Ignite
Ricoh Group
Growth StrategyFebruary 6, 2018

Yoshinori Yamashita
President and CEO

Ricoh Company, Ltd.

©2018 Ricoh Company, Ltd. All Rights Reserved

Growth Strategy Positioning
Position “Ignite” as a stage in the growth strategy through 2023

FY 2018/03 throughFY 2020/03

FY 2019/03 through FY 2020/03

Through FY 2023/03

ResurgentIgnite

Take OffEnhance our strengths
and refine ourimplementation
capabilities to deliver
growthPursue high targets
companywide in steering toward
growthEnsure sustainablegrowth and furtherprogress©2018 Ricoh Company, Ltd. All Rights Reserved21. RICOH Resurgent in Review
Outcomes of structural reforms and stronger governanceEvaluation of Our Structural Reform Measures
We reviewed our five major principles to create an open corporate structure
Completed in FY 2018
1. Cost structure reforms
and streamlining
 Reviewed in-house manufacturing focus
 Revamped direct sales and service

Planned Integrated or closed
production sites⇒ Substantially Rationalized product line-up
completed in FY 2018created in-house Streamlined headquarters
Note:North American structuraland back office operations
changes in progress

2. Business process reforms Improved digitized processes Enhanced productivity byexpanding shared services
 Improved service efficiency
by employing Smart Support ⇒ Continuedimplementation
across more products
through FY 2019
 Lowered costs throughproduction automation

3. Business focus

 Transferred shares inelectronic devices business No stone left unturned in evaluating
 Transferred shares inbusinesses based on the following criteria:
San-Ai Kanko
 Changed support policy forRicoh India Decide to sell CCBJ shares©2018 Ricoh Company, Ltd. All Rights Reserved⇒ Ongoing businessevaluation

4Structural Reform Outcomes (1)FY 2018 Costs and Savings

Number of full-time
employees(Compared with FY 2017)
Full-year
projection¥39.0 billion¥37.0 billion
Q3

(95%)

(16.6)

Q2

(7.4)

Q1

Costs

(13.0)

Q1

Savings(6.2)

Q2(11.2)

105,600

Including onetime amount of¥700 million-5,400(-5.1%)

Including North
American MIF
divestment gainsof ¥6.3 billion

100,200<100,000

IncludingIndianexpenses of¥6.5 billion

Q3¥23.1 billion

(5.7)

(58%)

Full-year
projection

End ofMarch 2017¥39.5 billion©2018 Ricoh Company, Ltd. All Rights Reserved

End ofDecember
2017

End ofMarch 2018
projection

5Structural Reform Outcomes (2)Cost of goods ratio

Index of gross profit per employee

65%(FY15 Apr-Dec = 100)
60.5%

60%

60.2%

60.7%

60.1%
61.1%

60.1%

59.4%

55%

55%
FY 201112131415

16 17

Apr-Dec

Target for
FY22(FiscalMarch 2023)*

SG&A ratios
45%
40%
35%
30%

40.5%
35.4%

36.6%

FY 2011

37.2%
35.3%

34.3%

35.3%

FY15

Apr-Dec12131415

FY16Apr-Dec

FY17Apr-Dec

16 17

Apr-Dec*＊ FY17 Apr-Dec :Excluding expense for structural reform and transient gain/expense.
©2018 Ricoh Company, Ltd. All Rights Reserved6

Reinforcing Governance and Management Structure
Foundational reforms to support our growth strategies
Completed in FY 2018

Overhaul governance Limit director terms to one year Establish performance evaluation system
for internal directors
 Abolish management advisory system
 Set up governance review committee

Review management structure Review results management structure Reform organization

Institute headquarters reforms

 Reinforce investor and shareholder relations
 Headquarters functional enhancementReinforce global governance(Review in light of Ricoh India)

 Have headquarters accounting department manage
financial affairs of overseas subsidiaries andtransactions exceeding certain amounts
 Review criteria for appointing accounting firmsof overseas subsidiaries
 Strengthen internal audit by creating
a global audit team structure Replace accounting auditors of Group subsidiaries©2018 Ricoh Company, Ltd. All Rights Reserved7

2.Growth Strategy
Achieved through an open culture

IgniteTrends Affecting the Business ClimateBusinesses that do not contribute to SDGs* will be eliminatedIt will become critical for business success to be compatible with resolving social issues

The needs of Individuals will be more diverse
Workplaces could be anywhere and personalization will increase

The role of printing technologies will expand
Innovations replacing existing technologies*SDGs: Sustainable Development Goals
In September 2015, the United Nations Summit adopted 17 Sustainable Goals and 169 targets as part of a universal agenda to ensure that
nobody is left behind in the drive to free humanity from poverty and hunger and improve the human condition in terms of such areas as health,sanitation, economic development, and the environment by 2030.
©2018 Ricoh Company, Ltd. All Rights Reserved9

Opportunities for printing technology
IssuesClothes︓Textiles
 Existing need for “Short run with greater variety,Large variety” (e.g. Fast fashion)
 Environmental pollution/A large amount ofwaste water (Over 2.5 billion tons in China)

Food︓Packaging

 Need for multi-lingual information due to anincreasingly borderless food culture Huge wastes caused by seasonal packaging

Housing︓Interior decoration
 Wallpaper and flooring materials may
generate a large number of waste due
to seasonal/fashion trend changes

Medical care︓Human tissue Current technology canʼt produce
human tissue modeling close enough for
medical test

Industry︓Manufacturing innovation
 Long lead times for mold creation
 Increase of the number of parts due tocomplicated manufacturing

Possible solution using
printing technologies
 Wash-less production bywater-based ink
 Less inventories thanks to
on-demand digital printing Deliver short run withgreater variety capability tofood packaging using safe
and secure production
 Aim to achieve zero stock/waste by providing inksthat are superior in safetyand durability
 Provide human tissue that canreplicable biological functions,control the number of cells andposition of cells
 Simplify complicatedmanufacturing process by 3D
printing
 Lead time reduction©2018 Ricoh Company, Ltd. All Rights Reserved

Reduce waste by building anefficient value chain, andcontribute tosolving social
issuesby promoting strategies forsecurity and safety

Increase consumer choice
by responding to theirdiversified
needs
through mass customization

10

Commitments to Stakeholders

CommitmentstoStakeholders

Employees

Create a vibrant workplace and corporate culture

Customers

Deliver on EMPOWERING DIGITAL WORKPLACES

Shareholders

Corporate value enhanced through ESG+F(Finance)

Society

Drive Sustainability for Our Future

The tireless pursuit of working smarter.
The expansion of printing technologies.
The contribution to achieving SDGs through ourbusiness.
Ricohʼs five materiality challenges to deliver on SDGs*
Enhanceproductivity

Createknowledge

Improvequality of life

Decarbonize
economies

Materialize
circulareconomies*The five materialities
Ricoh formulated these materialities as part of its focus on attaining SDGs through a principle of balancing
its approach to prosperity, people, and the planet.
©2018 Ricoh Company, Ltd. All Rights Reserved

11Consolidated Financial Targets(Fiscal Year ending March)(Billions of yen)

FY 2017

FY 2020

FY 2023

2,028.8

2,200.0

2,300.0

Operating profit

33.8

100.0

185.0

Operating margin

1.7%

4.5%

8.0%

Return on equity

0.3%

6.9%

9.0%~

Sales

FCEF *－

100.0

Total FCEF over three years

250.0

Total FCEF over three years*Free cash flow excluding finance business©2018 Ricoh Company, Ltd. All Rights Reserved12

Growth Strategy Fundamentals
Develop businesses that leverage our strengths
 Draw on our strengths to cater to on-demand printing and mass customization needs
 Customers, sales and service network, and total number of devices
 Print and capture (optical and imaging ) technologies embedded in our devices

An open management style Eliminate self-sufficiency by creating new businesses harnessing open innovationand external capital Launch improved digitized processes by leveraging cloud-based groupware worldwideand making communications more open

Focused investments
 Plan to invest more than ¥200 billion in M&A across Fiscal March 2019 & 2020©2018 Ricoh Company, Ltd. All Rights Reserved13

RICOH Resurgent: Growth through Strengths

Delivering high added value to customer base

Knowledge creation
support offices

Office evolution
Deliver high added value to customers
and become their No. 1 partner
Strength: Office customer base of 1.4 million companies
and 4.4 million machines in field

Systemintegrationand cloudcomputingCommunication
and businessprocess services

Printing technology applications
Leverage printing technology to help build
customer valueITS

Commercialprinting
Core businesses
Industrial
printing

Strength: Printing technologies (optics, mechatronics,and chemicals, etc.)

Inline printing
Electrophotography Inkjet
heads

Lasers3DMetals

BioPrinting technology potential©2018 Ricoh Company, Ltd. All Rights Reserved14

RICOH Ignite Growth Strategy

Digitalizing offices

Digital Business

Growth Strategy #2

Create new market
by connecting offices
and frontlines

Smart Vision

Existing Customer Value

OfficeServices

Office Printing

CommercialPrinting

GrowthStrategy#0
OfficeIndustrial
Products

Industrial
Printing

Resolve social challenges

New Customer Value

Growth strategy #0

Growth Strategy #1
Thermal Applied Printing

Evolve MFP, enhance ouroperations and secure
our customer base

Growth strategy #1
Expand customer base bypursuing possibilities ofprinting technologies”Display printing“ to ”Applied printing”

Growth strategy #2
Add Ricoh-oriented value tocustomer base, and connect
offices & frontlines

Frontlines©2018 Ricoh Company, Ltd. All Rights Reserved15

Business portfolio transformation
Invest ¥100 billion in each of growth strategy #1 and #2
to diversify our business portfolio
Fiscal March 2017

Fiscal March 2020

Fiscal March 2023Sales composition

Growthstrategy #2

24%

Digital Business
Office Services
Industrial products
Smart Vision

12%

Growthstrategy #1
Commercial &Industrial printing
Thermal53%

OfficePrinting

27%

45%

17%

31%

39%
20%

¥100 billion
investment¥100 billion
investment©2018 Ricoh Company, Ltd. All Rights Reserved

16GrowthStrategy #1

Ignite a Revolution in Manufacturing withPrinting Technology

Expand our business domains with “Display Printing”& bring industrial innovation with “Applied Printing”

Enhance productivity
Create knowledge
Improve quality oflife
Decarbonize
economies
Materialize circulareconomies“Applied Printing”
Creating new value withprinting technologies“Display Printing”
Non-paper media printing

Electrodeprinting

Additive
manufacturing

Uniform
granulation

Printing on paper

2.5D
FilmConstruction
materials

TextilesPaper, book, sales
promotion material
and direct mail

Bioprinting(cell lamination)

Printedelectronics

Food©2018 Ricoh Company, Ltd. All Rights Reserved17

GrowthStrategy #1

Display printing : Inkjet applications

A wide variety, from office printing to industrial decor.
HeadMH54xx

InkPrinterUVMH52xx

MH24xxGH xxxx

Latex

Water-based

Pro T7210Ri 3000/6000
Pro L4160

VC60000

Ri 100GELJET printerGarment print/
textileSoft Signage/film

Application
Office print/
plain paper

Product décor/plastic sheet©2018 Ricoh Company, Ltd. All Rights Reserved18

GrowthStrategy #1

Applied Printing

New value by printing technologies (material +process)Material
Design・Polymer Material
Design・Ink Formulation
DesignProcess

Applications

Electronic Photo Process
Laser Beam
Writing

Powdercontrol

3D Manufacturing
Film
Deposition
Secondary battery

Feedback Control
Particle
Technology

Inkjet Process

Ink Ejection
・Atomization
・Atomization
dispersion

Position control

Laminated

Uniformpelletization

Cell tip/Man-organmodel

Inhaleddrug

ASD/CsA

5 µm©2018 Ricoh Company, Ltd. All Rights Reserved19Growth
Strategy #2

Create Customer Value by Linking
Offices to the Frontlines

Combine edge devices with applications
to create new value
Generate value throughdata by linking offices tothe frontlines
・Concierge service
・Social infrastructure inspections

Enhance productivity
Create knowledge
Improve quality oflife
Decarbonize
economies
Materialize circular
economies

Evolutions in Intellectual
productivity and collaboration
・AI-OCR
・AI＋IWB

Office Workflow Reforms(small and medium-sized businesses)

Office Communication Reforms(large corporations)©2018 Ricoh Company, Ltd. All Rights Reserved20

GrowthStrategy #2

Open Business-to-Business Platform

Combine Ricohʼs strength and external insight to enhance platformʼs value
Customers

Edge Devices
Value source
・Connect offices and frontlines (MFP、IWB、UCS、THETA、Stereo Camera）

Applications/solutions

Partners

Value source
・Solutions from Ricoh and partners

Paltform
Value source
・PFs by data source-Unified PF to enable
date transaction

Unified platform RICOH Smart Integration
強み・データソースごとに整備したプCharging
AI applications
Partner
RSoT*system
ラットフォーム(テキスト/⾳声/画像/動画/機器）・エッジデバイスから収集される
CS-PF
SV-PF
DS-PF 各種データ蓄積

Customer access/support
Value source
・Customer base (1.4M/Worldwide)＋sales/support network*Offering as "RICOH Open Remote Services" to build remote monitoring environment for industrial equipment.
©2018 Ricoh Company, Ltd. All Rights Reserved21

GrowthStrategy #0

Ignite Core Business

Enhance the value of our MFPs and printers(hardware and after service) and remain #1
in Customer Satisfaction

Enhance productivity
Create knowledge
Improve quality oflife
Decarbonize
economies

MFP Evolution

Materialize circulareconomies• MFP connecting to cloud• Support inter-company
workflows

Strengthening collaboration(including in production outsourcing, OEM, andapplication development outsourcing)

The pursuit ofOperational Excellence Automate production
 Optimize maintenance processes Deliver digital manufacturing©2018 Ricoh Company, Ltd. All Rights Reserved

22

RICOH Ignite Growth Strategy

Digitalizing offices

Digital Business

Growth Strategy #2

Create new market
by connecting offices
and frontlines

Smart Vision

Existing Customer ValueOfficeServices

Office Printing

CommercialPrinting

GrowthStrategy#0Office

IndustrialProducts

IndustrialPrinting

Resolve social challenges

New Customer Value

Growth strategy #0

Growth Strategy #1
Thermal Applied Printing

Evolve MFP, enhance ouroperations and secure
our customer base

Growth strategy #1
Expand customer base bypursuing possibilities ofprinting technologies”Display printing“ to ”Applied printing”

Growth strategy #2
Add Ricoh-oriented value tocustomer base, and connect
offices & frontlines

Frontlines©2018 Ricoh Company, Ltd. All Rights Reserved23

Global Deployment

Current Value

New Value

Growth Strategy #2“Workflow reforms”
Japan, then global“Communication reforms”
GlobalNew value generated globally

Growth Strategy #1“Display Printing”

Growth Strategy #0
Secure customer base(advanced countries)

Expand customer base(developing countries)”Connect offices
and frontlines“

Commercial Printing︓
Advanced countries to developing countries

Industrial Printing︓
Different approaching by application“Applied Printing”
Seeking areas for business

OfficeNon-office customers©2018 Ricoh Company, Ltd. All Rights Reserved24

Embracing the Challenges of Change
Ricoh has delivered customer
value over the years by innovating.
The transformation of society ismaking it vital for corporateactivities to address emerging
social issues.
Ricoh seeks to make a realdifference by embracing thechallenges of change—creating
new value in fields where it canhelp resolve social issues.
Left: The cylindrical, glass-covered San-ai Dream Center in Tokyo’s
glittering Ginza area was a sensation when Ricoh Kiyoshi Ichimura
founder established it in the early 1960s, and affirms the company’s
enduring quest to making the impossible possible.

©2018 Ricoh Company, Ltd. All Rights Reserved25

Resolving Social Issues Related to Workplace Expansion

Work digitization scopeDigitize workplace tasks. Support customers by connecting
digitized work and analyzing accumulated data.

SocietyFrontlines
Offices

Transform work throughanytime, anywhereenvironments

Help resolve social
issues throughbusiness

Digitize site operations
and improve workflows
linked to offices

MEG

Bed Sensor

Environment
Transform data fromworkflows into intelligence

Value proposition expansion
From conventional offices to whereverpeople work and to society.
©2018 Ricoh Company, Ltd. All Rights Reserved26

Growth Strategy Fundamentals
Develop businesses that leverage our strengths
 Draw on our strengths to cater to on-demand printing and mass customization needs
 Customers, sales and service network, and total number of devices
 Print and capture (optical and imaging ) technologies embedded in our devices

An open management style Eliminate self-sufficiency by creating new businesses harnessing open innovationand external capital Launch improved digitized processes by leveraging cloud-based groupware worldwide
and making communications more open

Focused investments
 Plan to invest more than ¥200 billion in M&A across Fiscal March 2019 & 2020©2018 Ricoh Company, Ltd. All Rights Reserved27

Management style to generate new businessOpen innovation, leveraging external capital/insight for speeding up
NewCurrent
新規事業を⽣み出す経営プロセスの導⼊

Ricohʼsresources

Adopt insights

BusinessA
FunctionA

Business
B

Core
Business
Function
B

Business
CFunctionA
Function
B

New
Business
Capital, resource
Return©2018 Ricoh Company, Ltd. All Rights Reserved

BusinessA

Core
Business

New
Business

Curve out forbusinessacceleration

Business
B
Business
CDifferent scheme
for innovation

28

All Business Contributing to SDGs
Ricohʼs businesses and strategies

Materiality and SDGs through business

Office printing

Prosperity

Commercial printingGrowth
Strategy #0

Industrial printing
Thermal media
Functionaland 3D printing

GrowthStrategy #1

Office services
Industrial products

GrowthStrategy #2

Smart Vision

Createknowledge
PeopleImprovequality of life
PlanetDecarbonize
economies

Digital businessBusinessdevelopment

Enhanceproductivity

New
Challenges

Materialize
Circulareconomies©2018 Ricoh Company, Ltd. All Rights Reserved29

Forward-Looking Statements

The plans, prospects, strategies and other statements, except for the historical events,
mentioned in this material are forward-looking statements with respect to future events andbusiness results. Those statements were made based on the judgment of Ricoh's Directors
from the information that is now obtainable. Actual results may differ materially from thoseprojected or implied in such forward-looking statements and from any historical trends.
Please refrain from judging only from these forward-looking statements with respect tofuture events and business results. The following important factors, without limiting thegenerality of the foregoing, could affect future results and could cause those results to differ
materially from those expressed in the forward-looking statements:a. General economic conditions and business trend
b. Exchange rates and their fluctuations
c. Rapid technological innovationd. Uncertainty as to Ricoh's ability to continue to design, develop, produce and market
products and services that achieve market acceptance in hot competitive market
No company's name and/or organization's name used, quoted and/or referenced in thismaterial shall be interpreted as a recommendation and/or endorsement by Ricoh.
This material is not an offer or a solicitation to make investments. Please do not rely on thismaterial as your sole source of information for your actual investments, and be aware thatdecisions regarding investments are the responsibility of themselves.

©2018 Ricoh Company, Ltd. All Rights Reserved30