Outlook for the FY2008 (3rd Quater Fiscal 2008 Earnings)

Regarding our performance projections for the fiscal year as a whole, in consideration of recent exchange rate trends, we have revised our projected dollar-yen exchange rate for the fourth quarter to ¥105=$1, from the previous level of ¥110=$1. However, we have not revised the projections for consolidated revenues and income items that were initially announced on October 30, 2007.

While Fujifilm has sustained a strong performance through the third quarter of the current fiscal year, there are numerous factors that may have a negative impact on our performance. Amid rising concern regarding the possibility of economic deceleration in the United States following the emergence of sub-prime loan-related problems, we are considering the potential impact of such factors as the stubbornly high prices of silver and other principal raw materials, the high price of crude oil, and the trend of yen appreciation.

Amid these circumstances, Fujifilm will continue making concerted Groupwide efforts to proceed further ahead with its “Slim & Strong Drive.” We are determined to attain our “Slim & Strong Drive” targets by reducing manufacturing costs, decreasing SG&A expenses, and promoting the more-efficient use of R&D expenditures as well as by implementing such initiatives as those to promote the greater sales of highly competitive products.

• * Note: Revision of exchange rates forecast [Previous forecast → Recent forecast]
    4Q US$:¥110→¥105 / Euro:¥150→¥150, Full year US$:¥115 →¥114 / Euro:¥156→¥159

• Fiscal Year 2008 (April 1, 2007 - March 31, 2008)
• Fiscal Year 2007 (April 1, 2006 - March 31, 2007)
• Fiscal Year 2006 (April 1, 2005 - March 31, 2006)
• Fiscal Year 2005 (April 1, 2004 - March 31, 2005)