Introduction of stock option system To make the Company’s Directors (excluding outside Directors)
share the stockholders’ interest in the fluctuation of the stock
price of shares of the Company and enhance their motivation
and morale to contribute towards increasing the corporate val-
ue of the Company
FY2010/3
Abolition of retirement benefit program for
Directors and Audit Supervisory Board
Members
FY2015/3
Increase in the number of outside Directors
to two persons
To further strengthen proper supervision and audit of perfor-
mance of duties, while promoting active discussion by asking
for appropriate advice and necessary explanation at the Board
of Directors meetings from an objective viewpoint
FY2016/3
Formulation of Corporate Governance
Guidelines
To present the Company’s basic policy on corporate gover-
nance from a wide range of perspectives to ensure account-
ability to all stakeholders
Commencement of the evaluation of the ef-
fectiveness of the Board of Directors
To ensure the effectiveness of the Board of Directors
FY2018/3
Increase in the number of outside Directors
to three persons, thereby raising the ratio of
outside Directors on the Board of Directors
to one-third
To further incorporate stakeholders’ perspectives and sense of
value into the management
To enhance transparency of decision-making of the Board of
Directors with advice given based on their expertise and expe-
rience
Corporate Governance
26

29. Corporate governance structure
The Company has positioned the Board of Directors as the
organization for determining basic Group management poli-
cies and strategies and other important matters relating to
business execution as well as supervising the implementa-
tion of business affairs. The Company’s Articles of Incorpora-
tion stipulate that the Board can consist of up to 12 Direc-
tors. Currently, the Board has nine Directors, including three
outside Directors. The Board’s regular meetings are held in
principle once a month, with extraordinary Board meetings
held on an as-required basis. In addition, certain matters are
determined on a flexible decision-making basis at the Board
of Directors’ meetings by Directors with special authority. To
better clarify their missions and responsibilities, the Compa-
ny’s Directors are given a one-year term of office.
Details of the Company’s Organizational Structure
Directors and the Board of Directors
13
95% (including outside Directors)*1
95% (including outside Directors)*2
Number of Board of Directors meetings held (in FY2017/3)
Average attendance rate of Directors
Average attendance rate of Audit Supervisory Board members
*1 Average attendance rate of each Director
*2 Average attendance rate of each Audit Supervisory Board member
Raise the ratio of outside Directors on the Board of Directors to one-third to strengthen governance
1
6
1
3
Previously From June 29, 2017 onward
Outside Director Outside Director
(As of June 29, 2016)
Corporate organization Company with an Audit Supervisory Board
Number of Directors (number of outside Directors) 9 (3)
Number of outside Directors deemed to be independent*1
3
Directors’ term of office
One year (the same term of office applies to outside
Directors)
Incentive compensation to Directors
Introduction of a stock option system geared toward
in-house Directors
Number of Audit Supervisory Board members
(number of outside Audit Supervisory Board members)
4 (2)
Number of independent officers*2
5
Adoption of an executive officer system Yes
Independent auditors KPMG AZSA LLC
Introduction of Countermeasures (Takeover Defense Measures)
for Large-Scale Purchases of Company Shares
None*3
*1 Compliance with the Company’s “Criteria for Independence of Outside Directors and Outside Audit Supervisory Board Members”
*2 Independent officers as stipulated by Tokyo Stock Exchange, Inc.
*3 If the Company receives a proposal seeking to acquire a controlling interest, it will strive to help shareholders make a decision by proactively gathering information and
disclosing it in a timely manner, while taking appropriate measures within the scope permitted by relevant laws and regulations, such as the Companies Act and the Fi-
nancial Instruments and Exchange Act, to increase corporate value and secure the common interests of shareholders.
Corporate Governance
27

30. 13
98% (including outside Directors)*
Number of Audit Supervisory Board meetings held (in FY2017/3)
Average attendance rate of Audit Supervisory Board members
* Average attendance rate of each Audit Supervisory Board member
Executive Officer System
The Company has adopted an executive officer system to
facilitate agile business execution. Executive officers carry
out business affairs in accordance with the basic policies
and strategies formulated by the Board of Directors. The
Company currently has 13 executive officers, including six
concurrently serving as Board members. The executive offi-
cers have a one-year term of office, the same as the Com-
pany’s Directors.
Management Council
The Management Council makes decisions on the submis-
sion of matters to be exclusively deliberated by the Board
of Directors. At the same time, the Council deliberates on
the measures adopted by executive officers to implement
particularly important initiatives in accordance with the ba-
sic policies, plans, and strategies formulated by the Board
of Directors.
Audit Supervisory Board and Audit
Supervisory Board Members
The Company has adopted an audit and supervisory board
system with an audit and supervisory board, which consists
of four members, including two outside Audit Superviso-
ry Board members. Both of Outside Audit Supervisory
Board members, Hisayoshi Kobayakawa and Shiro Uchida
are registered Certified Public Accountants and possess
considerable knowledge about finance and accounting. As
an independent organization with key roles and responsi-
bilities in the Company’s corporate governance system to
ensure transparent and fair decision making in the business
as a whole, Audit Supervisory Board members audit the
entire scope of Directors’ performance of their duties fol-
lowing audit policies and an audit plan in conformity with
the Audit Supervisory Board members’ audit standards
determined by the Audit Supervisory Board. At meetings
of the Audit Supervisory Board, which are held in princi-
ple once a month, information on audit results is shared
among Board members. In addition, all Audit Superviso-
ry Board members attend meetings of the Board of Direc-
tors, while the full-time Audit Supervisory Board
members attend every Management Council meeting, reg-
ularly exchange opinions with the representative Directors,
and audit the entire range of business execution. With the
aim of strengthening the audit functions of the Audit Su-
pervisory Board, the Company has established the Audit
Supervisory Board Office and currently appointed six
personnel.
Internal Audits
The Company established a Global Internal Audit Division
in September 2017, which currently comprises 56 person-
nel, as an internal auditing unit that is independent from
business operations. Integrating the internal auditing func-
tion of the Group companies, the Company has established
a global auditing system to strengthen the auditing func-
tion of the entire group through enhancing the auditing ca-
pability and efficiency by using IT. In addition, the division
is in charge of assessing internal control over financial re-
porting by the Company and its Group companies in re-
sponse to the April 2008 application of the internal control
reporting system in Japan. The Company compiles the
outcome of the assessment in a “Management’s Report on
Internal Control over Financial Reporting.” Moreover, des-
ignated staff are appointed to operating companies and
audits are conducted across a wide range of areas, includ-
ing the environment, quality control, security, labor, export
control, and issues relating to the Pharmaceutical Affairs
Law of Japan.
Accounting Audits
The Company engages KPMG AZSA LLC as its indepen-
dent auditors. KPMG AZSA LLC expresses an audit opinion
on the Company’s financial statements from an indepen-
dent standpoint.
Corporate Governance
28

31. Corporate governance structure of FUJIFILM Holdings Corporation and Internal Control System
Shareholders’ Meeting
Board of Directors
Business Execution
Chairman, Representative Director and CEO
StaffofAudit
SupervisoryBoardMembers
FUJIFILM Corporation Fuji Xerox Co., Ltd. Toyama Chemical Co., Ltd.
President, Representative
Director and COO
Management Council
Executive Officers Internal Audit
CSR Committee
MA Investment
Committee
Committee for
Strengthening Governance
IT
Corporate
Planning
Subsidiaries
Administration
PR / IR CSRLegal
General
Administration
HR
Accounting
and Finance
Audit
Supervisory Board
Independent Auditors
· Determination of Group
management policies and strategies
· Decisions on important matters
relating to business execution
· Supervision of business execution
Corporate Governance
29

32. The Company ensures that the activities and behavior of its
officers, and employees are in compliance with laws and
regulations and social ethics. Specifically, the Company has
formulated the “Fujifilm Group Charter for Corporate Be-
havior” and the “Fujifilm Group Code of Conduct,” and es-
tablished the CSR Committee and dedicated compliance
divisions to maintain and improve compliance.
In its approach to risk management, the Company
builds appropriate risk management systems at all Group
companies. Complementing these systems, in the case of
important risk matters, the CSR Committee conducts re-
views and promotes basic policy development and appro-
priate measures from a group-wide perspective.
Moreover, the Company has established an internal
control system based on the “Basic Policy on Establishing a
Structure for an Internal Control System” decided by reso-
lution of the Board of Directors. Each year, the Company
checks the implementation status of the internal control
system and reports the result to the Board of Directors.
Approach to Compliance, Risk Management, and Internal Control System
Overview of IR Activities
At Fujifilm, top management is actively involved in IR activi-
ties and works to strengthen the relationship of trust with
shareholders and enhance IR activities. In addition, we are
working to reduce the gap between intrinsic corporate value
and market ratings by continuously expounding the Compa-
ny’s management policy and utilizing management to assist
the capital markets in forming their opinions. Specifically, in
addition to the quarterly results briefings attended by senior
management and executive officers, we actively provide
points of contact, by joining IR conferences for the benefit of
institutional investors in Japan and overseas, holding busi-
ness briefings, and individual meetings. We are thereby
working to further enhance communications with our share-
holders.
For the sake of overseas investors, we post English-lan-
guage information in a timely manner on our website and
are enhancing our global IR activities, such as through closer
communication by establishing our IR bases in North Ameri-
ca and Europe.
For individual investors, we post content on the website
that explains the Group’s businesses in an easily understood
manner and hold Company briefings in major cities in Japan.
The Company conducts IR activities in accordance with the
“IR Information Disclosure Policy” can be viewed at the following URL.
http://www.fujifilmholdings.com/en/investors/
policies_and_systems/ir_policy/
Main IR activities (FY2017/3)
Activity
Number
of times
For institutional investors / analysts
Results briefings 4
Conferences hosted by securities companies 8
Business briefings and factory tours 7
Overseas IR road shows 5
For individual investors
Company briefings 25
Other
The Company discloses the number of individuals to whom
remuneration is paid and the total amount of remuneration
by Directors as well as Audit Supervisory Board members.
Remuneration and other important matters relating to Direc-
tors as well as Audit Supervisory Board members are de-
termined by way of resolution at the Company’s annual
general meeting of shareholders. In this manner, steps are
taken to determine the total maximum amounts of compen-
sation payable to Directors as well as Audit Supervisory
Board members. Remuneration (including bonuses) paid to
each Director is determined by a resolution of the Board of
Directors. Remuneration (including bonuses) paid to each
Audit Supervisory Board member is determined based on
deliberations between Audit Supervisory Board members.
The basic remuneration of Directors as well as Audit Su-
pervisory Board members is paid as a fixed remuneration
amount in accordance with individual duties and status,
whether full or part time. Directors’ bonuses are determined
in accordance with the Company’s business results and indi-
vidual Director’s responsibilities and performance.
The Company has introduced a stock option system in
connection with the payment of remuneration to Directors
(excluding outside Directors). The stock option system was
introduced as an incentive to further motivate Directors to
enhance corporate value. In determining the number of
stock options allocated, consideration is given to each Di-
rector’s position, responsibilities, authority, and other fac-
tors and determined by the Board of Directors in
accordance with established rule.
* The following items are also included in the aforementioned amounts of remuneration.
1. Bonuses paid for FY2017/3
Directors: ¥100 million paid to 11 Directors (¥3 million paid to two outside Directors)
Audit Supervisory Board members: ¥4 million paid to three Audit Supervisory
Board members (¥1 million paid to one outside Audit Supervisory Board member)
2. Amount of remuneration paid by way of stock options
Directors: ¥371 million paid to 10 Directors
3. Number of Directors receiving compensation
Includes two Directors who resigned during FY2017/3
4. Number of Audit Supervisory Board members receiving compensation
Includes two Audit Supervisory Board members who resigned during FY2017/3, ex-
cluding one Audit Supervisory Board member with no compensation.
Remuneration to Directors and Audit Supervisory Board Members
Subject of Remuneration
Number of
People
Remuneration
Amount
Directors 14 ¥799 million
(Outside Directors) (2) (¥19 million)
Audit Supervisory Board members 5 ¥55 million
(Outside Audit Supervisory Board members) (2) (¥11 million)
Total 19 ¥854 million
(Outside Directors, Audit Supervisory Board members) (4) (¥31 million)
Amount of remuneration paid to Directors and Audit
Supervisory Board members* (For FY2017/3)
Corporate Governance
30

33. Reasons for selecting outside Directors and outside Audit Supervisory Board members
Outside Directors*1
Outside Audit Supervisory Board Members*1
Reasons for Selection
Mr. Kobayakawa has ample experience and a wide range of
knowledge as a certified public accountant. The Company
deems he appropriately executes his duties as an outside Audit
Supervisory Board member from an objective viewpoint based
on such experience and knowledge.
Attendance
Meetings of Board of
Directors
13 / 13
Meetings of Audit
Supervisory Board
13 / 13
Hisayoshi Kobayakawa
Reasons for Selection
Mr. Uchida has ample experience and a wide range of knowl-
edge as both a certified public accountant and as a corporate
manager. The Company deems he appropriately executes his
duties as an outside Audit Supervisory Board member from an
objective viewpoint based on such experience and knowledge.
Attendance
Meetings of Board of
Directors
8 / 10*2 Meetings of Audit
Supervisory Board
9 / 10*2
Shiro Uchida
*1 For a brief history of each outside Director and outside Audit Supervisory Board
member, please see page 32 (Management Structure).
*2 Applicable to the Board of Directors meetings and Audit Supervisory Board
meetings held after the election on June 29, 2016.
Reasons for Selection
Mr. Kawada has served as representative director of a general
textile manufacturer for many years. With his strong leadership,
he has achieved transformation of the company’s business mod-
el, creation of innovation, and organizational reform. The Com-
pany deems that he is capable of executing the duties expected
of an outside director in an appropriate and sufficient manner
by utilizing his ample experience and wide range of knowledge
as a corporate executive to give suggestions and advice on
many aspects of the Company’s management.
Tatsuo Kawada Newly elected
Reasons for Selection
Mr. Kaiami has served in important positions such as Presiding
Justice of the Division of Tokyo High Court and President of To-
kyo District Court, and has ample experience and wide range of
knowledge accumulated over his many years as a judge. The
Company deems that he is capable of executing the duties ex-
pected of an outside director in an appropriate and sufficient
manner by utilizing this experience and knowledge to give sug-
gestions and advice on many aspects of the Company’s man-
agement, including from the perspective of compliance and
internal control.
Makoto Kaiami Newly elected
Reasons for Selection
Mr. Kitamura has served as representative director of financial
institutions for many years, demonstrating strong leadership. He
has ample experience and wide range of knowledge in the
fields of loans, finance, and capital markets. The Company
deems that he is capable of executing the duties expected of an
outside director in an appropriate and sufficient manner by uti-
lizing this experience and knowledge to give suggestions and
advice on many aspects of the Company’s management.
Kunitaro Kitamura Newly elected
Corporate Governance
31

34. Corporate Governance
Director (Outside)
Tatsuo Kawada
1987 President of SEIREN CO., LTD.
2011 Chairman and President of SEIREN CO.,
LTD.
2014 Chairman and CEO of SEIREN CO., LTD. (to
present)
2017 Director of the Company (to present)
Significant Concurrent Positions
• Chairman and CEO of SEIREN CO., LTD.
• Outside Director of Hokuriku Electric Power
Company
• Member of the Board (external) of Daikin
Industries, Ltd.
• Director serving as Audit and Supervisory
Committee member of Hokuhoku Financial
Group, Inc.
Director (Outside)
Makoto Kaiami
1978 Assistant Judge of Tokyo District Court
2000 Presiding Justice of the Division of Tokyo
District Court
2007 Associate Vice-Minister of Justice in charge
of Litigation Affairs, Minister’s Secretariat of
Ministry of Justice
2009 Judge of Tokyo High Court
President of Wakayama District and Family Court
2011 President of Nagano District and Family Court
2012 Presiding Justice of the Division of Tokyo
High Court
2014 President of Tokyo Family Court
2015 President of Tokyo District Court
2016 Retired office at mandatory retirement age
2017 Registered as Attorney at Law (to present)
Joined Sophiacity Law Office as Of counsel (to present)
Director of the Company (to present)
Significant Concurrent Positions
• Of counsel of Sophiacity Law Office
Director (Outside)
Kunitaro Kitamura
2011 Representative Director and Deputy
President of Sumitomo Mitsui Trust Holdings,
Inc.
Representative Director and Deputy
President of The Chuo Mitsui Trust and
Banking Company, Limited (current
Sumitomo Mitsui Trust Bank, Limited)
2012 Representative Director and President of
Sumitomo Mitsui Trust Holdings, Inc.
Chairman (Representative Director) of
Sumitomo Mitsui Trust Bank, Limited
2017 Representative Director of Sumitomo Mitsui
Trust Holdings, Inc. (to present)
Chairman (Director) of Sumitomo Mitsui Trust
Bank, Limited (to present)
Director of the Company (to present)
Significant Concurrent Positions
• Representative Director of Sumitomo Mitsui Trust
Holdings, Inc.
• Chairman (Director) of Sumitomo Mitsui Trust
Bank, Limited
Director
Masaru Yoshizawa
1980 Joined the Company
2014 Corporate Vice President of the Company (to
present)
2016 Director of the Company (to present)
Director of FUJIFILM Corporation
Significant Concurrent Positions
• Director Executive Vice President of Fuji Xerox
Co., Ltd.
Director
Norio Shibata
1980 Joined the Company
2014 Director of FUJIFILM Corporation (to present)
2016 Corporate Vice President of the Company (to
present)
Director Senior Vice President of FUJIFILM
Corporation (to present)
Significant Concurrent Positions
• Director Senior Vice President of FUJIFILM
Corporation
Board of Directors
* Fuji Photo Film Co., Ltd., was renamed FUJIFILM Holdings Corporation in October 2006.
The operating company FUJIFILM Corporation took over the businesses of Fuji Photo Film Co., Ltd.
(As of September 30, 2017)
Management Structure
Chairman, Representative
Director CEO
Shigetaka Komori
1963 Joined the Company
2000 President, Representative Director of the
Company
2006 CEO of the Company (to present)
2012 Chairman, Representative Director CEO of
the Company (to present)
Chairman, Representative Director CEO of
FUJIFILM Corporation (to present)
Significant Concurrent Positions
• Chairman, Representative Director CEO of
FUJIFILM Corporation
• Chairman, Representative Director of Fuji Xerox
Co., Ltd.
President, Representative
Director COO
Kenji Sukeno
1977 Joined the Company
2012 Corporate Vice President of the Company
Director of FUJIFILM Corporation
2013 Director of the Company
2015 Director Senior Vice President of FUJIFILM
Corporation
2016 President, Representative Director COO of
the Company (to present)
President, Representative Director COO of
FUJIFILM Corporation (to present)
Significant Concurrent Positions
• President, Representative Director COO of
FUJIFILM Corporation
• Director of Fuji Xerox Co., Ltd.
• Chairman, Director of Toyama Chemical Co., Ltd.
Director Chief Technical
Officer (CTO)
Yuzo Toda
1973 Joined the Company
2008 Director of FUJIFILM Corporation
2009 Director of the Company (to present)
2015 Executive Vice President of FUJIFILM
Corporation
2016 Corporate Vice President of the Company (to
present)
Director Vice President, CTO of FUJIFILM
Corporation (to present)
2017 Director of Anicom Holdings, Inc. (to
present)
Significant Concurrent Positions
• Director Vice President, CTO of FUJIFILM
Corporation
• Director of Anicom Holdings, Inc.
Director Chief Innovation
Officer (CIO)
Kouichi Tamai
2003 Joined the Company
2006 Corporate Vice President of the Company (to
present)
2008 Director of FUJIFILM Corporation
2010 Director of the Company (to present)
2013 Executive Vice President of FUJIFILM
Corporation
2016 Director Vice President, CIO of FUJIFILM
Corporation (to present)
Significant Concurrent Positions
• Director Vice President, CIO of FUJIFILM
Corporation
• Deputy President, Representative Director of Fuji
Xerox Co., Ltd.
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