Briefing Summary of the Analyst / Investor Meetingfor the Consolidated Financial Results for the Fiscal Year Ended March 31, 2009
Tokyo, April 30, 2009

Note: This memo is posted for reference purposes for the convenience of those who
were unable to attend the meeting and is not a verbatim record of all statements madeat the meeting. Please be aware that it has been compiled in a concise form at thejudgment of the Company’s Corporate Communications Group. Please also refer to thecautionary notes on the final page.

An explanation for the figures from Mr. Ema, CFO•Pentax was included in a scope of consolidation of HOYA group after the second half ofthe previous fiscal year. Regarding the year-on-year growth rate, including the results ofthe first half of the previous fiscal year, before the consolidation of Pentax’s: the sales
decreased by 113.1 billion yen (19.9% decrease), the operating profit fell 39.3 billion yen(40% decrease).

•A structural reform was implemented in the 4th quarter and recorded impairment losses forPentax. 28.9 billion yen was booked for the 4th quarter, amounting to 30.4 billion yen for
the whole financial year.

•In the present 4th quarter, the first deficit on a quarterly base was recorded since ourcompany published its first quarterly results.

•Regarding the dividend, interim dividends were 30 yen per share, year-end dividends of
35 yen per share, totaling to 65 yen. The dividends are planned to be formally decided on
the board meeting of May.

•The dividend payout ratio is 112%. Due to corporate restructuring and impairment, HOYA
unconsolidated account has recorded losses, but as we expect these not to be borne by
the shareholders, the dividend is set at the same amount as for the previous year. The
dividend payout ratio which excludes the influence of the reforms and restructurings isapproximately 50%. As we are expecting to accelerate our growth by focusing on thehealthcare businesses, restructuring our business and increasing profits, we settled thedividend in the same spirit.

•With respect to profits and losses, as especially the digital market stagnated the second
half of the fiscal year ended March 31, 2009, the demand fell, and our company as wellsuffered from the reduction in quantity and the reduced unit price induced by the influenceof the currency exchange, resulting in not-so-good business results.

•Almost all of our 102 consolidated subsidiaries are located overseas. Regarding theinfluence of the currency exchange, a negative sales influence of 9,849 million yen is1

recorded in the 4th quarter. If we subtract this from the 52.8 billion yen sales decrease
compared to the same period last year, this means a sales decrease at the business baseof 43 billion yen. The breakdown list shows us a minus of 26.2 billion yen for EO (Electrooptic division) and 1.1 billion yen for VC (vision care), a plus of 900 million yen for HC(healthcare), and another minus of 15.5 billion for Pentax. The influence of the currency
exchange on the operating profit is showing a minus of 904 million yen. Although theoperating profits fell with 18.1 billion yen, at the business base a minus of approximately
17.2 billion is recorded, which, broken down, gives a minus of 13.8 billion yen for EO, aplus of 600 million yen for VC and one of 500 million yen for HC, and a minus of 5.1 billion
for Pentax.
•Consolidated operating loss for the 4th quarter was 60 million yen. For HDD-use glass
discs in the EO division, as well as for the mask division, there was a operating loss forthe 4th quarter. Mask Blanks made a profit and optical lenses stayed just within the blackfigures. Pentax had an operating loss of 7.6 billion yen, primarily caused by the losses in
the camera department. Endoscopes showed black figures, but with the figures before
consolidation included, there was decrease in profit compared to the same period lastyear.

•Operating profit for the 4th quarter on a consolidated basis showed a profit loss of 18.1
billion yen, mainly caused by the loss of 13.6 billion yen in the EO division, and 6 billion
yen for Pentax, In the EO division, there was a profit loss compared to the same period
last year for nearly all products.

An Outline of Operations from Mr. Hamada, COO•Blanks experienced a great and sudden fall in demand in the latter half of 2008. Blanks
managed to stay in the black, but the mask situation was difficult. However, I think that theproblem was not that their competitiveness in the market was falling, but that the entire
industry was experience a downturn. From the latter half of March through April to June, it
seems that demand has gradually been restored. It feels as though our customers put
their foot down hard on the brake to adjust their stock and stopped orders, but when theirstock levels turned out to be too little, that amount has now come back. It is difficult to say
how things will develop in the latter half of the year.

•The demand for LCD masks dropped in 4th quarter. We have seen a restructure of theindustry. The demand for masks seems to have slowly recovered from April to June. Thepanel makers’ rate of operation in Taiwan and Korea is said to have risen by between 70%
and 90% compared to in March.

•With respect to memory disks, both substrate and media had a bad period from Januaryto March. In particular, media was close to zero. A sudden recovery was observed in Aprilto June. As you might expect, the latter half of the year is difficult to forecast, so all2

companies are said to be conducting their production prudently.
•Optic lenses improved from April to June in comparison to the January to March period,and may recover further in July to September, but it is difficult to make any predictions forafter summer.

•The Pentax digital camera figures have shrunk by some 60% in comparison with last year.
We have restructured, moved our facilities and lightened our organization, and fixed
expenses have fallen. With respect to the product, we plan to continue to deliver a fullline-up.

•Endoscopes have seen a rapid downturn in the USA from three months ago. The numberof patients is said to have decreased, and we have seen the budgets of hospitals andclinics reduced through February and March.

•Endoscopes have grown by two digits in the local currency, but the period of January toMarch in the previous year yielded negative growth. The number of IOL patients is also
said to have decreased.

•The contact lens shops “Eye-City” have expanded abroad to open 8 shops in China, andin the future will advance further in Asia.

•With respect to glasses lenses, in America and Europe we are feeling some effects fromthe exchange rate and the regression of the economic outlook, but I think that it will beenough if we can achieve growth that exceeds that of the market. The Japanese market isretracting, and we are introducing new brands.

Comments from Mr. Suzuki, CEO•EO is recovering a little. The portion that had been lost has been regained. It is possible to“double order”, and at the moment this recovery is up to August, after which we may see itstart to drop off again. We believe that the EO sales in the first half of the year are cruising
at 20% less than they were last year.

•I think the market for consumption goods in general will continue to shrink. Rather than ashort-term decrease, this will probably occur over a long period of time.

•Against this background, HOYA is currently undergoing a restructure, believing that there
are sectors which have not kept up with the reduction in the market, and it is necessary toshrink a little more. The operational structure will be changed, and offices and factories
moved, and functions themselves will be reviewed.

•The outlook for this fiscal year quarters is worse than that of three months ago. We
believe we must restructure in the first half of the year, and take on a form that willproduce profits under tough conditions.

•We are looking conservatively at our extraordinary losses, and look to deal with everythingthat we can now. We have taken on balance sheets that will bear future profits bylightening our load.
3•With respect to dividends, we have made our decisions considering cash needs. In thefuture, there may be opportunities for M&A, but in these circumstances capital investment
has decreased, there is a healthy cash flow, and cash will continue to accumulate, so in
consideration of these circumstances, we have decided on the same way as last year.

Questions & Answers
Q) Please tell us about the direction of M&A
A) We are conscious of “synergy efficiency” and have clear targets. Looking at the external
environment, we think that it would be best to wait a little longer. From there, we are looking
towards taking on new projects and new technology.

Q) What are your predictions of investment and depreciation for this period? What is thebreakdown of impairment losses, and the extent of your plans to reduce fixed expenses
through measures such as by downsizing?
A) For this period, we predict capital investment of 22 billion yen and depreciation expenses
of 37.5 billion yen. This will vary according to the business environment. Extraordinary losses
are mostly of impairment of the goodwill from the purchase of Pentax, and also include losses
from patent rights or fixed assets. The question of fixed expense reduction has not been
settled.

Q) Although it is difficult time at the moment, please tell us about your views of growth oncethe market has recovered.
A) We think that the growth of EO will be difficult, so we are looking to increase the efficiencyof our operations, and to place ourselves in a position of ‘cash cows’. Although we do notforesee a great amount of growth in the markets for medical fields such as endoscopy, wesecure the position of No,2 and No,3 in the respective markets with relatively low share value,
and we believe that growth by gaining shares is a possible strategy. Thirdly, we think it isnecessary to continue M&A the ‘core’ projects of the next stage of growth. Individually, we arelooking to expand ‘technology’ that is different to current EO.

Q) What does “double ordering” mean? And please explain the seasonality of your business.
A) This refers to large-scale ordering in the current period, in which not even the customers
can know what to expect in the latter half of the fiscal year, assuming that the market will
recover, rather than based on real demand. Our company believes that in such a situation, it
is critical that macrodata be compiled, and the chain from the materials of each product rightthrough to the completed product be examined closely. As for seasonality, I don’t think, inthese circumstances, that we can take much from past experience.
4

Certain statements contained in this report constitute forward-looking statements
regarding the company’s future performance and environment of the industry in which
the company is involved. Forward-looking statements are based on the judgment of thecompany and corporate group obtained based on information obtainable at the time
the statements are made and they also contain risks and uncertainties. The company
does not guarantee the completeness or accuracy of the content. Consequently, youare advised to refrain from making investment judgments relying entirely on theseforecasts. Actual performance and the industry environment may differ materially fromthose expressed by the forward-looking statements for a number of reasons. You arerequested to make final decisions regarding investment, etc., on your own. Please beaware that we cannot take responsibility for the outcome of investments.

5