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55
Independent Auditors’ Report
Konica Minolta Holdings, Inc. and Consolidated Subsidiaries
To the Shareholders and Board of Directors of
Konica Minolta Holdings, Inc.:
We have audited the accompanying consolidated balance sheets of Konica Minolta Holdings, Inc. and consolidated subsidiaries
as of March 31, 2008 and 2007, and the related consolidated statements of income, changes in net assets and cash flows for
the years then ended, expressed in Japanese yen. These consolidated financial statements are the responsibility of the
Company’s management. Our responsibility is to independently express an opinion on these consolidated financial statements
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Konica Minolta Holdings, Inc. and subsidiaries as of March 31, 2008 and 2007, and the consolidated
results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally
accepted in Japan.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2008
are presented solely for convenience of the reader. Our audit also included the translation of yen amounts into U.S. dollar amounts
and, in our opinion, such translation has been made on the basis described in Note 3 to the consolidated financial statements.
Tokyo, Japan
June 13, 2008