##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 20
 F





(Mark One)



| ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------------

OR



|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended March 31, 2011

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

OR



| ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -------------------------------------------------------------------------------------------

Date of event requiring this shell company report

For the transition period from 
to

Commission file number 2-68279





KABUSHIKI KAISHA RICOH

(Exact name of Registrant as specified in its charter)

RICOH COMPANY,
LTD.

(Translation of Registrants name into English)

Japan

(Jurisdiction of incorporation or organization)

13-1, Ginza 8-chome, Chuo-ku, Tokyo 104-8222, Japan

(Address of
principal executive offices)

Kunihito Minakawa, (T)+81-3-6278-5241, (F)+81-3-3543-9086

13-1, Ginza 8-chome, Chuo-ku, Tokyo 104-8222, Japan

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)





Securities registered or to be
registered pursuant to Section 12(b) of the Act.



|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of each class |  | Name of each exchange on which
registered
|None                |  | None                                     



Securities registered or to be registered
pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

Common Stock*

(Title of Class)



|* | 859,942 American Depositary Shares evidenced by American Depositary Receipts, each American Depositary Share representing 5 shares of Common Stock of Ricoh Company,
Ltd.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Indicate the number of outstanding shares of each of the issuers classes of capital or common stock as of the close of the period
covered by the annual report.

Common stock outstanding as of March 31, 2011: 725,502,668 shares (excluding 19,409,410
shares of Treasury Stock)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of
the Securities Act.    Yes  x    No   ̈.

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes   ̈    No  x.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).    Yes  x    No   ̈.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See
definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):

Large
accelerated filer  x                 Accelerated
filer   ̈                 Non-accelerated filer   ̈.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this
filing:



|             |  |                                                                                                          |  |          
|------------ |  | -------------------------------------------------------------------------------------------------------- |  | ---------
|U.S. GAAP  x |  | International Financial Reporting Standards as issued by the International Accounting Standards Board   ̈ |  | Other   ̈.

If Other has been checked in response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow.    Item 17   ̈    Item
18   ̈.

If this is an annual report, indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes   ̈    No  x.









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##### Table of Contents

Defined Terms, Conventions and Presentation of Financial Information

On June 24, 2011 the noon buying rate for cable transfers in New York City as certified for customs purposes by the Federal Reserve
Board for the Japanese Yen to the U.S. Dollar was ¥80.32 = U.S.$1.00.

In this document, the term Company
refers to Ricoh Company, Ltd., the registrant, and Ricoh refers to the Company and its consolidated subsidiaries, unless the context otherwise indicates.

Ricohs fiscal year end is March 31. In this document fiscal year 2011 refers to Ricohs fiscal year ended March 31, 2011, and other fiscal years of Ricoh are referred to
in a corresponding manner.

As used in this annual report, U.S. GAAP means U.S. generally accepted accounting
principles.

Cautionary Statement With Respect to Forward-Looking Statements

Statements made in this annual report with respect to Ricohs current plans, estimates, strategies and beliefs and other statements
that are not historical facts are or may be deemed to be forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, about the future performance of
Ricoh. These forward-looking statements are made in reliance upon the protections provided by such acts for forward-looking statements. Forward-looking statements include but are not limited to those using words such as believe,
expect, plans, strategy, prospects, forecast, estimate, project, anticipate, may or might and words of similar meaning in
connection with a discussion of future operations or financial performance. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on managements
assumptions and beliefs in light of the information currently available to it. Ricoh cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking
statements, and therefore you should not place undue reliance on them. You also should not rely on any obligation of Ricoh to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Ricoh
disclaims any such obligation. Risks and uncertainties that might affect Ricoh include, but are not limited to (i) general economic conditions in Ricohs markets, particularly levels of consumer spending; (ii) exchange rates,
particularly between the Japanese Yen and the U.S. Dollar, the Euro, and other currencies in which Ricoh makes significant sales or in which Ricohs assets and liabilities are denominated; (iii) Ricohs ability to continue to
design and develop products and services, and win acceptance of its products and services which are offered in highly competitive markets characterized by continual introduction of new products, rapid development in new technology, and consumer
preferences that are subjective and likely to change; (iv) Ricohs ability to successfully implement strategies for its office equipment business, such as further globalization of its operations to increase account sales to corporate
clients, reinforcement of the color printer line-up to meet growing demand for color products among its office users, implementation of optimal printing solutions for customers digitally networked offices and enhancement of printing
capabilities centered on multi-functional printers (MFPs), and implementation of optimal localization of manufacturing operations so that such operations are closer to the customer; (v) Ricohs ability to continuously devote
sufficient resources to research and development, and capital expenditures for digital and networking equipment, such as digital plain paper copiers (PPCs), MFPs, laser printers, GELJET printers and production printing products;
(vi) the success of Ricohs alliances with various computer manufacturers which Ricoh may engage in alliances with in the future; and (vii) the outcome of contingencies.

Important information regarding risks and uncertainties is also set forth elsewhere in this annual report, including in Risk
Factors included in Item 3. Key Information, Item 4. Information on the Company, Item 5. Operating and Financial Review and Prospects and Item 11. Quantitative and Qualitative Disclosures About Market
Risk.



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##### Table of Contents

TABLE OF CONTENTS



|                                                                                      |  |  |     | 
|------------------------------------------------------------------------------------- |  |  | --- | 
|PART I                                                                                |  |  |     | 
|Item 1. Identity of Directors, Senior Management and Advisers                         |  |  | 1   | 
|Item 2. Offer Statistics and Expected Timetable                                       |  |  | 1   | 
|Item 3. Key Information                                                               |  |  | 1   | 
|Item 4. Information on the Company                                                    |  |  | 10  | 
|Item 4A. Unresolved Staff Comments                                                    |  |  | 33  | 
|Item 5. Operating and Financial Review and Prospects                                  |  |  | 34  | 
|Item 6. Directors, Senior Management and Employees                                    |  |  | 72  | 
|Item 7. Major Shareholders and Related Party Transactions                             |  |  | 93  | 
|Item 8. Financial Information                                                         |  |  | 94  | 
|Item 9. The Offer and Listing                                                         |  |  | 94  | 
|Item 10. Additional Information                                                       |  |  | 96  | 
|Item 11. Quantitative and Qualitative Disclosures About Market Risk                   |  |  | 111 | 
|Item 12. Description of Securities Other Than Equity Securities                       |  |  | 114 | 
|                                                                                      | 
|PART II                                                                               |  |  |     | 
|Item 13. Defaults, Dividend Arrearages and Delinquencies                              |  |  | 116 | 
|Item 14. Material Modifications to the Rights of Security Holders and Use of
Proceeds |  |  | 116 | 
|Item 15. Controls and Procedures                                                      |  |  | 116 | 
|Item 16. [RESERVED]                                                                   |  |  | 117 | 
|Item 16A. Audit Committee Financial Expert                                            |  |  | 117 | 
|Item 16B. Code of Ethics                                                              |  |  | 118 | 
|Item 16C. Principal Accountant Fees and Services                                      |  |  | 118 | 
|Item 16D. Exemptions from the Listing Standards for Audit Committees                  |  |  | 120 | 
|Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers      |  |  | 120 | 
|Item 16F. Change in Registrants Certifying Accountant                                |  |  | 120 | 
|Item 16G. Corporate Governance                                                        |  |  | 120 | 
|                                                                                      | 
|PART III                                                                              |  |  |     | 
|Item 17. Financial Statements                                                         |  |  | 121 | 
|Item 18. Financial Statements                                                         |  |  | 121 | 
|Item 19. Exhibits                                                                     |  |  | 121 | 



---

##### Table of Contents

PART I

Item 1. Identity of Directors, Senior Management and Advisers

Not applicable.

Item 2. Offer Statistics and Expected Timetable

Not applicable.

Item 3. Key Information

A. Selected Financial Data.

The following selected consolidated financial data
have been derived from the audited consolidated financial statements of Ricoh prepared in accordance with U.S. generally accepted accounting principles as of each of the dates and for each of the periods indicated below. This information should be
read in conjunction with Ricohs audited consolidated balance sheets as of March 31, 2010 and 2011, the related consolidated statements of income, changes in equity and cash flows for the three years ended March 31, 2009, 2010 and
2011 and the notes thereto that appear elsewhere in this annual report.



|                                                                |  |                                                                                   |             |  |      |   |             |      |  |   |             |  |  |      |             |  |  |   |             | 
|--------------------------------------------------------------- |  | --------------------------------------------------------------------------------- | ----------- |  | ---- | - | ----------- | ---- |  | - | ----------- |  |  | ---- | ----------- |  |  | - | ----------- | 
|                                                                |  | Millions of Yen except per share amounts and number of sharesYear ended March 31, |            
|                                                                |  | 2007                                                                              |             |  | 2008 |   |             | 2009 |  |   | 2010        |  |  | 2011 |            
|Income Statement Data:                                          |  |                                                                                   |             |  |      |   |             |      |  |   |             |  |  |      |             |  |  |   |             | 
|Net sales:                                                      |  | ¥                                                                                 | 2,068,925   |  |      | ¥ | 2,219,989   |      |  | ¥ | 2,091,696   |  |  | ¥    | 2,016,337   |  |  | ¥ | 1,942,013   | 
|Operating income                                                |  |                                                                                   | 174,380     |  |      |   | 181,506     |      |  |   | 74,536      |  |  |      | 65,997      |  |  |   | 60,196      | 
|Income before income taxes and equity in earnings of affiliates |  |                                                                                   | 174,519     |  |      |   | 174,669     |      |  |   | 30,939      |  |  |      | 57,524      |  |  |   | 45,400      | 
|Net income attributable to Ricoh Company, Ltd.                  |  |                                                                                   | 111,724     |  |      |   | 106,463     |      |  |   | 6,530       |  |  |      | 27,873      |  |  |   | 19,650      | 
|                                                                |  |                                                                                   |             |  |     
|Per American Depositary Share:(1)                               |  |                                                                                   |             |  |      |   |             |      |  |   |             |  |  |      |             |  |  |   |             | 
|Net income (basic)                                              |  |                                                                                   | 765.50      |  |      |   | 730.20      |      |  |   | 45.10       |  |  |      | 192.05      |  |  |   | 135.40      | 
|Net income (diluted)                                            |  |                                                                                   | 759.45      |  |      |   | 710.75      |      |  |   | 43.75       |  |  |      | 186.80      |  |  |   | 132.65      | 
|                                                                |  |                                                                                   |             |  |     
|Balance Sheet Data:                                             |  |                                                                                   |             |  |      |   |             |      |  |   |             |  |  |      |             |  |  |   |             | 
|Total assets                                                    |  |                                                                                   | 2,243,406   |  |      |   | 2,214,368   |      |  |   | 2,513,495   |  |  |      | 2,383,943   |  |  |   | 2,262,396   | 
|Total Ricoh Company, Ltd. shareholders equity                  |  |                                                                                   | 1,070,913   |  |      |   | 1,080,196   |      |  |   | 975,373     |  |  |      | 973,341     |  |  |   | 929,877     | 
|Total equity                                                    |  |                                                                                   | 1,127,782   |  |      |   | 1,138,479   |      |  |   | 1,024,350   |  |  |      | 1,023,874   |  |  |   | 982,764     | 
|Common stock                                                    |  |                                                                                   | 135,364     |  |      |   | 135,364     |      |  |   | 135,364     |  |  |      | 135,364     |  |  |   | 135,364     | 
|Weighted average number of shares outstanding                   |  |                                                                                   | 729,744,656 |  |      |   | 729,010,475 |      |  |   | 723,924,525 |  |  |      | 725,613,259 |  |  |   | 725,554,477 | 



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|                                                               |  |                                                                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|-------------------------------------------------------------- |  | --------------------------------------------------------------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                               |  | Millions of Yen except per share amounts and number of sharesYear ended March 31, |        
|                                                               |  | 2007                                                                              |         |   | 2008 |   |         | 2009 |  |   | 2010    |   |  | 2011 |        
|Cash dividends declared Per American Depositary Share:(1), (2) |  |                                                                                   |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interim                                                        |  |                                                                                   | 65.00   |   |      |   | 80.00   |      |  |   | 90.00   |   |  |      | 82.50   |   |  |   | 82.50   |  
|                                                               |  | $                                                                                 | (0.56   | ) |      | $ | (0.72   | )    |  | $ | (0.96   | ) |  | $    | (0.95   | ) |  | $ | (0.98   | )
|Year-end                                                       |  |                                                                                   | 75.00   |   |      |   | 85.00   |      |  |   | 75.00   |   |  |      | 82.50   |   |  |   | 82.50   |  
|                                                               |  | $                                                                                 | (0.61   | ) |      | $ | (0.80   | )    |  | $ | (0.78   | ) |  | $    | (0.92   | ) |  | $ | (1.03   | )
|                                                               |  |                                                                                   |         |   |     
|Cash and cash equivalents                                      |  |                                                                                   | 255,737 |   |      |   | 170,607 |      |  |   | 258,484 |   |  |      | 242,165 |   |  |   | 179,169 |  
|Capital investments                                            |  |                                                                                   | 85,800  |   |      |   | 85,215  |      |  |   | 96,958  |   |  |      | 66,979  |   |  |   | 66,976  |  
|Long-term indebtedness, excluding current installment          |  |                                                                                   | 236,801 |   |      |   | 225,930 |      |  |   | 509,403 |   |  |      | 514,718 |   |  |   | 479,422 |  



Notes:

|(1) | Each American Depositary Share represents five shares of Ricoh Common Stock.
|--- | ----------------------------------------------------------------------------

|(2) | Cash dividends declared per American Depositary Share for any given fiscal year consist of interim dividends paid during the fiscal year and year-end dividends to be
paid after the fiscal year-end for such fiscal year, which are not equal to the dividends paid during such fiscal year, set forth under Per American Depositary Share, each representing 5 shares of common stock  Cash dividends paid per
share in the Consolidated Statements of Income appearing elsewhere in this annual report.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In the
preceding table, cash dividends declared in U.S. Dollars are based on the exchange rates at each respective payment date, using the noon buying rates for cable transfer in Japanese Yen in New York City as certified for customs purposes by the
Federal Reserve Board.

On June 24, 2011, the noon buying rate for cable transfers in New York City as certified for
customs purposes by the Federal Reserve Board for the Japanese Yen to the U.S. Dollar was ¥80.32 = U.S.$1.00.

The
following table sets forth the exchange rates for the Japanese Yen and the U.S. Dollar based on the noon buying rate for cable transfers in Japanese Yen in New York City as certified for customs purposes by the Federal Reserve Board during the
previous six months and prior five fiscal years:



|     |  |              |       |  |             |  |       |              |  |  |           |  |  |           |       |  |         |  |       |  |  |  |       | 
|---- |  | ------------ | ----- |  | ----------- |  | ----- | ------------ |  |  | --------- |  |  | --------- | ----- |  | ------- |  | ----- |  |  |  | ----- | 
|     |  | December2010 |       |  | January2011 |  |       | February2011 |  |  | March2011 |  |  | April2011 |       |  | May2011 | 
|High |  |              | 81.67 |  |             |  | 81.56 |              |  |  | 81.48     |  |  |           | 78.74 |  |         |  | 81.31 |  |  |  | 80.12 | 
|Low  |  |              | 84.23 |  |             |  | 83.36 |              |  |  | 83.79     |  |  |           | 82.98 |  |         |  | 85.26 |  |  |  | 82.12 | 



|         |  |                      |        |  |      |  |        |      |  |  |        |  |  |      |        |  |  |  |       | 
|-------- |  | -------------------- | ------ |  | ---- |  | ------ | ---- |  |  | ------ |  |  | ---- | ------ |  |  |  | ----- | 
|         |  | Year ended March 31, |       
|         |  | 2007                 |        |  | 2008 |  |        | 2009 |  |  | 2010   |  |  | 2011 |       
|Year-end |  |                      | 117.56 |  |      |  | 99.85  |      |  |  | 99.15  |  |  |      | 93.40  |  |  |  | 82.76 | 
|Average* |  |                      | 116.55 |  |      |  | 113.61 |      |  |  | 100.85 |  |  |      | 92.49  |  |  |  | 85.00 | 
|High     |  |                      | 110.07 |  |      |  | 96.88  |      |  |  | 87.80  |  |  |      | 86.12  |  |  |  | 78.74 | 
|Low      |  |                      | 121.81 |  |      |  | 124.09 |      |  |  | 110.48 |  |  |      | 100.71 |  |  |  | 94.68 | 



|* | The average Japanese Yen exchange rates represent average noon buying rate on the last business day of each month during the respective period.
|- | -----------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

B. Capitalization and Indebtedness.

Not applicable.

C. Reasons for the Offer and Use of Proceeds.

Not applicable.

D. Risk
Factors.

Ricoh is a global manufacturer of office equipment and conducts business on a global scale. As such, Ricoh is exposed
to various risks which include the risks listed below. Although certain risks that may affect Ricohs businesses are listed in this section, this list is not exhaustive. Ricohs business may in the future also be affected by other risks
that are currently unknown or that are not currently considered significant or material. In addition, this section contains forward-looking statements that are subject to the Cautionary Statement With Respect to Forward-Looking
Statements appearing in this annual report.

Ricohs Success Will Depend on Its Ability to Respond to Rapid Technological
Changes in the Document Imaging and Management Industry

The document imaging and management industry includes products
such as copiers, printers, facsimile machines and scanners. The technology used in this industry changes rapidly and products in this industry will often require frequent and timely product enhancements or have a short product life cycle. Most of
Ricohs products are a part of this industry and as such Ricohs success will depend on its ability to respond to such technological changes in the industry. To remain competitive in this industry, Ricoh invests a significant amount of
resources and capital every year in research and development activities. Despite this investment, the process of developing new products or technologies is inherently complex and uncertain and there are a number of risks that Ricoh is subject to,
including the following:



| |  |  | No assurances can be made that Ricoh will successfully anticipate whether its products or technologies will satisfy its customers needs or gain
market acceptance;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | No assurances can be made that the introduction of more advanced products that also possess the capabilities of existing products will not adversely
affect the sales performance of each such product;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | No assurances can be made that Ricoh will be able to procure raw materials and parts necessary for new products or technologies from its suppliers at
competitive prices;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | No assurances can be made that Ricoh will be able to successfully manage the distribution system for its new products to eliminate the risk of loss
resulting from a failure to take advantage of market opportunities;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | No assurances can be made that Ricoh will succeed in marketing any newly developed product or technology; and
| | - |  | -------------------------------------------------------------------------------------------------------------



| |  |  | No assurances can be given that Ricoh will be able to respond adequately to changes in the industry.
| | - |  | ----------------------------------------------------------------------------------------------------

Ricohs failure to respond to any risks associated with this industry, including those described above, may reduce Ricohs
future growth and profitability and may adversely affect Ricohs financial results and condition.

In addition to the
above general risks, Ricoh is exposed to the following specific risks relating to the document imaging and management industry:

Digital Technology

Among the various technologies used in the document imaging and management industry, Ricoh believes the successful development of digital technology is one of the most essential factors in attaining a
competitive advantage. Ricoh currently is a leader in digital technology and believes that the importance of digital technology used in office equipment, including copiers, printers, facsimiles and scanners, will continue to grow in the future.
While most of Ricohs PPCs sold in Japan and overseas are already digital, Ricoh believes that the digital technology used in connection with digital copiers and other digital products will continue to develop and that competition with respect
to digital products will intensify. There is no assurance that Ricoh will continue to be in the forefront of digital technology despite its commitment to invest in research and development activities in this area. Failure of Ricoh to adequately
develop digital technology may adversely affect Ricohs financial results and condition.

Multi-Functional Equipment

Ricoh believes that the document imaging and management industry is moving towards a multi-functional office environment
where various office equipment (including copiers, facsimile machines, printers, scanners and personal computers) become more interdependent on each other due to the increasing use of digital technology and initiatives taken by many offices to
eventually become a paperless office. As a result, certain existing office equipment may either be consolidated into multi-functional equipment or may be linked together electronically to perform various office functions. Although Ricoh
already manufactures certain multi-functional equipment, as a result of this trend towards multi-functional equipment, some of Ricohs products may become obsolete while other products may require substantial product enhancements, requiring
technologies currently unavailable within Ricoh. No assurances can be made that Ricoh will be able to successfully adjust to such changes.

Ricoh Must Successfully Operate in Highly Competitive Markets

The document imaging and management industry, including the copier industry, is intensely competitive. Ricoh expects to face increased competition in the various markets in which it operates. Currently,
Ricohs competitors include other large manufacturers and distributors of office equipment. In addition, as digital and other new technology develops and as new office equipment products using these newly developed technologies gain increased
market acceptance, Ricoh may find itself competing with new competitors that develop such new technologies, including computer software and hardware manufacturers and distributors. Accordingly, it is possible that new competitors or alliances among
existing and new competitors may emerge and rapidly acquire significant market share. While Ricoh believes it is a leading manufacturer and distributor in the document imaging and management industry and it intends to maintain its position, no
assurances can be made that it will continue to compete effectively in the future. Pricing pressures or loss of potential customers resulting from Ricohs failure to compete effectively may adversely affect Ricohs financial results and
condition.



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Ricoh Is Subject to the Risks of International Operations and the Risks of Overseas Expansion

A substantial portion of Ricohs manufacturing and marketing activity is conducted outside of Japan, including in the
United States, Europe, and in developing and emerging markets such as China. There are a number of risks inherent in doing business in such overseas markets, including the following:



| |  |  | unfavorable political or economical factors;
| | - |  | --------------------------------------------



| |  |  | fluctuations in foreign currency exchange rates;
| | - |  | ------------------------------------------------



| |  |  | potentially adverse tax consequences;
| | - |  | -------------------------------------



| |  |  | unexpected legal or regulatory changes;
| | - |  | ---------------------------------------



| |  |  | lack of sufficient protection for intellectual property rights;
| | - |  | ---------------------------------------------------------------



| |  |  | difficulties in recruiting and retaining personnel, and managing international operations; and
| | - |  | ----------------------------------------------------------------------------------------------



| |  |  | less developed infrastructure.
| | - |  | ------------------------------

Ricohs inability to manage successfully the risks inherent in its international activities could adversely affect its business, financial condition and operating results. In addition, while Ricoh
plans to continue to expand its business worldwide and increase overseas sales, because of the risks associated with conducting an international operation (including the risks listed above), there can be no assurances that Ricohs overseas
expansion will be successful or have a positive effect on Ricohs financial results and condition.

Economic Trends in Ricohs
Major Markets May Adversely Affect Ricohs Sales

Demand for Ricohs products is affected by cyclical changes in
the economies of Ricohs major markets, including Japan, the United States and Europe. Economic downturns and declines in consumption in Ricohs major markets may adversely affect Ricohs financial results and condition.

Foreign Exchange Fluctuations Affect Ricohs Results

Local currency-denominated financial results in each of the Companys subsidiaries around the world are translated into Japanese Yen by applying the average market rate during each financial period
and recorded on Ricohs consolidated statements of income. Local currency-denominated assets and liabilities are translated into Japanese Yen by applying the market rate at the end of each financial period and recorded on Ricohs
consolidated balance sheets. Accordingly, the financial results, assets and liabilities are subject to foreign exchange fluctuations.



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In addition, operating profits and losses are highly sensitive to the fluctuations in the
value of the Japanese Yen because the high volume of Ricohs production and sales activities in the Americas, Europe and Other, such as China, results in a large proportion of revenues and costs denominated in local currencies. Although Ricoh
engages in hedging transactions such as forward contracts with several financial institutions having credit ratings satisfactory to Ricoh to minimize the negative effects of short-term fluctuations in foreign exchange rates among major currencies
such as the U.S. Dollar, the Euro and Japanese Yen, mid-to-long-term volatile changes in the exchange rate levels make it difficult for Ricoh to execute planned procurement, production, logistics, and sales activities and may adversely affect
Ricohs financial results and condition.

Situation Of Recovery From The Great East Japan Earthquake May Affect to Ricohs
Production

Many suppliers including Ricoh suffered damage by the Great East Japan Earthquake and on March 11, 2011.
Although Ricoh has already resumed production by May 2011, some suppliers of Ricoh might not have recovered yet and may not fully supply materials and parts to Ricoh as previously, which may affect to Ricohs production.

Nuclear reactors in Fukushima were damaged by the Great East Japan Earthquake, which causes shortage of electronic power in East Japan.
In summer 2011, which is peak of consumption of electricity, Japanese government request to Industrials and Individuals to save consumption of electricity by 15%. Moreover, there might be scheduled or unscheduled power failure in that summer. Such
uncertainty of electronic power may affect to Ricohs production.

Crude Oil Price Fluctuations Affect Ricohs Results

Many of the parts or materials used in manufacturing Ricohs products are made from oil. If the price of crude oil
rises, the purchase price of such product parts or materials may increase as well. Furthermore, a rise in the price of crude oil may lead to an increase in shipping and handling costs due in part to a rise in the cost of fuel and the cost of
utilities. Ricoh may not be able to pass these incremental costs onto the sales price of its products. Such fluctuations in crude oil prices may therefore adversely affect Ricohs financial position and results of operations.

Ricoh Is Subject to Government Regulation That Can Limit Its Activities or Increase Its Cost of Operations

Ricoh is subject to various governmental regulations and approval procedures in the countries in which it operates. For example, Ricoh may
be required to obtain approvals for its business and investment plans, be subject to export regulations and tariffs, as well as rules and regulations relating to commerce, antitrust, patent, consumer and business taxation, exchange control, and
environmental and recycling laws. Ricoh has established a Corporate Social Responsibility Office to heighten awareness of the importance of corporate social responsibility. Through this office, Ricoh involves its employees in various activities
designed to ensure compliance with applicable regulations as part of its overall risk management and compliance program. However, if Ricoh is unable to comply with any of these regulations or fails to obtain the requisite approvals, Ricohs
activities in such countries may be restricted. In addition, even if Ricoh is able to comply with these regulations, compliance can result in increased costs. In either event, Ricohs financial results and condition may be adversely affected.



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Ricoh Is Subject to Internal Control Evaluations and Attestation Over Financial Reporting under the
Sarbanes-Oxley Act of 2002 of the United States and the Financial Instruments and Exchange Act of Japan

The United States
Securities and Exchange Commission (the SEC), as required by Section 404 of the Sarbanes-Oxley Act of 2002 of the United States, adopted rules requiring every company that files reports with the SEC to include a management report on
such companys internal control over financial reporting in its annual report. In addition, the companys independent registered public accounting firm must publicly attest to the effectiveness of the companys internal control over
financial reporting. Furthermore, the Financial Instruments and Exchange Act of Japan requires Japanese companies whose shares are listed on the Japanese stock exchanges to submit a report which evaluates internal control over financial reporting to
the commissioner of the financial bureau of Japan. Ongoing compliance with these requirements is complex, costly and time-consuming. If Ricoh were to fail to maintain effective internal control over financial reporting, Ricohs management were
to fail to assess on a timely basis the adequacy of such internal control, or Ricohs independent registered public accounting firm were to fail to attest on a timely basis to the effectiveness of such internal control or issue a qualified
opinion, Ricoh could be subject to regulatory sanctions or could face adverse reactions in the financial markets due to loss of investor confidence.

Ricohs Business Depends on Protecting Its Intellectual Property Rights

Ricoh owns or licenses a number of intellectual property rights in the field of office equipment automation and, when Ricoh believes it is
necessary or desirable, obtains additional licenses for the use of other parties intellectual property rights. If Ricoh fails to protect, maintain or obtain such rights, its performance and ability to compete may be adversely affected. Ricoh
has a program in place under which company employees are compensated for any valuable intellectual property rights arising out of any inventions developed by them during the course of their employment with Ricoh. While unlikely, management believes
that there could arise instances in the future where Ricoh may become the subject of legal actions or proceedings where claims alleging inadequate compensation are asserted by company employees.

Ricoh Is Dependent on Securing and Retaining Specially Skilled Personnel

Ricoh believes that it can continue to remain competitive by securing and retaining additional personnel who are highly skilled in the fields of management and information technology. However, the number
of skilled personnel is limited and the competition for attracting and retaining such personnel is intense, particularly in the information technology industry. Securing and retaining skilled personnel in the information technology industry is
especially important for Ricoh to compete effectively with its competitors as expectations and market standards for office equipment become more technologically advanced. Ricoh cannot assure that it will be able to successfully secure and retain
additional skilled personnel.



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Ricoh May Be Adversely Affected by Its Employee Benefit Obligations

With respect to its employee benefit obligations and plan assets, Ricoh accrues the cost of such benefits based on applicable accounting
policies and funds such benefits in accordance with governmental regulations. Currently, there is no immediate and significant funding requirement; however, if returns from investment assets continue to decrease and/or turn to be negative due to
market conditions, such as the fluctuations in the stock or bond markets, additional funding and accruals may be required. Such additional funding and accruals may adversely affect Ricohs financial position and results of operations.

Ricohs Operations Are Subject to Environmental Laws and Regulations

Ricohs operations are subject to many environmental laws and regulations governing, among other things, air emissions, wastewater
discharges, the use and handling of hazardous substances, waste disposal, product recycling, and soil and ground-water contamination. Ricoh faces risks of environmental liability in our current and historical manufacturing activities. Costs
associated with future additional environmental compliance or remediation obligations could adversely affect Ricohs business, operating results, and financial condition.

Risks Associated with Ricohs Equipment Financing Business May Adversely Affect Ricohs Financial Condition

Ricoh provides financing to some of its customers in connection with its equipment sales and leases. Ricoh evaluates the creditworthiness and the amount of credit extended to a customer prior to the
financing arrangement and during the financing term on a regular basis. Depending on such evaluations, Ricoh makes adjustments to such extensions of credit as it deems necessary to minimize any potential risks of concentrating credit risk or
non-payment of credit. Despite the application of these monitoring procedures, no assurances can be made that Ricoh will be able to fully collect on such extensions of credit due to unforeseeable defaults by its customers.

In addition, these financing arrangements that Ricoh enters into with its customers result in long-term receivables bearing a fixed rate
of interest. However, Ricoh finances these financing arrangements primarily with short-term borrowings subject to a variable interest rate. Although Ricoh engages in hedging activities, Ricoh is not able to fully hedge this interest rate mismatch.

If Ricoh is unable to successfully manage these risks associated with its equipment financing business, Ricohs
financial results and condition may be adversely affected.

Ricoh May Be Subject to Product Liability Claims that Could Significantly
Affect Its Financial Condition

Ricoh may be held responsible for any defects that occur with respect to its products and
services. Based on the defect, Ricoh may be liable for significant damages, which may adversely affect its financial results and condition. Furthermore, as Ricoh increasingly provides products and services utilizing sophisticated and complex
technologies, such defects may occur more frequently. Such potential increase in defects, which could result in an increase in Ricohs liability, may adversely affect its financial results and condition.

In addition, negative publicity concerning these defects could make it more difficult for Ricoh to attract and maintain customers to
purchase Ricoh products and services. As a result, Ricohs financial results and condition may be adversely affected.



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Ricohs Performance Can Be Affected by Alliance with, and Strategic Investments in, Other Entities

Ricoh engages in alliances with other entities to create various products and services to fulfill customer demands. Ricoh
believes that an alliance is an effective method for timely development of new technology and products using management resources of both parties. However, if Ricohs interest differs from other parties interests due to financial or other
reasons, Ricoh may be unable to maintain the alliance. Ricoh also makes strategic investments to acquire interests in companies that Ricoh believes would support existing businesses and/or lead to new businesses. Such strategic investments may not
necessarily lead to the expected outcome or performance and may result in increased time and expenses being incurred due to the integration of businesses, technologies, products and/or personnel necessitated by such investments. Accordingly, these
types of management decisions may have a significant impact on the future performance of Ricoh. Failure to maintain an on-going alliance, establish a necessary alliance or make a strategic investment to acquire an interest in a company may adversely
affect Ricohs future financial position and results of operations.

Inadvertent or accidental leakage or disclosure of confidential
or sensitive information may adversely affect Ricohs operations

Ricoh obtains confidential or sensitive information
from various sources, including its customers, in the ordinary course of its business. Ricoh also holds trade secrets regarding its technologies and other confidential or sensitive information relating to marketing. To prevent unauthorized access
and/or fraudulent leakage or disclosure of such confidential or sensitive information, Ricoh has implemented an internal management system, which includes measures to improve security and access to its internal database, as well as employee training
programs to educate its employees with respect to compliance with applicable regulations relating to information security and data access. Despite Ricohs efforts, however, confidential or sensitive information may be inadvertently or
accidentally leaked or disclosed and any such leakage or disclosure may result in Ricoh incurring damages, which may adversely affect Ricohs reputation. In addition, Ricoh may incur significant expenses for defending any lawsuits that may
arise from such claims. Furthermore, the leakage or disclosure of Ricohs confidential or sensitive marketing and technological information to a third party may adversely affect Ricohs financial results and condition.

Ricoh May Suffer Loss as a Result of Catastrophic Disaster, Information Technology Problems or Infectious Diseases

Several of Ricohs manufacturing facilities in Japan could be subject to a catastrophic loss caused by earthquakes as such facilities
are located in areas with above average seismic activity. If any of these facilities were to experience a catastrophic loss, Ricoh could experience disruptions in its operations and delays in its production and shipments. If such occurred, Ricoh
would likely record a decrease in revenue, and require large expenditures to repair or replace the damaged facility, which is likely to affect Ricohs financial position and results of operations.



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As Ricoh becomes increasingly dependent on information technology, software and hardware
defects, computer viruses, as well as internal database problems (e.g., falsifications or disappearance of information relating to our customers) pose a greater risk to its operations. Although Ricoh has taken various precautionary measures, such as
installing firewalls and anti-virus software to detect and eliminate computer viruses, Ricoh may not be able to completely prevent or mitigate the effects of such problems, which may affect Ricohs performance.

In addition, the Ricoh is continually expanding its worldwide operations to set in place a global supply chain of its products and
services so that we can satisfy our local customer needs faster, more effectively and on a regular basis. As Ricoh expands its operations worldwide, additional risks, such as infectious diseases (e.g., a new strain of influenza) and epidemics, may
adversely affect Ricohs operations and financial positions.

Item 4. Information on the Company

A. History and Development of the Company

The Company was incorporated as a joint stock corporation (kabushiki kaisha) on February 6, 1936 in accordance with Japanese law under the name Riken
Kankoshi Co., Ltd. as a manufacturer and distributor of sensitized paper for use in copiers. Since its incorporation, Ricoh has expanded its business into related businesses in the office equipment field. It now manufactures and markets copiers
(such as PPCs), MFPs, laser printers, GELJET printers, production printing products, facsimile machines, personal computers and servers, network related software and other equipment, including semiconductors, measuring equipment and cameras.

Historical Highlights



|              |  |                                                                                                                                                                          
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|February 1936 |  | Riken Kankoshi Co., Ltd. is formed in Kita-kyushu to manufacture and market sensitized paper.                                                                            
|              | 
|March 1938    |  | The Companys name is changed to Riken Optical Co., Ltd., and starts manufacturing and selling optical devices and equipment.                                            
|              | 
|May 1949      |  | The Company lists its securities on the Tokyo and Osaka Stock Exchanges.                                                                                                 
|              | 
|April 1954    |  | The Company establishes an optical device and equipment plant in Ohmori, Ohta-ku, Tokyo (now known as the Ohmori plant).                                                 
|              | 
|May 1955      |  | The Company begins manufacturing and selling desktop copiers.                                                                                                            
|              | 
|May 1961      |  | The Company establishes a sensitized paper plant in Ikeda, Osaka (now known as the Ikeda plant).                                                                         
|              | 
|October 1961  |  | The Company lists its securities on the First Section of each of the Tokyo and Osaka Stock Exchanges.                                                                    
|              | 
|June 1962     |  | The Company starts operations of a paper plant in Numazu, Shizuoka, which featured a fully-integrated sensitized paper production system (now known as the Numazu
plant).



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|              |  |                                                                                                                                                                                                                                                                        
|------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|December 1962 |  | The Company establishes Ricoh of America, Inc. (a subsidiary, later known as Ricoh Corporation and now known as Ricoh Americas Corporation).                                                                                                                           
|              | 
|April 1963    |  | The Company changes its corporate name to Ricoh Company, Ltd.                                                                                                                                                                                                          
|              | 
|July 1967     |  | The Company establishes Tohoku Ricoh Co., Ltd. (a subsidiary) in Shibata-gun, Miyagi.                                                                                                                                                                                  
|              | 
|May 1971      |  | The Company completes its manufacturing facility in Atsugi, Kanagawa (now known as the Atsugi plant), to which it transfers some of its office equipment production from the
Ohmori plant.                                                                             
|              | 
|June 1971     |  | The Company establishes Ricoh Nederland B.V. (a subsidiary, later known as Ricoh Europe B.V. and now known as Ricoh Europe Holdings B.V.) in the Netherlands.                                                                                                          
|              | 
|January 1973  |  | The Company establishes Ricoh Electronics, Inc. (a subsidiary) in the United States.                                                                                                                                                                                   
|              | 
|December 1976 |  | The Company forms Ricoh Credit Co., Ltd. (a subsidiary, now known as Ricoh Leasing Co., Ltd.).                                                                                                                                                                         
|              | 
|March 1977    |  | The Company relocates its headquarters to Minato-ku, Tokyo.                                                                                                                                                                                                            
|              | 
|December 1978 |  | The Company establishes Ricoh Business Machines, Ltd. (a subsidiary, now known as Ricoh Hong Kong Ltd.).                                                                                                                                                               
|              | 
|March 1981    |  | The Company builds the Ricoh Electronics Development Center at the Ikeda plant to develop and manufacture electronic devices.                                                                                                                                          
|              | 
|October 1981  |  | The Company lists its securities on the Paris Stock Exchange (now known as Euronext Paris).                                                                                                                                                                            
|              | 
|May 1982      |  | The Company establishes sensitized paper production facilities in Sakai, Fukui (now known as the Fukui plant), which takes over some of the sensitized paper production from the
Osaka plant (now known as the Ikeda plant).                                           
|              | 
|December 1983 |  | The Company establishes Ricoh UK Products Ltd. (a subsidiary).                                                                                                                                                                                                         
|              | 
|October 1985  |  | The Company builds a copier manufacturing plant in Gotenba, Shizuoka (now known as the Gotenba plant).                                                                                                                                                                 
|              | 
|April 1986    |  | The Company opens a research and development (R&D) facility in Yokohama, Kanagawa (now known as the Ricoh Research and Development Center) in commemoration of the
Companys 50thanniversary, to which it transfers
some of its R&D operations from the Ohmori plant.
|              | 
|April 1987    |  | The Company establishes Ricoh Industrie France S.A. (a subsidiary, now known as Ricoh Industrie France S.A.S.).                                                                                                                                                        
|              | 
|April 1989    |  | The Company sets up an electronic devices facility in Yashiro-cho, Kato-gun, Hyogo (now known as the Yashiro plant).                                                                                                                                                   
|              | 
|January 1991  |  | The Company establishes Ricoh Asia Industry (Shenzhen) Ltd. (a subsidiary) in China.                                                                                                                                                                                   
|              | 
|March 1995    |  | Ricoh Corporation acquires Savin Corporation, an American office equipment sales company.                                                                                                                                                                              



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|               |  |                                                                                                                                                                                      
|-------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|September 1995 |  | The Company acquires Gestetner Holdings PLC (now known as Ricoh Europe PLC), a British office equipment sales company.                                                               
|               | 
|January 1996   |  | Ricoh Leasing Co., Ltd. lists its securities on the Second Section of the Tokyo Stock Exchange (currently listed on the First Section of the Tokyo Stock
Exchange).                  
|               | 
|December 1996  |  | The Company establishes Ricoh Asia Pacific Pte Ltd (a subsidiary) in Singapore.                                                                                                      
|               | 
|March 1997     |  | The Company establishes Ricoh Silicon Valley, Inc. (now known as Ricoh Innovations, Inc.) in the United States.                                                                      
|               | 
|August 1999    |  | Ricoh Hong Kong Ltd. acquires Inchcape NRG Ltd., a Hong Kong-based office equipment sales company.                                                                                   
|               | 
|January 2001   |  | Ricoh Corporation acquires Lanier Worldwide, Inc., an American office equipment sales company.                                                                                       
|               | 
|October 2002   |  | The Company establishes Ricoh China Co., Ltd. (a subsidiary).                                                                                                                        
|               | 
|April 2003     |  | Tohoku Ricoh Co., Ltd. becomes a wholly-owned subsidiary of the Company.                                                                                                             
|               | 
|October 2004   |  | The Company acquires Hitachi Printing Solutions, Ltd. (now known as Ricoh Printing Systems, Ltd.) in Japan.                                                                          
|               | 
|August 2005    |  | The Company opens Ricoh Technology Center in Ebina, Kanagawa to integrate its domestic development facilities and offices.                                                           
|               | 
|November 2005  |  | The Company relocates its headquarters to Chuo-ku, Tokyo.                                                                                                                            
|               | 
|January 2007   |  | Ricoh Europe B.V. acquires the European operations of Danka Business Systems PLC.                                                                                                    
|               | 
|June 2007      |  | InfoPrint Solutions Company, LLC (InfoPrint Solutions Company), a joint venture company of Ricoh and International Business Machines Corporation (IBM),
commences its operations.
|               | 
|May 2008       |  | The Company establishes Ricoh Manufacturing (Thailand) Ltd. (a subsidiary) in Thailand.                                                                                              
|               | 
|August 2008    |  | Ricoh Elemex Corporation becomes a wholly-owned subsidiary of the Company.                                                                                                           
|               | 
|October 2008   |  | Ricoh Americas Corporation acquires all of the outstanding shares of IKON Office Solutions, Inc. (IKON), an American office equipment sales and service
company.                   
|               | 
|July 2010      |  | Seven domestic sales subsidiaries and the marketing group of the Company are merged into one domestic sales subsidiary named Ricoh Japan Corporation.                                
|               | 
|August 2010    |  | The Company completes the construction of a new building that expands the Ricoh Technology Center, which is located in Ebina, Kanagawa.                                              



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The Companys registered head office and executive office are as follows:



|                       |  |                                                          |  |                 
|---------------------- |  | -------------------------------------------------------- |  | ----------------
|                       |  | Address                                                  |  | Telephone number
|Registered head office |  | 3-6, Naka Magome 1-chome, Ohta-ku, Tokyo 143-8555, Japan |  | +81-3-3777-8111 
|Executive office       |  | 13-1, Ginza 8-chome, Chuo-ku, Tokyo 104-8222, Japan      |  | +81-3-6278-2111 

Principal Capital Investments

Ricohs capital investments for fiscal years 2009, 2010 and 2011 were ¥96.9 billion, ¥66.9 billion and ¥66.9 billion,
respectively. Ricoh directed a significant portion of its capital investments for fiscal years 2009, 2010 and 2011 towards digital and networking equipment, such as digital PPCs/MFPs, laser printers and production printing products, and
manufacturing facilities to maintain or enhance its competitiveness in the industry. For fiscal year 2011, Ricohs capital investments included ¥8.1 billion for the construction of a new building at the Ricoh Technology Center, ¥5.6
billion for purchasing mold casts used in the manufacturing of MFPs, production printing equipment and printers and ¥4.6 billion for the construction of a second plant that manufactures polymerized PxP toner. More specifically, in fiscal year
2011, Ricoh completed the construction of a new building to expand the Ricoh Technology Center that is located in Kanagawa, Japan, which was established in 2005 as Ricohs main development center. With the expansion of the Ricoh Technology
Center, Ricoh relocated the software development department, the inkjet technology development department and the supply development department (responsible for developing toners and photoconductors) to this newly expanded center. As a result, the
Ricoh Technology Center now houses such departments as well as the copier and printer development division and the manufacturing technology division. Ricoh Technology Center is also engaged in elemental technology development, product design,
product evaluation and developing manufacturing technology for state-of-the-art color products. With the consolidation of these departments and divisions at the Ricoh Technology Center, Ricoh aims to (1) improve its flexible cross-functional
(inter-departmental) development structures, (2) strengthen human resources development and (3) enhance its product engineering capabilities and overall development efficiency. By geographic segment, in fiscal year 2011, Ricoh made capital
investments in Japan, the Americas, Europe and Other in the amounts of ¥45.6 billion, ¥8.5 billion, ¥10.1 billion and ¥2.7 billion, respectively. Ricoh projects that for fiscal year 2012, its capital investments will amount to
approximately ¥67.0 billion, which will principally be used for investments in manufacturing facilities of digital and networking equipment with new engines, toners, semiconductors and thermal media. It is expected that Ricohs capital
investments in Japan, the Americas, Europe and Other will be in the amount of approximately ¥44.2 billion, ¥10.2 billion, ¥8.9 billion and ¥3.7 billion, respectively, in fiscal year 2012. These capital investments are expected to be
financed with internally generated funds and/or borrowings from third parties.



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B. Business Overview

Ricoh is a leading manufacturer of office automation equipment. Ricohs principal products include copiers (such as PPCs), printers (MFPs, laser printers and GELJET printers), production printing
products and facsimile machines. Ricoh is also a prominent manufacturer of digital and advanced electronic devices such as semiconductor devices. In recent years, Ricoh has been rapidly building a solid presence globally as a comprehensive document
solutions provider that helps its customers streamline their businesses and decrease operating costs. More specifically, Ricoh supports its office and production printing equipment businesses by offering customers various solution
systems that work with personal computers and servers, network systems, application software and related product support and after-sales services to assist customers in fully utilizing the Ricoh products that they purchase. Ricohs product
support services include assisting customers in setting up their information technology environment or network. Ricoh also offers various supplies and peripheral products to be used with its products and systems.

PRODUCTS

Ricohs
operating segments consist of Imaging & Solutions, Industrial Products and Other.

Ricohs management analyzes its business operations and performance based on these segments.

The following table sets forth Ricohs sales by products for fiscal years 2009, 2010 and 2011.

SALES BY PRODUCT



|                         |  |                                                                      |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  
|------------------------ |  | -------------------------------------------------------------------- | --------- |  | ---- |  | ----- | ---- |  | - | --------- |  |  |  | ----- | - |  | - | --------- |  |  |  | ----- | -
|                         |  | Millions of Yen (except for
percentages)For the Year Ended March 31, |          
|                         |  | 2009                                                                 |           |  | 2010 |  |       | 2011 | 
|Imaging & Solutions      |  |                                                                      |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  
|Imaging Solutions        |  | ¥                                                                    | 1,598,614 |  |      |  | 76.4  | %    |  | ¥ | 1,516,172 |  |  |  | 75.2  | % |  | ¥ | 1,429,824 |  |  |  | 73.6  | %
|Network System Solutions |  |                                                                      | 234,484   |  |      |  | 11.2  |      |  |   | 274,071   |  |  |  | 13.6  |   |  |   | 283,483   |  |  |  | 14.6  |  
|Industrial Products      |  |                                                                      | 115,550   |  |      |  | 5.5   |      |  |   | 101,692   |  |  |  | 5.0   |   |  |   | 106,830   |  |  |  | 5.5   |  
|Other                    |  |                                                                      | 143,048   |  |      |  | 6.9   |      |  |   | 124,402   |  |  |  | 6.2   |   |  |   | 121,876   |  |  |  | 6.3   |  
|                         |  |                                                                      |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  
|Total                    |  | ¥                                                                    | 2,091,696 |  |      |  | 100.0 | %    |  | ¥ | 2,016,337 |  |  |  | 100.0 | % |  | ¥ | 1,942,013 |  |  |  | 100.0 | %
|                         |  |                                                                      |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  



Note:

|(1) | The above consolidated financial data set forth net sales to external customers by product.
|--- | -------------------------------------------------------------------------------------------

Imaging & Solutions

This segment consists of products that
are widely used in the office and production printing environments and are categorized as follows:

(1) Imaging Solutions

For fiscal year 2011, the Imaging Solutions product category accounted for 73.6% of Ricohs net sales.

The primary functions of products in this category are (1) to produce copies and (2) to print or produce images using a
network. Stand-alone PPCs are representative of products in the first group, and MFPs and laser printers are representative of products in the second group.

The principal products in the Imaging Solutions product category include monochrome and color digital PPCs/MFPs, laser printers, GELJET printers and production printing products.



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Ricoh continues to be a global leader in PPCs/MFPs and has been a pioneer in the development
of digital machines. Ricoh manufactures a wide range of PPCs/MFPs with a variety of copying speeds and functions such as double-sided printing, sorting, reducing and enlarging, and zoom adjustment based on copy sizes. Ricoh continues to strengthen
its digital PPC/MFP product lineup with new product offerings that range from low-end models (regular print speed models for low volume copying or printing) to high-end models (high print speed models for large volume copying or printing). PPCs/MFPs
use a drum or other medium coated with a photo conductive material on which an image of the original document is projected optically and developed by applying a dry powder-based toner. The application of this printing process enables higher picture
quality and is environmentally friendly. Ricohs PPCs/MFPs are designed to provide information technology support for all types of office environments by delivering enhanced basic features (i.e., reduction, enlargements), simpler operation,
reduced paper consumption through electronic storage, and better connectivity with document distribution and storage systems. Ricoh also manufactures a wide range of laser printers that print in monochrome or color and in a variety of print speeds,
are able to connect to a network and are multifunctional in that they have scanning, faxing and copying capabilities as well as advanced finishing capabilities. GELJET printers utilize GELJET technology developed by Ricoh, which enables
ultra-fine particle pigment dispersion to produce higher image qualities. All GELJET printers are color printers. In addition, Ricoh manufactures production printing products that are high-speed laser printers designed to be used as a central
printing device to satisfy customers needs to print-on-demand and print large volumes. Production printing products are often used in data processing environments (such as central reproduction departments within companies and data centers) and
the commercial professional printing market (i.e., market comprised of businesses offering high-quality printing services).

In response to customer demand, Ricoh continues to be focused in recent years on designing a wide-range of products that enhance
productivity, have improved security features, are user friendly and are environmentally friendly.

For example, during fiscal
year 2011, Ricoh released its imagio MP C5001/C4001/C3301/C2801 series (also known as Aficio MP C5001/C4001/C3301/C2801 series when sold overseas) as part of its color MFP product lineup. These new color MFPs (1) decrease average energy
consumption by approximately 25% (MP C5001/C4001 series) and 50% (MP C3301/C2801 series) compared to that of earlier models by using an induction heating fusing unit, which heats up quickly and uses less electricity, and the newly developed
black PxP toners, which enables fusing at lower temperatures, (2) increase customers productivity by shortening the start-up time from when the equipment is in wait mode, (3) increase printing and scanning speeds, which
improve customers productivity, (4) enable customers to print directly from USB memory and/or SD cards, which enhance customers work efficiency and (5) provide enhanced security features, such as a user authentication system to
prevent unauthorized access to images and an encryption system that encrypts user names and passwords. Ricoh also released imagio MP C2201 series (also known as Aficio MP C2201 series when sold overseas) as part of its color MFP product lineup
during fiscal year 2011, which (1) reduced average energy consumption by using the new color QSU (quick start up) technology and the newly developed black PxP toners and (2) shortened start-up times to 10 seconds from when the
equipment is in wait mode as compared to 27 seconds for prior models, such that the shortened start-up time is now equivalent to start-up times of monochrome MFPs.



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In addition, Ricoh developed and introduced during fiscal year 2011 the imagio MP
W3601/W2401 series (also known as Aficio MP W3601/W2401 series when sold overseas), a wide format MFP with features that increased customers productivity compared to prior models, such as (1) having a copying speed of 6 pages per minute
and (2) being equipped with a 600 dpi resolution full color scanner. In addition, this wide format MFP series provided as standard features security functions that were previously optional.

In terms of laser printers, Ricoh developed and introduced during fiscal year 2011 low- to high-end color laser printers for A4-sized
paper featuring a compact body of 400 mm (width) x 480mm (depth) x 387mm (height) , which enables usage in a wide range of work environments, and functions that improve customers productivity, such as a printing speed of 25 pages per minute.

With respect to GELJET printers, Ricoh developed and introduced the IPSiO GX e7700 series (also known as Aficio GX e 7700
series when sold overseas) during fiscal year 2011. This series was introduced to target mid-end users and is a series of color printers featuring (1) a function that enables printing on a wide range of paper sizes from special A3-size paper to
L-size paper, (2) a broad spectrum of printing functions to satisfy a wide range of customer requirements, (3) lower overall printing costs with a function that automatically adjusts the print density depending on the document contents,
(4) environmentally friendly characteristics, such as reduced average energy consumption to a level comparable to that of a fluorescent light bulb, (5) high speed printing, such as taking less than 2.6 seconds to print the first color page
and being able to print 29 pages per minute in both monochrome and color, and (6) easy-to-use applications that can be operated at the front of the printer on a daily basis.

Furthermore, in terms of production printing products, Ricoh developed and introduced the RICOH Pro C901/C901S for its production
printing customers during fiscal year 2011. The RICOH Pro C901/C901S is a color laser printer with a high print speed of 90 pages per minute for both monochrome and color printing on A4-size paper. In addition, this laser printer (1) uses
oil-free polymerized PxP toners to produce high quality images, (2) has high-speed print, copy and scan capabilities, (3) uses a new fusing unit that improves paper handling, (4) has an improved large color TFT LCD operation panel
that simplifies operation and (5) has various options that enable customers to improve their production efficiency, such as various finishing and binding options.

(2) Network System Solutions

For fiscal year 2011, the Network System Solutions
product category accounted for 14.6% of Ricohs net sales.

The primary function of products in this category is to
assist customers in establishing a networked environment and provide customized printing solutions that satisfy customers individual needs. The principal products in the Network System Solutions product category include personal computers and
servers, network systems, application software, and related services and support such as document outsourcing services.



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In Japan, Ricoh has its own solutions brand called Operius and is focused on
providing solutions to customers to optimize their office environment. Operius is comprised of three key components: (1) hardware, (2) software and (3) support and services. By identifying and utilizing the most appropriate hardware
and software to address customers needs, and supplementing such products with a comprehensive support and service team (such as a 24-hour IT monitoring center, and an expert team of hardware and software engineers), Ricoh strives to assist its
customers in creating a working environment that is more efficient. For example, Ricoh develops storage and management solutions that address the customers need to organize and keep track of both paper and digital files, and that provide a
secure centralized electronic document storage system that enables easy retrieval. Through the seamless integration of hardware and software, customers can utilize and benefit from streamlined document scanning, indexing and electronic document
distribution. As part of Operius, Ricoh delivers total cost of ownership (TCO) consulting that begins with analyzing the customers document workflow, output devices and document processes. In addition, through its support services,
Ricoh has been able to lower the total printing costs of its customers by assisting them in the set up of their information technology or networks in various environments in Japan (where physical space is costly) and thereby increasing the
efficiency of their printing process.

In addition, in Japan as well as the overseas market, Ricoh has been expanding its
managed document services (MDS) since its acquisition of IKON in fiscal year 2009. Historically, Ricoh has grown its business by inventing and selling new products. While Ricoh remains committed to providing innovative hardware and
software products, Ricoh believes that its MDS can provide customers added-values. The objective of Ricohs MDS is to provide customers with a competitive advantage over its competitors, decrease costs, improve efficiencies and strengthen data
security protection.

Ricoh is expanding its MDS business globally because it believes that customers needs are
changing. Unlike before, customers appear to be less willing to pay for hardware and software which they must manage and optimize themselves. Rather, customers appear to be seeking a consultative partner that provides not only innovative products
but also solutions that enable customers to pay only for what they actually use, which may change quickly based on changes in customers companies and the markets they serve. Based on Ricohs experience, customers also appear to be looking
to outsource non-core business functions to third-party partners who are willing to invest, collaborate and work with them.

More specifically, Ricohs MDS is a global service that helps customers improve their document workflow and office processes,
manages and optimizes customers information, increases productivity and reduces TCO. Ricohs MDS is provided to customers in the following five phases:

Phase I (Understand  Understanding the state of the customers environment): In this phase, Ricoh works with customers and conducts a detailed assessment of the state of the customers
document output environment. Ricohs dedicated team of analysts performs this assessment and provides the customer with an analysis of the customers environment, including limitations to its environment and associated costs.

Phase II (Improve  Presenting a proposed design that focuses on the customers goals): Using the assessment from Phase I,
Ricohs experts (including a team of analysts, system engineers, consultants and technology specialists) develop and provide recommendations to achieve the customers objectives in this phase. Such objectives may include enhancing
efficiency, increasing productivity, and deriving measurable and sustained cost savings.



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Phase III (Transform  Transforming the customers environment): In this phase,
Ricoh provides a clear roadmap that shows how the customer can transition from the current state to the desired future state, and offers the services of experts who can ensure that the transition to a new environment is accomplished efficiently,
with minimum impact on the customers business, and the objectives of the change can be realized quickly.

Phase IV
(Govern  Governing the new environment for continuous improvement): In this phase, Ricoh provides onsite services to generate cost savings, fleet productivity and workflow improvements. Ricoh strives to deliver measurable and sustained
improvements that differentiate Ricohs MDS from other print solutions and ensure measurable cost containment, reduced IT efforts and enhanced end-user satisfaction.

Phase V (Optimize  Optimize the new environment): In this last phase, Ricoh provides services that transform the customers workflow and enables customers to deliver information at the
appropriate time and format, while at the same time saving costs for such action. In providing this service, Ricoh offers the services of its experts without adding to the customers headcount and without having customers relinquishing control
over their own information infrastructure. Ricohs experts will work as an extension of the customers staff, applying the requisite expertise as needed.

Industrial Products

The Industrial Products segment consists of
products that are used in the industrial sector. For fiscal year 2011, this segment accounted for 5.5% of Ricohs net sales. Principal products in this segment include thermal media, optical equipment, semiconductor devices, electronic
components and measuring equipment.

Through technological enhancements in its thermal media business, Ricoh has been able to
expand its business from the production of thermal paper for use in facsimiles to a variety of business areas, including the production of POS sheets, logistics management sheets (such as dispatch labels), reward cards, identification cards, medical
films, food labels, industrial use labels, amusement tags and tickets, pharmaceutical labels and thermal rewritable films that utilize thermo-chromic printing technology that can be used to erase and update text and graphics up to 500 times.

Ricohs optical equipment business utilizes technology originally developed by Ricoh for its copiers and cameras. This
business supplies optical equipment and optical supply parts, such as lens units, to third parties.

Ricoh also manufactures
various types of semiconductor devices. Such devices include application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs) that are often used in digital copiers, printers, personal
computers, PC card, cellular phones and other digital appliances.

The electronic components business consists of components
supplied to Ricohs manufacturing plants in connection with the production of its own products, such as copiers and printers, as well as components supplied to third parties.

In addition, Ricoh is one of the leading manufacturers of measuring equipment in Japan. Ricoh offers a wide range of measuring equipment,
such as gas meters and gas leak detectors. Sales in the measuring equipment category are greatly affected by the cyclical nature of market demand for this equipment.



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Other

The Other segment, which accounted for 6.3% of Ricohs net sales for fiscal year 2011, includes digital cameras, financing and logistics services.

Ricoh is one of the pioneers in commercializing digital cameras, which have tremendous potential as image capturing devices.
As digital cameras may be used in a variety of ways to capture and input images, Ricoh expects that the digital camera market will continue to grow in the future. During fiscal year 2011, Ricoh released new digital cameras under the names
CX4 and G700/G700SE.

The CX4 features (1) a 10.7x optical wide-angle zoom lens
(equivalent to a 28-300 mm focal length on 35 mm cameras) with a compact body having a depth of 29.4 mm and (2) enhanced image-sensor-shift image stabilization, which reduces blurring of the image on average by the equivalent of about 3.7
shutter-speed stops, about three times faster than its predecessor model. This enhanced stabilization feature ensures crisp, sharp results when taking close-up photos, telephoto shots and other shots in which the image is likely to blur.

The G700/G700SE is equipped with (1) an optical lens that has 5x zoom capability (equivalent to
28-140 mm focal length on 35 mm cameras) and (2) a built-in flash that reaches up to 10 meters. The G700/G700SE has improved shock resistance, water resistance and chemical resistance qualities, which enables it to be used at
difficult work sites. In addition, Bluetooth® and wireless LAN capabilities are standard features of the
G700SE, which also has optional GPS and bar code reader units as accessories.

Ricoh provides certain financing
services in Japan through Ricoh Leasing Co., Ltd., which leases industrial equipment and medical equipment as well as office equipment, and offers loans, such as support loans, to small businesses and independent medical doctors. Ricoh is also
increasing its financing services in the United States and Western Europe by extending more leases to customers in order to meet the change in customers demand to use equipment rather than to own equipment, and to
support sales of the Imaging Solutions business.

Ricoh Logistics System Co. Ltd. offers logistics services in the delivery,
distribution and storage of products, such as electronic products, office equipment, and electronic and machinery parts.

GROUP VISION AND
MANAGEMENT PLANS

With Winner in the 21st Century (Build a strong global RICOH brand) as its group vision,
Ricoh strives to continue growing and developing as a global company by gaining the trust of its customers. Ricoh intends to gain the trust of its customers by continuously working towards achieving greater customer productivity and knowledge
management. Accordingly, Ricoh plans to conduct its business activities in a way that provides innovative products and services to all of its customers (including those who use information at work and in their lives outside of work) based on
Ricohs three core values of harmonizing with the environment (i.e., reducing and minimizing environmental impact), simplifying your life and work (i.e., enhancing user friendliness and striving towards simplification)
and supporting knowledge management (i.e., offering solutions to process information).



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In addition to this overall group vision, management has established medium-term goals.
Fiscal year 2011 was the third and last fiscal year of the 16th Mid Term Plan (MTP), which covered the period from fiscal year 2009 through fiscal year 2011. Under the 16th MTP, Ricohs objectives were to earn an even greater level
of trust from its customers by placing greater emphasis on customer viewpoints and continuing to provide products and services which meet and exceed customer expectations. To achieve the objectives of the 16th MTP, Ricoh established the following
five basic group management strategies: (1) become the market leader in each of the targeted business areas (such as the production printing business and the solutions business), (2) strengthen and accelerate its environmental management
(which encompasses environment-related technological development, such as the development of products like color PxP toners, the management of resources and energy used in the entire lifecycles of Ricoh products, and the delivery to customers of
Ricohs environmental philosophy and activities), (3) promote Ricoh Quality (which means to accelerate the innovation processes to achieve greater customer satisfaction), (4) create new business lines and (5) build a
strong global RICOH brand.

During the 16th MTP, Ricoh made various efforts to achieve the plans objectives. For
example, Ricoh worked to achieve synergy with IKON, which it acquired in fiscal year 2009, in various ways, including making efforts to replace non-Ricoh products used by IKON customers with Ricoh products. In addition, Ricoh expanded in various
countries its production printing business, its MDS business and its IT services business. Ricoh also took steps to restructure its operations in accordance with the Corporate Restructuring Growth Project (CRGP) from October 2008, which
is a group-wide project to reduce costs and restructure operations for future growth, implemented urgent cost reduction measures in fiscal year 2011 and started to shift resources to new growth areas.

In addition to the overall objectives of the 16th MTP, Ricoh also established financial targets with respect to net sales, operating
income, operating income ratio (ratio of operating income to net sales), return-on-equity (ROE) and payout ratio (ratio of dividends paid to net income) that were to be achieved by the last fiscal year of the plan. More specifically, the
financial targets were net sales of ¥2,300.0 billion, operating income of ¥170.0 billion, operating income ratio of 7.4%, ROE of 12.5% and payout ratio of 30.0%. Actual results as of fiscal year 2011 (the last fiscal year of the 16th MTP)
were net sales of ¥1,942.0 billion, operating income of ¥60.1 billion, operating income ratio of 3.1%, ROE of 2.1% and payout ratio of 121.9%. These results were due in part to the change in business environment that occurred during the 16th
MTP as well as the appreciation of the Japanese Yen relative to the U.S. Dollar and the Euro. More specifically, the average exchange rate between the Japanese Yen and the U.S. Dollar was ¥100.55 to US$1 for fiscal year 2009 and
¥85.77 to US$1 for fiscal year 2011. The average exchange rate between the Japanese Yen and the Euro was ¥143.74 to Euro 1 for fiscal year 2009 and ¥113.28 to Euro 1 for fiscal year 2011. Ricoh estimates that an appreciation of ¥1
against the U.S. Dollar would impact sales and operating income by ¥6.5 billion and ¥1.3 billion, respectively, and an appreciation of ¥1 against the Euro would impact sales and operating income by ¥3.5 billion and ¥1.5
billion, respectively. While the decrease in demand that occurred after the world financial crisis recovered slowly during the end of the 16th MTP, Ricohs customers continued to minimize color output and manage their overall printing output.
Ricohs customers also adjusted their business models during the 16th MTP in ways that reflect a shift in values from those based on product possession (i.e., owning a product) to those based on product use (i.e., using
a product). Furthermore, the increased use of mobile devices and the paperless movement accelerated during the 16th MTP, which has resulted in changing peoples working styles. Furthermore, increased environmental awareness has lead customers
to place greater emphasis and importance when selecting a product on whether the product has been designed and can perform in a way that is friendly to the environment.

The objective of the 17th MTP, which covers the period from April 2011 to March 2014, is to achieve growth and to restructure its organization simultaneously in order to develop new values that can be
provided to customers. To achieve this objective, Ricoh has implemented the following two basic group management strategies: (1) business creation and integration and (2) establish highly efficient management.



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By business creation and integration, Ricoh means that it will strive to
strengthen its services business with the goal of increasing its market share not only in products but also in services. More specifically, Ricoh will focus on achieving five objectives under the business creation and integration
strategy. First, Ricoh will work to maintain its top market share status in its core business (i.e., products that are used in the office environment), while streamlining its operations. Second, Ricoh will aim to expand its services business in
developed countries and areas, such as the United States, Western Europe and Japan, by enhancing its MDS offerings and expanding its IT services. Third, Ricoh will strive to expand its product line-up and market share in the emerging markets.
Fourth, Ricoh will work to strengthen its production printing business by making necessary adjustments to its sales and service structures and expanding its product line-up so that its production printing business can realize a profit at an early
stage. Lastly, Ricoh will continue to develop new businesses to achieve growth, which new businesses will include developing network appliances and Eco solutions. Network appliances consist of projection systems, unified communication systems and
other systems. Eco solutions consist of the LED illumination business, the ESCO business (which is a business that provides comprehensive services to achieve energy savings in buildings and factories with the objective of providing energy saving
benefits to customers and contributing to preserving the global environment), the recycling business and other businesses. In addition, as part of the 17th MTP and in light of the shift in customer demand to merely use equipment as
opposed to own equipment, Ricoh intends to (1) provide comprehensive MDS or Eco solutions by using a combination of existing systems and the Ricoh group expertise and (2) provide financial solutions for customers to facilitate
the purchase of higher priced products and services, such as the building- or factory-wide comprehensive installation of LED illuminations and production printing products. Separately, to assist in the recovery of the Tohoku area after the Great
East Japan Earthquake, Ricoh plans to expand its toner production capacity in the Tohoku area and establish a new recycling center in the Tohoku area. To date, Ricoh has contributed ¥0.3 billion and established a Recovery Support Department to
strengthen its recovery efforts and support the mid- to long-term recovery of the affected areas.

By establish highly
efficient management, Ricoh means that it will work to create a corporate environment through which its growth strategies can be accelerated. More specifically, Ricoh will strive to realize a corporate culture that encourages the accelerated
implementation of growth strategies that seek to achieve in-depth restructuring as part of the CRGP. Ricoh intends to achieve this restructuring and accelerate acquisition synergies by (1) streamlining its sales systems, (2) reviewing
non-profitable businesses and deciding either to support and turn around such businesses or withdraw from such businesses, (3) integrating production sites and shifting resources to growth areas, (4) encouraging operational re-engineering,
such as re-engineering its business processes, streamlining redundant operations and reorganizing headquarter functions, (5) relocating approximately 15,000 personnel to new growth areas and reducing personnel headcount by approximately 10,000
persons, (6) reducing purchase costs by centralizing purchase functions and aggregating purchase orders and (7) reviewing its development processes (such as the create without making process, which means to develop products
without incurring costs arising from test models) and strengthening its support for low cost development. In addition, as part of the 17th MTP and to investment in its future growth, Ricoh intends to (1) make capital investments of
approximately ¥200.0 billion over the next three years (which will be maintained on an annual basis at current levels equivalent to depreciation), (2) maintain R&D expenses at 5-6% of net sales (which it intends to use to expand into
new business areas and streamline existing business areas while also engaging in product development for emerging markets) and (3) expand its business infrastructure in new areas and growth areas (which it intends to accomplish by reallocating
resources and implementing strategic investments into new business areas).

The financial targets that Ricoh has set to
achieve by March 2014 in connection with the 17th MTP are net sales of ¥2,400.0 billion or higher, operating income of ¥210.0 billion or higher, operating income ratio of 8.8% or higher, ROE of 10.0% or higher, free cash flow (which is the
sum of cash flows from operating activities plus cash flows from investing activities) of approximately ¥200.0 billion and a shareholder return ratio (the ratio between dividends and share buybacks) of approximately 30%.



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SALES AND DISTRIBUTION

Ricoh continues to utilize the following three marketing and sales channels for the distribution of its products to end-user customers in Japan: (1) direct sales by Ricoh to end-user customers
through domestic subsidiaries and affiliates, (2) sales through independent dealers of office equipment and (3) sales through independent office supply wholesalers and retailers. Ricoh estimates that over one-half of its domestic PPC/MFP
and laser printer sales by revenue are derived from its direct sales channels to end-user customers, with the remaining balance being divided between sales through independent dealers of office equipment and independent office supply wholesalers and
retailers. During fiscal year 2009, in an effort to consolidate its operations, Ricoh merged 33 sales subsidiaries in Japan into five sales subsidiaries to enhance the efficiency of its domestic sales activities. As a result, as of the end of fiscal
year 2009, Ricoh had seven domestic sales subsidiaries, located in the Hokkaido, Tohoku, Kanto, Chubu, Kansai, Chugoku and Kyushu areas, that coordinated its marketing and sales channels in Japan. To further enable a quicker response to
customers increasingly diversified needs and to efficiently manage its sales operations, Ricoh merged these seven domestic sales subsidiaries and the marketing group of the Company into one domestic sales subsidiary in July 2010, which
subsidiary is named Ricoh Japan Corporation.

Outside of Japan, Ricoh has organized its marketing and sales channels to
accommodate its four operating regions: (1) the Americas, (2) Europe, Africa, and the Middle East, (3) Asia and Oceania and (4) China. One of Ricohs strategies in expanding its overseas marketing and sales channels has been
to acquire office equipment sales companies in various locations around the world through which it can sell its products. Accordingly, in addition to selling Ricoh brand name products through its overseas sales subsidiaries, affiliates and
independent dealers (similar to the marketing and sales channels used for the distribution of products in Japan), Ricoh also sells its products through the following two marketing and sales channels in the overseas market: (1) sales of products
under brand names that Ricoh purchased through acquisitions (i.e., the Savin brand, the Lanier brand and the Infotec brand) and (2) sales of Ricohs products by other companies under their brand names
where Ricoh is the original equipment manufacturer (OEM). Savin and Lanier were originally Ricohs OEM distributors prior to their acquisition. During fiscal year 2009, Ricoh acquired the U.S.-based IKON and its subsidiaries, who
supply and service a wide range of office equipment in the U.S., Canada and the Western European markets. The purpose of this acquisition was for Ricoh to strengthen and broaden its business opportunities and infrastructure in the U.S., Canada and
Europe by capitalizing on IKONs broad sales and service network and gaining access to IKONs customer relationships, which includes large private corporations as well as U.S. government and public sector entities/organizations.

Ricoh recognizes revenue for sales upon the delivery and installation of equipment to its end-user customers. Revenue from
the sales of equipment under sales-type leases is recognized as product sales at the inception of the lease. Information regarding the methods by which Ricoh recognizes revenue is also set forth in Item 5. Critical Accounting Policies and Note
2 to the Consolidated Financial Statements which are included in this annual report.



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AFTER-SALES SERVICE

Ricoh provides repair and maintenance services for its products to end-user customers based on the belief that periodic and timely maintenance services are essential in preserving Ricohs market
share in the relevant products. These maintenance services are provided to customers pursuant to maintenance service contracts customarily entered into at the time the equipment is originally sold.

In Japan, repair and maintenance services are generally provided by Ricohs service specialists. Ricohs service network in
Japan includes service centers operated by Ricoh and its affiliates and service outlets operated by other companies. The total number of Ricohs sales and service personnel in Japan is approximately 21,200. Similar to Japan, Ricoh employees and
contracted maintenance providers provide repair and maintenance services to end-user customers in the overseas market who purchase Ricoh products. The total number of Ricohs overseas sales and service personnel is approximately 45,800.

Ricohs customer support system (@Remote) is available globally in order to enhance customer satisfaction
and service efficiency. This system allows Ricoh to remotely monitor copiers that are in operation and provide prompt service to such copiers.

Additional information regarding the manner in which Ricoh accounts for its after-sales services is set forth in Item 5. Critical Accounting Policies and Note 2 to the Consolidated Financial
Statements which are included in this annual report.

PRINCIPAL MARKETS

Ricoh distributes its products and competes in the following four geographic areas: Japan, the Americas, Europe and Other. In the
aggregate, Ricohs sales decreased in fiscal year 2011. As noted below, for fiscal year 2011, net sales in Japan, the Americas, Europe and Other as a percentage of total net sales were 45.1%, 26.9%, 21.3% and 6.7%, respectively. The table below
breaks down for each geographic area the total net sales amount and percentage of such net sales amount as compared against total net sales for each of the last three fiscal years.

SALES BY GEOGRAPHIC AREA



|             |  |                                                                                   |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  
|------------ |  | --------------------------------------------------------------------------------- | --------- |  | ---- |  | ----- | ---- |  | - | --------- |  |  |  | ----- | - |  | - | --------- |  |  |  | ----- | -
|             |  | Millions of Yen (except for percentages to net sales)For the Year Ended March 31, |          
|             |  | 2009                                                                              |           |  | 2010 |  |       | 2011 | 
|Japan        |  | ¥                                                                                 | 938,331   |  |      |  | 44.9  | %    |  | ¥ | 876,578   |  |  |  | 43.5  | % |  | ¥ | 875,859   |  |  |  | 45.1  | %
|The Americas |  |                                                                                   | 502,862   |  |      |  | 24.0  |      |  |   | 557,687   |  |  |  | 27.7  |   |  |   | 521,970   |  |  |  | 26.9  |  
|Europe       |  |                                                                                   | 523,407   |  |      |  | 25.0  |      |  |   | 458,584   |  |  |  | 22.7  |   |  |   | 413,936   |  |  |  | 21.3  |  
|Other        |  |                                                                                   | 127,096   |  |      |  | 6.1   |      |  |   | 123,488   |  |  |  | 6.1   |   |  |   | 130,248   |  |  |  | 6.7   |  
|             |  |                                                                                   |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  
|Total        |  | ¥                                                                                 | 2,091,696 |  |      |  | 100.0 | %    |  | ¥ | 2,016,337 |  |  |  | 100.0 | % |  | ¥ | 1,942,013 |  |  |  | 100.0 | %
|             |  |                                                                                   |           |  |      |  |       |      |  |   |           |  |  |  |       |   |  |   |           |  |  |  |       |  



Note:

|(1) | Sales amounts set forth in the above table are based on the location of the purchaser (external customer) of the product. For example, if the product is manufactured in
Japan and sold to an external customer located in the United States, such sale would be recorded as a sale in the Americas.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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(1) Japan

While the Japanese economy showed some moderate signs of recovery starting in the second half of fiscal year 2010, the economic situation in Japan remained unpredictable due to the appreciation of the
Japanese Yen against the U.S. Dollar and the Euro as well as the decline in the stock market. Capital investments in Japan by customers have decreased due to sluggish sales performance and the appreciation of the Japanese Yen. Personal
consumption has also remained weak. Ricoh continues to face a difficult business environment in Japan. In the Imaging & Solutions segment, the marketing group of the Company and seven domestic sales companies were integrated and reorganized
into Ricoh Japan Corporation. Through such integration and reorganization, Ricoh sought to improve its management efficiency by creating a sales infrastructure that will enable the Ricoh Group companies to promptly respond to and address the
diversifying needs of its customers.

As a result of the Great East Japan Earthquake on March 11, 2011, Ricoh suffered
damages to its operations in the affected areas. For additional information on the effect of the Great East Japan Earthquake, see Item 5.A. Fiscal Year 2011 Compared to Fiscal Year 2010  Geographic Segments by Geographic Origin 
Japan.

(2) The Americas

In the Americas, economic conditions remained unpredictable despite the fact that individual consumption and capital investments showed signs of recovery.

During fiscal year 2009, Ricoh acquired the U.S.-based IKON and its subsidiaries, who supply and service a wide range of office equipment
to customers, including large private corporations as well as U.S. government and public sector entities/organizations. Ricoh is increasing its efforts to switch non-Ricoh products sold by IKON to its customers (prior to Ricohs acquisition) to
Ricoh products and integrating IKON as part of its supply chain.

(3) Europe

Although the economy showed signs of recovery during fiscal year 2011 partially due to the increase in European exports to other regions
as a result of the depreciation of the Euro, the overall economic condition in Europe remained uncertain. This was due in part to the widening intra-regional economic disparities resulting from the financial crisis and high unemployment rates in
some countries. In addition, the sharp depreciation of the Euro relative to other foreign currencies contributed to such uncertain economic conditions.

During fiscal year 2009, Ricoh integrated the European business operations of IKON into Ricoh Europe PLCs operations. The purpose of this integration was to optimize the operational structure in
each country in this geographic region to respond promptly to new customer demands and to enhance the effectiveness of its business by eliminating duplicative functions.

(4) Other

The Other geographic area includes China, South East Asia and Oceania.
Demand for Ricoh products in the emerging markets, including China and India, increased in fiscal year 2011. In response to this increase in demand, Ricoh strengthened its sales force in these markets. Despite the appreciation of the Japanese Yen,
sales increased in the Other geographic are in fiscal year 2011 compared to fiscal year 2010.



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COMPETITION

The office equipment industry in which Ricoh primarily competes remains highly competitive and Ricoh continues to encounter intense competition in its Imaging & Solutions segment. Furthermore,
competition in each of the product categories in the Imaging & Solutions segment is expected to increase in the future as Ricohs competitors enhance and expand their product and service offerings. For example, in response to the trend
in the office equipment market towards digital networking systems and the shift in customers demands towards color products, Ricohs competitors are introducing a range of color products and digital networking systems, thereby increasing
the level of competition in these products. This increase in competition may result in price reductions and decreases in profitability as well as market share in these products. Ricoh seeks to prevail over the intense competition in the office
equipment market by providing customers with equipment that optimizes the TCO of such equipment and enhancing office productivity and efficiency. However, Ricoh cannot provide assurance that it will be able to compete successfully against existing
or future competitors. Moreover, Ricoh may face competition from some of its current customers and companies with which Ricoh has strategic business relationships.

The size and number of our competitors vary across our product categories, as do the resources allocated by our competitors to the markets Ricoh targets. Ricohs competitors may have greater
financial, personnel and other resources than Ricoh has in a particular market or overall. These competitors may have greater resources available to them to respond quickly to new technologies and may be able to undertake more extensive marketing
campaigns than Ricoh. Competitors may also adopt more aggressive pricing policies for their products and make more attractive offers to potential customers, employees and strategic partners. These competitors may also make strategic acquisitions or
establish cooperative relationships among themselves or with third parties to increase their ability to gain market share.

Despite the intense competition in the office equipment industry, Ricohs management believes that Ricoh will be able to maintain
and enhance its position in the global market because of its experience, expertise and technical capabilities as a leading provider of office and production printing equipment, and dedication to meet customers needs.



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SEASONALITY

Sales in the Imaging & Solutions segment generally increase in March of each year, which is the end of the fiscal year for most Japanese companies. This is due to the increase in demand for these
products as many Japanese companies and government entities try to expend their allotted capital expenditure budget for the fiscal year. However, the effect of this seasonality on a consolidated basis has customarily been minimal. For example, sales
generated during the month of March due to this seasonality accounted for 13.8% of Ricohs sales in Japan for fiscal year 2010. However, the effect of this seasonality on a consolidated basis was minimal for fiscal year 2010, as only 5.0% of
Ricohs total consolidated sales for fiscal year 2010 were generated from sales in Japan during the month of March. For fiscal year 2011, sales in Japan were affected by the Great East Japan Earthquake that occurred on March 11, 2011 and
this seasonality had even less impact on sales in the Imaging & Solutions segment. More specifically, sales generated during the month of March due to this seasonality accounted for 11.7% of Ricohs sales in Japan for fiscal year 2011.
The effect of this seasonality on a consolidated basis was minimal for fiscal year 2011, as only 5.4% of Ricohs total consolidated sales for fiscal year 2011 were generated from sales in Japan during the month of March.

SOURCES OF SUPPLY

Raw
materials, parts and components used in the production of Ricohs products, such as plastics, rubber and chemicals are procured on a global basis. Prices of some raw materials that Ricoh uses fluctuate according to the market and prices of some
parts and components that Ricoh uses fluctuate as well.Generally, Ricoh maintains multiple suppliers for the most significant categories of raw materials, parts and components to address such fluctuations. Because very few of the raw
materials required by Ricoh in manufacturing its products can be procured in Japan, most of the raw materials used by Ricoh come from outside of Japan. Ricoh monitors the availability of raw materials on a regular basis to ensure that it will not
encounter any shortages. Ricoh has not experienced any significant difficulty in obtaining the raw materials, parts and components necessary for it to manufacture its products and believes that it will be able to continue to obtain necessary raw
materials, parts and components in sufficient quantities to meet its manufacturing needs in the future. A rise in crude oil prices may lead to an increase in the overall cost of procuring raw materials, parts and components. This is due to the fact
that the cost of oil-based parts and components, the processing costs of raw materials and fuel costs of shipping and distributing such raw materials, parts and components may increase as a result of higher crude oil prices. However, Ricoh believes
that it will be able to adequately manage the impact of any such price volatility in connection with the raw materials, parts and components that are required to manufacture its products.



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INTELLECTUAL PROPERTY

Ricoh holds a large number of patents and trademark rights. While Ricoh considers such intellectual property rights to be valuable assets and important for its operations, it believes that its business is
not dependent to any material extent upon any single patent or trademark right, or any related group of rights it holds.

Ricoh also has many licenses and technical assistance agreements covering a wide variety of products. Such agreements grant Ricoh the
right to use certain Japanese and foreign patents or the right to receive certain technical information. However, Ricoh is not materially dependent on any such single license or agreement.

In addition, Ricoh has granted licenses and technical assistance to various companies located in and outside of Japan. In certain
instances, Ricoh has entered into cross-licensing agreements with other major international electronics and electrical equipment manufacturers. None of these agreements are likely to materially affect Ricohs business or profitability. See
Item 5.C. Patents and Licenses.

GOVERNMENT REGULATIONS

Ricohs business activities are subject to various government regulations in the various countries in which it operates, including regulations relating to business and investment approvals, export
regulations, tariffs, antitrust, intellectual property, consumer and business taxation, exchange controls and recycling requirements. Ricoh is also subject to environmental regulations in the jurisdictions in which it operates, particularly those
jurisdictions in which it has manufacturing, research or similar operations. These regulations govern, among other things, air emissions, wastewater discharges, the use and handling of hazardous substances, waste disposal, product recycling, and
soil and ground-water contamination. These regulations are imposed by the environmental regulatory agencies in the jurisdictions in which Ricoh conducts its operations. For example, in the United States these agencies are the United States
Environmental Protection Agency and the State environmental regulatory agencies in the jurisdictions in which Ricoh conducts operations.



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The products sold by Ricoh are increasingly subject to a variety of environmentally-related
requirements in the markets in which it operates that restrict or prohibit the types of material that are used or present in the products, require manufacturers and distributors to take back and either dispose of or recycle products at
the end of their useful life, and require or encourage increased energy efficiency. These product-related requirements are frequently accompanied by labeling requirements intended to inform customers about the presence or absence of certain
materials in products, or provide information about the recyclability of the products. These requirements affect Ricohs global supply chain, since supplied components must meet the applicable requirements in order for Ricohs products to
be in compliance. For example, environmental regulations which may affect Ricohs businesses in the European Union include (but are not limited to) the European Union Directive on Waste Electrical and Electronic Equipment (the WEEE
Directive), the European Union Directive on the Restriction on the Use of Certain Hazardous Substances in Electrical and Electronic Equipment (the RoHS Directive), the European Union Regulation on the Registration, Evaluation,
Authorisation and Restriction of Chemicals (the REACH Regulation) and the European Union Directive on Energy-Using Products (the EuP Directive, also commonly known as Directive 2005/32/EC). Beginning in August 2005, the WEEE
Directive, as enacted by individual European Union countries, made manufacturers or importers of electrical and electronic equipment in the European Union financially responsible for the collection, recycling, treatment, recovery and legitimate
disposal of collected waste electrical and electronic equipment. The RoHS Directive prohibits the presence of more than specific concentrations of lead, mercury, cadmium, hexavalent chromium, polybrominated biphenyls (PBB) or polybrominated diphenyl
ethers (PBDE) in electrical and electronic equipment that is to be sold in the European Union market from July 2006. The REACH Regulation entered into force in June 2007 and, among other things, requires the registration of chemical substances
manufactured or used in products that are sold in the European Union. This regulation covers almost all forms of chemicals, and also imposes some requirements on articles (as defined in the REACH Regulation) manufactured in or imported
into the European Union. The EuP Directive sets forth a framework for establishing eco-design requirements for energy-using products by systematically integrating environmental aspects at early stages of the product design. One of the important
goals of the EuP Directive is to improve the overall environmental performance of products throughout their life-cycle. A variety of similar product-related environmental requirements have been or are expected to be enacted in other regions where
Ricoh operates, including in the United States (including requirements established by individual States) and Asia. The scope of these requirements, including the types of equipment and materials covered and the nature and severity of the
restrictions or prohibitions imposed, may expand as legislatures and regulators in the markets in which Ricoh operates review and amend these requirements.

While Ricohs businesses may be affected by various government regulations, Ricoh currently operates, and expects to continue operating, its business without significant difficulty in complying with
applicable government regulations.

C. Organizational Structure

As of March 31, 2011, the Ricoh group includes the Company, 227 subsidiaries and 7 affiliates located worldwide. In addition, from fiscal year 2011, Variable Interest Entities (VIE) have been
consolidated. See Note [2] (u) and Note [4] to the Consolidated Financial Statements for additional information.

The
Company is the parent of the Ricoh group. The Company heads the R&D activities of Ricoh products with assistance from its subsidiaries. The Company and its subsidiaries and affiliates maintain an integrated domestic and international
manufacturing and distribution structure.



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The following is a list of the principal subsidiaries of the Company. None of the
Companys 7 affiliates are considered material affiliates of Ricoh.



|                                           |  |                     |  |                                 |  |                                                                     
|------------------------------------------ |  | ------------------- |  | ------------------------------- |  | --------------------------------------------------------------------
|Company Name                               |  | Country ofFormation |  | Proportion ofownership
interest |  | Main businesses                                                     
|(Subsidiaries)                             |  |                     |  |                                 |  |                                                                     
|Ricoh Optical Industries Co., Ltd.         |  | Japan               |  | 100.0                           |  | Manufacturing optical equipment                                     
|Hasama Ricoh, Inc.                         |  | Japan               |  | 100.0                           |  | Manufacturing office equipment                                      
|Tohoku Ricoh Co., Ltd.                     |  | Japan               |  | 100.0                           |  | Manufacturing office equipment                                      
|Ricoh Unitechno Co., Ltd.                  |  | Japan               |  | 100.0                           |  | Manufacturing parts for office equipment                            
|Ricoh Printing Systems, Ltd.               |  | Japan               |  | 100.0                           |  | Manufacturing and sale of office equipment                          
|Ricoh Elemex Corporation                   |  | Japan               |  | 100.0                           |  | Manufacturing and sales of office equipment and minuteness equipment
|Ricoh Microelectronics Co., Ltd.           |  | Japan               |  | 100.0                           |  | Manufacturing parts for office equipment                            
|Ricoh Keiki Co., Ltd.                      |  | Japan               |  | 100.0                           |  | Manufacturing parts for office equipment                            
|Ricoh Japan Corporation                    |  | Japan               |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Technosystems Co., Ltd.              |  | Japan               |  | 100.0                           |  | Maintenance, service and sale of office equipment                   
|Ricoh IT Solutions Co., Ltd.               |  | Japan               |  | 100.0                           |  | Development and construction of network system                      
|Ricoh Logistics System Co., Ltd.           |  | Japan               |  | 100.0                           |  | Logistics services and custom clearances                            
|Ricoh Leasing Co., Ltd.                    |  | Japan               |  | 51.1                            |  | General leasing                                                     
|Ricoh Electronics, Inc.                    |  | U.S.A.              |  | 100.0                           |  | Manufacturing office equipment and related supplies                 
|Ricoh UK Products Ltd.                     |  | U.K.                |  | 100.0                           |  | Manufacturing office equipment                                      
|Ricoh Industrie France S.A.S.              |  | France              |  | 100.0                           |  | Manufacturing office equipment and related supplies                 
|Ricoh Asia Industry (Shenzhen) Ltd.        |  | China               |  | 100.0                           |  | Manufacturing office equipment and related supplies                 
|Shanghai Ricoh Digital Equipment Co., Ltd. |  | China               |  | 100.0                           |  | Manufacturing and sale of office equipment                          
|Ricoh Manufacturing (Thailand) Ltd.        |  | Thailand            |  | 100.0                           |  | Manufacturing office equipment                                      
|Ricoh Americas Corporation                 |  | U.S.A.              |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Canada Inc.                          |  | Canada              |  | 100.0                           |  | Sale of office equipment                                            
|IKON Office Solutions, Inc.                |  | U.S.A.              |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Printing Systems America, Inc.       |  | U.S.A.              |  | 100.0                           |  | Manufacturing office equipment                                      
|InfoPrint Solutions Company, LLC           |  | U.S.A.              |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Europe Holdings PLC                  |  | U.K.                |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh UK Ltd.                              |  | U.K.                |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Deutschland GmbH                     |  | Germany             |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh France S.A.S                         |  | France              |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Italia Srl                           |  | Italy               |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Espana S.L.U.                        |  | Spain               |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Belgium N.V.                         |  | Belgium             |  | 100.0                           |  | Sale of office equipment                                            
|Ricoh Nederland B.V.                       |  | Netherlands         |  | 100.0                           |  | Sale of office equipment                                            



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|                                                     |  |                     |  |                                 |  |                         
|---------------------------------------------------- |  | ------------------- |  | ------------------------------- |  | ------------------------
|Company Name                                         |  | Country ofFormation |  | Proportion ofownership
interest |  | Main businesses         
|Ricoh Europe SCM B.V.                                |  | Netherlands         |  | 100.0                           |  | Sale of office equipment
|Ricoh Schweiz AG                                     |  | Switzerland         |  | 100.0                           |  | Sale of office equipment
|Ricoh Sverige AB.                                    |  | Sweden              |  | 100.0                           |  | Sale of office equipment
|Ricoh Finance Nederland B.V.                         |  | Netherlands         |  | 100.0                           |  | Corporate finance       
|Ricoh China Co., Ltd.                                |  | China               |  | 100.0                           |  | Sale of office equipment
|Ricoh Hong Kong Ltd.                                 |  | Hong Kong, China    |  | 100.0                           |  | Sale of office equipment
|Ricoh Asia Industry Ltd.                             |  | Hong Kong, China    |  | 100.0                           |  | Sale of office equipment
|Ricoh Asia Pacific Pte Ltd                           |  | Singapore           |  | 100.0                           |  | Sale of office equipment
|Ricoh Asia Pacific Operations Ltd.                   |  | Hong Kong, China    |  | 100.0                           |  | Sale of office equipment
|Ricoh (Thailand) Ltd.                                |  | Thailand            |  | 100.0                           |  | Sale of office equipment
|Ricoh India Ltd.                                     |  | India               |  | 73.6                            |  | Sale of office equipment
|Ricoh Australia Pty, Ltd.                            |  | Australia           |  | 100.0                           |  | Sale of office equipment
|Ricoh New Zealand Ltd.                               |  | New Zealand         |  | 100.0                           |  | Sale of office equipment
|And 182 other subsidiaries                           |  |                     |  |                                 |  |                         
|(Affiliates)                                         |  |                     |  |                                 |  |                         
|7 affiliates (none of which are material affiliates) |  |                     |  |                                 |  |                         



Notes:

|(1) | Proportion of ownership interest includes indirect ownership.
|--- | -------------------------------------------------------------

|(2) | Ricoh Leasing Co., Ltd. is the only subsidiary of the Company that is a significant subsidiary as defined in Rule 1-02(w) of Regulation S-X.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------

|(3) | InfoPrint Solutions Company, LLC changed its name to Ricoh Production Print Solutions, LLC in April 2011
|--- | --------------------------------------------------------------------------------------------------------



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D. Property, Plant and Equipment

Ricoh manufactures its products primarily in fifteen plants in Japan and six plants overseas. Ricoh owns all of the buildings and the land on which its plants are located, with the exception of certain
leases of land and floor space of certain of its subsidiaries. None of these leased land and floor spaces have major encumbrances on them. None of Ricohs plants are subject to any material environmental issues that may affect the extent to
which Ricoh is able to utilize such plants. The following table gives certain information as of March 31, 2011 regarding the Companys and its subsidiaries principal manufacturing and other facilities. With the exceptions of Shanghai
Ricoh Digital Equipment Co., Ltd. and GR Advanced Materials Ltd., the manufacturing and other facilities listed below have floor space exceeding 10,000 square meters.



|                                           |  |                                |  |                                                                            
|------------------------------------------ |  | ------------------------------ |  | ---------------------------------------------------------------------------
|Name (Location)                            |  | Floor space                    |  | Principal activities and products
manufactured                             
|                                           |  | (in thousands ofsquare meters) |  |                                                                            
|Japan:                                     |  |                                |  |                                                                            
|Ricoh Company, Ltd.                        |  |                                |  |                                                                            
|Ohmori Plant (Tokyo)                       |  | 54                             |  | Parts relating to copiers                                                  
|Atsugi Plant (Kanagawa)                    |  | 73                             |  | Office equipment and other products                                        
|Numazu Plant (Shizuoka)                    |  | 121                            |  | Paper and toner                                                            
|Ikeda Plant (Osaka)                        |  | 27                             |  | Electronic devices                                                         
|Fukui Plant (Fukui)                        |  | 34                             |  | Papers and toner                                                           
|Gotenba Plant (Shizuoka)                   |  | 70                             |  | Office equipment                                                           
|Yashiro Plant (Hyogo)                      |  | 34                             |  | Electronic devices                                                         
|Ricoh Technology Center (Kanagawa)         |  | 127                            |  | R&D                                                                        
|Head Office (Tokyo)                        |  | 21                             |  | Head office and marketing of office equipment                              
|Research & Development Center (Kanagawa)   |  | 17                             |  | R&D                                                                        
|System Center (Tokyo)                      |  | 10                             |  | Information system center, marketing of office equipment and other business
|Ginza Office (Tokyo)                       |  | 11                             |  | Marketing of office equipment and other business                           
|Shin-Yokohama office (Kanagawa)            |  | 40                             |  | Marketing of office equipment, other business and related services         
|Katsuta office (Ibaraki)                   |  | 54                             |  | R&D of production printing products                                        
|Subsidiaries:                              |  |                                |  |                                                                            
|Ricoh Optical Industries Co., Ltd. (Iwate) |  | 23                             |  | Photographic equipment                                                     
|Tohoku Ricoh Co., Ltd. (Miyagi)            |  | 64                             |  | Office equipment, toner and parts relating to copiers and duplicators      
|Hasama Ricoh, Inc. (Miyagi)                |  | 14                             |  | Parts relating to copiers and data processing equipment                    
|Ricoh Unitechno Co., Ltd. (Saitama)        |  | 19                             |  | Office equipment                                                           
|Ricoh Elemex Corporation. (Aichi)          |  | 45                             |  | Office equipment and measuring equipment                                   
|Ricoh Microelectronics Co., Ltd. (Tottori) |  | 12                             |  | Printed circuit boards and electronic components                           
|Ricoh Keiki Co., Ltd. (Saga)               |  | 10                             |  | Printed circuit boards and parts relating to copiers                       
|Ricoh Printing Systems, Ltd. (Ibaraki)     |  | 54                             |  | Printers and production printing products                                  



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|                                                                                                      |  |                                |  |                                                            
|----------------------------------------------------------------------------------------------------- |  | ------------------------------ |  | -----------------------------------------------------------
|Name (Location)                                                                                       |  | Floor space                    |  | Principal activities and products
manufactured             
|                                                                                                      |  | (in thousands ofsquare meters) |  |                                                            
|Overseas:                                                                                             |  |                                |  |                                                            
|Ricoh Electronics, Inc.
(Irvine, Santa Ana and Tustin, California and Lawrenceville, Georgia, U.S.A.) |  | 110                            |  | Copiers, parts relating to copiers, toner and thermal paper
|Ricoh UK Products Ltd. (Telford, United Kingdom)                                                      |  | 36                             |  | Copiers, parts relating to copiers and toner               
|Ricoh Industries France S.A.S. (Colmar, France)                                                       |  | 49                             |  | Copiers, parts relating to copiers and thermal paper       
|Ricoh Asia Industry (Shenzhen) Ltd. (Shenzhen, China)                                                 |  | 42                             |  | Copiers, parts relating to copiers, and toner              
|Ricoh Components Asia (Shenzhen) Co., Ltd. (Shenzhen, China)                                          |  | 35                             |  | Printed circuit boards and electronic components           
|Shanghai Ricoh Facsimile Co., Ltd (Shanghai, China)                                                   |  | 26                             |  | Facsimile equipment                                        
|Ricoh Thermal Media (Wuxi) Co., Ltd. (Shenzhen, China)                                                |  | 24                             |  | Direct thermal paper and thermal transfer ribbon           
|Shanghai Ricoh Digital Equipment Co., Ltd. (Shanghai, China)                                          |  | 6                              |  | Copiers, facsimile equipment and parts relating to copiers 
|Ricoh Manufacturing (Thailand) Ltd. (Rayong, Thailand)                                                |  | 38                             |  | Printers and parts relating to printers                    
|GR Advanced Materials Ltd. (Scotland, United Kingdom)                                                 |  | 7                              |  | Supplies relating to duplicators                           



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As discussed earlier in this Item 4, Ricoh completed during fiscal year 2011 the
construction of a new building to expand the Ricoh Technology Center located in Kanagawa, Japan, which was established in 2005 as Ricohs main development center. This expansion of the Ricoh Technology Center was financed with internally
generated funds.

Ricoh considers its manufacturing facilities to be well maintained and believes its plant capacity is
adequate for its current needs, though successive investments in manufacturing facilities are being considered for its long-term success.

Item 4A. Unresolved Staff Comments

Not applicable.



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Item 5. Operating and Financial Review and Prospects

OVERVIEW

Ricoh is
engaged primarily in the development, manufacturing, sales and servicing of office automation equipment, such as PPCs/MFPs, laser printers, GELJET printers, production printing products and facsimile machines, as well as semiconductor devices,
digital cameras and thermal media. Ricoh supports its office automation equipment business by offering customers various solution systems that work with personal computers and servers, network systems, application software and related
product support and after-sales services to assist customers in fully utilizing the Ricoh products that they purchase. Ricohs product support services include assisting customers in setting up their information technology environment or
network. Ricoh also offers various supplies and peripheral products to be used with its products and systems.

Ricoh
distributes its products and competes in the following four geographic areas: (1) Japan, (2) the Americas, (3) Europe and (4) Other, which includes China, Southeast Asia and Oceania. For additional information on Ricohs
business, see Item 4.B. Information on the Company  Business Overview.

Because of the global nature of
Ricohs operations, Ricohs results of operations and financial conditions are affected both by economic and political developments in Japan and the rest of the world, as well as by demand and competition in its lines of business.
Furthermore, competition in the businesses Ricoh operates has increased significantly and is likely to continue increasing in the future. Significant trends in the office equipment market during the past several years consist of the movement towards
digital networking systems from stand-alone models and the shift in customers demands toward color products from monochrome products. In addition, more recently, the needs of customers are changing such that customers are increasingly less
willing to pay for hardware and software they must manage and optimize themselves. Rather, they seek solutions that enable them to pay only for what they actually use, which may change quickly based on changes in customers companies and the
markets they serve. Based on Ricohs experience, customers also appear to be looking to outsource non-core business functions to third-party partners who are willing to invest, collaborate and work with them. In light of these recent trends,
Ricoh is focusing on expanding its MDS business on a global basis.

Historically, Ricohs revenues have been derived
mainly from the manufacturing and sale of equipment (such as copiers and printers). In recent years, the key factor to achieve revenue growth has been the expansion of available product lines and areas of services to address the increase in customer
demand for digitization, color printing, high volume printing, which became possible upon the introduction of printers with high-speed printing capabilities, and document management solutions. Although the global economy has not yet fully recovered
from its recent downturn, Ricoh remains focused on achieving sustained growth to remain competitive. To achieve such growth, Ricoh has striven to broaden its revenue and earnings base by expanding available product lines and areas of service, and
increasing the total copying or printing volume of its customers (which Ricoh refers to as Building Total Document Volume) and the amount of revenue per copy or printed page. More specifically, Ricohs strategies continue to include
(1) introducing new color products at prices comparable to those of monochrome models to replace monochrome products, (2) expanding sales of high-speed models and (3) deploying printing solutions so that customers can optimize the
total output costs of their copiers and printers. In addition, in light of more recent trends, Ricohs strategy now also includes expanding its new services businesses, and strengthening its global MDS business and IT service business. To
support such strategies, Ricoh continues to place a high priority on creating products that add value for customers in new ways (e.g., faster print speeds, easier network connectivity, enhanced user-friendliness and improved security features). To
this end, to enhance its technological strengths Ricoh made targeted R&D investments to create new products and deliver new services that provide added value for its customers during fiscal year 2011.



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In addition, in order to increase sales of its products, Ricoh has been expanding its sales
infrastructure in the Imaging & Solutions segment during the last few fiscal years primarily through various acquisitions, including the acquisition of the European sales and service companies of Danka Business Systems PLC and the
acquisition of the U.S.-based IKON and its subsidiaries, who supply and service a wide range of office equipment in the U.S., Canada and the Western European markets.

To further strengthen its printing and copying business, Ricoh and IBM formed a joint venture company, InfoPrint Solutions Company, to enter into the production printing business in fiscal year 2008,
which joint venture company is now a wholly-owned subsidiary of Ricoh. InfoPrint Solutions has contributed to expanding Ricohs production printing business, and Ricoh expects that this company will further strengthen its capabilities in output
solutions, including large volume production printing products.

Furthermore, Ricoh continues to steadily increase its
operational efficiency through cost-cutting measures across its business units, which includes the reduction of production costs and the streamlining of its business structure, as well as supply chain management. As part of its strict cost
management policy, Ricoh continues to analyze the cost structure of its products at the design phase for the purpose of minimizing production costs.

While the global economy showed some signs of moderate recovery during fiscal year 2011, difficult economic conditions persisted. Economies in the U.S. and Europe showed signs of recovery; however, the
debt crisis in Europe and the political instability in the Middle East and North Africa caused uncertainties to remain in the global market. In addition, in light of such uncertainties, crude oil prices increased. Despite such economic environment,
Asian countries, mainly China, maintained a high level of economic growth and was a driving force of the global economy. While the Japanese economy showed some signs of a modest recovery during fiscal year 2011, due in part to the economic stimulus
measures implemented by the government and an increase in exports to emerging countries, the appreciation of the Japanese Yen, the increase in deflation and the damage brought on by the Great East Japan Earthquake in March 2011, resulted in the
Japanese economy facing challenging conditions for fiscal year 2011. The Great East Japan Earthquake caused damage to Ricohs premises and facilities engaged in production, sales, maintenance services, and research and development and other
activities at various locations in the Tohoku and Kitakanto regions. On top of these damages, the disruption of the transportation infrastructure as well as the shortage of supply of fuel and materials impacted Ricohs shipment of products.
While Ricohs financial results for fiscal year 2011 were affected by the earthquake, it did not have a material impact on its consolidated financial results. Ricoh currently estimates that the financial impact of the earthquake in fiscal year
2012 will be approximately ¥10.0 billion, including estimated lost profits due to lost business opportunities; however, such amount is not expected to have any material impact on Ricohs consolidated results, financial position or cash
flows for fiscal year 2012.



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Ricohs consolidated net sales for fiscal year 2011 decreased by 3.7% to ¥1,942.0
billion, from ¥2,016.3 billion for fiscal year 2010, due primarily to the decrease in net sales in its Imaging & Solutions operating segment and the Other operating segment. This decrease was due mainly to the slow economic recovery
after the global economic downturn and the increase in global competition, which had the effect of decreasing customer demand for Ricoh products. The decrease in net sales was also attributable to the depreciation of the U.S. Dollar and the
Euro against the Japanese Yen. Net sales would have increased by 1.9% excluding the effects of foreign currency exchange fluctuations. While cost of sales decreased by 3.5% for fiscal year 2011, such percentage decrease was less than the percentage
decrease of net sales because Ricoh lowered the sales price for certain products to stimulate sales in the sluggish and competitive market, and Ricoh was not able to fully absorb certain fixed costs as a result of the decrease in production volume.
As a result, gross profit decreased by 3.9% for fiscal year 2011 as compared to fiscal year 2010. In terms of selling, general and administrative expenses, the group-wide cost reduction efforts in Ricohs manufacturing and sales operations
resulted in a 3.5% decrease in such expenses as compared to fiscal year 2010. As a result, Ricohs operating income for fiscal year 2011 decreased by 8.8%, with operating income as a percentage of net sales decreasing from 3.3% to 3.1% as
compared to fiscal year 2010.

KEY PERFORMANCE INDICATORS

The following table shows changes for the last three fiscal years in the key performance indicators that Ricohs management uses in assessing its performance. Ricohs management considers these
indicators to be important in monitoring and evaluating its performance to meet the expectation of its shareholders.



|                                           |  |                              |         |   |      |  |         |      |  |  |         |  
|------------------------------------------ |  | ---------------------------- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|                                           |  | For the year ended March 31, |        
|                                           |  | 2009                         |         |   | 2010 |  |         | 2011 | 
|Net sales (in billions of Yen)             |  |                              | 2,091.6 |   |      |  | 2,016.3 |      |  |  | 1,942.0 |  
|Operating income to net sales ratio(1)     |  |                              | 3.6     | % |      |  | 3.3     | %    |  |  | 3.1     | %
|Return on assets(2)                        |  |                              | 0.3     | % |      |  | 1.1     | %    |  |  | 0.8     | %
|Inventory turnover within months(3)        |  |                              | 1.86    |   |      |  | 1.70    |      |  |  | 1.78    |  
|Interest-bearing debt (in billions of Yen) |  |                              | 779.1   |   |      |  | 684.4   |      |  |  | 630.4   |  



Notes:

|(1) | Operating income to net sales ratio = Operating income divided by net sales.
|--- | ----------------------------------------------------------------------------

|(2) | Return on assets = Net income divided by average total assets for the fiscal year.
|--- | ----------------------------------------------------------------------------------

|(3) | Inventory turnover within months = Inventory divided by average monthly cost of sales.
|--- | --------------------------------------------------------------------------------------

In fiscal year 2011, Ricohs consolidated net sales decreased by 3.7% to ¥1,942.0 billion, from ¥2,016.3 billion for fiscal
year 2010, due primarily to the decrease in net sales in the Imaging & Solutions operating segment and the Other operating segment. Operating income to net sales ratio decreased by 0.2 percentage points to 3.1% from 3.3% for fiscal year
2010 due primarily to the decrease in operating income resulting from the decrease in net sales. Return on assets decreased by 0.3 percentage points to 0.8% from 1.1% for fiscal year 2010 due mainly to a decrease in net income. Inventory turnover
within months increased by 0.08 points, which increase was due primarily to the Great East Japan Earthquake. Interest-bearing debt decreased by ¥54.0 billion as Ricoh repaid some of its outstanding interest-bearing debt by using the additional
cash generated from operations as a result of various cost cutting efforts and applying additional cash and cash equivalents on hand.



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CRITICAL ACCOUNTING POLICIES

The consolidated financial statements of Ricoh are prepared in conformity with U.S. generally accepted accounting principles. The preparation of these financial statements requires the use of estimates,
judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. On an ongoing basis, Ricoh evaluates its
estimates which are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The results of these evaluations form the basis for making judgments about the carrying values of assets
and liabilities and the reported amounts of expenses that are not readily apparent from other sources. Actual results may differ from these estimates under different scenarios.

Ricoh considers an accounting policy to be critical if it is important to its financial condition and results, and requires significant
judgments and estimates on the part of management in its application. Ricoh believes that the following represent the critical accounting policies of the Company. For a summary of the significant accounting policies, including the critical
accounting policies discussed below, see Note [2] to the Consolidated Financial Statements.

Revenue Recognition

Ricoh believes that revenue recognition is critical for its financial statements because consolidated net income is
directly affected by the timing of revenue recognition.

Ricoh generates revenue principally through the sale of equipment,
supplies and related services under separate contractual arrangements for each. Generally, Ricoh recognizes revenue when (1) it has a firm contract, (2) the product has been shipped to and accepted by the customer or the service has been
provided, (3) the sales price is fixed or determinable and (4) amounts are reasonably assured of collection.

Most
equipment sales require that Ricoh install the product. As such, revenue is recognized at the time of delivery and installation at the customer location. Equipment revenues are based on established prices by product type and model and are net of
discounts. A sales return is accepted only when the equipment is defective and does not meet Ricohs product performance specifications. Other than installation, there are no customer acceptance clauses in Ricohs sales contracts.

Service revenues result primarily from maintenance contracts that are normally entered into at the time the equipment is
sold. Standard service fee prices are established depending on equipment classification and include a cost value for the estimated services to be performed based on historical experience plus a profit margin thereon. As a matter of policy, Ricoh
does not discount such prices. On a monthly basis, maintenance service revenues are earned and recognized by Ricoh and billed to the customer in accordance with the contract and include a fixed monthly fee plus a variable amount based on usage. The
length of the contract ranges up to five years; however, most contracts can be cancelled at any time by the customer upon a short notice period.



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Ricoh enters into contractual arrangements with multiple elements, which may include any
combination of products, equipment, installation and maintenance. Ricoh allocates revenue to each element based on its relative fair value if such element meets the criteria for treatment as a separate unit of accounting. The delivered item in a
multiple element arrangement should be considered a separate unit of accounting if all of the following criteria are met: (1) a delivered item has value to customers on a stand-alone basis, (2) there is objective and reliable evidence of
fair value of an undelivered item and (3) the delivery of the undelivered item must be probable and controlled by Ricoh if the arrangement includes the right of return. The price charged when the element is sold separately generally determines
fair value. Otherwise, revenue is deferred until the undelivered elements are fulfilled as a single unit of accounting.

Allowance for Doubtful Receivables

Ricoh performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and the customers current creditworthiness, as determined by Ricohs review of
the customers credit information. Ricoh continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses based upon its historical experience and any specific customer collection issues
that Ricoh has identified. While such credit losses have historically been within Ricohs expectations and the provisions established, Ricoh cannot guarantee that it will continue to experience the same credit loss rates that it has in the
past. Changes in the underlying financial condition of our customers could result in a material impact on Ricohs consolidated results of operation and financial position.

The following table illustrates Ricohs allowance for doubtful receivables for finance receivables for fiscal years 2009, 2010 and
2011.



|                                  |  |                   |         |   |      |  |         |      |  |  |         |  
|--------------------------------- |  | ----------------- | ------- | - | ---- |  | ------- | ---- |  |  | ------- | -
|Description                       |  | 2009              |         |   | 2010 |  |         | 2011 | 
|                                  |  | (Millions of Yen) |        
|Finance receivables               |  |                   | 672,405 |   |      |  | 653,959 |      |  |  | 666,752 |  
|Allowance for Finance receivables |  |                   | (11,526 | ) |      |  | (11,919 | )    |  |  | (12,299 | )
|Allowance ratio                   |  |                   | 1.7     | % |      |  | 1.8     | %    |  |  | 1.8     | %

There was no significant change in the allowance ratio in fiscal year 2011 as compared to fiscal year
2010. The increase in allowance resulting from the Great East Japan Earthquake was fully offset by the decrease in allowance due to the lower credit loss rates.



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The following table illustrates Ricohs allowance for doubtful receivables for trade
receivables by geographic location for fiscal years 2009, 2010 and 2011.



|                                   |  |                   |         |   |          |  |         |        |  |  |         |   |  |       |        |   |  |  |         |  
|---------------------------------- |  | ----------------- | ------- | - | -------- |  | ------- | ------ |  |  | ------- | - |  | ----- | ------ | - |  |  | ------- | -
|Description                        |  | Japan             |         |   | Americas |  |         | Europe |  |  | Other   |   |  | Total |       
|                                   |  | (Millions of Yen) |        
|For the year ended March 31, 2009: |  |                   |         |   |          |  |         |        |  |  |         |   |  |       |        |   |  |  |         |  
|Trade receivables                  |  |                   | 243,470 |   |          |  | 115,068 |        |  |  | 127,713 |   |  |       | 20,049 |   |  |  | 506,300 |  
|Allowance for doubtful receivables |  |                   | (7,094  | ) |          |  | (7,088  | )      |  |  | (6,521  | ) |  |       | (830   | ) |  |  | (21,533 | )
|Allowance ratio                    |  |                   | 2.9     | % |          |  | 6.2     | %      |  |  | 5.1     | % |  |       | 4.1    | % |  |  | 4.3     | %
|                                   |  |                   |         |   |         
|For the year ended March 31, 2010: |  |                   |         |   |          |  |         |        |  |  |         |   |  |       |        |   |  |  |         |  
|Trade receivables                  |  |                   | 251,375 |   |          |  | 84,292  |        |  |  | 131,011 |   |  |       | 21,688 |   |  |  | 488,366 |  
|Allowance for doubtful receivables |  |                   | (6,194  | ) |          |  | (3,979  | )      |  |  | (6,032  | ) |  |       | (691   | ) |  |  | (16,896 | )
|Allowance ratio                    |  |                   | 2.5     | % |          |  | 4.7     | %      |  |  | 4.6     | % |  |       | 3.2    | % |  |  | 3.5     | %
|                                   |  |                   |         |   |         
|For the year ended March 31, 2011: |  |                   |         |   |          |  |         |        |  |  |         |   |  |       |        |   |  |  |         |  
|Trade receivables                  |  |                   | 240,847 |   |          |  | 78,536  |        |  |  | 123,703 |   |  |       | 22,620 |   |  |  | 465,706 |  
|Allowance for doubtful receivables |  |                   | (7,927  | ) |          |  | (2,043  | )      |  |  | (5,977  | ) |  |       | (613   | ) |  |  | (16,560 | )
|Allowance ratio                    |  |                   | 3.3     | % |          |  | 2.6     | %      |  |  | 4.8     | % |  |       | 2.7    | % |  |  | 3.6     | %

In fiscal year 2010,
allowance ratio decreased in all geographic segments as compared to fiscal year 2009, especially in the Americas, due to the recovery of financial market conditions since the 2008 financial crisis.

In fiscal year 2011, allowance ratio increased in Japan as compared to fiscal year 2010 due to the Great East Japan Earthquake. The
allowance ratio in the Americas decreased due to further recovery of financial market conditions since the 2008 crisis.

Pension Accounting

The amounts recognized in the consolidated financial statements relating to employees severance payments and pension plans are determined on an actuarial basis utilizing certain assumptions in the
calculation of such amounts. The assumptions used in determining net periodic costs and liabilities for employees severance payments and pension plans include expected long-term rate of return on plan assets, discount rate, rate of increase in
compensation levels, average remaining years of service and other factors. Among these assumptions, the expected long-term rate of return on plan assets and the discount rate are two critical assumptions. Assumptions are evaluated at least annually,
and events may occur or circumstances may change that may have a significant effect on the critical assumptions. In accordance with U.S. GAAP, actual results that differ from the assumptions are accumulated and amortized over future periods, thereby
reducing the year-to-year volatility in pension expenses. As of March 31, 2011, Ricoh recognized and reflected in its consolidated balance sheets the funded status of its pension plans (equal to the difference between the fair value of plan
assets and the projected benefit obligations) in the total amount of ¥140.9 billion.

For fiscal years 2009, 2010 and
2011, Ricoh used expected long-term rates of return on pension plan assets of 3.5%, 3.2% and 2.9%, respectively. In determining the expected long-term rate of return on pension plan assets, Ricoh considers the current and projected asset
allocations, as well as expected long-term investment returns and risks for each category of the plan assets based on Ricohs analysis of historical results. The projected allocation of the plan assets is developed in consideration of the
expected long-term investment returns for each category of the plan assets. To moderate the level of volatility in pension plan asset returns and to reduce risks, approximately 35%, 35%, 20% and 10% of the plan assets are projected to be allocated
to equity securities, debt securities, life insurance company general accounts and other financial instruments, respectively. As of March 31, 2011, the actual allocation of assets was generally consistent with the projected allocation stated
above. The actual returns for fiscal years 2009, 2010 and 2011 were approximately 15.7% (loss), 15.5% (gain) and 2.2% (gain), respectively. The actual returns on pension plan assets may vary in future periods, depending on market conditions. The
market-related value of plan assets is measured using fair values on the plan measurement date.



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With respect to the discount rate used in the annual actuarial valuation of the pension
benefit obligations, the other critical assumption, Ricohs weighted average discount rates for fiscal years 2009, 2010 and 2011 were 3.6%, 3.7% and 3.4%, respectively. In determining the appropriate discount rate, Ricoh considers available
information about the current yield on high-quality fixed-income investments that are currently available and are expected to be available during the period corresponding to the expected duration of the pension benefit obligations.

The following table illustrates the sensitivity to changes in the discount rate and the expected return on pension plan assets, while
holding all other assumptions constant, for Ricohs pension plans as of March 31, 2011.



|                                                                |  |                                     |  |                                 
|--------------------------------------------------------------- |  | ----------------------------------- |  | --------------------------------
|Change in Assumption                                            |  | Change inPension BenefitObligations |  | Change inPre-Tax PensionExpenses
|                                                                |  | (Billions of Yen)                  
|50 basis point increase / decrease in discount rate             |  |  /+ ¥24.4                          |  |  /+ ¥1.5                       
|50 basis point increase / decrease in expected return on assets |  |                                    |  |  /+ ¥1.5                       

Purchase Accounting

Ricoh accounts for acquired businesses using the purchase method of accounting which requires that the assets acquired and liabilities assumed be recorded at the date of the acquisition at their
respective estimated fair values. The judgments made in determining the estimated fair value assigned to each class of assets acquired, as well as the estimated life of each asset, can materially impact the net income of the periods subsequent to
the acquisition through depreciation and amortization, and in certain instances through impairment charges, if the asset becomes impaired in the future. In determining the estimated fair value for intangible assets, Ricoh typically utilizes the
income approach, which discounts the projected future net cash flow using an appropriate discount rate that reflects the risks associated with such projected future cash flow. Determining the useful life of an intangible asset also requires
judgment, as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. Intangible assets determined to have an indefinite useful life are reassessed periodically
based on the factors prescribed in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320 including, but not limited to, the expected use of the asset by us, legal or contractual
provisions that may affect the useful life or renewal or extension of the assets contractual life without substantial cost, and the effects of demand, competition and other economic factors.



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Impairment of Long-Lived Assets and Goodwill

As of March 31, 2011, the aggregate of Ricohs long-lived assets and goodwill was ¥616.4 billion, which accounted for 27.2%
of Ricohs total consolidated assets. Ricoh believes that impairment of long-lived assets and goodwill are critical to Ricohs financial statements because the recoverability of the amounts, or lack thereof, could significantly affect its
results of operations.

Ricoh reviews the carrying value of its goodwill for impairment annually at December 31, and when
a triggering event occurs between annual impairment tests. This review is based upon Ricohs projections of anticipated future discounted cashflows used to determine the estimated fair values of the reporting units for which goodwill is
assigned. Ricoh reviews long-lived assets with a definite life for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The recoverability of assets to be held
and used is assessed by comparing the carrying amount of an asset or asset group to the expected future undiscounted net cashflows of the asset or asset group. If an asset or asset group is considered to be impaired, the impairment charge to be
recognized is measured as the amount by which the carrying amount of the asset or asset group exceeds fair value. Long-lived assets meeting the criteria to be considered as held for sale are reported at the lower of their carrying amount or fair
value less costs to sell.

While Ricoh believes that its estimates of future cashflows are reasonable, different assumptions
regarding such cashflows could materially affect Ricohs evaluations.

Ricoh completed its annual impairment assessment
of indefinite-lived intangible assets and goodwill for fiscal years 2009, 2010 and 2011 and determined that no impairment charge was necessary. Management also considered the Great East Japan Earthquake and its effect, and concluded that no
long-lived asset or goodwill impairment had occurred as of March 31, 2011. The fair values of each of Ricohs reporting units significantly exceeded their respective carrying amounts.

Impairment of Securities

Individual securities classified as available-for-sale securities are reduced to their fair market value by a charge to income for declines in value that are not temporary. Factors considered in assessing
whether an impairment other than a temporary impairment exists include: (1) the financial condition and near term prospects of the issuer and (2) the intent and ability of Ricoh to retain such investment for a period of time sufficient to
allow for any anticipated recovery in market value. Ricoh believes that impairment of securities is critical for its financial statements because it holds significant amounts of securities, the recoverability of which or lack thereof, could
significantly affect its results of operations. Ricoh recognized asset impairment charges for its securities in the amounts of ¥26.8 billion, ¥0.1 billion and ¥1.8 billion for fiscal years 2009, 2010 and 2011, respectively.



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Realizability of Deferred Tax Assets

Ricoh records a valuation allowance to reduce its deferred tax assets to an amount that is more likely than not to be recoverable. Ricoh
considers future market conditions, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which Ricoh operates, and prudent and feasible tax planning strategies in determining the need for a valuation allowance. In
the event Ricoh were to determine that Ricoh would not be able to recover any portion of Ricohs net deferred tax assets in the future, the unrecoverable portion of the deferred tax assets would be charged to earnings during the period in which
such determination is made. Likewise, if Ricoh were to later determine that it is more likely than not that the net deferred tax assets would be recoverable, the previously recorded valuation allowance would be reversed. In order to recover its
deferred tax assets, Ricoh must be able to generate sufficient taxable income in the tax jurisdictions in which the deferred tax assets are located. The amount of valuation allowance for deferred tax assets increased by ¥7.3 billion to ¥36.2
billion as of March 31, 2011 from ¥28.9 billion as of March 31, 2010. This increase is primarily due to tax benefits from operating loss carry forwards at certain consolidated subsidiaries that Ricoh believes are unlikely to be
realized.

New Accounting Guidance Not Yet Adopted

In October 2009, the FASB issued ASU 2009-13. This ASU eliminates the residual method of revenue recognition and allows the use of
managements best estimate of selling price for individual elements of an arrangement when vendor specific objective evidence (VSOE) or third-party evidence (TPE) is unavailable. This ASU is effective for fiscal years beginning on or after
June 15, 2010 and early adoption is permitted. This ASU will be adopted by Ricoh in the first quarter beginning April 1, 2011. Ricoh is currently evaluating the effect that adoption of this ASU will have on its consolidated results of
operations and financial condition.

In October 2009, the FASB issued ASU 2009-14. This ASU amends the scope of pre-existing
software revenue guidance by removing from the guidance non-software components of tangible products and certain software components of tangible products. It is effective for fiscal years beginning on or after June 15, 2010 and early adoption
is permitted. This ASU will be adopted by Ricoh in the first quarter beginning April 1, 2011. Ricoh is currently evaluating the effect that adoption of this ASU will have on its consolidated results of operations and financial condition.



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A. Operating Results

The following table sets forth selected consolidated financial data, including data expressed as a percentage of total consolidated net sales for the periods indicated, and the change in each consolidated
financial line item between the indicated fiscal years:



|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|--------------------------------------------------------------- |  | ------------------------------------ | --------- | - | ------------------------ |  | ------- | -------- |  | - | --------- | - |  | ---- | ----- | - | ---- | - | --------- | - |  |  | -------- | - |  | - | ---------- | - |  |  | ----- | - |  |  | ----- | -
|                                                                |  | Millions of Yen (except percentages) |           |   | Thousands ofU.S. Dollars |  |         | % Change | 
|                                                                |  | 2009                                 |           |   | 2010                     |  |         | 2011     |  |   | 2011(1)   |   |  | 2010 |       |   | 2011 |  
|Net sales                                                       |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Products                                                        |  | ¥                                    | 1,027,694 |   |                          |  |         |          |  | ¥ | 964,564   |   |  |      |       |   |      | ¥ | 934,263   |   |  |  |          |   |  | $ | 11,256,181 |   |  |  | (6.1  | ) |  |  | (3.1  | )
|Post sales and rentals                                          |  |                                      | 955,490   |   |                          |  |         |          |  |   | 952,676   |   |  |      |       |   |      |   | 903,096   |   |  |  |          |   |  |   | 10,880,675 |   |  |  | (0.3  | ) |  |  | (5.2  | )
|Other revenue                                                   |  |                                      | 108,512   |   |                          |  |         |          |  |   | 99,097    |   |  |      |       |   |      |   | 104,654   |   |  |  |          |   |  |   | 1,260,891  |   |  |  | (8.7  | ) |  |  | 5.6   |  
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Total                                                           |  |                                      | 2,091,696 |   |                          |  | 100.0   | %        |  |   | 2,016,337 |   |  |      | 100.0 | % |      |   | 1,942,013 |   |  |  | 100.0    | % |  |   | 23,397,747 |   |  |  | (3.6  | ) |  |  | (3.7  | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Cost of sales                                                   |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Products                                                        |  |                                      | 710,892   |   |                          |  |         |          |  |   | 681,986   |   |  |      |       |   |      |   | 646,194   |   |  |  |          |   |  |   | 7,785,470  |   |  |  | (4.1  | ) |  |  | (5.2  | )
|Post sales and rentals                                          |  |                                      | 440,510   |   |                          |  |         |          |  |   | 433,781   |   |  |      |       |   |      |   | 428,301   |   |  |  |          |   |  |   | 5,160,253  |   |  |  | (1.5  | ) |  |  | (1.3  | )
|Other revenue                                                   |  |                                      | 85,908    |   |                          |  |         |          |  |   | 78,227    |   |  |      |       |   |      |   | 77,444    |   |  |  |          |   |  |   | 933,060    |   |  |  | (8.9  | ) |  |  | (1.0  | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Total                                                           |  |                                      | 1,237,310 |   |                          |  | 59.2    | %        |  |   | 1,193,994 |   |  |      | 59.2  | % |      |   | 1,151,939 |   |  |  | 59.3     | % |  |   | 13,878,783 |   |  |  | (3.5  | ) |  |  | (3.5  | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Gross profit                                                    |  |                                      | 854,386   |   |                          |  | 40.8    | %        |  |   | 822,343   |   |  |      | 40.8  | % |      |   | 790,074   |   |  |  | 40.7     | % |  |   | 9,518,964  |   |  |  | (3.8  | ) |  |  | (3.9  | )
|Selling, general and administrative expenses                    |  |                                      | 779,850   |   |                          |  | 37.2    | %        |  |   | 756,346   |   |  |      | 37.5  | % |      |   | 729,878   |   |  |  | 37.6     | % |  |   | 8,793,711  |   |  |  | (3.0  | ) |  |  | (3.5  | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Operating income                                                |  |                                      | 74,536    |   |                          |  | 3.6     | %        |  |   | 65,997    |   |  |      | 3.3   | % |      |   | 60,196    |   |  |  | 3.1      | % |  |   | 725,253    |   |  |  | (11.5 | ) |  |  | (8.8  | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Other (income) expenses:                                        |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Interest and dividend income                                    |  |                                      | (5,227    | ) |                          |  |         |          |  |   | (3,472    | ) |  |      |       |   |      |   | (2,986    | ) |  |  |          |   |  |   | (35,976    | ) |  |  |       |   |  |  |       |  
|Interest expense                                                |  |                                      | 5,863     |   |                          |  |         |          |  |   | 8,144     |   |  |      |       |   |      |   | 8,498     |   |  |  |          |   |  |   | 102,385    |   |  |  |       |   |  |  |       |  
|Foreign currency exchange loss, net                             |  |                                      | 15,575    |   |                          |  |         |          |  |   | 4,756     |   |  |      |       |   |      |   | 6,950     |   |  |  |          |   |  |   | 83,735     |   |  |  |       |   |  |  |       |  
|Loss on impairment of securities                                |  |                                      | 26,837    |   |                          |  |         |          |  |   | 169       |   |  |      |       |   |      |   | 1,844     |   |  |  |          |   |  |   | 22,217     |   |  |  |       |   |  |  |       |  
|Other, net                                                      |  |                                      | 549       |   |                          |  |         |          |  |   | (1,124    | ) |  |      |       |   |      |   | 490       |   |  |  |          |   |  |   | 5,904      |   |  |  |       |   |  |  |       |  
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Total                                                           |  |                                      | 43,597    |   |                          |  | 2.0     | %        |  |   | 8,473     |   |  |      | 0.4   | % |      |   | 14,796    |   |  |  | 0.8      | % |  |   | 178,265    |   |  |  | (80.6 | ) |  |  | 74.6  |  
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Income before income taxes and equity in earnings of affiliates |  |                                      | 30,939    |   |                          |  | 1.5     | %        |  |   | 57,524    |   |  |      | 2.9   | % |      |   | 45,400    |   |  |  | 2.3      | % |  |   | 546,988    |   |  |  | 85.9  |   |  |  | (21.1 | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Provision for income taxes                                      |  |                                      | 22,158    |   |                          |  | 1.1     | %        |  |   | 27,678    |   |  |      | 1.4   | % |      |   | 22,621    |   |  |  | 1.2      | % |  |   | 272,542    |   |  |  | 24.9  |   |  |  | (18.3 | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Equity in earnings of affiliates                                |  |                                      | 71        |   |                          |  |         |          |  |   | 6         |   |  |      |       |   |      |   | (22       | ) |  |  |          |   |  |   | (265       | ) |  |  |       |   |  |  |       |  
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Consolidated net income                                         |  |                                      | 8,852     |   |                          |  | 0.4     | %        |  |   | 29,852    |   |  |      | 1.5   | % |      |   | 22,757    |   |  |  | 1.2      | % |  |   | 274,181    |   |  |  | 237.2 |   |  |  | (23.8 | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Net income attributable to noncontrolling interests             |  |                                      | 2,322     |   |                          |  | 0.1     | %        |  |   | 1,979     |   |  |      | 0.1   | % |      |   | 3,107     |   |  |  | 0.2      | % |  |   | 37,434     |   |  |  | (14.8 | ) |  |  | 57.0  |  
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|Net income attributable to Ricoh Company, Ltd.                  |  |                                      | 6,530     |   |                          |  | 0.3     | %        |  |   | 27,873    |   |  |      | 1.4   | % |      |   | 19,650    |   |  |  | 1.0      | % |  |   | 236,747    |   |  |  | 326.8 |   |  |  | (29.5 | )
|                                                                |  |                                      |           |   |                          |  |         |          |  |   |           |   |  |      |       |   |      |   |           |   |  |  |          |   |  |   |            |   |  |  |       |   |  |  |       |  
|                                                                |  |                                      |          
|                                                                |  | YEN                                  |           |   |                          |  |         | Change   | 
|Reference: Exchange Rates*                                      |  | 2009                                 |           |   | 2010                     |  |         | 2011     |  |   |           |   |  | 2010 |       |   | 2011 |  
|US$ 1                                                           |  |                                      | ¥100.55   |   |                          |  | ¥92.91  |          |  |   | ¥85.77    |   |  |      |       |   |      |   | ¥(7.64)   |   |  |  | ¥(7.14)  |  
|EURO 1                                                          |  |                                      | ¥143.74   |   |                          |  | ¥131.21 |          |  |   | ¥113.28   |   |  |      |       |   |      |   | ¥(12.53)  |   |  |  | ¥(17.93) |  

|* | These rates are the annual average exchange rate calculated by Ricoh using the daily average TTM rates published by The Bank of Tokyo-Mitsubishi UFJ, Ltd. These rates
are used when consolidating the financial results of Ricohs overseas subsidiaries with those of the Company.
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Note:

|(1) | The above consolidated financial data set forth under the heading Thousands of U.S. Dollars 2011, which have been translated from Japanese Yen to
U.S. Dollar for the fiscal year ended March 31, 2011, are included solely for the convenience of readers outside of Japan and have been calculated using the exchange rate of ¥83 to US$1, the approximate rate of exchange prevailing at
the Federal Reserve Board on March 31, 2011.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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SALES BY PRODUCT



|                         |  |                                          |           |  |                          |  |       |          |  |   |           |  |  |      |       |   |      |   |           |  |  |  |       |   |  |   |            |  |  |  |       |   |  |  |      |  
|------------------------ |  | ---------------------------------------- | --------- |  | ------------------------ |  | ----- | -------- |  | - | --------- |  |  | ---- | ----- | - | ---- | - | --------- |  |  |  | ----- | - |  | - | ---------- |  |  |  | ----- | - |  |  | ---- | -
|                         |  | Millions of Yen (except for percentages) |           |  | Thousands ofU.S.
Dollars |  |       | % Change | 
|                         |  | 2009                                     |           |  | 2010                     |  |       | 2011     |  |   | 2011(1)   |  |  | 2010 |       |   | 2011 |  
|Imaging & Solutions      |  |                                          |           |  |                          |  |       |          |  |   |           |  |  |      |       |   |      |   |           |  |  |  |       |   |  |   |            |  |  |  |       |   |  |  |      |  
|Imaging Solutions        |  | ¥                                        | 1,598,614 |  |                          |  | 76.4  | %        |  | ¥ | 1,516,172 |  |  |      | 75.2  | % |      | ¥ | 1,429,824 |  |  |  | 73.6  | % |  | $ | 17,226,795 |  |  |  | (5.2  | ) |  |  | (5.7 | )
|Network System Solutions |  |                                          | 234,484   |  |                          |  | 11.2  |          |  |   | 274,071   |  |  |      | 13.6  |   |      |   | 283,483   |  |  |  | 14.6  |   |  |   | 3,415,458  |  |  |  | 16.9  |   |  |  | 3.4  |  
|Industrial Products      |  |                                          | 115,550   |  |                          |  | 5.5   |          |  |   | 101,692   |  |  |      | 5.0   |   |      |   | 106,830   |  |  |  | 5.5   |   |  |   | 1,287,108  |  |  |  | (12.0 | ) |  |  | 5.1  |  
|Other                    |  |                                          | 143,048   |  |                          |  | 6.9   |          |  |   | 124,402   |  |  |      | 6.2   |   |      |   | 121,876   |  |  |  | 6.3   |   |  |   | 1,468,386  |  |  |  | (13.0 | ) |  |  | (2.0 | )
|                         |  |                                          |           |  |                          |  |       |          |  |   |           |  |  |      |       |   |      |   |           |  |  |  |       |   |  |   |            |  |  |  |       |   |  |  |      |  
|Total                    |  | ¥                                        | 2,091,696 |  |                          |  | 100.0 | %        |  | ¥ | 2,016,337 |  |  |      | 100.0 | % |      | ¥ | 1,942,013 |  |  |  | 100.0 | % |  | $ | 23,397,747 |  |  |  | (3.6  | ) |  |  | (3.7 | )
|                         |  |                                          |           |  |                          |  |       |          |  |   |           |  |  |      |       |   |      |   |           |  |  |  |       |   |  |   |            |  |  |  |       |   |  |  |      |  



Notes:

|(1) | The above consolidated financial data set forth under the heading Thousands of U.S. Dollars 2011, which have been translated from Japanese Yen to
U.S. Dollar for the fiscal year ended March 31, 2011, are included solely for the convenience of readers outside of Japan and have been calculated using the exchange rate of ¥83 to US$1, the approximate rate of exchange prevailing at
the Federal Reserve Board on March 31, 2011.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The above consolidated financial data set forth net sales to external customers by product.
|--- | -------------------------------------------------------------------------------------------

Fiscal Year 2011 Compared to Fiscal Year 2010

Net sales.
Consolidated net sales for fiscal year 2011 decreased by 3.7% (or ¥74.3 billion) to ¥1,942.0 billion from ¥2,016.3 billion for fiscal year 2010. For fiscal year 2011, Ricoh recorded a decrease in net sales in the Imaging &
Solutions operating segment and the Other operating segment. This decrease was due primarily to decreased demand for Ricoh products in light of the slow economic recovery after the global economic downturn and the increase in global competition. In
addition, sales in Japan were adversely affected by the Great East Japan Earthquake because sales normally peak in March in Japan.

The net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen also adversely affected Ricohs consolidated net sales in fiscal year 2011 as compared to
fiscal year 2010. Had the foreign currency exchange rates remained the same as in fiscal year 2010, Ricohs consolidated net sales would have increased by 1.9%.

More specifically, the 3.7% decrease was due primarily to the 3.1% decrease in sale of products and the 5.2% decrease in sale of post sales and rentals, which completely offset the 5.6% increase in sales
of other revenue.

Products. The 3.1% decrease in net sales derived from products was due primarily to the decrease in
net sales of PPCs/MFPs and laser printers resulting primarily from the decrease in capital spending by customers in a slowly recovering economic environment, and the appreciation of the Japanese Yen. In light of such situation, Ricoh lowered the
sales price of certain products to stimulate sales in the sluggish and competitive market, which also decreased in net sales. Despite such economic environment, Ricoh continued to introduce new product models with advanced features during fiscal
year 2011 and recorded an increase in the number of color MFP units sold as such products were favorably received by customers who wished to expand their office digital color networking capacity and enhance the security features of their office
equipment.



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Post sales and rentals. Net sales derived from post sale services and rentals of
equipment decreased 5.2% as compared to the previous fiscal year due primarily to a decrease in sales of post sale services, such as maintenance services, as well as a decrease in sales of supplies for PPCs/MFPs, laser printers and GELJET printers.
The decrease in sales of post sale services and supplies was also due in part to the price decrease that Ricoh implemented for its maintenance services to remain competitive. Sales of post sales services also decreased because of customers
tendencies to reduce capital investments in office equipment. In light of the prevailing economic conditions, customers also made efforts to decrease their printing costs by reducing the volume of color printing, which decreased Ricohs sales
of value-added supplies for color products and post sale services. While sales in the network solutions business, such as support services that assist customers establish networked and secured environments in connection with Ricohs imaging
solutions products, solution software, MDS and IT services (which are IKONs strengths) contributed to the sale of post sales and rentals, the contribution made by such sales in the network solutions business was not sufficient to fully absorb
the decrease in sales of post sale services and supplies.

Other revenue. Net sales derived from other sources
(such as financings and logistics) increased 5.6% as compared to the previous fiscal year due mainly to increased net sales from financing services and logistics. Net sales from financing services increased due primarily to Ricoh Leasing Co., Ltd.
in Japan recording an increase in leasing volume during fiscal year 2011. The increase in financing services activities in the overseas market also contributed to the increase in other revenue.

Cost of sales and Gross profit. Consolidated cost of sales for fiscal year 2011 decreased by 3.5% (or ¥42.0 billion) to
¥1,151.9 billion from ¥1,193.9 billion for fiscal year 2010. This decrease was due primarily to the decrease in sales of products as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese
Yen.

Consolidated gross profit for fiscal year 2011 decreased by 3.9% (or ¥32.2 billion) to ¥790.0 billion from
¥822.3 billion for fiscal year 2010. This decrease in gross profit primarily reflects the decrease in net sales in Ricohs two operating segments as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation
to the Japanese Yen.

Products. Cost of sales derived from products decreased by 5.2% due primarily to the decrease in
sales of products as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. In light of ongoing cost reductions and increased sales of value-added high-margin products, gross profit ratio of
products improved from 29.3% to 30.8%.

Post sales and rentals. Cost of sales derived from post sale services and
rentals of equipment decreased by 1.3% due primarily to the decrease in sales from post sale services, such as maintenance services, as well as the decrease in sales of supplies for PPCs/MFPs, laser printers and GELJET printers. Due primarily to the
decrease in sales price for post sales and rentals that Ricoh had to implement to remain competitive, gross profit ratio of post sales and rentals decreased from 54.5% to 52.6%.



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Other revenue. Cost of sales derived from other sources (such as financings and
logistics) decreased by 1.0% despite the increase in net sales. This decrease was mainly due to the decrease in financing costs in light of interest rates being low in Japan. As a result, gross profit ratio of other revenue improved from 21.1% to
26.0%.

Selling, general and administrative expenses. Consolidated selling, general and administrative expenses for
fiscal year 2011 decreased by 3.5% (or ¥26.4 billion) to ¥729.8 billion from ¥756.3 billion for fiscal year 2010. This decrease was due primarily to group-wide cost reduction efforts in the manufacturing and sales operations as well as
the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen.

Operating
income. Consolidated operating income for fiscal year 2011 decreased by 8.8% (or ¥5.8 billion) to ¥60.1 billion from ¥65.9 billion for fiscal year 2010. Operating income as a percentage of net sales decreased by 0.2 percentage points
from 3.3% for fiscal year 2010 to 3.1% for fiscal year 2011. This decrease in operating income compared to fiscal year 2010 was due primarily to the decrease in gross profit resulting from the decrease in net sales, which was partially offset by the
decrease in selling, general and administrative expenses, as group-wide cost reduction efforts in the manufacturing and sales operations contributed to a decrease in such expenses.

Interest and dividend income. Consolidated interest and dividend income for fiscal year 2011 decreased by ¥0.4 billion to
¥2.9 billion from ¥3.4 billion for fiscal year 2010. This decrease in interest and dividend income was attributable to lower interest rates reflecting the adverse financial market conditions on a global basis.

Interest expense. Consolidated interest expense for fiscal year 2011 increased by ¥0.3 billion to ¥8.4 billion from
¥8.1 billion for fiscal year 2010. This increase in interest expense reflected the increase in the average outstanding amount of bonds of the Company in fiscal year 2011, which lower interest rates could not fully offset.

Foreign currency exchange loss, net. Consolidated foreign currency exchange loss, net included in other (income) expenses for
fiscal year 2011 increased by ¥2.1 billion to ¥6.9 billion from ¥4.7 billion for fiscal year 2010. This increase was primarily due to the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. For additional
information on Ricohs foreign exchange hedging activities, see Item 11. Quantitative and Qualitative Disclosures About Market Risk.

Loss on impairment of securities. Consolidated loss on impairment of securities for fiscal year 2011 increased by ¥1.6 billion to ¥1.8 billion from ¥0.1 billion for fiscal year 2010.
This increase was attributable to a certain non-listed companies whose financial status deteriorated significantly in fiscal year 2011.

Other, net. Consolidated other, net included in other (income) expenses changed to a expense of ¥0.4 billion for fiscal year 2011 from an income of ¥1.1 billion for fiscal year 2010.

Provision for income taxes. Total consolidated provision for income taxes for fiscal year 2011 decreased by ¥5.0
billion to ¥22.6 billion from ¥27.6 billion for fiscal year 2010. The effective tax rate was 49.8% for fiscal year 2011 compared to 48.1% for fiscal year 2010. This increase in the effective tax rate was due primarily to an increase in the
deferred tax asset valuation allowance for tax benefits from operating loss carry forwards at certain consolidated subsidiaries that Ricoh believes are unlikely to be realized. See Note [8] to the Consolidated Financial Statements for additional
information.



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Equity in earnings (losses) of affiliates. Consolidated equity in earnings (losses)
of affiliates for fiscal year 2011 decreased by ¥28 million to loss of ¥22 million from income of ¥6 million for fiscal year 2010. See Note [6] to the Consolidated Financial Statements for additional information.

Net income attributable to noncontrolling interests. Consolidated net income attributable to noncontrolling interests
for fiscal year 2011 increased by ¥1.1 billion to ¥3.1 billion from ¥1.9 billion for fiscal year 2010. This increase was due primarily to the improved performance of Ricoh Leasing Co., Ltd. for fiscal year 2011.

Net income attributable to Ricoh Company, Ltd. Consolidated net income attributable to the Company for fiscal year 2011 decreased
by ¥8.2 billion to ¥19.6 billion from ¥27.8 billion for fiscal year 2010. This decrease was due primarily to a decrease in operating income of ¥5.8 billion and an increase in other expenses of ¥6.3 billion, which were partially
offset by a decrease in the provision for income taxes of ¥5.0 billion.



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##### Table of Contents

Operating Segments



|                          |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|------------------------- |  | ---------------------------------------- | --------- | - | ------------------------ |  | ----- | -------- |  | - | --------- | - |  |  | ----- | -- |  | - | ---------- | - |  |  | ---- | -
|                          |  | Millions of Yen (except for percentages) |           |   | Thousands ofU.S. Dollars |  |       | % Change | 
|                          |  | 2010                                     |           |   | 2011                     |  |       | 2011(1)  |  |  
|Imaging & Solutions       |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|Net sales                 |  | ¥                                        | 1,790,243 |   |                          |  | 100.0 | %        |  | ¥ | 1,713,307 |   |  |  | 100.0 | %  |  | $ | 20,642,253 |   |  |  | (4.3 | )
|Operating expenses        |  |                                          | 1,649,820 |   |                          |  | 92.2  | %        |  |   | 1,578,896 |   |  |  | 92.2  | %  |  |   | 19,022,843 |   |  |  | (4.3 | )
|Operating income          |  | ¥                                        | 140,423   |   |                          |  | 7.8   | %        |  | ¥ | 134,411   |   |  |  | 7.8   | %  |  | $ | 1,619,410  |   |  |  | (4.3 | )
|Industrial Products       |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|Net sales                 |  | ¥                                        | 106,128   |   |                          |  | 100.0 | %        |  | ¥ | 112,243   |   |  |  | 100.0 | %  |  | $ | 1,352,325  |   |  |  | 5.8  |  
|Operating expenses        |  |                                          | 107,483   |   |                          |  | 101.3 |          |  |   | 111,237   |   |  |  | 99.1  | %  |  |   | 1,340,205  |   |  |  | 3.5  |  
|Operating income (loss)   |  | ¥                                        | (1,355    | ) |                          |  | (1.3  | )%       |  | ¥ | 1,006     |   |  |  | 0.9   | %  |  | $ | 12,120     |   |  |  |     |  
|Other                     |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|Net sales                 |  | ¥                                        | 124,402   |   |                          |  | 100.0 | %        |  | ¥ | 121,876   |   |  |  | 100.0 | %  |  | $ | 1,468,386  |   |  |  | (2.0 | )
|Operating expenses        |  |                                          | 127,849   |   |                          |  | 102.8 |          |  |   | 126,787   |   |  |  | 104.0 |    |  |   | 1,527,555  |   |  |  | (0.8 | )
|Operating income (loss)   |  | ¥                                        | (3,447    | ) |                          |  | (2.8  | )%       |  | ¥ | (4,911    | ) |  |  | (4.0  | )% |  | $ | (59,169    | ) |  |  |     |  
|Corporate and Elimination |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|Net sales                 |  | ¥                                        | (4,436    | ) |                          |  |       |          |  | ¥ | (5,413    | ) |  |  |       |    |  | $ | (65,217    | ) |  |  |      |  
|Operating expenses        |  |                                          | 65,188    |   |                          |  |       |          |  |   | 64,897    |   |  |  |       |    |  |   | 781,891    |   |  |  |      |  
|Operating income (loss)   |  | ¥                                        | (69,624   | ) |                          |  |       |          |  | ¥ | (70,310   | ) |  |  |       |    |  | $ | (847,108   | ) |  |  |      |  
|Consolidated              |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |      |  
|Net sales                 |  | ¥                                        | 2,016,337 |   |                          |  | 100.0 | %        |  | ¥ | 1,942,013 |   |  |  | 100.0 | %  |  | $ | 23,397,747 |   |  |  | (3.7 | )
|Operating expenses        |  |                                          | 1,950,340 |   |                          |  | 96.7  |          |  |   | 1,881,817 |   |  |  | 96.9  |    |  |   | 22,672,494 |   |  |  | (3.5 | )
|Operating income          |  | ¥                                        | 65,997    |   |                          |  | 3.3   | %        |  | ¥ | 60,196    |   |  |  | 3.1   | %  |  | $ | 725,253    |   |  |  | (8.8 | )



Notes:

|(1) | The above consolidated financial data set forth under the heading Thousands of U.S. Dollars 2011, which have been translated from Japanese Yen to
U.S. Dollar for the fiscal year ended March 31, 2011, are included solely for the convenience of readers outside of Japan and have been calculated using the exchange rate of ¥83 to US$1, the approximate rate of exchange prevailing at
the Federal Reserve Board on March 31, 2011.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The above consolidated financial data, which set forth net sales, operating expenses and operating income (loss) for each operating segment, include both transactions
with external customers as well as intersegment transactions. Notwithstanding the foregoing, all net sales recorded in the Imaging & Solutions operating segment and the Other operating segment reflect sales to external customers only, as
none of the products in the Imaging & Solutions operating segment or the Other operating segment were sold to other Ricoh group companies that conduct businesses in the other operating segments. Accordingly, the consolidated net sales
figure for the Imaging & Solutions operating segment set forth in the above table is the aggregate of the sales figures for the Imaging Solutions product category and the Network System Solutions product category set forth in the
SALES BY PRODUCT table included under Item 5.A. Operating Results.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Consolidated net sales of
Ricoh for fiscal year 2011 decreased by 3.7% (or ¥74.3 billion) to ¥1,942.0 billion from ¥2,016.3 billion for fiscal year 2010.

This 3.7% percent decrease was due primarily to the 4.3% decrease in sales in the Imaging and Solutions segment, which accounted for 88.2% of consolidated net sales. The 4.3% decrease in sales in the
Imaging and Solutions segment was in turn due primarily to the 5.7% decrease in sales in the Imaging Solutions product category, which accounted for 73.6% of consolidated net sales. The 5.7% decrease in sales in the Imaging Solutions product
category was partially offset by the 3.4% increase in net sales in the Network System Solutions product category.



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##### Table of Contents

Imaging & Solutions

Net sales in the Imaging & Solutions segment for fiscal year 2011 decreased by 4.3% (or ¥76.9 billion) to ¥1,713.3 billion from ¥1,790.2 billion for fiscal year 2010. This decrease
was due primarily to lower sales generated in the Imaging Solutions product category.

More specifically, sales in the Imaging
Solutions product category for fiscal year 2011 decreased by 5.7% (or ¥86.3 billion) to ¥1,429.8 billion from ¥1,516.1 billion for fiscal year 2010. This decrease was due primarily to the decrease in net sales of PPCs/MFPs and laser
printers, and the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. The decrease in net sales of PPCs/MFPs and laser printers was due primarily to the decrease in customer demand for Ricoh products
in a slowly recovering economic environment as well as customers tendencies to decrease printing costs by reducing the volume of color printing, which decreased sales of value-added supplies for color products. In addition, Ricohs
decision to lower sales prices of certain products to stimulate sales in the sluggish and competitive market also contributed to the decrease in net sales.

Sales in the Network System Solutions product category for fiscal year 2011 increased by 3.4% (or ¥9.4 billion) to ¥283.4 billion from ¥274.0 billion for fiscal year 2010. Sales in the
solutions business, such as support services that assist customers establish networked environments using Ricohs imaging solutions products and software solutions to optimize total printing costs, continued to increase in the overseas markets
in fiscal year 2011. Sales in the solutions business increased because customers sought products that streamlined the process of document scanning, indexing and distribution by integrating hardware and software. In addition, with the assistance from
IKON, Ricoh increased sales in its MDS business in the U.S., Europe and Japan in fiscal year 2011.

Excluding the net effect
of the foreign currency exchange rate fluctuations, sales in the Imaging & Solutions segment would have increased by 1.8% (or ¥32.7 billion) for fiscal year 2011 as compared to fiscal year 2010.

For fiscal year 2011, the cost of sales in the Imaging & Solutions segment decreased due primarily to the decrease in net sales,
group-wide cost reduction efforts in manufacturing and the net effect of the appreciation of the Japanese Yen relative to the U.S. Dollar and the Euro. However lower pricing which resulted from high competition affected to decrease in gross
profit. Due primarily to group-wide cost reduction efforts in sales operations as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen, selling, general and administrative expenses
decreased. As a result, operating expenses in the Imaging & Solutions segment for fiscal year 2011 decreased by 4.3% (or ¥70.9 billion) to ¥1,578.8 billion from ¥1,649.8 billion for fiscal year 2010.

As a result of the above, operating income for the Imaging & Solutions operating segment for fiscal year 2011 decreased by 4.3%
(or ¥6.0 billion) to ¥134.4 billion from ¥140.4 billion for fiscal year 2010, however, the operating income ratio remained unchanged at 7.8%.



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Industrial Products

Net sales in the Industrial Products segment for fiscal year 2011 increased by 5.8% (or ¥6.1 billion) to ¥112.2 billion from ¥106.1 billion for fiscal year 2010. This increase was due
primarily to the increase in sales of optical equipment and electronic components. In optical equipment, sales of lens used in projection systems increased. In electronic components, Ricoh experienced an increase in net sales because the domestic
market for systems controller units showed signs of recovery in fiscal year 2011.

Operating expenses in this segment for
fiscal year 2011 increased by 3.5% (or ¥3.7 billion) to ¥111.2 billion from ¥107.4 billion for fiscal year 2010. This increase was due primarily to the increase in cost of sales resulting from the increase in net sales. In addition, the
cost of sales ratio of optical equipments and electronic components to net sales improved as a result of the group-wide cost reduction efforts. In addition, sales of electronic component products with higher gross profit ratios increased, which
contributed to the overall increase in gross profit. Due to group-wide cost reduction efforts in sales operations as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen, selling, general
and administrative expenses decreased.

As a result of the above, operating income (loss) for the Industrial Products segment
for fiscal year 2011 was ¥1.0 billion (of income) from ¥1.3 billion (of loss) for fiscal year 2010.

Other

Net sales in the Other segment for fiscal year 2011 decreased by 2.0% (or ¥2.5 billion) to ¥121.8 billion from ¥124.4 billion
for fiscal year 2010. This decrease was due primarily to the decrease in net sales of digital cameras in the overseas market as customer demand for Ricohs new digital camera products was weak. Net sales from the financing business conducted by
Ricoh Leasing Co., Ltd. in Japan increased as leasing volume increased during fiscal year 2011 reflecting the fact that the Japanese economy experienced a moderate recovery. Net sales from logistics also increased due to an increase in services
provided to dealers of PPCs/MFPs. Such net sales increases derived from the finance and logistics businesses, however, did not completely offset the decrease in net sales of digital cameras.

Operating expenses in this segment for fiscal year 2011 decreased by 0.8% (or ¥1. 0 billion) to ¥126.7 billion from ¥127.8
billion for fiscal year 2010. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. However, the increase in gross profit was offset by the increase in selling, general and administrative expenses
due primarily to advertisement expenses used to promote the new digital cameras introduced in fiscal year 2011.

As a result
of the above, operating loss for the Other segment for fiscal year 2011 increased by ¥1.4 billion to ¥4.9 billion as compared to ¥3.4 billion for fiscal year 2010.



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Geographic Segments by Geographic Origin



|                          |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|------------------------- |  | ---------------------------------------- | --------- | - | ------------------------ |  | ----- | -------- |  | - | --------- | - |  |  | ----- | -- |  | - | ---------- | - |  |  | ----- | -
|                          |  | Millions of Yen (except for percentages) |           |   | Thousands ofU.S. Dollars |  |       | % Change | 
|                          |  | 2010                                     |           |   | 2011                     |  |       | 2011(1)  |  |  
|Japan                     |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | 1,273,437 |   |                          |  | 100.0 | %        |  | ¥ | 1,286,323 |   |  |  | 100.0 | %  |  | $ | 15,497,867 |   |  |  | 1.0   |  
|Operating expenses        |  |                                          | 1,240,361 |   |                          |  | 97.4  |          |  |   | 1,256,422 |   |  |  | 97.7  |    |  |   | 15,137,614 |   |  |  | 1.3   |  
|Operating income          |  | ¥                                        | 33,076    |   |                          |  | 2.6   | %        |  | ¥ | 29,901    |   |  |  | 2.3   | %  |  | $ | 360,253    |   |  |  | (9.6  | )
|The Americas              |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | 560,021   |   |                          |  | 100.0 | %        |  | ¥ | 524,889   |   |  |  | 100.0 | %  |  | $ | 6,323,964  |   |  |  | (6.3  | )
|Operating expenses        |  |                                          | 571,884   |   |                          |  | 102.1 |          |  |   | 528,553   |   |  |  | 100.7 |    |  |   | 6,368,109  |   |  |  | (7.6  | )
|Operating income (loss)   |  | ¥                                        | (11,863   | ) |                          |  | (2.1  | )%       |  | ¥ | (3,664    | ) |  |  | (0.7  | )% |  | $ | (44,145    | ) |  |  |      |  
|Europe                    |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | 463,013   |   |                          |  | 100.0 | %        |  | ¥ | 419,672   |   |  |  | 100.0 | %  |  | $ | 5,056,289  |   |  |  | (9.4  | )
|Operating expenses        |  |                                          | 432,822   |   |                          |  | 93.5  |          |  |   | 391,909   |   |  |  | 93.4  |    |  |   | 4,721,795  |   |  |  | (9.5  | )
|Operating income          |  | ¥                                        | 30,191    |   |                          |  | 6.5   | %        |  | ¥ | 27,763    |   |  |  | 6.6   | %  |  | $ | 334,494    |   |  |  | (8.0  | )
|Other                     |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | 245,987   |   |                          |  | 100.0 | %        |  | ¥ | 273,406   |   |  |  | 100.0 | %  |  | $ | 3,294,048  |   |  |  | 11.1  |  
|Operating expenses        |  |                                          | 231,646   |   |                          |  | 94.2  |          |  |   | 261,005   |   |  |  | 95.5  |    |  |   | 3,144,638  |   |  |  | 12.7  |  
|Operating income          |  | ¥                                        | 14,341    |   |                          |  | 5.8   | %        |  | ¥ | 12,401    |   |  |  | 4.5   | %  |  | $ | 149,410    |   |  |  | (13.5 | )
|Corporate and Elimination |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | (526,121  | ) |                          |  |       |          |  | ¥ | (562,277  | ) |  |  |       |    |  | $ | (6,774,422 | ) |  |  |       |  
|Operating expenses        |  |                                          | (526,373  | ) |                          |  |       |          |  |   | (556,072  | ) |  |  |       |    |  |   | (6,699,663 | ) |  |  |       |  
|Operating income (loss)   |  | ¥                                        | 252       |   |                          |  |       |          |  | ¥ | (6,205    | ) |  |  |       |    |  | $ | (74,759    | ) |  |  |       |  
|Consolidated              |  |                                          |           |   |                          |  |       |          |  |   |           |   |  |  |       |    |  |   |            |   |  |  |       |  
|Net sales                 |  | ¥                                        | 2,016,337 |   |                          |  | 100.0 | %        |  | ¥ | 1,942,013 |   |  |  | 100.0 | %  |  | $ | 23,397,747 |   |  |  | (3.7  | )
|Operating expenses        |  |                                          | 1,950,340 |   |                          |  | 96.7  |          |  |   | 1,881,817 |   |  |  | 96.9  |    |  |   | 22,672,494 |   |  |  | (3.5  | )
|Operating income          |  | ¥                                        | 65,997    |   |                          |  | 3.3   | %        |  | ¥ | 60,196    |   |  |  | 3.1   | %  |  | $ | 725,253    |   |  |  | (8.8  | )



Notes:

|(1) | The above consolidated financial data set forth under the heading Thousands of U.S. Dollars 2011, which have been translated from Japanese Yen to
U.S. Dollar for the fiscal year ended March 31, 2011, are included solely for the convenience of readers outside of Japan and have been calculated using the exchange rate of ¥83 to US$1, the approximate rate of exchange prevailing at
the Federal Reserve Board on March 31, 2011.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The above consolidated financial data, which set forth net sales, operating expenses and operating income (loss) for each geographic segment by geographic origin,
include both transactions with external customers as well as intersegment transactions.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Japan

Sales in Japan for fiscal year 2011 increased by 1.0% (or ¥12.8 billion) to ¥1,286.3 billion from ¥1,273.4 billion for fiscal
year 2010. This increase was due primarily to the increase in exports from Japan as a result of increased demand in the overseas markets. Increased sales of semiconductor devices as well as optical equipment also contributed to the increase in sales
in Japan. Such increases in sales were partially offset by the decrease in net sales of PPCs/MFPs and laser printers, which was due primarily to (1) the decrease in customer demand for such Ricoh products in light of the slowly recovering
economic environment and (2) customers tendencies to decrease printing costs by reducing the volume of color printing, which decreased sales of value-added supplies for color products. Furthermore, Ricoh lowered the sales price of certain
products to stimulate sales in the sluggish and competitive market, which also contributed to the decrease in net sales.



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Operating expenses in Japan for fiscal year 2011 increased by 1.3% (or ¥16.0 billion) to
¥ 1,256.4 billion from ¥1,240.3 billion for fiscal year 2010. This increase was due primarily to the increase in cost of sales resulting from the increase in net sales. Selling, general and administrative expenses decreased due primarily to
ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts. Due primarily to the appreciation of the Japanese Yen against the U.S. Dollar and the Euro, operating income ratio decreased from 2.6% to 2.3%.

In addition, as a result of the Great East Japan Earthquake on March 11, 2011, Ricoh suffered damages to its equipment,
manufacturing, sales, services and R&D sites in the affected areas. Although Ricoh established a taskforce for emergency disaster control shortly after the earthquake took place and worked hard to achieve full recovery, the sales and shipments
of products were delayed widely in Japan due to the disruption to the transportation infrastructure as well as the shortage of supply of fuel. The effect of the earthquake on Ricohs financial results for fiscal year 2011 is estimated to be
approximately ¥9.4 billion of operating losses consisting of the following: (1) estimated lost profits due to lost business opportunities amounting to ¥4.4 billion, (2) bad debt expense for trade receivables and finance receivables
amounting to ¥3.4 billion, (3) losses due to write-downs of inventories and property, plant and equipment amounting to ¥1.2 billion and (4) other amounting to ¥0.4 billion.

As a result of the above, operating income in Japan for fiscal year 2011 decreased by 9.6% (or ¥3.1 billion) to ¥29.9 billion
from ¥33.0 billion for fiscal year 2010.

The Americas

Net sales in the Americas for fiscal year 2011 decreased by 6.3% (or ¥35.1 billion) to ¥524.8 billion from ¥560.0 billion for fiscal year 2010. Although net sales in the Americas increased due
primarily to the improved sales structure and expanded sales channel Ricoh gained through its acquisition of IKON, overall sales in the Americas segment decreased due to the appreciation of the Japanese Yen against the U.S. Dollar.

Operating expenses in the Americas for fiscal year 2011 decreased by 7.6% (or ¥43.3 billion) to ¥528.5 billion from ¥571.8
billion for fiscal year 2010. This decrease in operating expenses was due primarily to synergies derived from IKONs successful efforts in getting customers to switch to Ricoh products from other manufacturers products.

As a result of the above, operating loss for fiscal year 2011 decreased by ¥8.1 billion to ¥3.6 billion from ¥11.8 billion
for fiscal year 2010.

Europe

Sales in Europe for fiscal year 2011 decreased by 9.4% (or ¥43.3 billion) to ¥419.6 billion from ¥463.0 billion for fiscal year 2010. This decrease in sales was due primarily to the
appreciation of the Japanese Yen against the Euro.

Operating expenses in Europe for fiscal year 2011 decreased by 9.5% (or
¥40.9 billion) to ¥391.9 billion from ¥432.8 billion for fiscal year 2010. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. In addition, selling, general and administrative
expenses decreased at a higher percentage of decrease than the decrease in net sales due mainly to the decrease in ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts.



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As a result of the above, operating income for fiscal year 2011 decreased by 8.0% (or
¥2.4 billion) to ¥27.7 billion from ¥30.1 billion for fiscal year 2010; however, the operating income ratio improved by 0.1 percentage points from 6.5% to 6.6%.

Other

Net sales in the Other geographic segment, which includes China, Southeast
Asia and Oceania, increased for fiscal year 2011 by 11.1% (or ¥27.4 billion) to ¥273.4 billion from ¥245.9 billion for fiscal year 2010. This increase was due primarily to the increase in sales in the emerging markets, including China
and India. Ricoh strengthened its sales force mainly in such emerging markets to respond to increased customer demand. Consequently, despite the appreciation of the Japanese Yen, sales in the Other geographic segment increased.

Operating expenses in the Other geographic segment for fiscal year 2011 increased by 12.7% (or ¥29.3 billion) to ¥261.0 billion
from ¥231.6 billion for fiscal year 2010. This increase was due primarily to the increase in cost of sales resulting from the increase in sales. Selling, general and administrative expenses also increased due mainly to prior investment for
future growth and the appreciation of the Japanese Yen.

As a result of the above, operating income for fiscal year 2011
decreased by 13.5% (or ¥1.9 billion) to ¥12.4 billion from ¥14.3 billion for fiscal year 2010.

Fiscal Year 2010 Compared to
Fiscal Year 2009

Net sales. Consolidated net sales of Ricoh for fiscal year 2010 decreased by 3.6% (or ¥75.3
billion) to ¥2,016.3 billion from ¥2,091.6 billion for fiscal year 2009. For fiscal year 2010, Ricoh recorded a decrease in net sales in all of its operating segments. This decrease was due primarily to the decrease in customer demand for
Ricoh products resulting from the global economic downturn stemming from the global financial crisis and the debt crisis in Dubai and Greece.

More specifically, the 3.6% decrease was due primarily to the 6.1% decrease in sale of products, the 0.3% decrease in sale of post sales and rentals, and the 8.7% decrease in sales of other revenue.

The net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen also adversely
affected Ricohs consolidated net sales in fiscal year 2010 as compared to fiscal year 2009 in Japanese Yen. Had the foreign currency exchange rates remained the same as in fiscal year 2009, Ricohs consolidated net sales would have
increased by 1.1%.

In addition, while net sales generated by IKON contributed to net sales during fiscal year 2010, since
fiscal year 2010 was the first fiscal year in which IKONs results were consolidated into Ricohs financials for a full fiscal period, the contribution made by IKON was not sufficient to fully offset the decrease in Ricohs net sales.
Had IKONs contribution to net sales been reflected for the same period as in fiscal year 2009 (which was for the period of five months from November to March), Ricohs consolidated net sales would have decreased by 10.4%.



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Products. The 6.1% decrease in net sales derived from products was due primarily to
the decrease in net sales of PPCs/MFPs and laser printers resulting primarily from the decrease in capital spending by customers in light of the global economic downturn which started with the global financial crisis and has been prolonged by the
debt crisis in Dubai and Greece, and the appreciation of the Japanese Yen. In light of such situation, Ricoh lowered the sales price of certain products to stimulate sales in the sluggish and competitive market, which also contributed to the
decrease in net sales. Despite such economic environment, Ricoh continued to introduce new product models with advanced features during fiscal year 2010 and Ricoh recorded an increase in the number of color MFP units sold as such products were
favorably received by customers who wished to expand their office digital color networking capacity and enhance the security features of their office equipment. While net sales generated by products sold by IKON contributed to net sales during
fiscal year 2010, since fiscal year 2010 was the first fiscal year in which IKONs results were consolidated into Ricohs financials for a full fiscal period, the contribution made by IKON was not sufficient to fully offset the decrease in
Ricohs net sales of PPCs/MFPs and laser printers. Had IKONs contribution to net sales in products been reflected for the same period as in fiscal year 2009 (which was for the period of five months from November to March), Ricohs
consolidated net sales of products would have decreased by 15.2%.

Post sales and rentals. Net sales derived from post
sale services and rentals of equipment decreased 0.3% as compared to the previous fiscal year due primarily to a decrease in sales of post sale services, such as maintenance services, as well as a decrease in sales of supplies for PPCs/MFPs, laser
printers and GELJET printers. This decrease in sales of post sale services and supplies was due primarily to the decrease in net sales of PPCs/MFPs and laser printers. Customers tendencies to reduce capital investments in office equipment and
decrease printing costs by reducing the volume of color printing, which decreased sales of value-added supplies for color products, also decreased net sales of post sale services and supplies. While sales in the network solutions business, such as
support services that assist customers establish networked and secured environments in connection with Ricohs imaging solutions products, solution software and IKONs document outsourcing services (such as on-site printing services),
contributed to the sales of post sales and rentals, the contribution made by such sales in the network solutions business was not sufficient to fully absorb the decrease in sales of post sale services and supplies. Had IKONs contribution to
net sales in post sales and rentals been reflected for the same period as in fiscal year 2009 (which was for the period of five months from November to March), Ricohs consolidated net sales of post sales and rentals would have decreased by
5.3%.

Other revenue. Net sales derived from other sources (such as financing and logistics) decreased 8.7% as compared
to the previous fiscal year due mainly to decreased net sales from financing services. Net sales from financing services decreased as leasing volume decreased during fiscal year 2010 due mainly to the decline in corporate demand for capital
investments as a result of the economic downturn in Japan.



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Cost of sales. Consolidated cost of sales for fiscal year 2010 decreased by 3.5% (or
¥43.3 billion) to ¥1,193.9 billion from ¥1,237.3 billion for fiscal year 2009. This decrease was due primarily to the decrease in sales of products as well as the net effect of the depreciation of the U.S. Dollar and the Euro in
relation to the Japanese Yen.

Products. Cost of sales derived from products decreased by 4.1% due primarily to the
decrease in sales of products as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. In addition, the reduction of production volume due to the decreased demand resulted in Ricoh not being
able to fully absorb certain fixed costs.

Post sales and rentals. Cost of sales derived from post sale services and
rentals of equipment decreased by 1.5% due primarily to the decrease in sales from post sale services, such as maintenance services, as well as a decrease in sales of supplies for PPCs/MFPs, laser printers and GELJET printers.

Other revenue. Cost of sales derived from other sources (such as financing and logistics) decreased by 8.9% due mainly to
decreased net sales from financing services, which decreased in line with the decrease in sales of products.

Gross
profit. Consolidated gross profit for fiscal year 2010 decreased by 3.8% (or ¥32.0 billion) to ¥822.3 billion from ¥854.3 billion for fiscal year 2009. This decrease in gross profit primarily reflects the decrease in net sales in
Ricohs operating segments as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen.

Selling, general and administrative expenses. Consolidated selling, general and administrative expenses for fiscal year 2010 decreased by 3.0% (or ¥23.5 billion) to ¥756.3 billion from
¥779.8 billion for fiscal year 2009. This decrease was primarily due to group-wide cost reduction efforts in R&D, manufacturing and sales operations (which decreased selling, general and administrative expenses by ¥54.0 billion as
compared to fiscal year 2009) as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen (which decreased selling, general and administrative expenses by ¥32.1 billion as compared to fiscal
year 2009). Such decreases fully offset the increase in expenses that resulted from reflecting a full fiscal year of expenses incurred by IKON for the first time (which increased selling, general and administrative expenses by ¥68.8 billion as
compared to fiscal year 2009).

Operating income. Consolidated operating income for fiscal year 2010 decreased by 11.5%
(or ¥8.5 billion) to ¥65.9 billion from ¥74.5 billion for fiscal year 2009. Operating income as a percentage of net sales decreased by 0.3 percentage points from 3.6% for fiscal year 2009 to 3.3% for fiscal year 2010. This decrease in
operating income compared to fiscal year 2009 was due primarily to the decrease in gross profit resulting from the decrease in net sales, which was partially offset by the decrease in selling, general and administrative expenses, as group-wide cost
reduction efforts in R&D, manufacturing and sales operations contributed to a decline in such expenses.



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Interest and dividend income. Consolidated interest and dividend income for fiscal
year 2010 decreased by ¥1.7 billion to ¥3.4 billion from ¥5.2 billion for fiscal year 2009. This decrease in interest and dividend income was attributable to lower interest rates reflecting the adverse financial market conditions on a
global basis.

Interest expense. Consolidated interest expense for fiscal year 2010 increased by ¥2.2 billion to
¥8.1 billion from ¥5.8 billion for fiscal year 2009. This increase in interest expense reflected the increase in the average outstanding amount of interest-bearing debt that Ricoh borrowed from third parties in fiscal year 2010.

Foreign currency exchange loss, net. Consolidated foreign currency exchange loss, net included in other (income) expenses for
fiscal year 2010 decreased by ¥10.8 billion to ¥4.7 billion from ¥15.5 billion for fiscal year 2009. This decrease was primarily due to the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. For additional
information on Ricohs foreign exchange hedging activities, see Item 11. Quantitative and Qualitative Disclosures About Market Risk.

Loss on impairment of securities. Consolidated loss on impairment of securities for fiscal year 2010 decreased by ¥26.6 billion to ¥0.1 billion from ¥26.8 billion for fiscal year 2009.
This decrease in loss on impairment of securities was attributable to the lower volatility in the stock markets as compared to fiscal year 2009.

Other, net. Consolidated other, net included in other (income) expenses changed to an income of ¥1.1 billion for fiscal year 2010 from a loss of ¥0.5 billion for fiscal year 2009.

Provision for income taxes. Total consolidated provision for income taxes for fiscal year 2010 increased by ¥5.5
billion to ¥27.6 billion from ¥22.1 billion for fiscal year 2009. The effective tax rate was 48.1% for fiscal year 2010 compared to 71.6% for fiscal year 2009. The effective tax rate was higher than the Japanese statutory tax rate of
approximately 40% due primarily to the fact that a recognition of valuation allowance for deferred tax assets resulted from uncertainty about certain consolidated subsidiaries ability to earn taxable income in future fiscal years. The
effective tax rate of 48.1% in fiscal year 2010 was approximately 24 percentage points lower than the effective tax rate of 71.6% in fiscal year 2009. This decrease in the effective tax rate was due mainly to the decrease in tax benefit not
recognized on operating losses of certain consolidated subsidiaries. See Note [8] to the Consolidated Financial Statements for additional information.

Equity in earnings of affiliates. Consolidated equity in earnings of affiliates for fiscal year 2010 decreased by ¥65 million to ¥6 million from ¥71 million for fiscal
year 2009. See Note [6] to the Consolidated Financial Statements for additional information.

Net income attributable to
noncontrolling interests. Consolidated net income attributable to noncontrolling interests for fiscal year 2010 decreased by ¥0.3 billion to ¥1.9 billion from ¥2.3 billion for fiscal year 2009. This decrease was due primarily to the
lower performance of Ricoh Leasing Co., Ltd. for fiscal year 2010.



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Operating Segments



|                          |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|------------------------- |  | ---------------------------------------- | --------- | - | -------- |  | ----- | -- |  | - | --------- | - |  |  | ----- | -- |  |  | ----- | -
|                          |  | Millions of Yen (except for percentages) |           |   | % Change | 
|                          |  | 2009                                     |           |   | 2010     |  |      
|Imaging & Solutions       |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 1,833,098 |   |          |  | 100.0 | %  |  | ¥ | 1,790,243 |   |  |  | 100.0 | %  |  |  | (2.3  | )
|Operating expenses        |  |                                          | 1,687,732 |   |          |  | 92.1  | %  |  |   | 1,649,820 |   |  |  | 92.2  | %  |  |  | (2.2  | )
|Operating income          |  | ¥                                        | 145,366   |   |          |  | 7.9   | %  |  | ¥ | 140,423   |   |  |  | 7.8   | %  |  |  | (3.4  | )
|Industrial Products       |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 119,671   |   |          |  | 100.0 | %  |  | ¥ | 106,128   |   |  |  | 100.0 | %  |  |  | (11.3 | )
|Operating expenses        |  |                                          | 124,597   |   |          |  | 104.1 |    |  |   | 107,483   |   |  |  | 101.3 |    |  |  | (13.7 | )
|Operating income (loss)   |  | ¥                                        | (4,926    | ) |          |  | (4.1  | )% |  | ¥ | (1,355    | ) |  |  | (1.3  | )% |  |  |      |  
|Other                     |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 143,048   |   |          |  | 100.0 | %  |  | ¥ | 124,402   |   |  |  | 100.0 | %  |  |  | (13.0 | )
|Operating expenses        |  |                                          | 142,690   |   |          |  | 99.7  |    |  |   | 127,849   |   |  |  | 102.8 |    |  |  | (10.4 | )
|Operating income          |  | ¥                                        | 358       |   |          |  | 0.3   | %  |  | ¥ | (3,447    | ) |  |  | (2.8  | )% |  |  |      |  
|Corporate and Elimination |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | (4,121    | ) |          |  |       |    |  | ¥ | (4,436    | ) |  |  |       |    |  |  |       |  
|Operating expenses        |  |                                          | 62,141    |   |          |  |       |    |  |   | 65,188    |   |  |  |       |    |  |  |       |  
|Operating income (loss)   |  | ¥                                        | (66,262   | ) |          |  |       |    |  | ¥ | (69,624   | ) |  |  |       |    |  |  |       |  
|Consolidated              |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 2,091,696 |   |          |  | 100.0 | %  |  | ¥ | 2,016,337 |   |  |  | 100.0 | %  |  |  | (3.6  | )
|Operating expenses        |  |                                          | 2,017,160 |   |          |  | 96.4  |    |  |   | 1,950,340 |   |  |  | 96.7  |    |  |  | (3.3  | )
|Operating income          |  | ¥                                        | 74,536    |   |          |  | 3.6   | %  |  | ¥ | 65,997    |   |  |  | 3.3   | %  |  |  | (11.5 | )



Notes:

The above consolidated financial data, which set forth net sales, operating expenses and operating income (loss) for each operating segment,
include both transactions with external customers as well as intersegment transactions. Notwithstanding the foregoing, all net sales recorded in the Imaging & Solutions operating segment and the Other operating segment reflect sales to
external customers only, as none of the products in the Imaging & Solutions operating segment or the Other operating segment were sold to other Ricoh group companies that conduct businesses in the other operating segments. Accordingly, the
consolidated net sales figure for the Imaging & Solutions operating segment set forth in the above table is the aggregate of the sales figures for the Imaging Solutions product category and the Network System Solutions product category set
forth in the SALES BY PRODUCT table included under Item 5.A. Operating Results.

Consolidated net sales of
Ricoh for fiscal year 2010 decreased by 3.6% (or ¥75.3 billion) to ¥2,016.3 billion from ¥2,091.6 billion for fiscal year 2009.

This 3.6% percent decrease was due primarily to the 2.3% decrease in sales in the Imaging and Solutions segment, which accounted for 88.8% of consolidated net sales. The 2.3% decrease in sales in the
Imaging and Solutions segment was in turn due primarily to the 5.2% decrease in sales in the Imaging Solutions product category, which accounted for 75.2% of consolidated net sales. The 5.2% decrease in sales in the Imaging Solutions product
category was partially offset by the 16.9% increase in net sales in the Network System Solutions product category.



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Imaging & Solutions

Net sales in the Imaging & Solutions segment for fiscal year 2010 decreased by 2.3% (or ¥42.8 billion) to ¥1,790.2 billion from ¥1,833.0 billion for fiscal year 2009. This decrease
was due primarily to lower sales generated in the Imaging Solutions product category.

More specifically, sales in the Imaging
Solutions product category for fiscal year 2010 decreased by 5.2% (or ¥82.4 billion) to ¥1,516.1 billion from ¥1,598.6 billion for fiscal year 2009. This decrease was due primarily to the decrease in net sales of PPCs/MFPs and laser
printers, and the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. The decrease in net sales of PPCs/MFPs and laser printers was due primarily to the decrease in customer demand for Ricoh products
resulting from the global economic downturn as well as customers decisions to decrease printing costs by reducing the volume of color printing, which decreased sales of value-added supplies for color products. While net sales generated by
IKON, which became a consolidated subsidiary in fiscal year 2009 and whose financial figures were reflected for the full fiscal year for the first time in fiscal year 2010, contributed to overall net sales in the Imaging Solutions product category
for fiscal year 2010, the contribution made by IKON to net sales was not sufficient to fully offset the decrease in net sales of PPCs/MFPs and laser printers resulting from the global economic downturn and the decrease in customer demand for
PPCs/MFPs and laser printers. In addition, Ricoh lowered the sales price of certain products to stimulate sales in the sluggish and competitive market, which contributed to the decrease in net sales. Had IKONs contribution to net sales in the
Imaging Solutions product category been reflected for the same period as in fiscal year 2009 (which was for the period of five months from November to March), net sales in this product category would have decreased by 11.9%.

Sales in the Network System Solutions product category for fiscal year 2010 increased by 16.9% (or ¥39.5 billion) to ¥274.0
billion from ¥234.4 billion for fiscal year 2009. Sales in the solutions business, such as support services that assist customers establish networked environments using Ricohs imaging solutions products and software solutions to optimize
total printing costs, continued to increase in the overseas markets in fiscal year 2010. Sales in the solutions business increased because customers sought products that streamlined the process of document scanning, indexing and distribution by
integrating hardware and software. In addition, net sales generated by IKON, which became a consolidated subsidiary in fiscal year 2009 and whose financial figures were reflected for the full fiscal year for the first time in fiscal year 2010,
contributed to the increase in sales in this product category. Had IKONs contribution to net sales in the Network System Solutions product category been reflected for the same period as in fiscal year 2009 (which was for the period of five
months from November to March), net sales in this category would have increased by 2.6%.

Excluding the net effect of the
foreign currency exchange rate fluctuations, sales in the Imaging & Solutions segment would have increased by 2.8% (or ¥51.2 billion) for fiscal year 2010 as compared to fiscal year 2009.



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For fiscal year 2010, the cost of sales in the Imaging & Solutions segment
decreased due primarily to the decrease in net sales and the net effect of the appreciation of the Japanese Yen in relation to the U.S. Dollar and the Euro. In addition, because Ricoh reduced its production volume in response to the decrease in
demand, Ricoh was not able to fully absorb certain fixed costs. Due to group-wide cost reduction efforts in R&D, manufacturing and sales operations as well as the net effect of the depreciation of the U.S. Dollar and the Euro in relation to
the Japanese Yen, Ricohs selling, general and administrative expenses decreased. Such decrease fully offset the increase in expenses that resulted from reflecting a full fiscal year of expenses incurred by IKON for the first time. As a result,
operating expenses in the Imaging & Solutions segment for fiscal year 2010 decreased by 2.2% (or ¥37.9 billion) to ¥1,649.8 billion from ¥1,687.7 billion for fiscal year 2009.

As a result of the above, operating income for the Imaging & Solutions segment for fiscal year 2010 decreased by 3.4% (or
¥4.9 billion) to ¥140.4 billion from ¥145.3 billion for fiscal year 2009.

Industrial Products

Net sales in the Industrial Products segment for fiscal year 2010 decreased by 11.3% (or ¥13.5 billion) to ¥106.1 billion from
¥119.6 billion for fiscal year 2009. This decrease was due primarily to the decrease in sales of semiconductor devices, thermal media and electronic components, which experienced a decline in demand due primarily to the global economic downturn.

Operating expenses in this segment for fiscal year 2010, decreased by 13.7% (or ¥17.1 billion) to ¥107.4 billion from
¥124.5 billion for fiscal year 2009. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. Selling, general and administrative expenses decreased slightly due mainly to the decrease in
net sales and in ongoing operating expenditures as a result of the group-wide cost reduction efforts.

As a result of the
above, operating loss for the Industrial Products segment for fiscal year 2010 decreased by ¥3.5 billion to ¥1.3 billion from ¥4.9 billion for fiscal year 2009.

Other

Net sales in the Other segment for fiscal year 2010 decreased by 13.0% (or
¥18.6 billion) to ¥124.4 billion from ¥143.0 billion for fiscal year 2009. During fiscal year 2010, sales of digital cameras decreased due primarily to weak demand for new digital camera products that Ricoh introduced. In addition, net
sales from the financing business conducted by Ricoh Leasing Co., Ltd. decreased as leasing volume decreased during fiscal year 2010. Such decrease was due mainly to the decline in corporate demand for capital investments as a result of the economic
downturn in Japan.

Operating expenses in this segment for fiscal year 2010 decreased by 10.4% (or ¥14.8 billion) to
¥127.8 billion from ¥142.6 billion for fiscal year 2009. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. Selling, general and administrative expenses decreased slightly due
mainly to the decrease in net sales and in ongoing operating expenditures as a result of the group-wide cost reduction efforts.



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As a result of the above, operating income (loss) for the Other segment for fiscal year 2010
decreased by ¥3.8 billion to an operating loss of ¥3.4 billion as compared to an operating income of ¥0.3 billion for fiscal year 2009.

Geographic Segments by Geographic Origin



|                          |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|------------------------- |  | ---------------------------------------- | --------- | - | -------- |  | ----- | -- |  | - | --------- | - |  |  | ----- | -- |  |  | ----- | -
|                          |  | Millions of Yen (except for percentages) |           |   | % Change | 
|                          |  | 2009                                     |           |   | 2010     |  |      
|Japan                     |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 1,393,196 |   |          |  | 100.0 | %  |  | ¥ | 1,273,437 |   |  |  | 100.0 | %  |  |  | (8.6  | )
|Operating expenses        |  |                                          | 1,331,638 |   |          |  | 95.6  |    |  |   | 1,240,361 |   |  |  | 97.4  |    |  |  | (6.9  | )
|Operating income          |  | ¥                                        | 61,558    |   |          |  | 4.4   | %  |  | ¥ | 33,076    |   |  |  | 2.6   | %  |  |  | (46.3 | )
|The Americas              |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 506,789   |   |          |  | 100.0 | %  |  | ¥ | 560,021   |   |  |  | 100.0 | %  |  |  | 10.5  |  
|Operating expenses        |  |                                          | 532,734   |   |          |  | 105.1 |    |  |   | 571,884   |   |  |  | 102.1 |    |  |  | 7.3   |  
|Operating income (loss)   |  | ¥                                        | (25,945   | ) |          |  | (5.1  | )% |  | ¥ | (11,863   | ) |  |  | (2.1  | )% |  |  |      |  
|Europe                    |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 523,539   |   |          |  | 100.0 | %  |  | ¥ | 463,013   |   |  |  | 100.0 | %  |  |  | (11.6 | )
|Operating expenses        |  |                                          | 504,116   |   |          |  | 96.3  |    |  |   | 432,822   |   |  |  | 93.5  |    |  |  | (14.1 | )
|Operating income          |  | ¥                                        | 19,423    |   |          |  | 3.7   | %  |  | ¥ | 30,191    |   |  |  | 6.5   | %  |  |  | 55.4  |  
|Other                     |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 265,644   |   |          |  | 100.0 | %  |  | ¥ | 245,987   |   |  |  | 100.0 | %  |  |  | (7.4  | )
|Operating expenses        |  |                                          | 252,951   |   |          |  | 95.2  |    |  |   | 231,646   |   |  |  | 94.2  |    |  |  | (8.4  | )
|Operating income          |  | ¥                                        | 12,693    |   |          |  | 4.8   | %  |  | ¥ | 14,341    |   |  |  | 5.8   | %  |  |  | 13.0  |  
|Corporate and Elimination |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | (597,472  | ) |          |  |       |    |  | ¥ | (526,121  | ) |  |  |       |    |  |  |       |  
|Operating expenses        |  |                                          | (604,279  | ) |          |  |       |    |  |   | (526,373  | ) |  |  |       |    |  |  |       |  
|Operating income          |  | ¥                                        | 6,807     |   |          |  |       |    |  | ¥ | 252       |   |  |  |       |    |  |  |       |  
|Consolidated              |  |                                          |           |   |          |  |       |    |  |   |           |   |  |  |       |    |  |  |       |  
|Net sales                 |  | ¥                                        | 2,091,696 |   |          |  | 100.0 | %  |  | ¥ | 2,016,337 |   |  |  | 100.0 | %  |  |  | (3.6  | )
|Operating expenses        |  |                                          | 2,017,160 |   |          |  | 96.4  |    |  |   | 1,950,340 |   |  |  | 96.7  |    |  |  | (3.3  | )
|Operating income          |  | ¥                                        | 74,536    |   |          |  | 3.6   | %  |  | ¥ | 65,997    |   |  |  | 3.3   | %  |  |  | (11.5 | )



Notes:

The above consolidated financial data, which set forth net sales, operating expenses and operating income (loss) for each geographic segment
by geographic origin, include both transactions with external customers as well as intersegment transactions.

Japan

Sales in Japan for fiscal year 2010 decreased by 8.6% (or ¥119.7 billion) to ¥1,273.4 billion from ¥1,393.1 billion for fiscal
year 2009. This decrease was due primarily to the decrease in net sales of PPCs/MFPs and laser printers, and the net effect of the depreciation of the U.S. Dollar and the Euro in relation to the Japanese Yen. The decrease in net sales of
PPCs/MFPs and laser printers was due primarily to the decrease in customer demand for Ricoh products resulting from the global economic downturn as well as customers decisions to decrease printing costs by reducing the volume of color
printing, which decreased sales of value-added supplies for color products. Decreased sales of semiconductor devices as well as digital cameras also contributed to the overall decrease in sales in Japan. Furthermore, Ricoh lowered the sales price of
certain products to stimulate sales in the sluggish and competitive market, which contributed to the decrease in net sales.



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Operating expenses in Japan for fiscal year 2010 decreased by 6.9% (or ¥91.2 billion) to
¥ 1,240.3 billion from ¥1,331.6 billion for fiscal year 2009. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. Selling, general and administrative expenses also decreased due mainly
to the decrease in net sales and in ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts.

As a result of the above, operating income for fiscal year 2010 decreased by 46.3% (or ¥28.4 billion) to ¥33.0 billion from ¥61.5 billion for fiscal year 2009.

The Americas

Net sales in the
Americas for fiscal year 2010 increased by 10.5% (or ¥53.2 billion) to ¥560.0 billion from ¥506.7 billion for fiscal year 2009. Despite sluggish economic conditions in the Americas due to the economic downturn in the United States and
the net effect of the depreciation of the U.S. Dollar relative to the Japanese Yen, Ricoh recorded increased sales of value-added color PPCs/MFPs, production printing products and network system solutions in the Americas for fiscal year 2010.
This increase in sales was due mainly to the fact that net sales generated by IKON for the full fiscal year was consolidated into net sales in the Americas, as IKON became a consolidated subsidiary during fiscal year 2009. Had IKONs
contribution to net sales in the Americas been reflected for the same period as in fiscal year 2009 (which was for the period of five months from November to March), net sales in the Americas for fiscal year 2010 would have decreased by 13.6%.

Operating expenses in the Americas for fiscal year 2010 increased by 7.3% (or ¥39.1 billion) to ¥571.8 billion from
¥532.7 billion for fiscal year 2009. While the consolidation of expenses of IKON contributed to the increase in operating expenses in the Americas, overall operating expenses increased at a lower percentage of increase than the increase in net
sales due primarily to the decrease in ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts.

As a result of the above, operating loss for fiscal year 2010 decreased by ¥14.0 billion to ¥11.8 billion from ¥25.9 billion for fiscal year 2009.

Europe

Sales in Europe for
fiscal year 2010 decreased by 11.6% (or ¥60.5 billion) to ¥463.0 billion from ¥523.5 billion for fiscal year 2009. This decrease in sales was due primarily to a decrease in sales of PPCs/MFPs and laser printers reflecting a decrease in
demand for such products as a result of the global financial crisis, the debt crisis in Dubai and Greece and the net effect of the depreciation of the Euro relative to the Japanese Yen. Although net sales generated by IKON, which became a
consolidated subsidiary in fiscal year 2009 and whose financial figures were reflected for the full fiscal year for the first time in fiscal year 2010, contributed to net sales in Europe and Ricoh continued to introduce new products that met
customer demand, such factors were not sufficient to fully offset the decrease in overall demand for Ricoh products resulting from the global economic downturn stemming from the global financial crisis. In addition, Ricoh lowered the sales price of
certain products to stimulate sales in the sluggish and competitive market, which contributed to the decrease in net sales. Had IKONs contribution to Europe been reflected for the same period as in fiscal year 2009 (which was for the period of
five months from November to March), net sales in Europe for fiscal year 2010 would have decreased by 15.3%.



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Operating expenses in Europe for fiscal year 2010 decreased by 14.1% (or ¥71.2 billion)
to ¥432.8 billion from ¥504.1 billion for fiscal year 2009. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in net sales. Selling, general and administrative expenses also decreased at a higher
percentage of decrease than the decrease in net sales due mainly to the decrease in net sales and in ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts.

As a result of the above, operating income for fiscal year 2010 increased by 55.4% (or ¥10.7 billion) to ¥30.1 billion from
¥19.4 billion for fiscal year 2009.

Other

Net sales in the Other geographic segment, which includes China, Southeast Asia and Oceania, decreased for fiscal year 2010 by 7.4% (or ¥19.6 billion) to ¥245.9 billion from ¥265.6 billion for
fiscal year 2009. This decrease was due primarily to the decrease in exports to other geographic segments, reflecting decreased demand for Ricohs products resulting from the global economic downturn stemming from the global financial crisis.

Operating expenses in the Other geographic segment for fiscal year 2010 decreased by 8.4% (or ¥21.3 billion) to
¥231.6 billion from ¥252.9 billion for fiscal year 2009. This decrease was due primarily to the decrease in cost of sales resulting from the decrease in exports to other geographic segments. Selling, general and administrative expenses also
decreased at a higher percentage of decrease than the decrease in net sales due mainly to the decrease in net sales and in ongoing operating expenditures as a result of Ricohs group-wide cost reduction efforts.

As a result of the above, operating income for fiscal year 2010 increased by 13.0% (or ¥1.6 billion) to ¥14.3 billion from
¥12.6 billion for fiscal year 2009.



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B. Liquidity and Capital Resources

Cashflows

The following table summarizes Ricohs cashflows for each
of the three fiscal years ended March 31, 2009, 2010 and 2011, as reported in the Consolidated Statements of Cashflows in the accompanying Consolidated Financial Statements.



|                                                     |  |                                               |        |   |      |  |        |      |  |  |       |  
|---------------------------------------------------- |  | --------------------------------------------- | ------ | - | ---- |  | ------ | ---- |  |  | ----- | -
|                                                     |  | (Billions of Yen)For the year ended March 31, |       
|                                                     |  | 2009                                          |        |   | 2010 |  |        | 2011 | 
|Net cash provided by operating activities            |  |                                               | 87.4   |   |      |  | 190.7  |      |  |  | 130.0 |  
|Net cash used in investing activities                |  |                                               | (283.1 | ) |      |  | (89.5  | )    |  |  | (92.0 | )
|Net cash provided by (used in) financing activities  |  |                                               | 295.9  |   |      |  | (113.3 | )    |  |  | (92.1 | )
|Net increase (decrease) in cash and cash equivalents |  |                                               | 87.8   |   |      |  | (16.3  | )    |  |  | (62.9 | )
|Cash and cash equivalents at beginning of year       |  |                                               | 170.6  |   |      |  | 258.4  |      |  |  | 242.1 |  
|Cash and cash equivalents at end of year             |  |                                               | 258.4  |   |      |  | 242.1  |      |  |  | 179.1 |  

Operating Cashflows

As compared to fiscal year 2010, net cash provided by operating activities during fiscal year 2011 decreased by ¥60.6 billion primarily due to a decrease in cash collections from customers in Japan
resulting from a) lower customer demand for PPCs/MFPs, laser printers and semiconductor devices due to the economic downturn, and b) a decrease in the sales price of certain products due to high competition. In addition, further appreciation of the
Yen against the U.S. Dollar and the Euro resulted in decrease of overseas sales and resulting cash collections from customers.

As compared to fiscal year 2009, net cash provided by operating activities during fiscal year 2010 increased by ¥103.3 billion primarily due to the Companys cost reduction program in order to
cope with the downturn in economy, which resulted in lower cash expended for inventory and other operating costs and expenses. In addition, the acquisition of IKON in October 2008, which had a full year impact on net cash flow increases in fiscal
2010, compared to a partial year impact in fiscal 2009.

Investing Cashflows

For fiscal year 2011, net cash used in investing activities consisted mainly of ¥66.9 billion of expenditures for tangible fixed
assets and ¥18.8 billion of expenditures for intangible fixed assets. Principal expenditures for tangible fixed assets in fiscal year 2011 consisted of ¥8.1 billion for the new building housing the Ricoh Technology Center, ¥4.6 billion
for the second plant manufacturing polymerized PxP toners and ¥5.6 billion for mold casts used in the manufacturing of MFPs, production printing equipment and printers. Principal expenditures for intangible fixed assets in fiscal year 2011 were
¥7.9 billion for Enterprise Resource Planning (ERP) system, which is aimed to improve the efficiency of sales administration and accounting across the group. Net cash used in investing activities increased in fiscal year 2011 compared to fiscal
year 2010 primarily because expenditures for intangible fixed assets increased, which was due mainly to Ricohs investment in the ERP system.



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For fiscal year 2010, net cash used in investing activities consisted mainly of ¥66.9
billion of expenditures for property, plant and equipment, ¥19.9 billion of other net, and ¥4.7 billion for the acquisition of new subsidiaries, net of cash acquired. Net cash used in investing activities decreased in fiscal year 2010 mainly
because Ricoh did not make any major acquisitions that required the investment of cash.

For fiscal year 2009, net cash used
in investing activities consisted mainly of, ¥157.4 billion for the acquisition of new subsidiaries, net of cash acquired, ¥96.9 billion of expenditures for property, plant and equipment and ¥27.1 billion of other, net. Net cash used in
investing activities increased in fiscal year 2009 mainly because Ricoh used cash in connection with the establishment and commencement of IKONs operations.

Financing Cashflows

For fiscal year 2011, net cash used in financing activities
consisted primarily of ¥87.9 billion to repay outstanding long-term debt securities, ¥87.1 billion to repay outstanding long-term indebtedness, ¥30.7 billion of net decrease in short-term borrowings and ¥23.9 billion to pay
dividends, which were partially offset by ¥79.7 billion of proceeds received from the issuance of long-term debt securities and ¥58.6 billion of proceeds received from long-term indebtedness. The Company issued the 9th series of unsecured
straight bonds in the amount of ¥40.0 billion and the 10th series of unsecured straight bonds in the amount of ¥20.0 billion in June 2010. Ricoh Leasing Co., Ltd. issued the 13th series of unsecured straight bonds in the amount of ¥20.0
billion in May 2010. Proceeds from the issuance of long-term debt securities totaled ¥79.7 billion net of issuance costs. In December 2010, ¥52.8 billion aggregate principal amount of zero coupon convertible bonds (constituting a portion of
the total outstanding principal amount thereof) were redeemed before maturity, upon the exercise of put options granted to the holders of the bonds. Ricoh redeemed bonds issued by IKON by tender offer before maturity in the amount of ¥25.1
billion. Ricoh Leasing Co., Ltd. repaid unsecured straight bonds in the amount of ¥10.0 billion in December 2010 upon maturity. Repayments of long-term debt securities totaled ¥87.9 billion. For long-term indebtedness and short-term
borrowings, Ricoh continued its efforts to decrease interest bearing debts worldwide. As a result, repayment of long-term indebtedness totaled ¥87.1 billion, short-term borrowings decreased by ¥30.7 billion net, while proceeds from long-term
indebtedness totaled ¥58.6 billion. As compared to fiscal year 2010, net cash used in financing activities decreased in fiscal year 2011 primarily because short-term borrowings decreased by a smaller amount in fiscal year 2011 compared to fiscal
year 2010.

For fiscal year 2010, net cash used in financing activities consisted primarily of ¥105.2 billion of net
decrease in short-term borrowings, ¥66.5 billion to repay long-term indebtedness, ¥22.8 billion to pay dividends and ¥20.0 billion to repay outstanding long-term debt securities, which were partially offset by ¥55.0 billion of
proceeds received from the issuance of long-term debt securities and ¥46.9 billion of proceeds received from long-term indebtedness. As compared to fiscal year 2009, net cash used in financing activities increased in fiscal year 2010 as Ricoh
repaid some of its outstanding interest-bearing debt by using the additional cash generated from operations as a result of various cost cutting efforts and applying additional cash and cash equivalents on hand.



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For fiscal year 2009, net cash provided by financing activities consisted primarily of
¥237.1 billion of proceeds from long-term indebtedness, ¥110.2 billion of net increase in short-term borrowings and ¥85.0 billion of proceeds from the issuance of long-term debt securities. Ricoh repaid ¥59.5 billion of long-term
indebtedness, ¥50.5 billion of long-term debt securities and ¥25.3 billion of dividends. As compared to fiscal year 2008, net cash provided from financing activities increased in fiscal year 2009 as Ricoh increased its short-term borrowings
and received proceeds from the issuance of long-term debt.

Cash and Asset-Liability Management

Ricoh has in recent years tried to achieve greater efficiencies in the utilization of cash balances held by its subsidiaries pursuant to
its policy of ensuring adequate financing and liquidity for its operations and growth, and maintaining the strength of its balance sheet. One method that Ricoh has implemented to achieve greater efficiency is building up its group cash management
system in Japan, the United States and Europe. This cash management system functions as an arrangement whereby Ricohs funds are pooled together and cash resources are lent and borrowed from one group company to another company, with finance
companies located in Japan, the United States, the United Kingdom and the Netherlands coordinating this arrangement. This pooling-of-funds arrangement has reduced the occurrence of excess accumulation of cash in one group company while another group
company engages in unnecessary borrowing from third party institutions to meet its cash requirements. As such, the pooling-of-funds arrangement has reduced interest expense and related costs paid to third parties in connection with borrowings to
finance operations.

Ricoh also enters into various derivative financial instrument contracts in the normal course of its
business and in connection with the management of its assets and liabilities. In order to hedge against the potentially adverse impacts of foreign currency fluctuations on its assets and liabilities denominated in foreign currencies, Ricoh enters
into foreign currency contracts and foreign currency options. Another form of derivative financial contracts that Ricoh enters into is interest rate swap agreements to hedge against the potentially adverse impacts of fair value or cashflow
fluctuations on its outstanding debt interests. Ricoh uses these derivative instruments to reduce its risk and to protect the market value of its assets and liabilities in conformity with Ricohs policy. Ricoh does not use derivative financial
instruments for trading or speculative purposes, nor is it a party to leveraged derivatives. Detailed discussion of these derivative contracts is provided in Item 11. Quantitative and Qualitative Disclosures About Market Risk.

Ricoh also engages in limited securitization activities through its domestic leasing affiliate, Ricoh Leasing Co., Ltd. For a discussion
of such activities, see Item 5.E. Off-Balance Sheet Arrangements.



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Sources of Funding

Ricohs principal sources of funding are a combination of cash and cash equivalents on hand, various lines of credit and the issuance of commercial paper, medium-term notes and long-term debt
securities. In assessing its liquidity and capital resources needs, Ricoh places importance on the balances of cash and cash equivalents in the balance sheet and operating cashflows in the cashflow statements.

As of March 31, 2011, Ricoh had ¥179.1 billion in cash and cash equivalents and ¥685.0 billion in aggregate borrowing
facilities. Of the ¥685.0 billion in aggregate borrowing facilities, ¥637.4 billion was available to be borrowed by Ricoh as of March 31, 2011. As of March 31, 2011, amount available by bank loans, commercial paper and medium-term
notes were ¥294.3 billion, ¥260.0 billion and ¥83.1 billion, respectively. More specifically, Ricoh Leasing Co., Ltd. has a ¥50.0 billion committed credit line with several banks having credit ratings satisfactory to Ricoh. This
¥50.0 billion committed credit line amount is included in the ¥685.0 billion figure for aggregate borrowing facilities.

The Company, Ricoh Leasing Co., Ltd. and certain overseas subsidiaries raise capital by issuing commercial paper, medium-term notes and
long-term debt securities. Ricoh Leasing Co., Ltd. and certain overseas subsidiaries of the Company issue commercial paper to meet their short-term funding requirements. Utilization of such capacity depends on Ricohs financing needs, investor
demand and market conditions, as well as the ratings outlook for Ricohs securities. Interest rates for commercial paper issued by the Company and its subsidiaries ranged from 0.25% to 0.30%, interest rates for bank loans ranged from 0.41% to
11.95% and interest rates for long-term debt securities ranged from 0.57% to 7.30% during fiscal year 2011. For fiscal year 2011, the Company and its subsidiaries did not have any medium-term notes outstanding.

Ricoh believes that it has adequate resources for funding its working capital needs, repaying its outstanding indebtedness and executing
new transactions, due to its diverse funding sources and the inflow of cash generated from its operating activities. Even if Ricoh is unable to access the capital markets by offering its own securities on acceptable terms, Ricoh has access to other
sources of liquidity, including bank loans, cash flows from operations and sales of assets. Ricoh is also of the opinion its working capital is sufficient for its present requirements.

The Company obtains ratings from the following major rating agencies: Standard & Poors Rating Services, a division of
McGraw-Hill Companies, Inc. (S&P), Moodys Investors Services (Moodys), and another local rating agency in Japan. As of March 31, 2011, S&P assigned long-term and short-term credit ratings for the
Company of A+ and A-1, respectively, and Moodys assigned a long-term credit rating for the Company of A1.

While some of
its subsidiaries may be restricted from paying dividends for various reasons, such as capital adequacy requirements, Ricoh does not expect such restrictions to have a significant impact on its ability to meet its cash obligations.



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As is customary in Japan, substantially all of the bank loans are subject to general
agreements with each lending bank which provide, among other things, that the bank may request additional security for loans if there is reasonable and probable cause for the necessity of such additional security and the bank may treat any security
furnished, as well as any cash deposited in such bank, as security for all present and future indebtedness. The Company has never been requested to furnish such additional security. In some cases, the Companys long-term debt securities contain
customary covenants, including a limitation on liens covenant. The Company was in compliance with the covenants in its bank agreements and securities as of March 31, 2011. The Company is not subject to any covenants limiting its
ability to incur additional indebtedness. For additional detail regarding these securities, see Note [11] to the Consolidated Financial Statements.

Cash Requirements and Commitments

Ricoh believes that its cash and cash
equivalents and funds expected to be generated from its operations are sufficient to meet its cash requirements at least through fiscal year 2012. Even if there were a decrease in cashflows from operations as a result of fluctuations in customer
demands from one year to another due to unexpected changes in global economic conditions, Ricoh believes that current funds on hand along with funds available under existing borrowing facilities would be sufficient to finance its anticipated
operations. In addition, Ricoh believes that it is able to secure adequate resources to fund ongoing operating requirements and investments related to the expansion of existing businesses and the development of new projects through its access to the
financial and capital markets. While interest rates of such instruments may fluctuate, Ricoh believes that the effect of such fluctuations will not significantly affect Ricohs liquidity, mainly due to the adequate amount of Ricohs cash
and cash equivalents on hand, stable cashflow generated from its operating activities and group-wide cash management system.

Ricoh expects that its capital expenditures for fiscal year 2012 will amount to approximately ¥67.0 billion, which will principally
be used for investments in manufacturing facilities of digital and networking equipment with new engines, toners, semiconductors and thermal media. In addition, Ricoh is obligated to repay long-term indebtedness in the aggregate principal amount of
¥111.0 billion during fiscal year 2012, and in the aggregate principal amount of ¥346.2 billion during fiscal years 2013 through 2015.

The Company and certain of its subsidiaries have various employee pension plans covering all of their employees. As described in Note [11] to the Consolidated Financial Statements, the unfunded portion of
these employee pension plans amounted to ¥140.9 billion, as of March 31, 2011. The unfunded amount was recorded as an asset of ¥7.1 billion and a liability of ¥148.0 billion on the consolidated balance sheet of Ricoh as of
March 31, 2011. The amounts contributed to pension plans for fiscal years 2009, 2010 and 2011 were ¥14.7 billion, ¥14.5 billion and ¥14.4 billion, respectively.



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Ricoh believes that its cashflow from operating and investing activities together with
existing lines of credit and borrowing facilities constitute adequate sources of funding to satisfy its liquidity needs and future obligations as described above.

C. Research and Development, Patents and Licenses

Research and Development

Since its formation, Ricohs basic management philosophy has been to contribute to society by developing and providing innovative and
useful products with an emphasis on the relationship between people and information. Based on this management philosophy, Ricoh undertakes a variety of R&D activities to develop new technologies, products and systems to facilitate better
communication. The Research and Development Group and the Corporate Technology Development Group function as the headquarters of Ricohs R&D activities, which are conducted at its R&D bases throughout Japan and certain satellite R&D
bases overseas. Ricoh conducts a wide range of R&D activities, from seeds research (i.e., early stage research) to research in elemental technologies, product applications and manufacturing technologies, including environmental technologies.

In Japan, Ricoh conducts basic and advanced research in connection with optical technologies, new materials, devices,
information electronics, environmental technologies and software technologies as well as elemental development for new products. In addition, Ricoh has established satellite R&D bases in the United States and China through which it conducts
R&D activities that focus on developing products that can be marketed globally and that take into consideration the needs of such particular geographic area. All aspects of Ricohs research efforts are focused on developing products and
services that are suitable for the new work environment. Ricoh also engages in R&D activities to protect the environment in every stage of each of its products life cycles to realize Ricohs three core values of harmonizing with
the environment (i.e., reducing and minimizing environmental impact), simplifying your life and work (i.e., enhancing user friendliness and striving towards simplification), and supporting knowledge management (i.e., offering
solutions to process information). For fiscal years 2009, 2010 and 2011, Ricohs consolidated R&D expenditures totaled ¥124.4 billion, ¥109.8 billion and ¥110.8 billion, respectively.

Out of total consolidated R&D expenditures of ¥110.8 billion for fiscal year 2011, ¥81.7 billion was used for R&D
activities relating to the Imaging & Solutions segment. Ricohs R&D activities in the Imaging & Solutions segment continued to include (1) designing new optical designs for copiers, printers and production printing
products, (2) developing imaging data processing technology, (3) developing electrophotographic supply technology, (4) advancing elemental technology for the next-generation of image producing engines, (5) developing cutting edge
software technology and (6) developing applications for the advancement of IT solutions.



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Out of total consolidated R&D expenditures of ¥110.8 billion for fiscal year 2011,
¥10.3 billion was used for R&D activities relating to the Industrial Products segment. In the Industrial Products segment, Ricohs R&D activities continued to include (1) designing ASICs and ASSPs for imaging, audio and
communication use, (2) developing methods to utilize electronic design automation, (3) developing optical element technologies and new recording methods and (4) research and development for supply parts such as thermal media.

Out of total consolidated R&D expenditures of ¥110.8 billion for fiscal year 2011, ¥2.3 billion was used for
R&D activities relating to the Other segment. In this segment, Ricoh continued to develop its image capturing device technology for digital cameras and its related applications technology.

In addition, Ricoh continues to engage in the development of its fundamental research fields, which focus on R&D activities that can
be applied to various products and that are difficult to categorize into a specific operating segment. Out of total consolidated R&D expenditures of ¥110.8 billion for fiscal year 2011, ¥16.5 billion was used for R&D activities
relating to fundamental research fields. Such R&D activities include R&D in nanotechnology, micro-machining, general technologies in measuring, analysis and simulation, new materials and devices, next-generation image display technologies,
manufacturing technology, system software modules, photonics technology for high speed and high quality image processing, the next-generation of office systems and office solutions, and environmental technologies.

For a summary of Ricohs R&D expenditures for fiscal years 2009, 2010 and 2011, see Note [21] to the Consolidated Financial
Statements.

Patents and Licenses

Ricoh owns approximately 37,200 patents as of March 31, 2011, on a worldwide basis, and has a large number of licenses under various agreements with Japanese and foreign companies. Although patents
and licenses are important to Ricoh, it does not believe that the expiration of any single patent or group of related patents or the termination of any license agreements will materially affect its business.



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The following table lists some of the important patent and licensing agreements which the
Company is currently a party to:



|                                                                      |  |                  |  |                                                                                                                                    |  |                                                                          
|--------------------------------------------------------------------- |  | ---------------- |  | ---------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------
|Counterparty                                                          |  | CountryandRegion |  | Summary of the Contract                                                                                                            |  | Contract Term                                                            
|                                                                      |  |                  | 
|International Business Machines
Corporation                           |  | USA              |  | Comprehensive cross license patent agreement relating to the information processing technology area (reciprocal agreement)         |  | March 28, 2007 to expiration date of the patent subject to the agreement 
|                                                                      |  |                  | 
|ADOBE Systems Incorporated                                            |  | USA              |  | Patent licensing agreements relating to development on printer software and sales (the counterparty as the licensee)               |  | January 1, 1999 to March 31, 2015                                        
|                                                                      |  |                  | 
|Lemelson Medical, Education & Research Foundation Limited Partnership |  | USA              |  | Patent licensing agreement relating to computer image analysis and other products (the counterparty as the licensee)               |  | March 31, 1993 to expiration date of the patent subject to the agreement 
|                                                                      |  |                  | 
|Canon Inc.                                                            |  | Japan            |  | Patent licensing agreement relating to office equipment (reciprocal agreement)                                                     |  | October 1, 1998 to expiration date of the patent subject to the agreement
|                                                                      |  |                  | 
|Kyocera Mita Corporation                                              |  | Japan            |  | Patent licensing agreement relating to method of controlling multi function peripheral (the Company as the licensor)               |  | January 1, 2007 to December 31, 2011                                     
|                                                                      |  |                  | 
|Sony Corporation                                                      |  | Japan            |  | Patent licensing agreements relating to optical disks (the Company as the licensor) and digital cameras (reciprocal agreement)     |  | April 1, 2009 to March 31, 2018                                          
|                                                                      |  |                  | 
|Hitachi, Ltd.                                                         |  | Japan            |  | Patent licensing agreement relating to optical record and playback equipment, and multi function peripheral (reciprocal agreement) |  | January 1, 2007 to December 31, 2013                                     
|                                                                      |  |                  | 
|Brother Industries, Ltd.                                              |  | Japan            |  | Patent licensing agreement relating to digital photography (the Company as the licensor)                                           |  | October 1, 2009 to September 30, 2014                                    
|                                                                      |  |                  | 
|Quantum Storage Inc.                                                  |  | Taiwan           |  | Patent licensing agreement relating to optical disc (the Company as the licensor)                                                  |  | February 22, 2011 to February 22, 2016                                   

D. Trend Information

See OVERVIEW above and Cautionary Statement With Respect to Forward-Looking Statements in this Annual Report. Also, Ricoh does not expect the impact of the Great East Japan
Earthquake that occurred on March 11, 2011 to have any material adverse effect on Ricohs fiscal 2012 consolidated results, financial position and cash flows.



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E. Off-Balance Sheet Arrangements

As disclosed in Note [4] to the Consolidated Financial Statements, Ricoh, through its domestic leasing affiliate, has certain procedures in place to sell some of its lease receivables through
securitization programs. Securitization involves the creation of special purpose entities (SPEs) for purposes of holding pooled assets. The SPEs are designed to place the pooled assets beyond the reach of Ricoh and its creditors in the
event of bankruptcy. When structured in this manner (and subject to certain other conditions), the pooled assets are removed from Ricohs consolidated balance sheets. The SPEs are also designed so that investors have no recourse to Ricoh in the
event of any failure of payment on the pooled assets. Therefore, until fiscal year 2010, when securitizing assets in this manner, Ricoh did not have any exposed assets or contingent liabilities other than those recognized as subordinated residual
interests on Ricohs consolidated balance sheets. In fiscal year 2011, Ricoh adopted ASU 2009-16 and ASU 2009-17. As a result of the adoption, Ricoh consolidated these interests as VIEs and recorded their assets and liabilities at their
carrying amounts as of the beginning of fiscal year 2011, and offset and eliminated its retained interests.

Please refer to
Note [2](u) and [4] to the Consolidated Financial Statements for more details.

In addition to the above, Ricoh acts as a
guarantor for some of its employees housing loans, whose arrangements are not included on Ricohs consolidated balance sheets. As of March 31, 2011, the total amount of such guarantees was ¥72 million.

F. Tabular Disclosure of Contractual Obligations

The following table sets forth Ricohs contractual obligations as of March 31, 2011.



|                                                            |  |                                       |         |  |                 |   |         |           |  |   |           |  |  |                  |         |  |  |   |        | 
|----------------------------------------------------------- |  | ------------------------------------- | ------- |  | --------------- | - | ------- | --------- |  | - | --------- |  |  | ---------------- | ------- |  |  | - | ------ | 
|                                                            |  | Millions of YenPayments due by
period |        
|                                                            |  | Total                                 |         |  | Less than1 year |   |         | 1-3 years |  |   | 3-5 years |  |  | More than5 years |        
|CONTRACTUAL OBLIGATIONS                                     |  |                                       |         |  |                 |   |         |           |  |   |           |  |  |                  |         |  |  |   |        | 
|Long-term Debt Obligations                                  |  | ¥                                     | 588,167 |  |                 | ¥ | 110,282 |           |  | ¥ | 244,508   |  |  | ¥                | 180,352 |  |  | ¥ | 53,025 | 
|Interest Expense Associated with Long-term Debt Obligations |  |                                       | 18,297  |  |                 |   | 6,149   |           |  |   | 7,702     |  |  |                  | 3,301   |  |  |   | 1,145  | 
|Capital (Finance) Lease Obligations                         |  |                                       | 2,351   |  |                 |   | 814     |           |  |   | 1,441     |  |  |                  | 96      |  |  |   |       | 
|Operating Lease Obligations                                 |  |                                       | 76,807  |  |                 |   | 21,363  |           |  |   | 32,667    |  |  |                  | 15,262  |  |  |   | 7,515  | 
|Purchase Obligations                                        |  |                                       | 32,791  |  |                 |   | 32,791  |           |  |   |          |  |  |                  |        |  |  |   |       | 
|                                                            |  |                                       |         |  |                 |   |         |           |  |   |           |  |  |                  |         |  |  |   |        | 
|TOTAL                                                       |  | ¥                                     | 718,413 |  |                 | ¥ | 171,399 |           |  | ¥ | 286,318   |  |  | ¥                | 199,011 |  |  | ¥ | 61,685 | 
|                                                            |  |                                       |         |  |                 |   |         |           |  |   |           |  |  |                  |         |  |  |   |        | 

Ricoh expects to contribute ¥12.0 billion to its pension plan during fiscal year 2012 and is
currently unable to predict funding requirements for periods beyond fiscal year 2012 due to uncertainties related to changes in actuarial assumptions, return on plan assets, and changes to plan membership.

Ricoh had operating lease commitments with rental payments totaling ¥46.7 billion for fiscal year 2011.

G. Safe Harbor

See
Cautionary Statement With Respect to Forward-Looking Statements.



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Item 6. Directors, Senior Management and Employees

A. Directors and Senior Management

Directors and Corporate Auditors of the Company as of June 24, 2011 were as follows:



|                                    |  |                                                                                                                                                                                                                   |           |                                     |                                                         |                                                                                       
|----------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ----------------------------------- | ------------------------------------------------------- | --------------------------------------------------------------------------------------
|Name(Date of Birth)                 |  | Current Position(Function/Business
area)                                                                                                                                                                          |           | Date                                |                                                         | Business Experience                                                                   
|Masamitsu Sakurai
(January 8, 1942) |  | Chairman of the Board and Director                                                                                                                                                                                |           | Apr. 1966                           |                                                         | Joined the Company                                                                    
|                                    |  | May 1984                                                                                                                                                                                                          |           | President of Ricoh UK Products Ltd.
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 1990                           |                                                         | General Manager of Purchasing Division                                                
|                                    |  |                                                                                                                                                                                                                   |           | June 1992                           |                                                         | Director                                                                              
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 1993 June 1994                 |                                                         | President of Ricoh Europe B.V.
Managing Director                                      
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 1996                           |                                                         | President and Representative Director                                                 
|                                    |  |                                                                                                                                                                                                                   |           | June 2005 June 2005                 |                                                         | Representative Director
President                                                     
|                                    |  |                                                                                                                                                                                                                   |           | June 2005                           |                                                         | Chairman of the Board (Current)                                                       
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 2007                           |                                                         | Chairman (Current)                                                                    
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 2011                           |                                                         | Director (Current)                                                                    
|                                    |  | Principal
business activities and other principal directorships performed outside of Ricoh:                                                                                                                      
|                                    |  | Chairman of Japan Association of Corporate Executives
Director of COCA-COLA WEST COMPANY, LIMITED Director of Saga Television Station Co., Ltd. Director of Omron
Corporation. Director of Yamaha Motor Co., Ltd.
|Shiro Kondo
(October 7, 1949)       |  | Representative Director                                                                                                                                                                                           |           | Apr. 1973                           |                                                         | Joined the Company                                                                    
|                                    |  |                                                                                                                                                                                                                   | July 1999 |                                     | Deputy General Manager of Imaging System Business Group
|                                    |  |                                                                                                                                                                                                                   | June 2000 |                                     | Senior Vice President                                  
|                                    |  |                                                                                                                                                                                                                   | Oct. 2000 |                                     | General Manager of Imaging System Business Group       
|                                    |  |                                                                                                                                                                                                                   | June 2002 |                                     | Executive Vice President                               
|                                    |  |                                                                                                                                                                                                                   |           | June 2003                           |                                                         | Managing Director                                                                     
|                                    |  |                                                                                                                                                                                                                   |           | Oct. 2004 Oct. 2004                 |                                                         | In charge of Imaging Engine Solution Development
General Manager of MFP Business Group
|                                    |  |                                                                                                                                                                                                                   |           | June 2005                           |                                                         | Director                                                                              
|                                    |  |                                                                                                                                                                                                                   |           | June 2005                           |                                                         | Corporate Executive Vice President                                                    
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 2007                           |                                                         | Representative Director (Current)                                                     
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 2007                           |                                                         | President (Current)                                                                   
|                                    |  |                                                                                                                                                                                                                   |           | Apr. 2007                           |                                                         | CEO (Chief Executive Officer) (Current)                                               
|                                    | 
|                                    |  | Principal business activities and other principal directorships performed outside of Ricoh:                                                                                                                      
|                                    |  | Representative of Asahi Insurance Company                                                                                                                                                                        



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|                                     |  |                                                                                             |           |                                |                                                       |                                                                                
|------------------------------------ |  | ------------------------------------------------------------------------------------------- | --------- | ------------------------------ | ----------------------------------------------------- | -------------------------------------------------------------------------------
|Name(Date of Birth)                  |  | Current Position(Function/Business
area)                                                    |           | Date                           |                                                       | Business Experience                                                            
|Zenji Miura
(January 5, 1950)        |  | Representative Director                                                                     |           | Apr. 1976                      |                                                       | Joined the Company                                                             
|                                     |  | Jan. 1993                                                                                   |           | President of Ricoh France S.A.
|                                     |  |                                                                                             |           | Apr. 1998                      |                                                       | Deputy General Manager of Finance and Accounting Division                      
|                                     |  |                                                                                             |           | Oct. 2000                      |                                                       | Senior Vice President                                                          
|                                     |  |                                                                                             |           | Oct. 2000                      |                                                       | General Manager of Finance and Accounting Division                             
|                                     |  |                                                                                             |           | June 2003                      |                                                       | Executive Vice President                                                       
|                                     |  |                                                                                             |           | June 2004                      |                                                       | Managing Director                                                              
|                                     |  |                                                                                             |           | June 2005                      |                                                       | Director                                                                       
|                                     |  |                                                                                             |           | June 2005                      |                                                       | Corporate Executive Vice President                                             
|                                     |  |                                                                                             |           | June 2005                      |                                                       | CFO (Chief Financial Officer) (Current)                                        
|                                     |  |                                                                                             |           | Apr. 2006                      |                                                       | CIO (Chief Information Officer) (Current)                                      
|                                     |  |                                                                                             |           | Apr. 2006                      |                                                       | General Manager of Corporate Planning Division                                 
|                                     |  |                                                                                             |           | Feb. 2008                      |                                                       | In charge of Internal Management and Control Division (Current)                
|                                     |  |                                                                                             |           | July 2008                      |                                                       | General Manager of Finance and Accounting Division                             
|                                     |  |                                                                                             |           | Apr. 2009                      |                                                       | CSO (Chief Strategy Officer) (Current)                                         
|                                     |  |                                                                                             |           | Apr. 2009                      |                                                       | General Manager of CRGP Office                                                 
|                                     |  |                                                                                             |           | Apr. 2009                      |                                                       | Deputy General Manager of Global Marketing Taskforce                           
|                                     |  |                                                                                             |           | June 2009                      |                                                       | General Manager of Global Marketing Support Division                           
|                                     |  |                                                                                             |           | June 2009                      |                                                       | General Manager of Trade Affairs & Export/Import Administration Division       
|                                     |  |                                                                                             |           | Apr. 2011                      |                                                       | Representative Director (Current)                                              
|                                     |  |                                                                                             |           | Apr. 2011                      |                                                       | Deputy President (Current)                                                     
|                                     |  | Principal business activities and other principal
directorships performed outside of Ricoh:
|                                     |  | Corporate Auditor of COCA-COLA WEST COMPANY, LIMITED                                       
|Takashi Nakamura
(September 2, 1946) |  | Director                                                                                    |           | Apr. 1972                      |                                                       | Joined the Company                                                             
|                                     |  |                                                                                             | Apr. 1990 |                                | President of Ricoh UK Products Ltd.                  
|                                     |  |                                                                                             | Jan. 1995 |                                | President of Ricoh Europe B.V.                       
|                                     |  |                                                                                             | May 1998  |                                | Deputy General Manager of Corporate Planning Division
|                                     |  |                                                                                             | June 1998 |                                | Director                                             
|                                     |  |                                                                                             |           | June 2000                      |                                                       | Senior Vice President                                                          
|                                     |  |                                                                                             |           | June 2002                      |                                                       | President of Ricoh Elemex Corporation                                          
|                                     |  |                                                                                             |           | June 2004                      |                                                       | Managing Director                                                              
|                                     |  |                                                                                             |           | June 2005                      |                                                       | Director (Current)                                                             
|                                     |  |                                                                                             |           | Jan. 2006 Jan. 2006            |                                                       | Corporate Executive Vice President
CHO (Chief Human Resource Officer) (Current)
|                                     |  |                                                                                             |           | Apr. 2008                      |                                                       | General Manager of Personnel Division                                          
|                                     |  |                                                                                             |           | Apr. 2010                      |                                                       | In charge of Corporate Social Responsibility (Current)                         
|                                     |  |                                                                                             |           | Apr. 2011                      |                                                       | Deputy President (Current)                                                     
|                                     | 
|                                     |  | Principal business activities and other principal directorships performed outside of Ricoh:
|                                     |  | Corporate Auditor of TOYO KANETSU K.K.                                                     



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|                                   |  |                                          |  |                                                |  |                                                                          
|---------------------------------- |  | ---------------------------------------- |  | ---------------------------------------------- |  | -------------------------------------------------------------------------
|Name(Date of Birth)                |  | Current Position(Function/Business
area) |  | Date                                           |  | Business Experience                                                      
|Kazunori Azuma
(February 11, 1949) |  | Director                                 |  | Apr. 1971                                      |  | Joined the Company                                                       
|                                   |  | Oct. 1994                                |  | President of Hokkaido Ricoh Co., Ltd.         
|                                   |  |                                          |  | June 2000                                      |  | Senior Vice President                                                    
|                                   |  |                                          |  | Oct. 2000                                      |  | President of Ricoh Technosystems Co., Ltd.                               
|                                   |  |                                          |  | June 2003                                      |  | Managing Director                                                        
|                                   |  |                                          |  | June 2003                                      |  | Executive Vice President                                                 
|                                   |  |                                          |  | Oct. 2003                                      |  | Chairman of Ricoh Technosystems Co., Ltd.                                
|                                   |  |                                          |  | Nov. 2003                                      |  | General Manager of Marketing Group                                       
|                                   |  |                                          |  | June 2005                                      |  | Director (Current)                                                       
|                                   |  |                                          |  | June 2005                                      |  | Corporate Executive Vice President (Current)                             
|                                   |  |                                          |  | Apr. 2009                                      |  | General Manager of Global Marketing Taskforce                            
|                                   |  |                                          |  | June 2009                                      |  | General Manager of Global Marketing Group (Current)                      
|                                   |  |                                          |  | Apr. 2010                                      |  | CMO (Chief Marketing Officer) (Current)                                  
|                                   |  |                                          | 
|Hiroshi Kobayashi
(July 2, 1948)   |  | Director                                 |  | Apr. 1974                                      |  | Joined the Company                                                       
|                                   |  | Apr. 2002                                |  | General Manager of Corporate Planning Division
|                                   |  |                                          |  | June 2002                                      |  | Senior Vice President                                                    
|                                   |  |                                          |  | June 2004                                      |  | Executive Vice President                                                 
|                                   |  |                                          |  | Oct. 2004                                      |  | General Manager of LP Business Group                                     
|                                   |  |                                          |  | June 2005                                      |  | Corporate Senior Vice President                                          
|                                   |  |                                          |  | Apr. 2007                                      |  | General Manager of Printer Business Group                                
|                                   |  |                                          |  | Apr.2008                                       |  | General Manager of Office Business Planning Center                       
|                                   |  |                                          |  | Apr. 2009                                      |  | General Manager of Corporate Technology Development Group (Current)      
|                                   |  |                                          |  | Apr. 2009                                      |  | Chairman of Ricoh Software Research Center (Beijing), Co., Ltd. (Current)
|                                   |  |                                          |  | June 2010                                      |  | Director (Current)                                                       
|                                   |  |                                          |  | June 2010                                      |  | Corporate Executive Vice President (Current)                             
|                                   |  |                                          |  | Apr. 2011                                      |  | Chairman of Ricoh Innovation, Inc. (Current)                             



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|                                   |  |                                          |  |                                                          |  |                                                                                             
|---------------------------------- |  | ---------------------------------------- |  | -------------------------------------------------------- |  | --------------------------------------------------------------------------------------------
|Name(Date of Birth)                |  | Current Position(Function/Business
area) |  | Date                                                     |  | Business Experience                                                                         
|Shiro Sasaki
(December 23, 1949)   |  | Director                                 |  | Apr. 1972                                                |  | Joined the Company                                                                          
|                                   |  | Apr. 2000                                |  | President of Gestetner Holdings PLC                     
|                                   |  |                                          |  | Apr. 2002                                                |  | President of NRG Group PLC                                                                  
|                                   |  |                                          |  | June 2004                                                |  | Senior Vice President                                                                       
|                                   |  |                                          |  | June 2005                                                |  | Corporate Vice President                                                                    
|                                   |  |                                          |  | Apr. 2006 Apr. 2006 Apr. 2006                            |  | Corporate Senior Vice President
Chairman of Ricoh Europe B.V.
Chairman of NRG Group PLC     
|                                   |  |                                          |  | Apr. 2007 Apr. 2007                                      |  | Chairman of Ricoh Europe, PLC.
Chairman of Ricoh Europe (Netherlands) B.V.                  
|                                   |  |                                          |  | June 2009                                                |  | General Manager of Europe Marketing Group                                                   
|                                   |  |                                          |  | June 2010                                                |  | Director (Current)                                                                          
|                                   |  |                                          |  | Apr. 2011                                                |  | Corporate Executive Vice President (Current)                                                
|                                   |  |                                          |  | Apr. 2011                                                |  | General Manager of Production Printing Business Group (Current)                             
|                                   |  |                                          |  | Apr. 2011                                                |  | General Manager of Trade Affairs & Export/Import Administration Division (Current)          
|                                   |  |                                          |  | Apr. 2011                                                |  | Chairman and CEO (Chief Executive Office) of Ricoh Production Print Solutions, LLC (Current)
|                                   |  |                                          | 
|Yoshimasa Matsuura
(June 23, 1947) |  | Director                                 |  | Apr. 1971                                                |  | Joined the Company                                                                          
|                                   |  | May 1995                                 |  | President of Ricoh UK Products Ltd.                     
|                                   |  |                                          |  | May 1999                                                 |  | General Manager of Supply Chain Management Planning Division                                
|                                   |  |                                          |  | June 2004                                                |  | Senior Vice President                                                                       
|                                   |  |                                          |  | Oct. 2004                                                |  | General Manager of Office Business Planning Center                                          
|                                   |  |                                          |  | June 2005 June 2005                                      |  | Deputy General Manager of MFP Business Group
Corporate Vice President                       
|                                   |  |                                          |  | Apr. 2007 Apr. 2007                                      |  | Corporate Senior Vice President
General Manager of MFP Business Group                       
|                                   |  |                                          |  | Apr. 2008                                                |  | General Manager of Controller Development Division                                          
|                                   |  |                                          |  | June 2010                                                |  | Director (Current)                                                                          
|                                   |  |                                          |  | June 2010                                                |  | Corporate Executive Vice President (Current)                                                
|                                   |  |                                          |  | July 2010                                                |  | General Manager of Business Process Reengineering Group (Current)                           
|                                   |  |                                          | 
|Nobuo Inaba
(November 11, 1950)    |  | Director                                 |  | Apr. 1974                                                |  | Joined the Bank of Japan                                                                    
|                                   |  | June 2001                                |  | Director-General, Information System Services Department
|                                   |  |                                          |  | June 2002                                                |  | Director-General, Bank Examination and Surveillance Department                              
|                                   |  |                                          |  | May 2004                                                 |  | Executive Director, Financial System Stability                                              
|                                   |  |                                          |  | July 2006                                                |  | Executive Director, Monetary Policy                                                         
|                                   |  |                                          |  | May 2008                                                 |  | Joined the Company                                                                          
|                                   |  |                                          |  | May 2008                                                 |  | Executive Advisor                                                                           
|                                   |  |                                          |  | Apr. 2010                                                |  | President, Ricoh Institute of Sustainability and Business (Current)                         
|                                   |  |                                          |  | June 2010                                                |  | Director (Current)                                                                          
|                                   |  |                                          |  | June 2010                                                |  | Corporate Executive Vice President (Current)                                                



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|                                  |  |                                          |  |                                                                                                                    |  |                                                                                                                                                     
|--------------------------------- |  | ---------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------
|Name(Date of Birth)               |  | Current Position(Function/Business
area) |  | Date                                                                                                               |  | Business Experience                                                                                                                                 
|Kazuo Togashi
(November 28, 1949) |  | Director                                 |  | Apr. 1972                                                                                                          |  | Joined the Company                                                                                                                                  
|                                  |  | Apr. 1998                                |  | President of Ricoh Europe B.V.                                                                                    
|                                  |  |                                          |  | June 2000                                                                                                          |  | Senior Vice President                                                                                                                               
|                                  |  |                                          |  | Apr. 2002                                                                                                          |  | Chairman of Ricoh Europe B.V.                                                                                                                       
|                                  |  |                                          |  | Apr. 2002                                                                                                          |  | Chairman of NRG Group PLC                                                                                                                           
|                                  |  |                                          |  | June 2002                                                                                                          |  | Executive Vice President                                                                                                                            
|                                  |  |                                          |  | June 2003                                                                                                          |  | Managing Director                                                                                                                                   
|                                  |  |                                          |  | June 2005                                                                                                          |  | Corporate Senior Vice President                                                                                                                     
|                                  |  |                                          |  | Apr. 2006                                                                                                          |  | General Manager of International Business Group                                                                                                     
|                                  |  |                                          |  | Jan. 2007                                                                                                          |  | Chairman of Ricoh India Ltd.                                                                                                                        
|                                  |  |                                          |  | Jan. 2008                                                                                                          |  | Chairman of Ricoh China Co., Ltd.                                                                                                                   
|                                  |  |                                          |  | June 2009                                                                                                          |  | Chairman and CEO (Chief Executive Officer) of Ricoh Americas Corporation                                                                            
|                                  |  |                                          |  | June 2009                                                                                                          |  | General Manager of Americas Marketing Group (Current)                                                                                               
|                                  |  |                                          |  | Apr. 2010                                                                                                          |  | Chairman and CEO (Chief Executive Officer) of Ricoh Americas Holdings, Inc. (Current)                                                               
|                                  |  |                                          |  | July 2010                                                                                                          |  | Chairman and CEO (Chief Executive Officer) of Ricoh Americas Corporation (Current)                                                                  
|                                  |  |                                          |  | June 2011                                                                                                          |  | Director (Current)                                                                                                                                  
|                                  |  |                                          |  | June 2011                                                                                                          |  | Corporate Executive Vice President (Current)                                                                                                        
|                                  |  |                                          | 
|Eiji Hosoya
(February 24, 1945)   |  | Director                                 |  | Apr. 1968                                                                                                          |  | Joined Japanese National Railways                                                                                                                   
|                                  |  | June 1990                                |  | General Manager of Business Management Department of Corporate Planning Headquarters of East Japan Railway
Company
|                                  |  |                                          |  | June 1993                                                                                                          |  | Director of East Japan Railway Company                                                                                                              
|                                  |  |                                          |  | June 1996                                                                                                          |  | Executive Director of East Japan Railway Company                                                                                                    
|                                  |  |                                          |  | June 2000 June 2000                                                                                                |  | Executive Vice President of East Japan Railway Company
General Manager of Life-style Business Development Headquarters of East Japan Railway
Company
|                                  |  |                                          |  | Apr. 2002                                                                                                          |  | Vice Chairman of Japan Association of Corporate Executives                                                                                          
|                                  |  |                                          |  | June 2003                                                                                                          |  | Director, Chairman and Representative Executive Officer of Resona Holdings, Inc. (Current)                                                          
|                                  |  |                                          |  | June 2005                                                                                                          |  | Representative Director and Chairman of Resona Bank, Ltd.                                                                                           
|                                  |  |                                          |  | June 2009                                                                                                          |  | Director and Chairman of Resona Bank, Ltd. (Current)                                                                                                
|                                  |  |                                          |  | June 2010                                                                                                          |  | Director (Current)                                                                                                                                  



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|                                      |  |                                          |  |                                                                               |  |                                                                                           
|------------------------------------- |  | ---------------------------------------- |  | ----------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------
|Name(Date of Birth)                   |  | Current Position(Function/Business
area) |  | Date                                                                          |  | Business Experience                                                                       
|Mochio Umeda
(August 30, 1960)        |  | Director                                 |  | Jan. 1988                                                                     |  | Joined Arthur D. Little (Japan) Inc.                                                      
|                                      |  | Oct. 1994                                |  | Director of Arthur D. Little, Inc.                                           
|                                      |  |                                          |  | May 1997 May 1997                                                             |  | Founded MUSE Associates, LLC.
President of MUSE Associates, LLC. (Current)                
|                                      |  |                                          |  | Aug. 2000 Aug. 2000                                                           |  | Founded Pacifica Fund I, LP.
Managing Director of Pacifica Fund I, LP. (Current)          
|                                      |  |                                          |  | June 2010                                                                     |  | Director (Current)                                                                        
|                                      |  |                                          | 
|Yuji Inoue
(April 4, 1948)            |  | Corporate Auditor                        |  | Apr. 1971                                                                     |  | Joined the Company                                                                        
|                                      |  | Jan. 1997                                |  | Deputy General Manager of Finance and Accounting Division                    
|                                      |  |                                          |  | Apr. 1998                                                                     |  | General Manager of Finance and Accounting Division                                        
|                                      |  |                                          |  | Oct. 1998                                                                     |  | General Manager of Business Department of Ricoh Leasing Co., Ltd                          
|                                      |  |                                          |  | June 1999                                                                     |  | Managing Director of Ricoh Leasing Co., Ltd                                               
|                                      |  |                                          |  | Apr. 2000                                                                     |  | President of Ricoh Leasing Co., Ltd.                                                      
|                                      |  |                                          |  | June 2000                                                                     |  | Senior Vice President                                                                     
|                                      |  |                                          |  | June 2004                                                                     |  | Managing Director                                                                         
|                                      |  |                                          |  | June 2005                                                                     |  | Corporate Senior Vice President                                                           
|                                      |  |                                          |  | June 2005                                                                     |  | President and Chief Executive Officer of Ricoh Leasing Co., Ltd                           
|                                      |  |                                          |  | June 2009                                                                     |  | Corporate Auditor (Current)                                                               
|                                      |  |                                          | 
|Mitsuhiro Shinoda
(November 23, 1953) |  | Corporate Auditor                        |  | Apr. 1978                                                                     |  | Joined the Company                                                                        
|                                      |  | Oct. 2000                                |  | General Manager of Group Management Department of Corporate Planning Division
|                                      |  |                                          |  | Apr. 2001                                                                     |  | General Manager of Audit Office                                                           
|                                      |  |                                          |  | June 2003                                                                     |  | General Manager of Finance Department of Finance and Accounting Division                  
|                                      |  |                                          |  | Nov. 2004                                                                     |  | General Manager of Internal Management & Control Office of Finance and Accounting Division
|                                      |  |                                          |  | Apr. 2007                                                                     |  | General Manager of Internal Management & Control Division                                 
|                                      |  |                                          |  | July 2010                                                                     |  | General Manager of Management Center Chubu Sales Division of Ricoh Japan Corporation      
|                                      |  |                                          |  | June 2011                                                                     |  | Corporate Auditor (Current)                                                               



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|                               |  |                                          |  |                                           |                                |                                                                                                                                
|------------------------------ |  | ---------------------------------------- |  | ----------------------------------------- | ------------------------------ | -------------------------------------------------------------------------------------------------------------------------------
|Name(Date of Birth)            |  | Current Position(Function/Business
area) |  | Date                                      |                                | Business Experience                                                                                                            
|Takao Yuhara
(June 7, 1946)    |  | Corporate Auditor                        |  | Apr. 1969                                 |                                | Joined Nippon Chemical Industrial Co., Ltd.                                                                                    
|                               |  | May 1971                                 |  | Joined Sony Corporation                  
|                               |  |                                          |  | Mar. 1988                                 |                                | Vice President of Sony International (Singapore) Ltd.                                                                          
|                               |  |                                          |  | Apr. 1996                                 |                                | Vice President of Display Company of Sony Corporation                                                                          
|                               |  |                                          |  | June 2002                                 |                                | Corporate Vice President and General Manager of Corporate Planning Division of Sony Corporation                                
|                               |  |                                          |  | June 2003                                 |                                | Corporate Vice President and Group CFO (Chief Financial Officer) of Sony Corporation                                           
|                               |  |                                          |  | June 2004                                 |                                | In charge of Corporate Executive Finance and IR of Sony Corporation                                                            
|                               |  |                                          |  | Dec. 2007                                 |                                | Managing Executive Officer and Senior General Manager, Group Business Management Division of ZENSHO CO.,
LTD.                  
|                               |  |                                          |  | Apr. 2008                                 |                                | Officer in charge of Group Finance of ZENSHO CO., LTD.                                                                         
|                               |  |                                          |  | June 2008                                 |                                | Managing Executive Director of ZENSHO CO., LTD. (Current)                                                                      
|                               |  |                                          |  | June 2008                                 |                                | Corporate Auditor (Current)                                                                                                    
|                               |  |                                          |  | Nov. 2008                                 |                                | Senior General Manager, Group Business Management Division, Group Finance and Accounting Division of ZENSHO CO., LTD.
(Current)
|                               |  |                                          | 
|Tsukasa Yunoki
(July 6, 1943)  |  | Corporate Auditor                        |  | Mar. 1968                                 |                                | Graduated from the National Legal Training and Research Institute                                                              
|                               |  | Apr. 1968                                |  | Legal registration as a Japanese attorney
|                               |  |                                          |  | Apr. 1968                                 |                                | Joined Tomizawa Junjiroh Legal Services                                                                                        
|                               |  |                                          |  | Jan. 1970                                 |                                | Established Yunoki Legal Services                                                                                              
|                               |  |                                          |  | May 1997                                  |                                | President of Yunoki Legal Services (Current)                                                                                   
|                               |  |                                          |  | June 2010                                 |                                | Corporate Auditor (Current)                                                                                                    
|                               |  |                                          | 
|Kiyohisa Horie
(March 7, 1948) |  | Substitute Corporate Auditor             |  | Apr. 1970                                 |                                | Joined Horie Morita Audit Office (now: Meiji Audit Corporation)                                                                
|                               |  |                                          |  |                                           | Joined Showa Accounting Office
|                               |  |                                          |  | Aug. 1980                                 |                                | Registered as Certified Public Accountant                                                                                      
|                               |  |                                          |  | Mar. 1988                                 |                                | Registered as Tax Accountant                                                                                                   
|                               |  |                                          |  | Apr. 1988                                 |                                | Senior Partner of Meiji Audit Corporation (Current)                                                                            
|                               |  |                                          |  | May 1988                                  |                                | Representative Director of Showa Accounting Office (Current)                                                                   
|                               |  |                                          |  | May 1988                                  |                                | Managing Partner of Meiji Audit Corporation (Current)                                                                          
|                               |  |                                          |  | May 1998                                  |                                | Vice-Chairman & Managing Partner of Meiji Audit Corporation (Current)                                                          



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Directors and Corporate Auditors are elected at a general meeting of shareholders for two and four years
terms, respectively, and may serve any number of consecutive terms. The Board of Directors appoints from among its members a Chairman and one or more Representative Directors in accordance with the Corporation Law of Japan.

The Company maintains an executive officer system and under such system there are 38 such officers each with one of the following roles:



| |  |  | Executive officers: Oversee operations under the authority granted from the president and report to the president.
| | - |  | ------------------------------------------------------------------------------------------------------------------



| |  |  | Group executive officers: Assist the president with the management of Ricoh group.
| | - |  | ----------------------------------------------------------------------------------

Executive Officers of the Company as of June 24, 2011 were as follows:



|                                     |                                                                                                                                                                     |                                          |  |                                                              |  |                    
|------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------- |  | ------------------------------------------------------------ |  | -------------------
|Name                                 |                                                                                                                                                                     | Current Position(Function/Business
area) |  | Date                                                         |  | Business Experience
|Masamitsu Sakurai
(January 8, 1942)  |                                                                                                                                                                     | Chairman and Chairman of the Board       |  | See above for his business experience and other information.
|                                     |                                                                                                                                                                     |                                         
|Shiro Kondo
(October 7, 1949)        |                                                                                                                                                                     | President and Chief Executive Officer    |  | See above for his business experience and other information.
|                                     |                                                                                                                                                                     |                                         
|Zenji Miura
(January 5, 1950)        |                                                                                                                                                                     | Deputy President                         |  | See above for his business experience and other information.
|                                     | (Chief Financial Officer)
(Chief Information Officer)
(Chief Strategy Officer)
(Internal Management and Control Division)                                           |                                          |  |                                                              | 
|                                     |                                                                                                                                                                     |                                          |  |                                                             
|                                     |                                                                                                                                                                     |                                          |  |                                                             
|                                     |                                                                                                                                                                     |                                          |  |                                                             
|                                     |                                                                                                                                                                     |                                         
|Takashi Nakamura
(September 2, 1946) |                                                                                                                                                                     | Deputy President                         |  | See above for his business experience and other information.
|                                     | (Chief Human Resource Officer)
(Corporate Social Responsibility)                                                                                                    |                                          | 
|                                     |                                                                                                                                                                     |                                         
|Kazunori Azuma
(February 11, 1949)   |                                                                                                                                                                     | Corporate Executive Vice President       |  | See above for his business experience and other information.
|                                     | (Chief Marketing Officer)
(General Manager of Global Marketing Group)                                                                                               |                                          |  |                                                              | 
|                                     |                                                                                                                                                                     |                                         
|Hiroshi Kobayashi
(July 2, 1948)     |                                                                                                                                                                     | Corporate Executive Vice President       |  | See above for his business experience and other information.
|                                     | (General Manager of Corporate Technology Development Group)
(Chairman of Ricoh Software Research Center (Beijing), Co., Ltd.)
(Chairman of Ricoh Innovations, Inc.) |                                          |  |                                                              | 



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|                                   |                                                                                     |                                                                                     |           |                                                               |                                                             |                    
|---------------------------------- | ----------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | --------- | ------------------------------------------------------------- | ----------------------------------------------------------- | -------------------
|Name                               |                                                                                     | Current Position(Function/Business
area)                                            |           | Date                                                          |                                                             | Business Experience
|Shiro Sasaki
(December 23, 1949)   |                                                                                     | Corporate Executive Vice President                                                  |           | See above for his business experience and other information. 
|                                   | (General Manager of Production Printing Business Group)                             |                                                                                     |           |                                                               |                                                            
|                                   | (General Manager of Trade Affairs & Export/Import Administration Division)          |                                                                                     |           |                                                               |                                                            
|                                   | (Chairman and CEO (Chief Executive Officer) of Ricoh Production Print Solutions LLC |                                                                                     |           |                                                               |                                                            
|                                   |                                                                                     |                                                                                    
|Yoshimasa Matsuura (June 23, 1947) |                                                                                     | Corporate Executive Vice President                                                  |           | See above for his business experience and other information. 
|                                   | (General Manager of Business Process Reengineering Group)                           |                                                                                     |           |                                                               |                                                            
|                                   |                                                                                     |                                                                                    
|Nobuo Inaba
(November 11, 1950)    |                                                                                     | Corporate Executive Vice President                                                  |           | See above for his business experience and other information. 
|                                   | (President, Ricoh Institute of Sustainability and Business)                         |                                                                                     |           |                                                               |                                                            
|                                   |                                                                                     |                                                                                     |          
|Terumoto Nonaka
(October 28, 1947) |                                                                                     | Corporate Senior Vice President
(General Manager of Research and Development Group) |           | Jan. 1988                                                     |                                                             | Joined the Company 
|                                   |                                                                                     | Jan. 1990                                                                           |           | Deputy General Manager of Electronic Devices Division        
|                                   |                                                                                     | June 2000 Oct.
2000                                                                 |           | Senior Vice President
President of Electronic Devices Company
|                                   |                                                                                     | June 2002                                                                           |           | Executive Vice President                                     
|                                   |                                                                                     | June 2005                                                                           |           | Corporate Senior Vice President (Current)                    
|                                   |                                                                                     | July 2006                                                                           |           | Chairman of Ricoh Electronics Devices Shanghai Co., Ltd.     
|                                   |                                                                                     |                                                                                     | Apr. 2009 |                                                               | General Manager of Research and Development Group (Current)
|                                   |                                                                                     |                                                                                     |          
|Kenji Hatanaka
(July 1, 1946)      |                                                                                     | Corporate Senior Vice President
(General Manager of Japan Marketing Group           |           | Apr. 1969                                                     |                                                             | Joined the Company 
|                                   |                                                                                     | June 2000                                                                           |           | Senior Vice President                                        
|                                   |                                                                                     | June 2003                                                                           |           | General Manager of Tokyo Branch of Marketing Group           
|                                   |                                                                                     | June 2003                                                                           |           | General Manager of Kanto Branch of Marketing Group           
|                                   |                                                                                     | June 2004                                                                           |           | Executive Vice President                                     
|                                   |                                                                                     | Jan. 2005                                                                           |           | President of Ricoh Sales Co., Ltd.                           
|                                   |                                                                                     | June 2005                                                                           |           | Corporate Senior Vice President (Current)                    
|                                   |                                                                                     | June 2009                                                                           |           | General Manager of Marketing Group                           
|                                   |                                                                                     | July 2010                                                                           |           | President of Ricoh Japan Corporation (Current)               
|                                   |                                                                                     | July 2010                                                                           |           | General Manager of Japan Marketing Group (Current)           



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|                                     |  |                                                                                                                                                                                                                |           |                                                                                      |                                                                                                 |                    
|------------------------------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------- | -------------------
|Name                                 |  | Current Position(Function/Business
area)                                                                                                                                                                       |           | Date                                                                                 |                                                                                                 | Business Experience
|Kenichi Kanemaru
(November 19, 1952) |  | Corporate Senior Vice President
(General Manager of Global Procurement Division)                                                                                                                               |           | Apr. 1973                                                                            |                                                                                                 | Joined the Company 
|                                     |  | Apr. 1998                                                                                                                                                                                                      |           | General Manager of Production Strategic Center                                      
|                                     |  | June 1999 June
2004                                                                                                                                                                                            |           | President of Ricoh UK Products Ltd.
Senior Vice President                           
|                                     |  | June 2005                                                                                                                                                                                                      |           | Deputy General Manager of Imaging System Production Business Group                  
|                                     |  | June 2005                                                                                                                                                                                                      |           | General Manager of Procurement Control Center of Production Business Group          
|                                     |  | June 2005                                                                                                                                                                                                      |           | Corporate Vice President                                                            
|                                     |  | Apr. 2006                                                                                                                                                                                                      |           | General Manager of Imaging System Production Business Group                         
|                                     |  | Apr. 2008                                                                                                                                                                                                      |           | Corporate Senior Vice President (Current)                                           
|                                     |  | Apr. 2008                                                                                                                                                                                                      |           | General Manager of Production Business Group                                        
|                                     |  | Apr. 2008                                                                                                                                                                                                      |           | General Manager of Office Machine Division of Production Business Group             
|                                     |  | Oct. 2010                                                                                                                                                                                                      |           | General Manager of Global Procurement taskforce                                     
|                                     |  | Feb. 2011                                                                                                                                                                                                      |           | General Manager of Global Procurement Division (Current)                            
|                                     |  |                                                                                                                                                                                                                |          
|Hisashi Takata
(May 20, 1951)        |  | Corporate Senior Vice President
(Deputy General Manager of Global Marketing Group)
(Chairman of Ricoh China Co., Ltd.)
(General Manager of China & Emerging Markets Strategy Center of Global Marketing Group) |           | Apr. 1974                                                                            |                                                                                                 | Joined the Company 
|                                     |  | Apr. 1999                                                                                                                                                                                                      |           | General Manager of Business Strategy Division of International Marketing Group      
|                                     |  | Oct. 2004                                                                                                                                                                                                      |           | Deputy General Manager of GJ (GEL JET) Business Division                            
|                                     |  | Oct. 2004                                                                                                                                                                                                      |           | General Manager of Marketing Center of GJ (GEL JET) Business Division               
|                                     |  | June 2005                                                                                                                                                                                                      |           | Corporate Vice President                                                            
|                                     |  | Oct. 2005                                                                                                                                                                                                      |           | General Manager of GJ Marketing Division of Marketing Group                         
|                                     |  | Apr. 2007                                                                                                                                                                                                      |           | Deputy General Manager of Printing Business Division                                
|                                     |  | Apr. 2008                                                                                                                                                                                                      |           | General Manager of Printer Business Group                                           
|                                     |  | Jan. 2009                                                                                                                                                                                                      |           | General Manager of Printer Sales Promotion Center of Printer Business Group         
|                                     |  | Apr. 2009                                                                                                                                                                                                      |           | Corporate Senior Vice President (Current)                                           
|                                     |  | June 2009                                                                                                                                                                                                      |           | Deputy General Manager of Global Marketing Group (Current)                          
|                                     |  | June 2009                                                                                                                                                                                                      |           | General Manager of GM Strategy Center of Global Marketing Group                     
|                                     |  | June 2009                                                                                                                                                                                                      |           | Chairman of Ricoh China Co., Ltd. (Current)                                         
|                                     |  | Apr. 2010                                                                                                                                                                                                      |           | General Manager of Marketing Intelligence Center of Global Marketing Group (Current)
|                                     |  | Apr. 2010                                                                                                                                                                                                      |           | General Manager of RGS Businesses Center of Global Marketing Group                  
|                                     |  |                                                                                                                                                                                                                | Nov. 2010 |                                                                                      | General Manager of Printer Business Group                                                      
|                                     |  |                                                                                                                                                                                                                | Jan. 2011 |                                                                                      | General Manager of China & Emerging Markets Strategy Center of Global Marketing Group (Current)
|                                     |  |                                                                                                                                                                                                                | Jan. 2011 |                                                                                      | General Manager of Service & Support Center of Global Marketing Group                          



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|                                  |                                                      |                                                                                       |                                         |                                                                                                            |                                                                                                                                                                                            |                    
|--------------------------------- | ---------------------------------------------------- | ------------------------------------------------------------------------------------- | --------------------------------------- | ---------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -------------------
|Name                              |                                                      | Current Position(Function/Business
area)                                              |                                         | Date                                                                                                       |                                                                                                                                                                                            | Business Experience
|Soichi Nagamatsu
(March 25, 1951) |                                                      | Corporate Senior Vice President
(General Manager of Network Appliance Business Group) |                                         | July 2004                                                                                                  |                                                                                                                                                                                            | Joined the Company 
|                                  |                                                      | July 2004                                                                             |                                         | Vice General Manager of Research and Development Group                                                    
|                                  |                                                      | Apr. 2006                                                                             |                                         | Corporate Vice President                                                                                  
|                                  |                                                      | Apr. 2006                                                                             |                                         | General Manager of Research and Development Group                                                         
|                                  |                                                      | Apr. 2006                                                                             |                                         | General Manager of Corporate Technology Planning Division                                                 
|                                  |                                                      | Apr. 2007                                                                             |                                         | General Manager of Office System Development Center of Research and Development Group                     
|                                  |                                                      | Apr. 2008                                                                             |                                         | General Manager of Corporate Technology Development Group                                                 
|                                  |                                                      | Apr. 2008                                                                             |                                         | General Manager of Office Solution Technology Development Center of Corporate Technology Development
Group
|                                  |                                                      | Apr. 2008                                                                             |                                         | General Manager of Advanced Technology R&D Center of Research and Development Group                       
|                                  |                                                      | Apr. 2008                                                                             |                                         | Chairman of Ricoh Software Research Center (Beijing) Co., Ltd.                                            
|                                  |                                                      | Apr. 2009                                                                             |                                         | General Manager of Corporate Planning Division                                                            
|                                  |                                                      | Apr. 2010                                                                             |                                         | Corporate Senior Vice President (Current)                                                                 
|                                  |                                                      | Apr. 2011                                                                             |                                         | General Manager of Network Appliance Business Group (Current)                                             
|                                  |                                                      |                                                                                       |                                        
|Yohzoh Matsuura
(April 15, 1956)  |                                                      | Corporate Senior Vice President                                                       |                                         | Apr. 1980                                                                                                  |                                                                                                                                                                                            | Joined the Company 
|                                  | (General Manager of MFP Business Group)              |                                                                                       | Oct. 2004                               |                                                                                                            | General Manager of Imaging Engine Development Division (Current)                                                                                                                          
|                                  | (General Manager of Controller Development Division) |                                                                                       | Apr. 2006 Apr. 2007
Apr. 2008 Apr. 2008 |                                                                                                            | Associate Director
Deputy General Manager of MFP Business Group
Corporate Vice President
General Manager of Fundamental & Control Technology Center of Imaging Engine Development
Division
|                                  |                                                      |                                                                                       | Apr. 2010 Apr.
2010                     |                                                                                                            | Corporate Senior Vice President (Current)
General Manager of Platform Development Center of Imaging Engine Development Division
(Current)                                                 
|                                  |                                                      |                                                                                       | July 2010                               |                                                                                                            | General Manager of MFP Business Group (Current)                                                                                                                                           
|                                  |                                                      |                                                                                       | Apr. 2011                               |                                                                                                            | General Manager of Controller Development Division
(Current)                                                                                                                              



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|                                      |                                                                                                                                      |                                                                                                        |           |                                                                                             |                                                                             |                    
|------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------ | --------- | ------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | -------------------
|Name                                  |                                                                                                                                      | Current Position(Function/Business
area)                                                               |           | Date                                                                                        |                                                                             | Business Experience
|Kohji Sawa
(June 5, 1948)             |                                                                                                                                      | Corporate Senior Vice President
(General Manager of Production Business Group)                         |           | Apr. 1971                                                                                   |                                                                             | Joined the Company 
|                                      |                                                                                                                                      | Apr. 1998                                                                                              |           | General Manager of Imaging System Component Production Division                            
|                                      |                                                                                                                                      | Apr. 2000                                                                                              |           | General Manager of Procurement Control Center                                              
|                                      |                                                                                                                                      | July 2001                                                                                              |           | General Manager of Optical Component Development Center                                    
|                                      |                                                                                                                                      | June 2002                                                                                              |           | Senior Vice President                                                                      
|                                      |                                                                                                                                      | June 2005                                                                                              |           | Corporate Vice President
General Manager of Information Technology and Solution Division   
|                                      |                                                                                                                                      | Apr. 2008                                                                                              |           | Corporate Senior Vice President of Ricoh Elemex Corporation                                
|                                      |                                                                                                                                      | June 2008                                                                                              |           | President of Ricoh Elemex Corporation                                                      
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | Corporate Senior Vice President (Current)                                                  
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | General Manager of Production Business Group (Current)                                     
|                                      |                                                                                                                                      |                                                                                                        |          
|Kenichi Matsubayashi
(June 5, 1948)   |                                                                                                                                      | Corporate Senior Vice President
(General Manager of RS Products Division of Production Business Group) |           | Apr. 1971                                                                                   |                                                                             | Joined the Company 
|                                      |                                                                                                                                      | Apr. 1995                                                                                              |           | Manager of RS Business Planning Department                                                 
|                                      |                                                                                                                                      | Oct. 2003                                                                                              |           | General Manager of RS Products                                                             
|                                      |                                                                                                                                      | June 2005                                                                                              |           | Division of Production Business Group (Current)                                            
|                                      |                                                                                                                                      | June 2005                                                                                              |           | Corporate Vice President                                                                   
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | Corporate Senior Vice President (Current)                                                  
|                                      |                                                                                                                                      |                                                                                                        |          
|Yoshinori Yamashita
(August 22, 1957) |                                                                                                                                      | Corporate Senior Vice President                                                                        |           | Apr. 1980                                                                                   |                                                                             | Joined the Company 
|                                      | (General Manager of Corporate Planning Division)
(General Manager of New Business Development Center of Corporate Planning Division) |                                                                                                        | Mar. 2004 |                                                                                             | General Manager of Production Strategic Center of Production Business Group
|                                      |                                                                                                                                      | Apr. 2008                                                                                              |           | President of Ricoh Electronics, Inc.                                                       
|                                      |                                                                                                                                      | Apr. 2009                                                                                              |           | Associate Director                                                                         
|                                      |                                                                                                                                      | Apr. 2010                                                                                              |           | Corporate Vice President                                                                   
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | Corporate Senior Vice President (Current)                                                  
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | General Manager of Corporate Planning Division (Current)                                   
|                                      |                                                                                                                                      | Apr. 2011                                                                                              |           | General Manager of New Business Development Center of Corporate Planning Division (Current)



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|                                   |                                                             |                                                                                                                                                                           |           |                                                                                             |                                                                        |                                                                                                     
|---------------------------------- | ----------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------
|Name                               |                                                             | Current Position(Function/Business
area)                                                                                                                                  |           | Date                                                                                        |                                                                        | Business Experience                                                                                 
|Kiyoto Nagasawa
(August 16, 1948)  |                                                             | Corporate Vice President
(President of Electronic Devices Company)
(Chairman of Ricoh Electronics Devices Shanghai Co., Ltd.)                                             |           | Apr. 1973                                                                                   |                                                                        | Joined the Company                                                                                  
|                                   |                                                             | Apr. 2001                                                                                                                                                                 |           | General Manager of C&F Business Division 2                                                 
|                                   |                                                             | June 2002                                                                                                                                                                 |           | Senior Vice President                                                                      
|                                   |                                                             | June 2005                                                                                                                                                                 |           | General Manager of Quality of Management Division                                          
|                                   |                                                             | June 2005                                                                                                                                                                 |           | Corporate Vice President (Current)                                                         
|                                   |                                                             | Apr. 2009                                                                                                                                                                 |           | President of Electronic Devices Company (Current)                                          
|                                   |                                                             | Apr. 2009                                                                                                                                                                 |           | Chairman of Ricoh Electronics Devices Shanghai Co., Ltd. (Current)                         
|                                   |                                                             |                                                                                                                                                                           |          
|Yutaka Ebi
(October 20, 1949)      |                                                             | Corporate Vice President                                                                                                                                                  |           | Apr. 1972                                                                                   |                                                                        | Joined the Company                                                                                  
|                                   | (General Manager of Legal & Intellectual Property Division) |                                                                                                                                                                           | Apr. 2001 |                                                                                             | General Manager of Imaging Technology Division                        
|                                   |                                                             | June 2002                                                                                                                                                                 |           | Senior Vice President                                                                      
|                                   |                                                             | Oct. 2004                                                                                                                                                                 |           | General Manager of Legal & Intellectual Property Division (Current)                        
|                                   |                                                             | June 2005                                                                                                                                                                 |           | Corporate Vice President (Current)                                                         
|                                   |                                                             |                                                                                                                                                                           |          
|Kazuhiro Yuasa
(September 1, 1952) |                                                             | Corporate Vice President                                                                                                                                                  |           | Apr. 1977                                                                                   |                                                                        | Joined the Company                                                                                  
|                                   | (President of Personal Multi Media Company)                 |                                                                                                                                                                           | Apr. 2001 |                                                                                             | Deputy General Manager of ICD Division of Personal Multi Media Company
|                                   |                                                             | Oct. 2002                                                                                                                                                                 |           | Deputy General Manager of ICS Division of Personal Multi Media Company                     
|                                   |                                                             |                                                                                                                                                                           | Nov. 2002 |                                                                                             | General Manager of ICS Division of Personal Multi Media Company       
|                                   |                                                             | Apr. 2006                                                                                                                                                                 |           | Associate Director                                                                         
|                                   |                                                             |                                                                                                                                                                           | Apr. 2006 |                                                                                             | President of Personal Multi Media Company (Current)                   
|                                   |                                                             |                                                                                                                                                                           | Apr. 2008 |                                                                                             | Corporate Vice President (Current)                                    
|                                   |                                                             |                                                                                                                                                                           |          
|Katsumi Kurihara
(March 24, 1956)  |                                                             | Corporate Vice President
(General Manager of Quality of Management Division)
(General Manager of Quality and Process Innovation Center of Quality of Management Division) |           | Apr. 1978                                                                                   |                                                                        | Joined the Company                                                                                  
|                                   |                                                             | Apr. 2004                                                                                                                                                                 |           | Deputy General Manager of Engineering Process Innovation Center of MFP Business Group      
|                                   |                                                             | Apr. 2006                                                                                                                                                                 |           | General Manager of Engineering Process Innovation Center of MFP Business Group             
|                                   |                                                             | Apr. 2007                                                                                                                                                                 |           | Deputy General Manager of Office Business Planning Center                                  
|                                   |                                                             | Apr. 2007                                                                                                                                                                 |           | General Manager of Engineering Process Innovation Center of Office Business Planning Center
|                                   |                                                             | Apr. 2008                                                                                                                                                                 |           | Associate Director                                                                         
|                                   |                                                             | Apr. 2009                                                                                                                                                                 |           | General Manager of Quality of Management Division (Current)                                
|                                   |                                                             | Apr. 2009                                                                                                                                                                 |           | General Manager of Engineering Process Innovation Center of Quality of Management Division 
|                                   |                                                             | Apr. 2010                                                                                                                                                                 |           | Corporate Vice President (Current)                                                         
|                                   |                                                             |                                                                                                                                                                           |           | Apr. 2011                                                                                   |                                                                        | General Manager of Quality and Process Innovation Center of Quality of Management Division
(Current)



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|                                    |                                                                                |                                                                                                                                                                                                                                         |           |                                                                                                            |                                                                                                     |                                         
|----------------------------------- | ------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ---------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- | ----------------------------------------
|Name                                |                                                                                | Current Position(Function/Business
area)                                                                                                                                                                                                |           | Date                                                                                                       |                                                                                                     | Business Experience                     
|Junichi Matsuno
(April 18, 1954)    |                                                                                | Corporate Vice President                                                                                                                                                                                                                |           | Apr. 2008                                                                                                  |                                                                                                     | Joined the Company                      
|                                    | (General Manager of GJ Design & Development Division)                          |                                                                                                                                                                                                                                         | Apr. 2008 |                                                                                                            | Deputy General Manager of Corporate Technology Development Group                                   
|                                    | (General Manager of GC Development Center of GJ Design & Development Division) |                                                                                                                                                                                                                                         | Apr. 2008 |                                                                                                            | General Manager of Printing Technology Development Center of Corporate Technology Development Group
|                                    |                                                                                | Apr. 2008                                                                                                                                                                                                                               |           | Deputy General Manager of LE Development Center of GJ Design & Development Division                       
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | Associate Director                                                                                        
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | General Manager of GJ Design & Development Division (Current)                                             
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | General Manager of Technology Strategy Center of GJ Design & Development Division                         
|                                    |                                                                                | Apr. 2010                                                                                                                                                                                                                               |           | Corporate Vice President (Current)                                                                        
|                                    |                                                                                | Apr. 2011                                                                                                                                                                                                                               |           | General Manager of GC Development Center of GJ Design & Development Division (Current)                    
|                                    |                                                                                |                                                                                                                                                                                                                                         |          
|Kunihito Minakawa
(August 15, 1954) |                                                                                | Corporate Vice President
(General Manager of Finance and Accounting Division)
(General Manager of CRGP Office)                                                                                                                          |           | Apr. 1978                                                                                                  |                                                                                                     | Joined the Company                      
|                                    |                                                                                | June 2008                                                                                                                                                                                                                               |           | General Manager of Business Strategy & Planning Center of International Business Group                    
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | Associate Director                                                                                        
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | General Manager of Finance and Accounting Division (Current)                                              
|                                    |                                                                                | Apr. 2010                                                                                                                                                                                                                               |           | Corporate Vice President (Current)                                                                        
|                                    |                                                                                |                                                                                                                                                                                                                                         |           | Apr. 2011                                                                                                  |                                                                                                     | General Manager of CRGP Office (Current)
|                                    |                                                                                |                                                                                                                                                                                                                                         |          
|Seiji Sakata
(September 12, 1958)   |                                                                                | Corporate Vice President
(General Manager of Human Resources Division)
(General Manager of General Administration Corporate Strategic Center of Human Resources Division)
(Deputy General Manager of Corporate Sports Promotion Center) |           | Apr. 1981                                                                                                  |                                                                                                     | Joined the Company                      
|                                    |                                                                                | Apr. 2008                                                                                                                                                                                                                               |           | Deputy General Manager of MFP Business Group (Current)                                                    
|                                    |                                                                                | Oct. 2008                                                                                                                                                                                                                               |           | General Manager of 2nd Designing Center of MFP Business Group                                             
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | Associate Director                                                                                        
|                                    |                                                                                | Apr. 2009                                                                                                                                                                                                                               |           | General Manager of Controller Development Division (Current)                                              
|                                    |                                                                                | Apr. 2010 Apr.
2011                                                                                                                                                                                                                     |           | Corporate Vice President (Current)
General Manager of Human Resources Division (Current)                  
|                                    |                                                                                | Apr. 2011                                                                                                                                                                                                                               |           | General Manager of General Administration Corporate Strategic Center of Human Resources Division (Current)
|                                    |                                                                                | Apr. 2011                                                                                                                                                                                                                               |           | Deputy General Manager of Corporate Sports Promotion Center                                               



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|                                    |                                                                   |                                                                                                                                         |                     |                                                                                     |                                                                                                                                        |                    
|----------------------------------- | ----------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------- | ------------------- | ----------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- | -------------------
|Name                                |                                                                   | Current Position(Function/Business
area)                                                                                                |                     | Date                                                                                |                                                                                                                                        | Business Experience
|Kiyotaka Yamada
(January 27, 1952)  |                                                                   | Corporate Vice President                                                                                                                |                     | Apr. 1976                                                                           |                                                                                                                                        | Joined the Company 
|                                    | (General Manager of Information Technology and Solution Division) |                                                                                                                                         | Oct. 2004 Jan.
2011 |                                                                                     | President of Ricoh UK Products Ltd.
General Manager of Business Process Reengineering Division of Business Process Reengineering
Group
|                                    |                                                                   | Apr. 2011                                                                                                                               |                     | Corporate Vice President (Current)                                                 
|                                    |                                                                   | Apr. 2011                                                                                                                               |                     | General Manager of Information Technology and Solution Division (Current)          
|                                    |                                                                   |                                                                                                                                         |                    
|Hidenobu Endoh
(January 17, 1959)   |                                                                   | Corporate Vice President
(General Manager of Printer Business Group)
(General Manager of GJ Designing Center of Printer Business Group) |                     | Apr. 1981                                                                           |                                                                                                                                        | Joined the Company 
|                                    |                                                                   | Apr. 2007                                                                                                                               |                     | General Manager of GJ Designing Center of Printer Business Group (Current)         
|                                    |                                                                   | Oct. 2009 Apr.
2011                                                                                                                     |                     | Deputy General Manager of Printer Business Group
Corporate Vice President (Current)
|                                    |                                                                   | Apr. 2011                                                                                                                               |                     | General Manager of Printer Business Group (Current)                                
|                                    |                                                                   |                                                                                                                                         |                    
|Kazuo Nishinomiya
(August 22, 1960) |                                                                   | Corporate Vice President
(President of PC Unit Products Company)                                                                        |                     | Apr. 1983                                                                           |                                                                                                                                        | Joined the Company 
|                                    |                                                                   | Jan. 2007                                                                                                                               |                     | President of Ricoh Industrie France S.A.S.                                         
|                                    |                                                                   | Apr. 2010                                                                                                                               |                     | President of PC Unit Products Company (Current)                                    
|                                    |                                                                   | Apr. 2011                                                                                                                               |                     | Corporate Vice President (Current)                                                 

Group Executive Officers of the Company as of June 24, 2011 were as follows:



|                                  |                                                                              |                                                                        |           |                                                            |                                           |                                                             
|--------------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------- | --------- | ---------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------------------
|Kazuo Togashi
(November 28, 1949) |                                                                              | Corporate Executive Vice President                                     |           |                                                            |                                           | See above for his business experience and other information.
|                                  | Chairman and CEO (Chief Executive Officer) of Ricoh Americas Holdings, Inc.) |                                                                        |           |                                                            |                                          
|                                  | (Chairman and CEO (Chief Executive Officer) of Ricoh Americas Corporation)   |                                                                        |           |                                                            |                                          
|                                  | (General Manager of Americas Marketing Group)                                |                                                                        |           |                                                            |                                          
|                                  |                                                                              |                                                                        |          
|Sadahiro Arikawa
(March 31, 1949) |                                                                              | Corporate Senior Vice President
(President of Ricoh Leasing Co., Ltd.) |           | Apr. 1971                                                  |                                           | Joined the Company                                          
|                                  |                                                                              | Apr. 2001                                                              |           | General Manager of Fukuoka Branch of Marketing Group      
|                                  |                                                                              | Dec. 2001                                                              |           | President of Ricoh Kyusyu Co., Ltd.                       
|                                  |                                                                              | Apr. 2004                                                              |           | General Manager of Major Accounts Marketing Division      
|                                  |                                                                              | June 2004                                                              |           | Senior Vice President                                     
|                                  |                                                                              | June 2005                                                              |           | Corporate Vice President                                  
|                                  |                                                                              |                                                                        | Apr. 2009 |                                                            | Associate Director                       
|                                  |                                                                              | Apr. 2009                                                              |           | Corporate Senior Vice President of Ricoh Leasing Co., Ltd.
|                                  |                                                                              | June 2009                                                              |           | President of Ricoh Leasing Co., Ltd. (Current)            
|                                  |                                                                              |                                                                        | June 2009 |                                                            | Corporate Senior Vice President (Current)



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|                                    |                                       |                                                                                                                                                           |           |                                                                                                               |                                                                 |                                                                                                                               
|----------------------------------- | ------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------
|Name                                |                                       | Current Position(Function/Business
area)                                                                                                                  |           | Date                                                                                                          |                                                                 | Business Experience                                                                                                           
|Hiroshi Tsuruga
(November 18, 1948) |                                       | Corporate Vice President                                                                                                                                  |           | Apr. 1971                                                                                                     |                                                                 | Joined the Company                                                                                                            
|                                    | (President of Tohoku Ricoh Co., Ltd.) |                                                                                                                                                           | Apr. 1999 |                                                                                                               | General Manager of Information Technology and Solution Division
|                                    |                                       |                                                                                                                                                           | June 2002 |                                                                                                               | Senior Vice President                                          
|                                    |                                       |                                                                                                                                                           | June 2005 |                                                                                                               | Deputy President of Tohoku Ricoh Co., Ltd.                     
|                                    |                                       |                                                                                                                                                           | June 2005 |                                                                                                               | Corporate Vice President (Current)                             
|                                    |                                       |                                                                                                                                                           | Apr. 2006 |                                                                                                               | President of Tohoku Ricoh Co., Ltd. (Current)                  
|                                    |                                       |                                                                                                                                                           |          
|Norihisa Goto
(March 8, 1949)       |                                       | Corporate Vice President
(President of Ricoh Technosystems Co., Ltd.                                                                                      |           | Apr. 1972                                                                                                     |                                                                 | Joined the Company                                                                                                            
|                                    |                                       | Oct. 1997                                                                                                                                                 |           | President of Ricoh Deutschland GmbH                                                                          
|                                    |                                       | Mar. 2001                                                                                                                                                 |           | Chairman of Lanier Worldwide, Inc.                                                                           
|                                    |                                       | Jan. 2003                                                                                                                                                 |           | President of Lanier Worldwide, Inc.                                                                          
|                                    |                                       | June 2003                                                                                                                                                 |           | Senior Vice President                                                                                        
|                                    |                                       | June 2005                                                                                                                                                 |           | Corporate Vice President (Current)                                                                           
|                                    |                                       | June 2006                                                                                                                                                 |           | Vice Chairman of Ricoh Corporation (now Ricoh Americas Corporation)                                          
|                                    |                                       | June 2006                                                                                                                                                 |           | CEO (Chief Executive Officer) of Ricoh U.S. - Ricoh Corporation (now Ricoh U.S. - Ricoh Americas
Corporation)
|                                    |                                       | Oct. 2008                                                                                                                                                 |           | Deputy General Manager of Production Printing Business Group                                                 
|                                    |                                       | Apr. 2009                                                                                                                                                 |           | General Manager of Production Printing Business Group                                                        
|                                    |                                       |                                                                                                                                                           |           | Apr. 2011                                                                                                     |                                                                 | President of Ricoh Technosystems Co., Ltd. (Current)                                                                          
|                                    |                                       |                                                                                                                                                           |          
|Yoshihiro Niimura                   |                                       | Corporate Vice President                                                                                                                                  |           | Apr. 1975                                                                                                     |                                                                 | Joined the Company                                                                                                            
|(May 22, 1951)                      |                                       | (President of Ricoh China Co., Ltd.)
(Chairman and President of Ricoh Electronic Technology (China) Co., Ltd.)
(General Manager of China Marketing Group) |           | June 2004                                                                                                     |                                                                 | President of Ricoh China Co., Ltd. (Current)                                                                                  
|                                    |                                       | June 2004                                                                                                                                                 |           | Chairman and President of Ricoh Electronic Technology (China) Co., Ltd. (Current)                            
|                                    |                                       | June 2004                                                                                                                                                 |           | Senior Vice President                                                                                        
|                                    |                                       | June 2005                                                                                                                                                 |           | Corporate Vice President (Current)                                                                           
|                                    |                                       | June 2009                                                                                                                                                 |           | General Manager of China Marketing Group (Current)                                                           
|                                    |                                       |                                                                                                                                                           |           |                                                                                                              
|                                    |                                       |                                                                                                                                                           |          
|Michel De Bosschere
(June 16, 1948) |                                       | Corporate Vice President
(Chairman of Ricoh Belgium N.V.)
(President of Ricoh France S.A.S.)
(General Manager of China Marketing Group)                   |           | June 1993 Jan. 2000
June 2004 June 2005                                                                       |                                                                 | Managing Director of Nashua/tec Benelux
President of NRG Benelux B.V.
Senior Vice President
Corporate Vice President (Current)
|                                    |                                       | Aug. 2007 Nov.
2007                                                                                                                                       |           | President of Ricoh Nederland B.V.
Chairman of NRG Benelux B.V.
Chairman of Ricoh Nederland B.V.              
|                                    |                                       | Nov. 2007                                                                                                                                                 |           | Chairman of Ricoh Belgium N.V. (Current)                                                                     
|                                    |                                       |                                                                                                                                                           |           | Chairman of NRG Belgium S.A.                                                                                 
|                                    |                                       | Mar. 2009                                                                                                                                                 |           | President of Ricoh France S.A.S. (Current)                                                                   



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|                               |                                         |                                                                                                                                                                                        |           |                                                                                                 |                                                                                          |                    
|------------------------------ | --------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------- | ----------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------
|Name                           |                                         | Current Position(Function/Business
area)                                                                                                                                               |           | Date                                                                                            |                                                                                          | Business Experience
|Daisuke Segawa
(July 21, 1954) |                                         | Corporate Vice President
(President and COO (Chief Operating Officer) of Ricoh Production Print Solutions Company, LLC)
(Deputy General Manager of Production Printing Business Group) |           | Mar. 1980                                                                                       |                                                                                          | Joined the Company 
|                               |                                         | Dec. 1998 Oct.
2004                                                                                                                                                                    |           | General Manager of Treasury Department
General Manager of Corporate Planning Division          
|                               |                                         | June 2005 Apr.
2006                                                                                                                                                                    |           | Corporate Vice President
General Manager of Finance and Accounting Division                    
|                               |                                         | July 2008                                                                                                                                                                              |           | Senior Vice President of InfoPrint Solutions Company, LLC                                      
|                               |                                         | Apr. 2009                                                                                                                                                                              |           | Associate Director                                                                             
|                               |                                         | May 2009                                                                                                                                                                               |           | President and CEO (Chief Executive Officer) of InfoPrint Solutions Company, LLC                
|                               |                                         | June 2009                                                                                                                                                                              |           | Corporate Vice President (Current)                                                             
|                               |                                         | Dec. 2010                                                                                                                                                                              |           | General Manager of NPPC Preparation Office                                                     
|                               |                                         | Apr. 2011                                                                                                                                                                              |           | Deputy General Manager of Production Printing Business Group (Current)                         
|                               |                                         | Apr. 2011                                                                                                                                                                              |           | President and COO (Chief Operating Officer) of Ricoh Production Print Solutions, LLC. (Current)
|                               |                                         |                                                                                                                                                                                        |          
|Shuzo Saito
(August 31, 1949)  |                                         | Corporate Vice President
(Chairman and CEO (Chief Executive Officer) of Ricoh Europe PLC)
(Chairman of Ricoh Europe B.V.)
(General Manager of Europe Marketing Group)                  |           | Apr. 1973                                                                                       |                                                                                          | Joined the Company 
|                               |                                         | Apr. 2000 Apr.
2006                                                                                                                                                                    |           | President of Ricoh Asia Pacific, Pte. Ltd.
President of NRG Group PLC                          
|                               |                                         | Apr. 2007 Apr.
2011                                                                                                                                                                    |           | President of Ricoh Europe PLC
Corporate Vice President (Current)                               
|                               |                                         | Apr. 2011                                                                                                                                                                              |           | Chairman and CEO (Chief Executive Officer) of Ricoh Europe PLC (Current)                       
|                               |                                         | Apr. 2011                                                                                                                                                                              |           | Chairman of Ricoh Europe B.V. (Current)                                                        
|                               |                                         | Apr. 2011                                                                                                                                                                              |           | General Manager of Europe Marketing Group (Current)                                            
|                               |                                         |                                                                                                                                                                                        |          
|Takashige Itoh
(June 19, 1949) |                                         | Corporate Vice President                                                                                                                                                               |           | Apr. 1973                                                                                       |                                                                                          | Joined the Company 
|                               | (President of Ricoh Elemex Corporation) |                                                                                                                                                                                        | Apr. 2008 |                                                                                                 | Chairman and CEO (Chief Executive Officer) of Shanghai Ricoh Facsimile Co., Ltd.        
|                               |                                         |                                                                                                                                                                                        | Apr. 2008 |                                                                                                 | Chairman and CEO (Chief Executive Officer) of Shanghai Ricoh Digital Equipment Co., Ltd.
|                               |                                         |                                                                                                                                                                                        | Apr. 2008 |                                                                                                 | Chairman of Ricoh Imaging Technology (Shanghai) Co., Ltd.                               
|                               |                                         |                                                                                                                                                                                        | Apr. 2011 |                                                                                                 | Corporate Vice President (Current)                                                      
|                               |                                         |                                                                                                                                                                                        | Apr. 2011 |                                                                                                 | President of Ricoh Elemex Corporation (Current)                                         



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|                              |  |                                                                                                                         |  |                                                           |  |                    
|----------------------------- |  | ----------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------- |  | -------------------
|Name                          |  | Current Position(Function/Business
area)                                                                                |  | Date                                                      |  | Business Experience
|Nobuaki Majima
(May 24, 1952) |  | Corporate Vice President
(President of Ricoh Asia Pacific, Pte. Ltd.)
(General Manager of Asia Pacific Marketing Group) |  | Apr. 1981                                                 |  | Joined the Company 
|                              |  | Mar. 2001                                                                                                               |  | President of Ricoh Deutschland GmbH                      
|                              |  | Apr. 2006                                                                                                               |  | President of Ricoh Asia Pacific, Pte. Ltd. (Current)     
|                              |  | Apr. 2008                                                                                                               |  | Associate Director                                       
|                              |  | Apr. 2009                                                                                                               |  | Corporate Vice President (Current)                       
|                              |  | June 2009                                                                                                               |  | General Manager of Asia Pacific Marketing Group (Current)

There are no family relationships between any Director, Corporate Auditor or Executive Officer and any
other Director, Corporate Auditor or Executive Officer of the Company. There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any person named above was selected as a Director, Corporate
Auditor, Executive Officer, or a Group Executive Officer.

B. Compensation

The aggregate remuneration, including bonuses but excluding retirement allowances, paid by the Company for fiscal year 2011 to all
Directors, Corporate Auditors, Executive Officers and Group Executive Officers of the Company who served during fiscal year 2011 was ¥923 million.

Bonuses to be received by the director are determined by a resolution of an ordinary general meeting of shareholders of the Company. Bonuses so paid are not deductible by the Company for tax purposes and,
for financial reporting purposes, are reported under selling, general and administrative expenses as a charge against income and are based on the Companys financial performance for the fiscal year. During fiscal year 2012, the Company will pay
bonuses in the total amount of ¥82 million to Directors as a group in their capacity as such (excluding bonuses for their services as employees) in respect of fiscal year 2012, as approved by the Companys shareholders at the Ordinary
General Meeting of Shareholders held on June 24, 2011.

In accordance with customary Japanese business practice, when a
Director or Corporate Auditor retires, a proposal to pay a lump-sum retirement allowance is submitted to the shareholders for their approval. After shareholders approval is obtained, the amount of the retirement allowance for a Director or
Corporate Auditor is fixed by the Board of Directors or Board of Corporate Auditors and generally reflects his remuneration and position at the time of retirement, the length of his service as a Director or Corporate Auditor and his contribution to
the Companys performance. At the Ordinary General Meeting of Shareholders held on June 27, 2007, the shareholders approved the abolishment of this retirement allowance system. Accordingly, the Company will pay incumbent Directors and
Corporate Auditors their final retirement allowances corresponding to their tenure through June 27, 2007 in accordance with standards prescribed by the Company. The amount of such final retirement allowance through June 27, 2007 is
¥498 million, for which the Company has established a reserve.



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The Company abolished the retirement system as described above, in its place the Company
introduced stock price-linked remuneration for its Directors by enhancing of the bonuses for directors with the Companys financial performance. Under this new system, the Company will pay a specified amount of remuneration to Directors each
month, which amount will be contributed to the stock purchasing system to purchase the Companys stock. Each Director will be required to hold the Companys stock purchased under this system for the tenure of their office. One of the
objectives of this system is to align the interests of the Directors with the interests of the shareholders on a long-term basis, which Ricoh believes will also strengthen the incentives to enhance shareholder value.

C. Board Practices

Under the
Corporation Law of Japan, all Directors and Corporate Auditors shall be elected at the General Meeting of Shareholders. In general, under the Articles of Incorporation of the Company, the terms of office of Directors shall expire at the conclusion
of the Ordinary General Meeting of Shareholders held with respect to the last fiscal year ending within two years after their election, and the terms of office of Corporate Auditors shall expire at the conclusion of the Ordinary General Meeting of
Shareholders held with respect to the last fiscal year ending within four years after their election. However, both the Directors and Corporate Auditors may serve any number of consecutive terms.

From among the Directors, the Board of Directors shall elect one or more Representative Directors. Each of the Representative Directors
has the statutory authority to represent the Company in the conduct of its affairs.

The Corporate Auditors of the Company are
not required to be and are not certified public accountants. However, at least half of the Corporate Auditors must be a person who has not been a Director, executive officer, manager, or employee of the Company or any of its subsidiaries prior to
his or her election as a Corporate Auditor. The Corporate Auditors may not at the same time be Directors, executive officers, managers, or employees of the Company or any of its subsidiaries. Each Corporate Auditor has the statutory duty to examine
the financial statements and business reports to be submitted by the Board of Directors at the General Meeting of Shareholders and also to supervise the administration by the Directors of the Companys affairs. Corporate Auditors are entitled
and obligated to participate in meetings of the Board of Directors but are not entitled to vote. Under the Corporation Law, the Board of Corporate Auditors has a statutory duty to prepare and submit its audit report to the Board of Directors each
year. A Corporate Auditor may note his or her opinion in the audit report if it is different from the opinion of the Board of Corporate Auditors that is expressed in the audit report. The Board of Corporate Auditors is empowered to establish audit
principles, the method of examination by the Corporate Auditors of the Companys affairs and financial position, and other matters concerning the performance of the Corporate Auditors duties. The Company does not have an audit committee.



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There are no Directors service contracts with Ricoh providing for benefits upon
termination of service. For additional information regarding director compensation, see Item 6.B.

D. Employees

The table below provides information about employees.



|                                   |  |                 |         |  |      |  |         |      |  |  |         | 
|---------------------------------- |  | --------------- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                   |  | As of March 31, |        
|                                   |  | 2009            |         |  | 2010 |  |         | 2011 | 
|Categorized by Operating Segment   |  |                 |         |  |      |  |         |      |  |  |         | 
|Imaging & Solutions                |  |                 | 100,302 |  |      |  | 100,449 |      |  |  | 100,959 | 
|Industrial Products                |  |                 | 3,150   |  |      |  | 3,109   |      |  |  | 3,056   | 
|Other                              |  |                 | 3,911   |  |      |  | 3,859   |      |  |  | 3,868   | 
|Headquarters                       |  |                 | 1,114   |  |      |  | 1,108   |      |  |  | 1,131   | 
|                                   |  |                 |         |  |      |  |         |      |  |  |         | 
|Total                              |  |                 | 108,477 |  |      |  | 108,525 |      |  |  | 109,014 | 
|                                   |  |                 |         |  |      |  |         |      |  |  |         | 
|Categorized by Geographic Location |  |                 |         |  |      |  |         |      |  |  |         | 
|Domestic                           |  |                 | 40,865  |  |      |  | 41,118  |      |  |  | 40,072  | 
|Overseas                           |  |                 | 67,612  |  |      |  | 67,407  |      |  |  | 68,942  | 
|                                   |  |                 |         |  |      |  |         |      |  |  |         | 
|Total                              |  |                 | 108,477 |  |      |  | 108,525 |      |  |  | 109,014 | 
|                                   |  |                 |         |  |      |  |         |      |  |  |         | 

Ricoh believes it is one of the few companies with a base in Japan with a large labor force which is not
unionized. There has been no significant labor dispute in fiscal year 2011 and Ricoh knows of no efforts to organize a union. Ricoh generally believes its employee relations to be good.



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E. Share Ownership

The following table lists the number of Common Stock owned by each Director, Corporate Auditor and Executive Officer of the Company as of June 24, 2011. None of the Companys Directors,
Corporate Auditors or Executive Officers is a beneficial owner of more than 1% of the Companys Common Stock. Collectively, the Directors, Corporate Auditors and Executive Officers beneficially own approximately 0.04% of the total Company
Common Stock issued.



|                     |  |                                    |  |                  |         | 
|-------------------- |  | ---------------------------------- |  | ---------------- | ------- | 
|Name                 |  | Position                           |  | Number of Shares |        
|Masamitsu Sakurai    |  | Chairman of the Board and Director |  |                  | 35,000  | 
|Shiro Kondo          |  | Representative Director            |  |                  | 24,000  | 
|Zenji Miura          |  | Representative Director            |  |                  | 21,000  | 
|Takashi Nakamura     |  | Director                           |  |                  | 23,693  | 
|Kazunori Azuma       |  | Director                           |  |                  | 17,000  | 
|Hiroshi Kobayashi    |  | Director                           |  |                  | 8,000   | 
|Shiroh Sasaki        |  | Director                           |  |                  | 9,000   | 
|Yoshimasa Matsuura   |  | Director                           |  |                  | 9,000   | 
|Nobuo Inaba          |  | Director                           |  |                  | 2,000   | 
|Kazuo Togashi        |  | Director                           |  |                  | 7,000   | 
|Mochio Umeda         |  | Director                           |  |                  | 1,000   | 
|Yuji Inoue           |  | Corporate Auditor                  |  |                  | 10,000  | 
|Mitsuhiro Shinoda    |  | Corporate Auditor                  |  |                  | 2,000   | 
|Terumoto Nonaka      |  | Corporate Senior Vice President    |  |                  | 8,050   | 
|Kenji Hatanaka       |  | Corporate Senior Vice President    |  |                  | 3,000   | 
|Kenichi Kanemaru     |  | Corporate Senior Vice President    |  |                  | 6,000   | 
|Hisashi Takata       |  | Corporate Senior Vice President    |  |                  | 3,000   | 
|Soichi Nagamatsu     |  | Corporate Senior Vice President    |  |                  | 5,000   | 
|Yohzoh Matsuura      |  | Corporate Senior Vice President    |  |                  | 1,000   | 
|Kohji Sawa           |  | Corporate Vice President           |  |                  | 6,000   | 
|Kenichi Matsubayashi |  | Corporate Vice President           |  |                  | 8,000   | 
|Yoshinori Yamashita  |  | Corporate Vice President           |  |                  | 3,000   | 
|Kiyoto Nagasawa      |  | Corporate Vice President           |  |                  | 6,000   | 
|Yutaka Ebi           |  | Corporate Vice President           |  |                  | 2,000   | 
|Kazuhiro Yuasa       |  | Corporate Vice President           |  |                  | 2,000   | 
|Katsumi Kurihara     |  | Corporate Vice President           |  |                  | 2,000   | 
|Junichi Matsuno      |  | Corporate Vice President           |  |                  | 1,000   | 
|Kunihito Minakawa    |  | Corporate Vice President           |  |                  | 2,000   | 
|Seiji Sakata         |  | Corporate Vice President           |  |                  | 4,000   | 
|Kiyotaka Yamada      |  | Corporate Vice President           |  |                  | 6,000   | 
|Sadahiro Arikawa     |  | Corporate Senior Vice President    |  |                  | 4,000   | 
|Hiroshi Tsuruga      |  | Corporate Vice President           |  |                  | 5,000   | 
|Norihisa Goto        |  | Corporate Vice President           |  |                  | 3,000   | 
|Yoshihiro Niimura    |  | Corporate Vice President           |  |                  | 7,000   | 
|Shuzo Saito          |  | Corporate Vice President           |  |                  | 5,000   | 
|Takashige Itoh       |  | Corporate Vice President           |  |                  | 7,000   | 
|Nobuaki Majima       |  | Corporate Vice President           |  |                  | 6,000   | 
|                     |  |                                    |  |                  |         | 
|Total                |  |                                    |  |                  | 273,743 | 
|                     |  |                                    |  |                  |         | 



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All shares of Common Stock of the Company carry the same voting rights.

No options to purchase securities from the Company or any of its subsidiaries were outstanding on June 24, 2011.

Item 7. Major Shareholders and Related Party Transactions

A. Major Shareholders

Major shareholders that are beneficial owners of 5% or more
of the Common Stock as of March 31, 2011 are as follows:



|               |  |                                                      |  |                                     |        |  |                                      |  |      |  
|-------------- |  | ---------------------------------------------------- |  | ----------------------------------- | ------ |  | ------------------------------------ |  | ---- | -
|Title of Class |  | Name                                                 |  | Number ofShares Owned(in thousands) |        |  | Percentage
ofOutstandingShares Owned | 
|Common Stock   |  | The Master Trust Bank of Japan, Ltd. (trust account) |  |                                     | 64,099 |  |                                      |  | 8.84 | %
|Common Stock   |  | Japan Trustee Services Bank, Ltd. (trust account)    |  |                                     | 46,210 |  |                                      |  | 6.37 |  
|Common Stock   |  | Nippon Life Insurance Company                        |  |                                     | 36,801 |  |                                      |  | 5.07 |  

Japan Trustee
Services Bank, Ltd. is a joint venture managed by Resona Bank, Ltd., the Sumitomo Trust and Banking Co., Ltd. and Chuo Mitsui Trust Holdings, Inc.

The Master Trust Bank of Japan, Ltd. is a joint venture managed by Mitsubishi UFJ Trust and Banking Corporation, Nippon Life Insurance Company, Meiji Yasuda Life Insurance Company and the Norinchukin
Trust and Banking Co., Ltd.

As far as is known to the Company, there has not been any significant change in the percentage
ownership held by any major shareholders during fiscal year 2011. The major shareholders do not have different voting rights.

American Depositary Receipts (ADRs) evidencing American Depositary Shares are issued by The Bank of New York Mellon. The
normal trading unit is 5 American Depositary Shares. As of March 31, 2011, 859,942 American Depositary Shares were held of record by one institutional registered holder in the United States of America.

As far as is known to the Company as of this date, it is not directly or indirectly owned or controlled by any other corporation or by
the Japanese or any foreign government. As far as is known to the Company as of this date, there is no arrangement, the operation of which may at a subsequent date result in a change in control of the Company.



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B. Related Party Transactions

Ricoh sells or purchases products, materials, supplies and services to or from affiliated companies on normal commercial terms and conditions. See Note [7] to the Consolidated Financial Statements.

No Directors, Corporate Auditors or Executive Officers were indebted to the Company or its subsidiaries at any time during
the latest three fiscal years. Neither the Company nor its subsidiaries expect to make any loans to Directors, Corporate Auditors or Executive Officers in the future.

C. Interest of Experts and Counsel

Not applicable.

Item 8. Financial Information

A. Consolidated Statements and Other Information

See Item 18. Financial
Statements and pages F-1 through F-52.

Legal or arbitration proceedings

There are no material pending legal or arbitration proceedings to which Ricoh is a party.

Dividend Policy

Ricoh endeavors to provide stable dividends to its shareholders by boosting profitability. At the same time, Ricoh undertakes to increase retained earnings to reinforce its corporate structure and to
cultivate new businesses. Ricoh uses such retained earnings to strengthen its core businesses and invest in new fields with medium- and long-term perspectives. See Item 10 Dividends for important information on the Companys
dividend payment procedure and restrictions.

B. Significant Changes

No significant changes have occurred since the date of the Consolidated Financial Statements included in this report.

Item 9. The Offer and Listing

A. Offer and Listing Details

The primary market for the Companys Common Stock is the Tokyo Stock Exchange (the TSE) in the form of
original Common Stock.



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The Companys Common Stock has been listed on the TSE since 1949, and in Japan it is
also listed on the Osaka Stock Exchange, the Nagoya Stock Exchange, the Fukuoka Stock Exchange and the Sapporo Stock Exchange. In addition, the Companys Common Stock is listed outside of Japan on the following stock exchange: Euronext Paris.

In the United States, the Companys American Depositary Shares are traded on the Over-the-Counter Market in the form of
ADRs and are issued and exchanged by The Bank of New York Mellon, as depositary. The following table sets forth for the periods indicated the reported high and low sales prices of the Companys Common Stock on the TSE and the reported high and
low sales prices per share of the Companys ADSs on the Over-the-Counter Market.



|                         |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|------------------------ |  | ----------------------------------------------------------------- | ----- |  | -------------------------------------------------------------------------------------------------- |  | ----- | ---- |  |  | ------ |  |  |  | ----- | 
|                         |  | Tokyo Stock Exchange PricePer Share of Common Stock(Japanese Yen) |       |  | Over-the-Counter Market PricePer American Depositary Share(5 shares of Common
Stock)(U.S. Dollars) | 
|                         |  | High                                                              |       |  | Low                                                                                                |  |       | High |  |  | Low    | 
|Annual highs and lows    |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|Fiscal Year 2007         |  |                                                                   | 2,775 |  |                                                                                                    |  | 1,991 |      |  |  | 116.50 |  |  |  | 88.00 | 
|Fiscal Year 2008         |  |                                                                   | 2,950 |  |                                                                                                    |  | 1,395 |      |  |  | 121.25 |  |  |  | 69.55 | 
|Fiscal Year 2009         |  |                                                                   | 1,986 |  |                                                                                                    |  | 770   |      |  |  | 93.50  |  |  |  | 41.50 | 
|Fiscal Year 2010         |  |                                                                   | 1,473 |  |                                                                                                    |  | 1,089 |      |  |  | 79.85  |  |  |  | 58.69 | 
|Fiscal Year 2011         |  |                                                                   | 1,647 |  |                                                                                                    |  | 818   |      |  |  | 87.95  |  |  |  | 53.25 | 
|                         |  |                                                                   |       | 
|Quarterly highs and lows |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|Fiscal Year 2010         |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|1stquarter               |  |                                                                   | 1,400 |  |                                                                                                    |  | 1,154 |      |  |  | 71.00  |  |  |  | 59.74 | 
|2ndquarter               |  |                                                                   | 1,414 |  |                                                                                                    |  | 1,089 |      |  |  | 77.25  |  |  |  | 58.69 | 
|3rdquarter               |  |                                                                   | 1,341 |  |                                                                                                    |  | 1,104 |      |  |  | 72.35  |  |  |  | 64.05 | 
|4thquarter               |  |                                                                   | 1,473 |  |                                                                                                    |  | 1,231 |      |  |  | 79.85  |  |  |  | 68.47 | 
|                         |  |                                                                   |       | 
|Fiscal Year 2011         |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|1stquarter               |  |                                                                   | 1,647 |  |                                                                                                    |  | 1,117 |      |  |  | 87.95  |  |  |  | 63.42 | 
|2ndquarter               |  |                                                                   | 1,260 |  |                                                                                                    |  | 1,066 |      |  |  | 71.88  |  |  |  | 62.96 | 
|3rdquarter               |  |                                                                   | 1,275 |  |                                                                                                    |  | 1,091 |      |  |  | 76.40  |  |  |  | 69.25 | 
|4thquarter               |  |                                                                   | 1,228 |  |                                                                                                    |  | 818   |      |  |  | 74.06  |  |  |  | 53.25 | 
|                         |  |                                                                   |       | 
|Monthly highs and lows   |  |                                                                   |       |  |                                                                                                    |  |       |      |  |  |        |  |  |  |       | 
|December 2010            |  |                                                                   | 1,232 |  |                                                                                                    |  | 1,162 |      |  |  | 73.50  |  |  |  | 69.30 | 
|January 2011             |  |                                                                   | 1,228 |  |                                                                                                    |  | 1,159 |      |  |  | 74.06  |  |  |  | 70.40 | 
|February 2011            |  |                                                                   | 1,182 |  |                                                                                                    |  | 1,046 |      |  |  | 71.28  |  |  |  | 63.54 | 
|March 2011               |  |                                                                   | 1,091 |  |                                                                                                    |  | 818   |      |  |  | 66.58  |  |  |  | 53.25 | 
|April 2011               |  |                                                                   | 977   |  |                                                                                                    |  | 885   |      |  |  | 57.94  |  |  |  | 53.86 | 
|May 2011                 |  |                                                                   | 913   |  |                                                                                                    |  | 825   |      |  |  | 55.73  |  |  |  | 50.11 | 



|       |  |     |  |                                                                                                                                       
|------ |  | --- |  | --------------------------------------------------------------------------------------------------------------------------------------
|Notes: |  | (1) |  | Price per share of Common Stock is as reported by the TSE.                                                                            
|       |  | (2) |  | Price per ADSs is based upon one ADS representing 5 shares of Common Stock as reported by the Over-the-Counter Market Bulletin Board®.

| | 
| | 



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B. Plan of Distribution

Not applicable.

C. Markets

See Item 9.A. for a list of the stock exchanges on which the securities are listed.

See Item 10.B. for certain information relating to the Common Stock of the Company.

D. Selling Shareholders

Not
applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

Item 10. Additional Information

A. Share Capital

Not applicable.

B. Memorandum and Articles of Association

Organization

Ricoh
Company, Ltd. was incorporated in Japan under the Commercial Code of Japan and is deemed to remain to exist under the Corporation Law (Kaisha-ho; Law No. 86 of 2005) which took effect as of May 1, 2006. It is registered in the
Commercial Register (shogyo tokibo) maintained by the Tokyo Legal Affairs Bureau of the Ministry of Justice.



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Objectives and Purposes

Article 3 of the Articles of Incorporation of the Company provides that its purpose is to engage in the following business activities:



| | 1. | Manufacture and sale of optical equipment, office equipment, printing equipment, audio equipment, electrical equipment, electronic equipment, communication equipment,
precision equipment, measuring equipment, lighting equipment, healthcare equipment, other general machinery, and accessories and supplies thereof;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | Manufacture and sale of electronic devices relating to the products described in any of the foregoing items and other products, as well as production and sale of
software relating to the products described in any of the foregoing items and other products;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Installation work and electrical communication work of the products described in any of the foregoing items;
| | -- | ------------------------------------------------------------------------------------------------------------

| | 4. | Manufacture and sale of photographic sensitive materials and duplicating papers;
| | -- | --------------------------------------------------------------------------------

| | 5. | Manufacture and sale of various raw materials for photographic sensitive materials, and various chemical materials for chemical industries;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | Manufacture, processing and sale of papers, pulps, textiles, general merchandise and by-products thereof;
| | -- | ---------------------------------------------------------------------------------------------------------

| | 7. | Investment in, or sale of the products of, other companies.
| | -- | -----------------------------------------------------------

| | 8. | Import and Export of the goods described in any of the foregoing items and other goods of every kind and description;
| | -- | ---------------------------------------------------------------------------------------------------------------------

| | 9. | Collection, recycling, and trading of used items relating to the products described in any of the foregoing items;
| | -- | ------------------------------------------------------------------------------------------------------------------

| | 10. | Telecommunication business, and information services business, such as information processing, information provision, etc;
| | --- | --------------------------------------------------------------------------------------------------------------------------

| | 11. | Provision of business representative service;
| | --- | ---------------------------------------------

| | 12. | Investigation and analysis concerning the environment, and consulting concerning the reduction of the environmental impact;
| | --- | ---------------------------------------------------------------------------------------------------------------------------

| | 13. | Brokerage business for casualty insurance and insurance brokerage under the Automobile Liability Security Law of Japan;
| | --- | -----------------------------------------------------------------------------------------------------------------------

| | 14. | Direct marketing through the Internet, facsimile, telephone, etc;
| | --- | -----------------------------------------------------------------

| | 15. | Business relating to printing, publishing, leasing, financing, cargo handling, transport, warehousing, clothing, hotel, as well as leasing, sale, brokering and
administration of real estate;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 16. | Investigation, Survey, research and development, establishment of system, and consulting incidental or relating to any of the foregoing items; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------

| | 17. | Any and all business incidental or relating to any of the foregoing items.
| | --- | --------------------------------------------------------------------------

Directors

Under the Corporation Law, the Board of Directors has executive
powers and duties to manage the affairs of the Company and each Representative Director, who is elected from among the Directors by the Board of Directors, has the statutory authority to represent the Company in all respects. Under the Corporation
Law, the Directors must refrain from engaging in any business competing with the Company unless approved by the Board of Directors and any Director who has a material interest in the subject matter of a resolution to be taken by the Board of
Directors cannot vote in such resolution. The total amount of remuneration to Directors and to Corporate Auditors is subject to approval at the General Meeting of Shareholders. Within such authorized amounts the Board of Directors and the Board of
Corporate Auditors respectively determine the compensation to each Director and Corporate Auditor.



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##### Table of Contents

Except as stated below, neither the Corporation Law nor the Companys Articles of
Incorporation make a special provision as to the Directors or Corporate Auditors power to vote in connection with their compensation, borrowing powers exercisable by a Representative Director (or a Director who is given power by a
Representative Director to exercise such powers), their retirement age or requirement to hold any shares of capital stock of the Company. The Corporation Law specifically requires the resolution of the Board of Directors for a corporation to acquire
or dispose of material assets; to borrow substantial amounts of money; to employ or discharge from employment important employees, such as managers (shihainin); to establish, change or abolish a material corporate organization such as a
branch office; to decide certain important matters related to the offering as to subscription of bonds; to establish a system necessary to ensure appropriateness of business operations of a joint stock corporation (kabushiki kaisha),
including compliance with the laws and regulations and the Articles of Incorporation by the Directors in performing their duties. The Regulations of the Board of Directors of the Company require a resolution of the Board of Directors for the
Companys borrowing or lending of a significant amount of money or giving of a guarantee in a large amount.

Set forth
below is certain information relating to the Common Stock of the Company, including brief summaries of certain provisions of the Companys Articles of Incorporation and Share Handling Regulations, as currently in effect, and of the Corporation
Law of Japan relating to a joint stock company (kabushiki kaisha) and certain related legislation.

General

The presently authorized capital stock of the Company is 1,500,000,000 shares. Under the Corporation Law, shares of the Company (which
chose under Article 7 of its Articles of Incorporation to issue share certificates) are transferable by delivery of share certificates, but in order to assert shareholders rights against the Company, the transferee must generally have his name
registered in the Companys register of shareholders. Shareholders are required to file their names, addresses and seals with The Chuo Mitsui Trust & Banking Co., Ltd., the custodian of the shareholders register (kabu-nushi
meibo kanrinin), transfer agent for the Companys Common Stock, and shareholders not resident in Japan are required to file a mailing address in Japan or appoint a resident proxy in Japan. These requirements do not apply to the holders of
ADRs.

The central clearing system of share certificates under the Law Concerning Central Clearing of Share Certificates and
Other Securities of Japan applies to the shares of Common Stock of the Company. Pursuant to this system a holder of shares of Common Stock is able to choose, at his discretion, to participate in this system and all certificates of shares of Common
Stock elected to be put into this system are deposited with the central clearing system and all such shares are registered in the name of the clearing house in the Companys register of shareholders. Each participating shareholder is in turn
registered in the register of beneficial shareholders and treated the same way as shareholders registered in the Companys register of shareholders.



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Dividends

The Articles of Incorporation of the Company provide that the accounts shall be closed on March 31 of each year and that dividends, if any, shall be paid to the shareholders of record as of the end
of such fiscal period. After the close of the fiscal period, the Board of Directors prepares, among other things, accounting documents (financial statements) and the attachments thereto for dividends and other purposes; these documents are to be
submitted to the Corporate Auditors of the Company and to the Accounting Auditors and then submitted for approval by an annual Ordinary General Meeting of Shareholders, which is normally held in June of each year and the distribution of surplus
(joyo-kin) is to be decided upon by shareholders at such Meeting. In addition to provisions for dividends, if any, and for the reserve, bonuses to Directors and Corporate Auditors will also be decided upon at this Meeting. In addition to a
distribution of annual dividends, the Board of Directors of the Company may by its resolution declare an interim dividend pursuant to Article 454, paragraph 5 of the Corporation Law to shareholders who are registered in the Companys register
of shareholders at the end of each September 30, subject to the limitations described below.

The Corporation Law
provides that the Company may not make any distribution of surplus by way of dividends in cash unless it has set aside in its reserve an amount equal to at least one-tenth of any amount paid out as an appropriation of retained earnings (including
any payment by way of annual dividend and bonuses to Directors and Corporate Auditors) or equal to one-tenth of any interim dividend. The Corporation Law permits the Company to distribute surplus by way of dividends. First, surplus is calculated by
adding (i), (ii), (iii) and (iv) described below and subtracting (v), (vi) and (vii) described below from such aggregate of (i) through (iv): (i) amount determined by subtracting the aggregate of (c), (d) and
(e) described below from the aggregate of (a) and (b) described below as of the final date of the last fiscal year; (a) amount of assets, (b) the aggregate amount of the book value of the treasury stock, (c) amount of
liabilities, (d) the aggregate amount of the stated capital and the reserve and (e) the aggregate of each amount entered under respective accounting titles (kanjo kamoku) set forth under the relevant Ordinance of the Ministry of
Justice, (ii) amount determined by subtracting the book value of the treasury stock from the consideration for the treasury stock disposed of, if any, after the final date of the last fiscal year, (iii) amount of reduction of the stated
capital, if any, after the final date of the last fiscal year, (iv) amount of reduction of the reserve, if any, after the final date of the last fiscal year, (v) book value of the treasury stock, if any, cancelled after the final date of
the last fiscal year, (vi) amount determined by adding (a) through (c) described below in the event that surplus is distributed after the final date of the last fiscal year: (a) the aggregate of the book value of assets for
distribution set forth under Article 454, paragraph 1, item 1 of the Corporation Law (regarding distribution of surplus), (b) the aggregate of each sum of the money given to the shareholders who exercised the right to monetary distribution set
forth under Article 454, paragraph 4, item 1 of the Corporation Law (regarding distribution in kind) and (c) the aggregate of each sum of the money given to each shareholder holding shares of which number is less than a certain number to be set
forth by the Company pursuant to Article 454, paragraph 4, item 2 of the Corporation Law (regarding distribution in kind), (vii) the aggregate of each amount entered under respective accounting titles set forth under the relevant Ordinance of
the Ministry of Justice. Second, the distributable amount is calculated by subtracting the aggregate of (iii), (iv), (v) and (vi) described below from the aggregate of (i) and (ii) described below: (i) surplus; (ii) the
aggregate of the following items (a) and (b) in the event that extraordinary accounting documents are approved by the shareholders meeting or by the Board of Directors, as the case may be; (a) the aggregate of each amount
entered as profit under respective accounting titles set forth under the relevant Ordinance of the Ministry of Justice during a period of time in question, (b) consideration for the treasury stock disposed of, if any, during such period;
(iii) the book value of the treasury stock; (iv) the consideration for treasury stock disposed of, if any, after the final date of the last fiscal year; (v) the aggregate of each amount entered as loss under respective accounting
titles set forth under the relevant Ordinance of the Ministry of Justice during the same period as stated in (ii) above; and (vi) the aggregate of each amount entered under the respective accounting titles set forth under the relevant
Ordinance of Ministry of Justice. The Company may distribute such distributable amount to shareholders.



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The Corporation Law does not provide for stock dividends but provides for free share
allotment under Article 185. The Board of Directors may by resolution issue and allot new shares to the shareholders on a prorated basis without receiving any consideration/contribution as issue price. In addition, under the Corporation Law,
the Board of Directors may by resolution issue additional shares by way of a stock split, while the General Meeting of Shareholders by resolution transfers any amount which is distributable as dividends to stated capital, and thus the same effect as
a stock dividend can be achieved.

In Japan, the ex-dividend date and the record date for dividends precede the
date of determination of the amount of the dividend to be paid.

In accordance with the Companys Articles of
Incorporation, once a right to any dividends is accrued and has become due and payable, such right to dividends will lapse after three years from the due date.

Transfer of reserve to stated capital and stock splits

When the Company
issues new shares of Common Stock, the entire amount of the issue price of such new shares is required to be accounted for as stated capital, although the Company may account for an amount not exceeding one-half of such issue price as capital
surplus. The General Meeting of Shareholders may by resolution transfer the whole or any part of reserve to stated capital. On the other hand, the Board of Directors may by resolution issue to shareholders additional shares of Common Stock without
receiving any consideration/contribution as issue price by way of free allotment of shares or stock split without referring to the whole or any part of the amount of reserve so transferred to stated capital.

General meeting of shareholders

The Ordinary General Meeting of Shareholders to settle accounts of the Company for each fiscal period is normally held in June each year in Ota-ku, Tokyo, Japan. In addition, the Company may hold an
extraordinary General Meeting of Shareholders whenever necessary by giving at least two weeks advance notice to shareholders.

Notice of a Shareholders Meeting setting forth the place, time and purpose thereof, must be mailed to each shareholder having voting rights (or, in the case of a non-resident shareholder, to his
resident proxy or mailing address in Japan) at least two weeks prior to the date set for the meeting. Such notice may also be furnished to shareholders by electronic means with such shareholders consent.

Any shareholders holding at least 300 voting shares or 1% of the total number of outstanding voting shares for six months or more
may propose a matter to be considered at a General Meeting of Shareholders by submitting a written request to Directors at least eight weeks prior to the date set for such Meeting. Such request may be submitted by electronic means with the
Companys consent.



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Voting rights

A shareholder is entitled to one vote per share subject to the limitations on voting rights set forth in the following paragraph below and in the sections entitled Unit share system
through Voting rights of a holder of shares representing less than one unit below. Except as otherwise provided by law or by the Companys Articles of Incorporation, a resolution can be adopted at a General Meeting of Shareholders
by a majority of the shares having voting rights represented at the meeting. Special resolutions provided for in paragraph 2, Article 309 of the Corporation Law shall be adopted by the vote of the shareholders not less than two-thirds (2/3) of
those present at a meeting whereby one-third (1/3) of voting rights of all of the shareholders shall constitute a quorum. The Corporation Law and the Companys Articles of Incorporation provide, however, that the quorum for the election of
Directors and Corporate Auditors shall not be less than one-third of the total number of outstanding shares having voting rights. The Companys shareholders are not entitled to cumulative voting in the election of Directors. A corporate
shareholder, more than one-quarter of whose outstanding voting shares are directly or indirectly owned by the Company, may not exercise its voting rights in respect of the shares of the Company. The Company has no voting rights with respect to its
own Common Stock. Shareholders may exercise their voting rights through proxies provided that the proxies are also shareholders holding voting rights. The Companys shareholders also may cast their votes in writing.

The Corporation Law provides that in order to amend the Articles of Incorporation and in certain other instances, including an increase
in the total number of shares authorized to be issued, a reduction of the stated capital, the removal of a Director or Corporate Auditor, dissolution, merger (with an exception of a merger with a company of very small business) or consolidation of a
corporation, the transfer of the whole or an important part of the business, the taking over of the whole of the business of any other corporation (with an exception of a merger with a company of very small business), any offering of new shares at a
specially favorable price (or any offering of convertible bonds or debentures with specially favorable conversion conditions or of bonds or debentures with warrants or rights to subscribe for new shares with specially
favorable conditions) to persons other than shareholders, the quorum shall be one-third of the total number of shares having voting rights outstanding and the approval of the holders of at least two-thirds of the shares having voting rights
represented at the Meeting is required (the special shareholders resolution).



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Subscription rights (kabushiki wariatewo ukeru kenri)

Holders of the Companys Common Stock have no preemptive rights under its Articles of Incorporation. Authorized but unissued shares
may be issued at such times and upon such terms as the Board of Directors determines, subject to the limitations as to the offering of new shares at a specially favorable price mentioned above. The Board of Directors may, however,
determine that shareholders shall be given subscription rights regarding a particular issue of new shares, in which case such rights must be given on uniform terms to all shareholders and a notice must be given to shareholders not less than two
weeks prior to the date when such rights are to be vested to shareholders. The Corporation Law provides that if a shareholder to whom such rights are given does not apply for subscription by a certain date of subscription, such shareholder will lose
such rights.

Rights to subscribe for new shares may be made generally transferable by the Board of Directors. In such case,
such transferable right is called call option of new shares (shinkabu yoyakuken). Whether the Company will make subscription rights generally transferable in future rights offerings will depend upon the circumstances at the time of such
offerings. If subscription rights are not made generally transferable, transfers by a non-resident of Japan or a corporation organized under the laws of a foreign country or whose principal office is located in a foreign country will be enforceable
against the Company and third parties only if the Companys consent to each such transfer is obtained. When such consent is necessary in the future for the transfer of subscription rights, the Company intends to consent, on request, to all such
transfers by such a non-resident or foreign corporation.

Dilution

In the future it is possible that market conditions and other factors might make a rights offering to shareholders substantially below the
market price of shares of Common Stock desirable. If the number of shares offered in a rights offering is substantial in relation to the number of shares outstanding and the market price exceeds the subscription price at the time of the offering, a
shareholder who does not exercise and is unable otherwise to realize the full value of his subscription rights would suffer economic dilution of his equity interest in the Company.



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Liquidation rights

In the event of a liquidation of the Company, the assets remaining after payment of all debts and liquidation expenses and taxes will be distributed among the shareholders in proportion to the respective
numbers of shares held.

Liability to further calls or assessments

All the Companys presently outstanding shares of Common Stock including shares represented by the American Depository Shares are
fully paid and non-assessable.

Custodian of the shareholders register

The Chuo Mitsui Trust and Banking Co., Ltd. is the custodian of the shareholders register of the Companys Common Stock; as
such custodian, it keeps the Companys register of shareholders and register of the lost share certificates in its office at 33-1, Shiba 3-chome, Minato-ku, Tokyo, Japan, and makes transfer of record ownership upon presentation of the
certificates representing the transferred shares.

Record date

March 31 is the record date for the Companys year-end dividends. The shareholders who are registered as the holders of 1,000 shares or more in the Companys register of shareholders at the
end of each March 31 are also entitled to exercise shareholders rights at the Ordinary General Meeting of Shareholders with respect to the fiscal period ending on such March 31. September 30 is the record date for interim
dividends. In addition, the Company may set a record date for determining the shareholders entitled to other rights and for other purposes by giving at least two weeks public notice.

The price of the shares generally goes ex-dividend or ex-rights on Japanese stock exchanges on the third business day prior to a record
date (or if the record date is not a business day, the fourth business day prior thereto), for the purpose of dividends or rights offerings.

Purchase by the Company of its common stock

The Company may purchase its own shares only in case of the events falling under Article 155 of the Corporation Law. As a matter of manner of such purchase, the Company may purchase of its own shares
(i) through the Tokyo Stock Exchange or other stock exchange on which the shares are listed or by way of tender offer, if authorized by a resolution of the Board of Directors, (ii) from a specific party, if authorized by a special
resolution of an Ordinary General Meeting of Shareholders, or (iii) from the Companys own subsidiary, if authorized by a resolution of the Board of Directors.

When a repurchase is made by the Company from a specified party pursuant to an authorization by a special resolution of an Ordinary General Meeting of Shareholders as noted above, shareholders may make a
demand to a Representative Director, five days or more prior to the relevant Shareholders Meeting, that the Company also repurchase the shares held by that shareholder. Purchase of shares falling under Article 461, paragraph 1 of the
Corporation Law must satisfy, among others, the requirement that the total amount of the repurchase price (of book value) may not exceed the distributable amount as described in Dividends above. The Company may hold its own shares as
treasury stock so purchased without restriction as to a period of time to hold. However, the Company is not entitled to any voting rights or right to dividends as to such treasury stock. The Company may cancel its treasury stock that it holds by a
resolution of the Board of Directors. The Company may otherwise dispose of its treasury stock by a resolution of the Board of Directors.



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Unit share system (tangenkabu seido)

Pursuant to the Corporation Law the Company has adopted 1,000 shares as one unit of shares.

Transferability of shares representing less than one unit

As adopted in the Companys Articles of Incorporation, the Company will not issue certificates for shares representing less than one unit. Since the transfer of shares normally requires delivery of
the certificates therefor, fractions of a unit for which no share certificates are issued are not transferable. Shares representing less than one unit for which share certificates have been issued continue to be transferable.

Right of a holder of shares representing less than one unit to require the Company to purchase such shares

A holder of shares representing less than one unit may at any time require the Company to purchase such shares at their last reported sale
price on the Tokyo Stock Exchange on the day when such request is made less applicable brokerage commission. The usual securities transfer tax is applicable to such transactions.

Right of the holder of shares to demand the purchase of shares representing less than one unit

As adopted in the Companys Articles of Incorporation and set forth in the Share Handling Regulations, a holder of shares of less-than-one-unit may request the Company to sell additional shares so
that their less-than-one-unit can share constitute one unit of shares.

Other rights of a holder of shares representing less than one unit

A holder of shares representing less than one unit has certain rights in respect of such shares, including the following:
(i) the right to receive dividends (including interim dividends), (ii) the right to receive shares and/or cash by way of a stock split or upon consolidation or subdivision of shares or upon a capital decrease or merger of the Company,
(iii) the right to be allotted subscription rights with respect to new shares, convertible bonds and bonds with warrants to subscribe for shares when such rights are granted to shareholders and (iv) the right to participate in the
distribution of surplus assets in the event of the liquidation of the Company. Other rights, including voting rights, cannot be exercised with respect to shares representing less than one unit.



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Voting rights of a holder of shares representing less than one unit

A holder of shares representing less than one unit cannot exercise any voting rights with respect to such shares. A holder of shares
representing one or more whole units will have one vote for each such unit, except as stated in Voting rights above.

C. Material
Contracts

All contracts entered into by Ricoh or any member of the Ricoh group during the two years preceding this report were
entered into in the ordinary course of business.

D. Exchange Controls

The Foreign Exchange and Foreign Trade Law of Japan, as amended, and the cabinet orders and ministerial ordinances thereunder (the
Exchange Law) govern certain matters relating to the issuance of equity-related securities by the Company and the acquisition and holding of shares of Common Stock or ADSs representing such shares by exchange non-residents
and by foreign investors as hereinafter defined. The Exchange Law currently in effect does not affect the right of an exchange non-resident to purchase or sell an ADS outside of Japan.

Exchange non-residents are defined under the Exchange Law as individuals who are not resident in Japan and corporations whose
principal offices are located outside of Japan. Generally branches and other offices of Japanese corporations located outside of Japan are regarded as exchange non-residents, but branches and other offices located within Japan of non-resident
corporations are regarded as residents of Japan. Foreign investors are defined to be (i) individuals not resident in Japan, (ii) corporations which are organized under the laws of foreign countries or whose principal offices
are located outside of Japan, and (iii) corporations of which (a) 50% or more of the shares are held by (i) and/or (ii) above, (b) a majority of officers consists of non-resident individuals or (c) a majority of the
officers having the power of representation consists of non-resident individuals.

Dividends and Proceeds of Sales

Under the Exchange Law, dividends paid on, and the proceeds of sales in Japan of, shares of Common Stock held by exchange non-residents in
general may be converted into any foreign currency and repatriated abroad. The acquisition of shares of Common Stock by exchange non-resident shareholders by way of stock splits is not subject to any requirements under the Exchange Law.



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Acquisition of Shares

Under the Exchange Law, acquisition of shares of a Japanese company listed on any Japanese stock exchange or traded on the
over-the-counter market in Japan (listed shares) by an exchange non-resident from a resident of Japan is generally not subject to a prior filing requirement. In case a foreign investor acquires listed shares (whether from a resident of
Japan or an exchange non-resident, from another foreign investor or from or through a designated securities company) and as a result of such acquisition the number of shares held directly or indirectly by such foreign investor would become 10% or
more of the total outstanding shares of the company, the foreign investor is required to make a subsequent report on such acquisition to the Minister of Finance and other Ministers having jurisdiction over the business of the subject company (the
Competent Ministers). In certain exceptional cases, a prior filing is required and the Competent Ministers may recommend the modification or abandonment of the proposed acquisition and, if the foreign investor does not accept the
recommendation, order its modification or prohibition. The deposit of shares of Common Stock by an exchange non-resident of Japan, the issuance of ADRs in exchange therefor and the withdrawal of the underlying shares of Common Stock by an exchange
non-resident upon surrender of ADRs are not subject to any requirements under the Exchange Law, except where as a result of such deposit or withdrawal the aggregate number of shares of Common Stock held by the Depositary (or its nominee) or the
holder surrendering ADRs, as the case may be, would be 10% or more of the total outstanding shares of Common Stock, in which event a subsequent reporting may be required as described above.

E. Taxation

Japanese Taxation

Generally, a non-resident of Japan or a non-Japanese corporation is subject to Japanese withholding tax on dividends paid by a Japanese
corporation. Generally, stock splits are not subject to Japanese income tax. According to the Income Tax Law of Japan, the rate of Japanese national withholding tax applicable to dividends paid on listed shares issued by the Company to non-residents
of Japan or non-Japanese corporations is (i) 7% for the period from January 1, 2004 to March 31, 2008, and (ii) 15% thereafter, except for dividends paid to any individual shareholder who holds 5% or more of the outstanding total
of the shares issued by the Company, for which the applicable rate is 20%. Under the new income tax convention between the U.S. and Japan (the Convention) ratified in March 2004, the maximum rate of Japanese withholding tax that may be
imposed on dividends paid to a U.S. resident or corporation not having a permanent establishment (as defined therein) in Japan is generally 10%. This 10% withholding tax rate is applicable to dividends declared on or after July 1,
2004. The 15% withholding tax rate under the old income tax convention is still applicable to dividends declared before July 1, 2004. If the tax rate under the domestic tax law is lower than that under the Convention, the domestic tax rate is
still applicable.

Gains derived by a non-resident of Japan or a non-Japanese corporation from the sale of Common Stock or
ADRs outside of Japan, or from the sale of Common Stock within Japan by a non-resident of Japan or by a non-Japanese corporation not having a permanent establishment in Japan, are in general not subject to Japanese income or corporation tax.
Japanese inheritance or gift tax at progressive rates may be payable by an individual who has acquired Common Stock or ADRs as a legatee, heir or donee.

For purposes of the Convention and the U.S. Internal Revenue Code of 1986, as amended (the Code), U.S. holders of ADRs will be treated as the owners of the Common Stock underlying the American
Depositary Shares evidenced by the ADRs.



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U.S. Taxation

This summary describes the material U.S. federal income tax consequences for a U.S. holder (as defined below) of owning and disposing of shares of Common Stock or American Depositary Shares evidenced by
the ADRs. This summary applies to you only if you hold shares of Common Stock or American Depositary Shares as capital assets for U.S. federal income tax purposes. This summary does not apply to you if you are a member of a class of holders subject
to special rules, such as:



| |  |  | a dealer in securities or currencies;
| | - |  | -------------------------------------



| |  |  | a trader in securities that elects to use a mark-to-market method of accounting for securities holdings;
| | - |  | --------------------------------------------------------------------------------------------------------



| |  |  | a bank;
| | - |  | -------



| |  |  | a life insurance company;
| | - |  | -------------------------



| |  |  | a tax-exempt organization;
| | - |  | --------------------------



| |  |  | a person that holds shares of Common Stock or American Depositary Shares that are a hedge or that are hedged against interest rate or currency risks;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | a person that is subject to the alternative minimum tax;
| | - |  | --------------------------------------------------------



| |  |  | a person that holds shares of Common Stock or American Depositary Shares as part of a straddle or conversion transaction for tax purposes;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | a person whose functional currency for U.S. federal income tax purposes is not the U.S. Dollar; or
| | - |  | --------------------------------------------------------------------------------------------------



| |  |  | a person that actually or constructively owns or is deemed to own 10% or more of any class of our stock.
| | - |  | --------------------------------------------------------------------------------------------------------

This summary is based on laws, treaties, and regulatory interpretations in effect on the date hereof, all of which are subject to change,
possibly on a retroactive basis. Moreover, this summary assumes that the Company will not be treated as a passive foreign investment company (a PFIC) for U.S. federal income tax purposes. See the summary below under the heading
PFIC Rules.



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Please consult your own tax advisers concerning the U.S. federal, state, local, and other
tax consequences of purchasing, owning, and disposing of shares of Common Stock or American Depositary Shares in your particular circumstances.

For purposes of this summary, you are a U.S. holder if you are a beneficial owner of a share of Common Stock or an American Depositary Share that is for U.S. federal income tax purposes:
(i) a citizen or a resident of the United States, (ii) a corporation or a partnership (including an entity treated as a corporation or a partnership for U.S. federal income tax purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia (unless, in the case of a partnership, Treasury regulations are adopted that provide otherwise), (iii) an estate whose income is subject to U.S. federal income tax regardless of its
source, or (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons have the authority to control all substantial decisions of the trust.
Certain trusts not described in clause (iv) above in existence on August 20, 1996 that elect to be treated as a United States person will also be a U.S. holder for purposes of this discussion.

In general, if you hold ADRs evidencing American Depositary Shares, you will be treated as the owner of the shares of Common Stock
represented by those American Depositary Shares for U.S. federal income tax purposes, and no gain or loss will be recognized if you exchange an American Depositary Share for the shares of Common Stock represented by that American Depositary Share.

Dividends

The gross amount of cash dividends paid out of the Companys current or accumulated earnings and profits, as determined for U.S. federal income tax purposes, that a U.S. holder receives (prior to
deduction of Japanese taxes) generally will be subject to U.S. federal income taxation as foreign source ordinary dividend income. However, in certain circumstances, all or a portion of the cash dividends paid by the Company may be treated as U.S.
source dividend income. You should consult your tax advisers regarding the U.S. federal income tax consequences of all or a portion of the cash dividends paid by the Company being treated as U.S. source dividend income.

Dividends paid in Japanese Yen will be included in your income in a U.S. Dollar amount calculated by reference to the exchange rate
in effect on the date of your (or, in the case of American Depositary Shares, the depositarys) receipt of the dividend, regardless of whether the payment is in fact converted into U.S. Dollars. If such a dividend is converted into U.S. Dollars
on the date of receipt, you generally should not be required to recognize a foreign currency gain or loss in respect of the dividend income. You should consult your own tax adviser regarding the treatment of any foreign currency gain or loss
realized with respect to any Japanese Yen received by you (or, in the case of American Depositary Shares, the depositary) that are converted into U.S. Dollars on a date subsequent to receipt. Dividends paid by the Company generally will not be
eligible for the dividends-received deduction allowed to corporations that are U.S. holders.



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Notwithstanding the foregoing, pursuant to recently enacted legislation, certain dividends
received by individual U.S. holders that constitute qualified dividend income will be subject to a reduced maximum marginal U.S. federal income tax rate. Qualified dividend income generally includes, among other dividends, dividends
received during the taxable year from qualified foreign corporations. In general, the term qualified foreign corporation includes a foreign corporation that is eligible for the benefits of a comprehensive income tax treaty
with the United States which the U.S. Treasury Department determines to be satisfactory, and which includes an exchange of information program. In addition, a foreign corporation is treated as a qualified foreign corporation with respect to any
dividend paid by the corporation with respect to stock of the corporation that is readily tradable on an established securities market in the United States. Notwithstanding this previous rule, dividends received from a foreign corporation that was a
foreign investment company (as defined in section 1246(b) of the Code), a passive foreign investment company (as defined in section 1297 of the Code), or a foreign personal holding company (as defined in section 552 of the Code) in either the
taxable year of the corporation in which the dividend was paid or the preceding taxable year will not constitute qualified dividend income. In addition, the term qualified dividend income will not include, among other dividends, any
(i) dividends on any share of stock which is held by a taxpayer for 60 days or less during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividends (as
measured under section 246(c) of the Code) or (ii) dividends to the extent that the taxpayer is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respects to positions in substantially similar or
related property. Moreover, special rules apply in determining a taxpayers foreign tax credit limitation under section 904 of the Code in the case of qualified dividend income. Individual U.S. holders should consult their own tax advisors to
determine whether or not amounts received as dividends from the Company will constitute qualified dividend income subject to a reduced maximum marginal U.S. federal income tax rate and, in such case, the effect, if any, on the individual U.S.
holders foreign tax credit.

In addition to the foregoing, you should consult your own tax advisers to determine whether
any rules limit your ability to make effective use of foreign tax credits, including the possible adverse impact of failing to take advantage of benefits under the income tax treaty between the United States and Japan. If no such rules apply, you
generally may claim a credit against your U.S. federal income tax liability for Japanese taxes withheld from dividends on shares of Common Stock or American Depositary Shares, so long as you have owned the shares of Common Stock or American
Depositary Shares (and not entered into specified kinds of hedging transactions) for at least a 16-day period that includes the ex-dividend date. Instead of claiming a credit, you may, at your election, deduct such Japanese taxes in computing your
taxable income, subject to generally applicable limitations under U.S. federal income tax law. The calculation of foreign tax credits and, in the case of a U.S. holder that elects to deduct foreign taxes, the availability of deductions involve the
application of complex rules that depend, in part, on a U.S. holders particular circumstances. You should consult your own tax advisers regarding the creditability or deductibility of such taxes.



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Sales and Other Dispositions

A U.S. holder will recognize a gain or loss on the sale or other disposition of shares of Common Stock or American Depositary Shares
evidenced by ADRs in an amount equal to the difference between the U.S. Holders adjusted tax basis in such shares of Common Stock or American Depositary Shares (in U.S. Dollars) and the amount realized on the disposition (in U.S. Dollars,
generally determined at the spot rate on the date of disposition if the amount realized is denominated in a foreign currency). For U.S. federal income tax purposes, a gain or loss realized by a U.S. holder on a sale or other disposition of shares of
Common Stock or American Depositary Shares will be a capital gain or loss, and will be a long-term capital gain or loss if the shares of Common Stock or American Depositary Shares were held for more than one year. Such gain or loss generally will be
treated as U.S. source gain or loss for U.S. foreign tax credit purposes. Your ability to offset capital losses against ordinary income is limited. Long-term capital gain recognized by an individual U.S. holder generally is subject to taxation at a
reduced maximum marginal U.S. federal income tax rate.

PFIC Rules

The Company believes that it will not be treated as a PFIC for U.S. federal income tax purposes. However, that is a factual determination
made annually and therefore may be subject to change. If the Company was treated as a PFIC, a U.S. holder of shares of Common Stock or American Depositary Shares evidenced by ADRs would be subject to certain adverse U.S. federal income tax
consequences.

U.S. Information Reporting and Backup Withholding Rules

Payments in respect of the shares of Common Stock or American Depositary Shares that are made within the United States or through certain
U.S.-related financial intermediaries are subject to information reporting and may be subject to backup withholding unless the holder (i) is a corporation or other exempt recipient or (ii) provides a taxpayer identification number and
certifies that no loss of exemption from backup withholding has occurred (and certain other conditions are met).

F. Dividends and Paying
Agents

Not applicable.

G. Statement by Experts

Not applicable.

H. Documents on Display

The
Company is subject to the informational requirements of the Securities and Exchange Act of 1934, as amended. In accordance with these requirements, the Company files reports and other information with the U.S. Securities and Exchange Commission (the
SEC). These materials, including this annual report and exhibits thereto, may be inspected and copied at the SECs Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Copies of the materials may be obtained from the
SECs Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549 at prescribed rates. The public may obtain information on the operation of the Public Reference Room by calling the SEC in the United States at 1-800-SEC-0330. The
documents filed via the Electronic Data Gathering, Analysis, and Retrieval system are also available for inspection on the SECs website (http://www.sec.gov).



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I. Subsidiary Information

Not Applicable.

Item 11. Quantitative and Qualitative
Disclosures About Market Risk

Ricoh is exposed to market risks primarily from changes in foreign currency exchange rates
and interest rates, which affect outstanding debt and certain assets and liabilities denominated in foreign currencies. To a lesser extent, Ricoh is also exposed to equity price risk. In order to manage these risks that arise in the normal course of
business, Ricoh enters into various hedging transactions pursuant to its policies and procedures covering such areas as counterparty exposure and hedging practices. Ricoh does not hold or issue derivative financial instruments for trading purposes
or to generate income.

Ricoh regularly assesses these market risks based on the policies and procedures established to
protect against adverse effects of these risks and other potential exposures, primarily by reference to the market value of the financial instruments. As a result of the latest assessment, Ricoh does not anticipate any material losses in these areas
for the fiscal year 2011, and there are no material quantitative changes in market risk exposure at March 31, 2011 when compared to March 31, 2010. In the normal course of business, Ricoh also faces risks that are either non-financial or
nonquantifiable. Such risks principally include credit risk and legal risk, and are not represented in the following tables.

Foreign
Currency Risk

In the ordinary course of business, Ricoh uses foreign currency contracts and foreign currency option
contracts to manage the effects of foreign currency exchange risk on monetary assets and liabilities denominated in foreign currencies. The contracts with respect to the operating activities generally have maturities of less than six months, while
the contracts with respect to the financing activities have the same maturities as the underlying assets and liabilities.

The
table below provides information about Ricohs material derivative financial instruments that are sensitive to foreign currency exchange rates. The table below relating to foreign exchange forward contracts and foreign currency option contracts
presents the notional amounts, weighted average exchange rates and estimated fair value. These notional amounts generally are used to calculate the contractual payments to be exchanged under the contracts.



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Foreign Currency Contracts



|                 |  |                         |        |  |                                 |   |         |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |         |  |  |   |        |  
|---------------- |  | ----------------------- | ------ |  | ------------------------------- | - | ------- | ----------------------------------- |  | - | ----------------------- | - |  | ------------------------------- | ------ |  | ----------------------------------- | - | ------- |  |  | - | ------ | -
|                 |  | Year Ended March 31,    |       
|                 |  | 2010                    |        |  | 2011                            |  
|                 |  | Averagecontractualrates |        |  | Contractamounts(Millions ofYen) |   |         | Estimatedfair
value(Millions ofYen) |  |   | Averagecontractualrates |   |  | Contractamounts(Millions ofYen) |        |  | Estimatedfair value(Millions ofYen) |  
|US$/¥            |  |                         | 93.04  |  |                                 | ¥ | 55,122  |                                     |  | ¥ | (1,185                  | ) |  |                                 | 83.15  |  |                                     | ¥ | 125,801 |  |  | ¥ | (698   | )
|EUR/¥            |  |                         | 124.92 |  |                                 |   | 26,883  |                                     |  |   | 117                     |   |  |                                 | 117.57 |  |                                     |   | 33,072  |  |  |   | (1,196 | )
|EUR/US$          |  |                         | 1.34   |  |                                 |   | 2,624   |                                     |  |   | (26                     | ) |  |                                 | 1.41   |  |                                     |   | 31,056  |  |  |   | 622    |  
|Other currencies |  |                         |        |  |                                 |   | 53,654  |                                     |  |   | (2,974                  | ) |  |                                 |        |  |                                     |   | 21,320  |  |  |   | (795   | )
|                 |  |                         |        |  |                                 |   |         |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |         |  |  |   |        |  
|Total            |  |                         |        |  |                                 | ¥ | 138,283 |                                     |  | ¥ | (4,068                  | ) |  |                                 |        |  |                                     | ¥ | 211,249 |  |  | ¥ | (2,067 | )
|                 |  |                         |        |  |                                 |   |         |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |         |  |  |   |        |  

Foreign Currency Option Contracts



|                                             |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|-------------------------------------------- |  | ----------------------- | ------ |  | ------------------------------- | - | ------ | ----------------------------------- |  | - | ----------------------- | - |  | ------------------------------- | ------ |  | ----------------------------------- | - | ----- |  |  | - | --- | -
|                                             |  | Year Ended March 31,    |       
|                                             |  | 2010                    |        |  | 2011                            |  
|                                             |  | Averagecontractualrates |        |  | Contractamounts(Millions ofYen) |   |        | Estimatedfair
value(Millions ofYen) |  |   | Averagecontractualrates |   |  | Contractamounts(Millions ofYen) |        |  | Estimatedfair value(Millions ofYen) |  
|Options purchased to sell foreign currencies |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|US$/¥                                        |  |                         | 93.04  |  |                                 | ¥ | 7,071  |                                     |  | ¥ | 57                      |   |  |                                 |       |  |                                     |   |      |  |  |   |    |  
|EUR/¥                                        |  |                         | 124.92 |  |                                 |   | 4,122  |                                     |  |   | 71                      |   |  |                                 | 117.57 |  |                                     |   | 1,185 |  |  |   | 20  |  
|                                             |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|Total                                        |  |                         |        |  |                                 |   | 11,193 |                                     |  |   | 128                     |   |  |                                 |        |  |                                     |   | 1,185 |  |  |   | 20  |  
|                                             |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|Options written to buy foreign currencies    |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|US$/¥                                        |  |                         | 93.04  |  |                                 |   | 11,816 |                                     |  |   | (312                    | ) |  |                                 |       |  |                                     |   |      |  |  |   |    |  
|EUR/¥                                        |  |                         | 124.92 |  |                                 |   | 6,134  |                                     |  |   | (114                    | ) |  |                                 | 117.57 |  |                                     |   | 2,370 |  |  |   | (64 | )
|                                             |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  
|Total                                        |  |                         |        |  |                                 | ¥ | 17,950 |                                     |  | ¥ | (426                    | ) |  |                                 |        |  |                                     | ¥ | 2,370 |  |  | ¥ | (64 | )
|                                             |  |                         |        |  |                                 |   |        |                                     |  |   |                         |   |  |                                 |        |  |                                     |   |       |  |  |   |     |  

Interest Rate Risk

In the ordinary course of business, Ricoh enters into interest rate swap agreements to reduce interest rate risk and to modify the interest rate characteristics of its outstanding debt. These agreements
primarily involve the exchange of fixed and floating rate interest payments over the life of the agreement without the exchange of the underlying principal amounts.



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The table below provides information about Ricohs major derivative and other financial
instruments that are sensitive to changes in interest rates, including interest rate swaps and debt obligations. For debt obligations, the table presents principal cash flows by expected maturity date, related weighted average interest rates and
estimated fair value. For interest rate swaps, the table presents notional amounts by expected maturity date, weighted average interest rates. Notional amounts are generally used to calculate the contractual payments to be exchanged under the
contract.



|                                                                      |  |                           |      |   |                 |   |         |                        |  |   |         |  |  |      |         |  |      |   |         |      |  |   |            |  |  |           |        |  |  |   |        |  |  |   |         | 
|--------------------------------------------------------------------- |  | ------------------------- | ---- | - | --------------- | - | ------- | ---------------------- |  | - | ------- |  |  | ---- | ------- |  | ---- | - | ------- | ---- |  | - | ---------- |  |  | --------- | ------ |  |  | - | ------ |  |  | - | ------- | 
|LONG-TERM INDEBTEDNESS                                                |  | Year ended March 31, 2010 |     
|                                                                      |  |                           |      |   | Millions of Yen |  
|                                                                      |  |                           |      |   |                 |   |         | Expected maturity date | 
|(Excluding Capital Lease Obligations andASC815 fair value
adjustment) |  | Averagepay rate           |      |   | Total           |   |         | 2011                   |  |   | 2012    |  |  | 2013 |         |  | 2014 |   |         | 2015 |  |   | Thereafter |  |  | FairValue |       
|Bonds                                                                 |  |                           | 2.32 | % |                 | ¥ | 182,455 |                        |  | ¥ | 10,000  |  |  | ¥    | 20,000  |  |      | ¥ |        |      |  | ¥ | 70,000     |  |  | ¥         | 35,000 |  |  | ¥ | 47,455 |  |  | ¥ | 181,354 | 
|Convertible Bonds                                                     |  |                           |     |   |                 |   | 55,092  |                        |  |   |        |  |  |      | 55,092  |  |      |   |        |      |  |   |           |  |  |           |       |  |  |   |       |  |  |   | 54,224  | 
|Loans                                                                 |  |                           | 1.18 |   |                 |   | 368,192 |                        |  |   | 83,061  |  |  |      | 82,088  |  |      |   | 50,128  |      |  |   | 73,950     |  |  |           | 60,902 |  |  |   | 18,063 |  |  |   | 356,752 | 
|                                                                      |  |                           |      |   |                 |   |         |                        |  |   |         |  |  |      |         |  |      |   |         |      |  |   |            |  |  |           |        |  |  |   |        |  |  |   |         | 
|TOTAL                                                                 |  |                           |      |   |                 | ¥ | 605,739 |                        |  | ¥ | 93,061  |  |  | ¥    | 157,180 |  |      | ¥ | 50,128  |      |  | ¥ | 143,950    |  |  | ¥         | 95,902 |  |  | ¥ | 65,518 |  |  | ¥ | 592,330 | 
|                                                                      |  |                           |      |   |                 |   |         |                        |  |   |         |  |  |      |         |  |      |   |         |      |  |   |            |  |  |           |        |  |  |   |        |  |  |   |         | 
|                                                                      | 
|LONG-TERM INDEBTEDNESS                                                |  | Year ended March 31, 2011 |     
|                                                                      |  |                           |      |   | Millions of Yen |  
|                                                                      |  |                           |      |   |                 |   |         | Expected maturity date | 
|(Excluding Capital Lease Obligations andASC815 fair value
adjustment) |  | Averagepay rate           |      |   | Total           |   |         | 2012                   |  |   | 2013    |  |  | 2014 |         |  | 2015 |   |         | 2016 |  |   | Thereafter |  |  | FairValue |       
|Bonds                                                                 |  |                           | 1.21 | % |                 | ¥ | 224,618 |                        |  | ¥ | 20,000  |  |  | ¥    |        |  |      | ¥ | 70,000  |      |  | ¥ | 35,000     |  |  | ¥         | 60,000 |  |  | ¥ | 39,618 |  |  | ¥ | 220,680 | 
|Convertible Bonds                                                     |  |                           |     |   |                 |   | 2,221   |                        |  |   | 2,221   |  |  |      |        |  |      |   |        |      |  |   |           |  |  |           |       |  |  |   |       |  |  |   | 2,221   | 
|Loans                                                                 |  |                           | 1.10 |   |                 |   | 361,328 |                        |  |   | 88,061  |  |  |      | 66,743  |  |      |   | 107,765 |      |  |   | 65,210     |  |  |           | 20,142 |  |  |   | 13,407 |  |  |   | 360,960 | 
|                                                                      |  |                           |      |   |                 |   |         |                        |  |   |         |  |  |      |         |  |      |   |         |      |  |   |            |  |  |           |        |  |  |   |        |  |  |   |         | 
|TOTAL                                                                 |  |                           |      |   |                 | ¥ | 588,167 |                        |  | ¥ | 110,282 |  |  | ¥    | 66,743  |  |      | ¥ | 177,765 |      |  | ¥ | 100,210    |  |  | ¥         | 80,142 |  |  | ¥ | 53,025 |  |  | ¥ | 583,861 | 
|                                                                      |  |                           |      |   |                 |   |         |                        |  |   |         |  |  |      |         |  |      |   |         |      |  |   |            |  |  |           |        |  |  |   |        |  |  |   |         | 



|                           |         |                           |                 |  |                     |                        |  |                            |  |  |       |   |  |                 |      |   |                        |   |         |      |  |   |        |  |  |      |        |  |            |   |        |           |  |   |        |  |  |   |        |  |  |   |       |  |  |   |        |  
|-------------------------- | ------- | ------------------------- | --------------- |  | ------------------- | ---------------------- |  | -------------------------- |  |  | ----- | - |  | --------------- | ---- | - | ---------------------- | - | ------- | ---- |  | - | ------ |  |  | ---- | ------ |  | ---------- | - | ------ | --------- |  | - | ------ |  |  | - | ------ |  |  | - | ----- |  |  | - | ------ | -
|INTEREST RATE SWAPS        |         | Year ended March 31, 2010 |                
|                           |         |                           |                 |  |                     |                        |  |                            |  |  |       |   |  | Millions of Yen |     
|                           |         |                           |                 |  |                     |                        |  |                            |  |  |       |   |  |                 |      |   | Expected maturity date |  
|Notionalamounts
(Millions) |         |                           | Type of swap    |  | Averagereceive rate |                        |  | Averagepay rate            |  |  | Total |   |  | 2010            |      |   | 2011                   |   |         | 2012 |  |   | 2013   |  |  | 2014 |        |  | Thereafter |   |        | FairValue | 
|¥                          | 282,800 |                           |                 |  |                     |                        |  | Receive floating/Pay fixed |  |  | 0.91  | % |  |                 | 0.99 | % |                        | ¥ | 282,800 |      |  | ¥ | 54,000 |  |  | ¥    | 52,300 |  |            | ¥ | 49,000 |           |  | ¥ | 64,000 |  |  | ¥ | 60,000 |  |  | ¥ | 3,500 |  |  | ¥ | (2,463 | )
|                           | 8,000   |                           |                 |  |                     |                        |  | Receive fixed/Pay floating |  |  | 1.95  |   |  |                 | 0.47 |   |                        |   | 8,000   |      |  |   | 8,000  |  |  |      |       |  |            |   |       |           |  |   |       |  |  |   |       |  |  |   |      |  |  |   | 40     |  
|GBP                        | 48      |                           |                 |  |                     |                        |  | Receive fixed/Pay fixed    |  |  | 0.54  | % |  |                 | 4.34 | % |                        | ¥ | 6,701   |      |  | ¥ |       |  |  | ¥    | 1,255  |  |            | ¥ | 4,614  |           |  | ¥ |       |  |  | ¥ | 832    |  |  | ¥ |      |  |  | ¥ | (262   | )
|                           |        
|INTEREST RATE SWAPS        |         | Year ended March 31, 2011 |                
|                           |         |                           | Millions of Yen | 
|                           |         |                           |                 |  |                     | Expected maturity date | 
|Notionalamounts
(Millions) |         |                           | Type of swap    |  | Averagereceive rate |                        |  | Averagepay rate            |  |  | Total |   |  | 2012            |      |   | 2013                   |   |         | 2014 |  |   | 2015   |  |  | 2016 |        |  | Thereafter |   |        | FairValue | 
|¥                          | 279,800 |                           |                 |  |                     |                        |  | Receive floating/Pay fixed |  |  | 0.57  | % |  |                 | 1.11 | % |                        | ¥ | 279,800 |      |  | ¥ | 52,300 |  |  | ¥    | 73,000 |  |            | ¥ | 79,000 |           |  | ¥ | 61,000 |  |  | ¥ | 14,500 |  |  |   |      |  |  | ¥ | (2,819 | )
|GBP                        | 35      |                           |                 |  |                     |                        |  | Receive fixed/Pay fixed    |  |  | 0.61  | % |  |                 | 3.59 | % |                        | ¥ | 4,644   |      |  | ¥ | 662    |  |  | ¥    | 2,517  |  |            | ¥ |       |           |  | ¥ | 1,465  |  |  | ¥ |       |  |  | ¥ |      |  |  | ¥ | (112   | )



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Credit Risk

Ricoh is also exposed to credit-related losses in the event of nonperformance by counterparties to the financial instrument; however, credit risk arising from the nonperformance of counterparties to meet
the terms of financial instrument contracts is generally limited to the amounts by which the counterparties obligations exceed the obligations of Ricoh. It is Ricohs policy to only enter into financial instrument contracts with a
diversified group of financial institutions having credit ratings satisfactory to Ricoh to minimize the concentration of credit risk. Therefore, Ricoh does not expect to incur material credit losses on its financial instruments.

Debt/Equity Price Risk

Ricoh has a relatively small portion of marketable securities which are subject to equity price risk arising from changes in their market
prices. Marketable securities mainly consist of a diversified pool of Japanese equity securities. Ricohs overall investment policy is to invest in highly-liquid, low risk investments.

The table below provides information about contractual maturities for available-for-sale securities and the fair values for market risk
sensitive.



|                                      |  |                      |        |  |            |   |        |      |  |   |            |  |  |   |        | 
|------------------------------------- |  | -------------------- | ------ |  | ---------- | - | ------ | ---- |  | - | ---------- |  |  | - | ------ | 
|                                      |  | (Millions of Yen)    |       
|                                      |  | Year ended March 31, |       
|                                      |  | 2010                 |        |  | 2011       |  
|                                      |  | Cost                 |        |  | Fair Value |   |        | Cost |  |   | Fair Value | 
|Debt Securities                       |  |                      |        |  |            |   |        |      |  |   |            |  |  |   |        | 
|Due within one year                   |  | ¥                    |       |  |            | ¥ |       |      |  | ¥ |           |  |  | ¥ |       | 
|Due after one year through five years |  |                      | 381    |  |            |   | 390    |      |  |   | 517        |  |  |   | 519    | 
|Due over five years                   |  |                      | 1,397  |  |            |   | 1,475  |      |  |   | 1,285      |  |  |   | 1,326  | 
|Equity Securities                     |  |                      | 40,552 |  |            |   | 44,759 |      |  |   | 40,765     |  |  |   | 45,093 | 
|Other                                 |  |                      |       |  |            |   |       |      |  |   |           |  |  |   |       | 
|                                      |  |                      |        |  |            |   |        |      |  |   |            |  |  |   |        | 
|TOTAL                                 |  | ¥                    | 42,330 |  |            | ¥ | 46,624 |      |  | ¥ | 42,567     |  |  | ¥ | 46,938 | 
|                                      |  |                      |        |  |            |   |        |      |  |   |            |  |  |   |        | 

Item 12. Description of Securities Other Than Equity Securities

A. Debt Securities

Not
applicable.

B. Warrants and Rights

Not applicable.

C. Other Securities

Not applicable.



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##### Table of Contents

D. American Depositary Shares

Under the terms of the deposit agreement for Ricohs ADRs, an ADR holder may have to pay the following service fees to The Bank of New York Mellon, (the Depositary):



|                                                                                                                                                                                           |  |                                                                                                                                                                
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|Fee:                                                                                                                                                                                       |  | Depositary actions:                                                                                                                                            
|$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                      |  | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property                                                      
|                                                                                                                                                                                           | 
|$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)                                                                                                                                      |  | Cancellation of ADSs for the purpose of withdrawal, including when the deposit agreement terminates                                                            
|                                                                                                                                                                                           | 
|$.02 (or less) per ADS                                                                                                                                                                     |  | Any cash distribution to ADS registered holders                                                                                                                
|                                                                                                                                                                                           | 
|A fee equivalent to the fee that would be payable if securities distributed to holders of deposited securities had been shares and the shares had been deposited for issuance of
ADSs      |  | Distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders                    
|                                                                                                                                                                                           | 
|$.02 (or less) per ADSs per calendar year                                                                                                                                                  |  | Depositary services                                                                                                                                            
|                                                                                                                                                                                           | 
|Registration or transfer fees                                                                                                                                                              |  | Transfer and registration of shares on the Depositarys share register to or from the name of the Depositary or its agent when depositing or withdrawing
shares
|                                                                                                                                                                                           | 
|Expenses of the Depositary                                                                                                                                                                 |  | Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)                                                                    
|                                                                                                                                                                                           | 
|Expenses of the Depositary                                                                                                                                                                 |  | Converting foreign currency to U.S. dollars                                                                                                                    
|                                                                                                                                                                                           | 
|Taxes and other governmental charges the Depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding
taxes |  | As necessary                                                                                                                                                   
|                                                                                                                                                                                           | 
|Any charges incurred by the depositary or its agents for servicing the deposited securities                                                                                                |  | As necessary                                                                                                                                                   

The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing
shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deducting such fee from cash distributions, by directly billing investors or by charging the book-entry system accounts of participants
acting for them. The Depositary may generally refuse to provide services until its fees for those services are paid.

Payments made by the
Depositary in Fiscal Year 2011

For fiscal year 2011, the Company did not receive any reimbursement funds from the Depositary.

Payments to be made by the Depositary in the Future

The Depositary, has agreed to reimburse the Company for expenses incurred by the Company that relate to the establishment and maintenance of the ADR program. The Depositary has also agreed to pay the
standard out-of-pocket maintenance costs for the ADRs, which consist of the expenses for postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, electronic filing of U.S. Federal tax
information, mailing required tax forms, stationery, postage, facsimile, and telephone calls. The Depositary has also agreed to reimburse the Company annually for certain investor relations programs or special investor relations promotional
activities. In certain instances, the Depositary has agreed to provide additional payments to the Company based on any applicable performance indicators relating to the ADR facility. While there are limits on the amount of expenses for which the
Depositary will reimburse the Company, the amount of reimbursement available to the Company is not necessarily tied to the amount of fees the Depositary collects from investors.



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##### Table of Contents

PART II

Item 13. Defaults, Dividend Arrearages and Delinquencies

None.

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

None.

Item 15. Controls and Procedures

Disclosure Controls and Procedures

Ricohs disclosure controls and
procedures are designed with the objective of ensuring that information required to be disclosed by Ricoh in the reports it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported,
within the time periods specified in the SECs rules and forms, and is accumulated and communicated to Ricohs management, including its Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), as
appropriate, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of its management, including the CEO and CFO, Ricoh evaluated its disclosure controls and procedures. Based on this evaluation,
the CEO and the CFO concluded that Ricohs disclosure controls and procedures were effective as of March 31, 2011 at a reasonable assurance level, provided that it be understood that any system of control is based in part upon certain
assumptions designed to obtain reasonable (but not absolute) assurance as to its effectiveness, and there can be no assurance that Ricohs system of control will succeed in achieving its stated objectives.

Managements Report on Internal Control Over Financial Reporting

Ricohs management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) and Rule 15d-15(f) of the Securities Exchange Act
of 1934, as amended. Ricohs internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the
assets of Ricoh; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of Ricoh
are being made only in accordance with authorizations of management and directors of Ricoh; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Ricohs assets
that could have a material effect on the financial statements.



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Because of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
internal control policies or procedures may deteriorate.

Ricohs management assessed the effectiveness of Ricohs
internal control over financial reporting as of March 31, 2011. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal ControlIntegrated
Framework. Managements assessment included evaluating the design of Ricohs internal control over financial reporting and testing of the operational effectiveness of Ricohs internal control over financial reporting.

Based on such assessment, management concluded that, as of March 31, 2011, Ricohs internal control over financial reporting
was effective based on the criteria set forth by COSO.

Ricohs independent registered accounting firm, KPMG AZSA LLC,
has issued an audit report on the effectiveness of Ricohs internal control over financial reporting as of March 31, 2011, such report is included in the Consolidated Financial Statements attached hereto.

Changes in Internal Control Over Financial Reporting

There has been no change in Ricohs internal control over financial reporting that occurred during the period covered by this Form 20-F that has materially affected, or is reasonably likely to
materially affect, its internal control over financial reporting.

Item 16. [RESERVED]

Item16A. Audit Committee Financial Expert

The Board of Directors of the Company has determined that it does not have an audit committee financial expert as defined in Item 16A. of Form 20-F serving on the Board of Corporate
Auditors.



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The Company is considering the issues related to and the ramifications of such a
designation. In Japan, there are limited numbers of qualified persons who meet all of the criteria established by the SEC for financial experts to be designated by issuers. Accordingly, it is taking some time for the Company to identify such a
qualified person. Although the Board of Directors is satisfied that members of the Board of Corporate Auditors possess the appropriate skills and experience, as a group, to carry out their duties as members of the Board of Corporate Auditors, the
Company will continue to strive to identify potential candidates that might qualify for this position. The Board of Corporate Auditors will keep under active review the financial expert matter during fiscal year 2011 as part of their overall risk
management and compliance program.

Item16B. Code of Ethics

Ricoh has adopted a code of ethics that applies to its employees, including the President, Chief Executive Officer, Chief Operating
Officer, and the senior management of accounting and finance. Such code of ethics of Ricoh is provided hereto as Exhibit 11.

Item16C. Principal Accountant Fees and Services

The aggregate fees for professional services and other services
rendered by KPMG AZSA LLC and the various member firms of KPMG International to Ricoh for the years ended March 31, 2010 and 2011, were:



|                   |  |                      |       |  |      |  |       | 
|------------------ |  | -------------------- | ----- |  | ---- |  | ----- | 
|                   |  | (Millions of Yen)    |      
|                   |  | Year ended March 31, |      
|                   |  | 2010                 |       |  | 2011 | 
|Audit Fees         |  |                      | 1,678 |  |      |  | 1,705 | 
|Audit-related Fees |  |                      | 109   |  |      |  | 123   | 
|Tax Fees           |  |                      | 344   |  |      |  | 124   | 
|All Other Fees     |  |                      | 11    |  |      |  | 9     | 
|                   |  |                      |       |  |      |  |       | 
|TOTAL              |  |                      | 2,143 |  |      |  | 1,961 | 
|                   |  |                      |       |  |      |  |       | 

Audit Fees consist of fees for the annual audit of Ricohs consolidated financial statements, and
audit services that are normally provided by our independent accountants.

Audit-related Fees consist of fees for assurance
and related services that are reasonably related to due diligence related to mergers and acquisitions and consultation concerning financial accounting and reporting standards.

Tax Fees consist of fees for tax compliance, tax advice and tax consulting associated with international transfer prices.

All Other Fees consist of fees for all other services such as miscellaneous supporting services not included in any of the categories noted above.



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Audit Committee Pre-Approval Policies and Procedures

In accordance with Japanese law, the Companys independent accountants (Kaikei Kansanin) (Accounting Auditors) are
appointed by the shareholders at the Ordinary General Meeting of Shareholders with the consent of the Companys Board of Corporate Auditors. In addition, the Board of Corporate Auditors may, by its resolution, request the Companys Board
of Directors to submit a proposal as to the appointment of Accounting Auditors at the Ordinary General Meeting of Shareholders. Subsequent to the appointment of the Accounting Auditors, the Board of Corporate Auditors is responsible, among other
matters, for the oversight of the Accounting Auditors, subject to the requirements of Japanese law. No proposal was submitted to discharge KPMG AZSA LLC as the Companys Accounting Auditors at the most recent Ordinary General Meeting of
Shareholders held on June 24, 2011.

The Board of Corporate Auditors has adopted policies and procedures to
pre-approve all audit and permissible non-audit services provided by the Accounting Auditor (Pre-approval Policies). Under the Pre-approval Policies, proposed services either (i) may be pre-approved by the Board of Corporate
Auditors without specific consideration on a case-by-case basis if such services do not exceed pre-approved fee levels (general pre-approval), or (ii) require the specific pre-approval of the Board of Corporate Auditors
(specific pre-approval). The Board of Corporate Auditors may delegate its specific pre-approval authority to one or more of its independent members who shall be designated by the Board of Corporate Auditors. Under the Pre-approval
Policies, the Accounting Auditors are not allowed to perform any non-audit services which may impair the auditors independence under the rules of the SEC. The appendices to the Pre-approval Policies set out the audit, audit-related, tax and other
services, including those described above, that have received the general pre-approval of the Board of Corporate Auditors.

The term of any general pre-approval is twelve months from the date of pre-approval, unless the Board of Corporate Auditors specifically provides for a different period and sets forth such different
period in the relevant appendix to the Pre-approval Policies. The Board of Corporate Auditors will annually review the Pre-approval Policies and revise the list of services that it has provided general pre-approval. Requests or applications to
provide services that require specific pre-approval by the Board of Corporate Auditors will be submitted to the Board of Corporate Auditors by the Chief Officer of a company or division to which services are provided, accompanied by a draft
engagement letter from the Accounting Auditor.

During fiscal year 2011, none of the services provided to the Company by KPMG
AZSA LLC were approved by the Board of Corporate Auditors pursuant to the de minimis exception to the pre-approval requirement provided by paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.



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##### Table of Contents

Item16D. Exemptions from the Listing Standards for Audit Committees

Not applicable.

Item16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Not applicable.

Item16F. Change in Registrants Certifying Accountant

Not applicable.

Item16G. Corporate Governance

Not applicable.



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---

##### Table of Contents

PART III

Item 17. Financial Statements

Not applicable.

Item 18. Financial Statements

See Consolidated Financial Statements and Schedule attached hereto.

Item 19. Exhibits

Documents filed as
exhibits to this annual report:



| | 1.1 | Articles of Incorporation, as amended (English translation)
| | --- | -----------------------------------------------------------



| | 1.2 | Share Handling Regulations, as amended (English translation)
| | --- | ------------------------------------------------------------



| | 1.3 | Regulations of the Board of Directors, as amended (English translation)
| | --- | -----------------------------------------------------------------------



| | 1.4 | Regulation of the Board of Corporate Auditors, as amended (English translation)
| | --- | -------------------------------------------------------------------------------



| | 8.1 | List of Significant Subsidiaries (See Organizational structure in Item 4.C. of this Form 20-F)
| | --- | ------------------------------------------------------------------------------------------------



| | 11 | Code of Ethics (English translation)
| | -- | ------------------------------------



| | 12.1 | Certification Pursuant to Rule 13a-14(a)/15d-14(a)
| | ---- | --------------------------------------------------



| | 12.2 | Certification Pursuant to Rule 13a-14(a)/15d-14(a)
| | ---- | --------------------------------------------------



| | 13.(a)(1) | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code
| | --------- | ------------------------------------------------------------------------------------------



| | 13.(a)(2) | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code
| | --------- | ------------------------------------------------------------------------------------------



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##### Table of Contents

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Company hereby certifies that it meets all of
the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.



RICOH COMPANY, LTD.By:

/S/    ZENJI MIURAZenji MiuraRepresentative Director, Deputy President and Chief Financial Officer


Date: June 30, 2011



---

##### Table of Contents

Ricoh Company, Ltd.

Consolidated Financial Statements and Schedule

For the years ended March 31, 2009, 2010 and
2011

With Report of Independent Registered Public Accounting Firm Thereon



---

##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Index to Consolidated Financial Statements



|                                                                                               |  |      |             | 
|---------------------------------------------------------------------------------------------- |  | ---- | ----------- | 
|                                                                                               |  | Page |            
|                                                                                               | 
|Report of Independent Registered Public Accounting Firm                                        |  |      | F-2         | 
|                                                                                               | 
|Consolidated Balance Sheets as of March 31, 2010 and 2011                                      |  |      | F-3 to F-4  | 
|                                                                                               | 
|Consolidated Statements of Income for the years ended March 31, 2009, 2010 and
2011            |  |      | F-5         | 
|                                                                                               | 
|Consolidated Statements of Changes in Equity for the years ended March 31, 2009, 2010 and
2011 |  |      | F-6 to F-7  | 
|                                                                                               | 
|Consolidated Statements of Cash Flows for the years ended March 31, 2009, 2010 and
2011        |  |      | F-8         | 
|                                                                                               | 
|Notes to Consolidated Financial Statements                                                     |  |      | F-9 to F-54 | 
|                                                                                               | 
|Schedule:                                                                                      |  |      |             | 
|                                                                                               | 
|II. Valuation and Qualifying Accounts and Reserves                                             |  |      | F-55        | 

All schedules not listed have been omitted because they are not applicable, or the required information has been
otherwise supplied in the consolidated financial statements or the notes thereto.



F-1



---

##### Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Ricoh Company, Ltd.:

We have audited the accompanying consolidated balance sheets of Ricoh Company, Ltd. (a Japanese corporation) and subsidiaries as of March 31, 2011 and 2010, and the related consolidated statements of
income, changes in equity, and cash flows for each of the years in the three-year period ended March 31, 2011. In connection with our audits of the consolidated financial statements, we also have audited the related financial statement schedule. We
also have audited Ricoh Company, Ltd.s internal control over financial reporting as of March 31, 2011, based on criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). Ricoh Company, Ltd.s management is responsible for these consolidated financial statements, the financial statement schedule, and for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule, and an opinion on Ricoh
Company, Ltd.s internal control over financial reporting based on our audits.

We conducted our audits in accordance with the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether
effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Ricoh Company, Ltd. and subsidiaries as of March 31, 2011 and
2010, and the results of its operations and its cash flows for each of the years in the three-year period ended March 31, 2011, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement
schedule, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein. Also in our opinion, Ricoh Company, Ltd. maintained, in all material
respects, effective internal control over financial reporting as of March 31, 2011, based on criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission.

The accompanying consolidated financial statements as of and for the year ended March 31, 2011 have been translated into
United States dollars solely for the convenience of the reader. We have audited the translation and, in our opinion, the consolidated financial statements, expressed in yen, have been translated into dollars on the basis set forth in Note 2 to the
consolidated financial statements.

KPMG AZSA LLC

Tokyo, Japan

June 30, 2011



F-2



---

##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Consolidated Balance Sheets

March 31, 2010 and 2011



|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|-------------------------------------------------------- |  | --------------- | --------- | - | ------------------------ | - | --------- | ---- |  | - | ---------- | -
|                                                         |  | Millions of Yen |           |   | Thousands ofU.S. Dollars |  
|                                                         |  | 2010            |           |   | 2011                     |   |           | 2011 | 
|ASSETS                                                   |  |                 |           |   |                          |   |           |      |  |   |            |  
|Current assets:                                          |  |                 |           |   |                          |   |           |      |  |   |            |  
|Cash and cash equivalents                                |  | ¥               | 242,165   |   |                          | ¥ | 179,169   |      |  | $ | 2,158,663  |  
|Time deposits                                            |  |                 | 1,723     |   |                          |   | 2,010     |      |  |   | 24,217     |  
|Trade receivables:                                       |  |                 |           |   |                          |   |           |      |  |   |            |  
|Notes                                                    |  |                 | 45,277    |   |                          |   | 46,355    |      |  |   | 558,494    |  
|Accounts                                                 |  |                 | 443,089   |   |                          |   | 419,351   |      |  |   | 5,052,422  |  
|Less - Allowance for doubtful receivables                |  |                 | (16,896   | ) |                          |   | (16,560   | )    |  |   | (199,518   | )
|Current maturities of long-term finance receivables, net |  |                 | 196,144   |   |                          |   | 208,671   |      |  |   | 2,514,108  |  
|Inventories:                                             |  |                 |           |   |                          |   |           |      |  |   |            |  
|Finished goods                                           |  |                 | 95,436    |   |                          |   | 85,800    |      |  |   | 1,033,735  |  
|Work in process and raw materials                        |  |                 | 73,815    |   |                          |   | 85,233    |      |  |   | 1,026,903  |  
|Deferred income taxes and other                          |  |                 | 63,859    |   |                          |   | 63,990    |      |  |   | 770,964    |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total current assets                                     |  |                 | 1,144,612 |   |                          |   | 1,074,019 |      |  |   | 12,939,988 |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Property, plant and equipment, at cost:                  |  |                 |           |   |                          |   |           |      |  |   |            |  
|Land                                                     |  |                 | 44,998    |   |                          |   | 44,444    |      |  |   | 535,470    |  
|Buildings                                                |  |                 | 246,469   |   |                          |   | 262,523   |      |  |   | 3,162,928  |  
|Machinery and equipment                                  |  |                 | 656,962   |   |                          |   | 737,270   |      |  |   | 8,882,771  |  
|Construction in progress                                 |  |                 | 27,682    |   |                          |   | 5,230     |      |  |   | 63,012     |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total                                                    |  |                 | 976,111   |   |                          |   | 1,049,467 |      |  |   | 12,644,181 |  
|Less - accumulated depreciation and amortization         |  |                 | (713,090  | ) |                          |   | (784,727  | )    |  |   | (9,454,542 | )
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Net property, plant and equipment                        |  |                 | 263,021   |   |                          |   | 264,740   |      |  |   | 3,189,639  |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Investments and other assets:                            |  |                 |           |   |                          |   |           |      |  |   |            |  
|Long-term finance receivables, net                       |  |                 | 445,896   |   |                          |   | 445,782   |      |  |   | 5,370,867  |  
|Investment securities                                    |  |                 | 49,049    |   |                          |   | 48,909    |      |  |   | 589,265    |  
|Investments in and advances to affiliates                |  |                 | 819       |   |                          |   | 213       |      |  |   | 2,566      |  
|Goodwill                                                 |  |                 | 246,637   |   |                          |   | 221,063   |      |  |   | 2,663,410  |  
|Other intangible assets                                  |  |                 | 147,886   |   |                          |   | 130,648   |      |  |   | 1,574,072  |  
|Lease deposits and other                                 |  |                 | 86,023    |   |                          |   | 77,022    |      |  |   | 927,976    |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total investments and other assets                       |  |                 | 976,310   |   |                          |   | 923,637   |      |  |   | 11,128,156 |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total assets                                             |  | ¥               | 2,383,943 |   |                          | ¥ | 2,262,396 |      |  | $ | 27,257,783 |  
|                                                         |  |                 |           |   |                          |   |           |      |  |   |            |  



F-3



---

##### Table of Contents

|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|-------------------------------------------------------------------------------------------------------------------------------- |  | --------------- | --------- | - | ------------------------ | - | --------- | ---- |  | - | ---------- | -
|                                                                                                                                 |  | Millions of Yen |           |   | Thousands ofU.S. Dollars |  
|                                                                                                                                 |  | 2010            |           |   | 2011                     |   |           | 2011 | 
|LIABILITIES AND EQUITY                                                                                                           |  |                 |           |   |                          |   |           |      |  |   |            |  
|Current liabilities:                                                                                                             |  |                 |           |   |                          |   |           |      |  |   |            |  
|Short-term borrowings                                                                                                            |  | ¥               | 75,701    |   |                          | ¥ | 39,927    |      |  | $ | 481,048    |  
|Current maturities of long-term indebtedness                                                                                     |  |                 | 94,026    |   |                          |   | 111,096   |      |  |   | 1,338,506  |  
|Trade payables:                                                                                                                  |  |                 |           |   |                          |   |           |      |  |   |            |  
|Notes                                                                                                                            |  |                 | 12,211    |   |                          |   | 12,216    |      |  |   | 147,181    |  
|Accounts                                                                                                                         |  |                 | 261,186   |   |                          |   | 238,267   |      |  |   | 2,870,687  |  
|Accrued income taxes                                                                                                             |  |                 | 15,263    |   |                          |   | 13,414    |      |  |   | 161,614    |  
|Accrued expenses and other                                                                                                       |  |                 | 202,017   |   |                          |   | 199,780   |      |  |   | 2,406,988  |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total current liabilities                                                                                                        |  |                 | 660,404   |   |                          |   | 614,700   |      |  |   | 7,406,024  |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Long-term liabilities:                                                                                                           |  |                 |           |   |                          |   |           |      |  |   |            |  
|Long-term indebtedness                                                                                                           |  |                 | 514,718   |   |                          |   | 479,422   |      |  |   | 5,776,169  |  
|Accrued pension and severance costs                                                                                              |  |                 | 140,460   |   |                          |   | 140,975   |      |  |   | 1,698,494  |  
|Deferred income taxes and other                                                                                                  |  |                 | 44,487    |   |                          |   | 44,535    |      |  |   | 536,566    |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total long-term liabilities                                                                                                      |  |                 | 699,665   |   |                          |   | 664,932   |      |  |   | 8,011,229  |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|                                                                                                                                 |  |                 |          
|Commitments and contingent liabilities (Note 16)                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|                                                                                                                                 |  |                 |          
|Equity:                                                                                                                          |  |                 |           |   |                          |   |           |      |  |   |            |  
|Ricoh Company, Ltd. shareholders equity:                                                                                        |  |                 |           |   |                          |   |           |      |  |   |            |  
|Common stock;                                                                                                                    |  |                 |           |   |                          |   |           |      |  |   |            |  
|Authorized - 1,500,000,000 shares in 2010 and 2011                                                                               |  |                 |           |   |                          |   |           |      |  |   |            |  
|Issued and outstanding - 744,912,078 shares and 725,591,355 shares in 2010 and 744,912,078 shares and 725,502,668 shares in
2011 |  |                 | 135,364   |   |                          |   | 135,364   |      |  |   | 1,630,891  |  
|Additional paid-in capital                                                                                                       |  |                 | 186,083   |   |                          |   | 186,083   |      |  |   | 2,241,964  |  
|Retained earnings                                                                                                                |  |                 | 820,701   |   |                          |   | 815,970   |      |  |   | 9,830,964  |  
|Accumulated other comprehensive loss                                                                                             |  |                 | (132,051  | ) |                          |   | (170,702  | )    |  |   | (2,056,651 | )
|Treasury stock at cost; 19,320,723 shares in 2010 and 19,409,410 shares in 2011                                                  |  |                 | (36,756   | ) |                          |   | (36,838   | )    |  |   | (443,831   | )
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total Ricoh Company, Ltd. shareholders' equity                                                                                   |  |                 | 973,341   |   |                          |   | 929,877   |      |  |   | 11,203,337 |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Noncontrolling interests                                                                                                         |  |                 | 50,533    |   |                          |   | 52,887    |      |  |   | 637,193    |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total equity                                                                                                                     |  |                 | 1,023,874 |   |                          |   | 982,764   |      |  |   | 11,840,530 |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  
|Total liabilities and equity                                                                                                     |  | ¥               | 2,383,943 |   |                          | ¥ | 2,262,396 |      |  | $ | 27,257,783 |  
|                                                                                                                                 |  |                 |           |   |                          |   |           |      |  |   |            |  

The accompanying notes are an integral part of consolidated financial statements.



F-4



---

##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Consolidated Statements of Income

For the Years Ended March 31, 2009, 2010 and 2011



|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|-------------------------------------------------------------------------- |  | --------------- | --------- | - | ------------------------ | - | --------- | ---- |  | - | --------- | - |  | - | ---------- | -
|                                                                           |  | Millions of Yen |           |   | Thousands ofU.S. Dollars |  
|                                                                           |  | 2009            |           |   | 2010                     |   |           | 2011 |  |   | 2011      |  
|Net sales:                                                                 |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Products                                                                   |  | ¥               | 1,027,694 |   |                          | ¥ | 964,564   |      |  | ¥ | 934,263   |   |  | $ | 11,256,181 |  
|Post sales and rentals                                                     |  |                 | 955,490   |   |                          |   | 952,676   |      |  |   | 903,096   |   |  |   | 10,880,675 |  
|Other revenue                                                              |  |                 | 108,512   |   |                          |   | 99,097    |      |  |   | 104,654   |   |  |   | 1,260,891  |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total                                                                      |  |                 | 2,091,696 |   |                          |   | 2,016,337 |      |  |   | 1,942,013 |   |  |   | 23,397,747 |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Cost of sales:                                                             |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Products                                                                   |  |                 | 710,892   |   |                          |   | 681,986   |      |  |   | 646,194   |   |  |   | 7,785,470  |  
|Post sales and rentals                                                     |  |                 | 440,510   |   |                          |   | 433,781   |      |  |   | 428,301   |   |  |   | 5,160,253  |  
|Other revenue                                                              |  |                 | 85,908    |   |                          |   | 78,227    |      |  |   | 77,444    |   |  |   | 933,060    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total                                                                      |  |                 | 1,237,310 |   |                          |   | 1,193,994 |      |  |   | 1,151,939 |   |  |   | 13,878,783 |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Gross profit                                                               |  |                 | 854,386   |   |                          |   | 822,343   |      |  |   | 790,074   |   |  |   | 9,518,964  |  
|Selling, general and administrative expenses                               |  |                 | 779,850   |   |                          |   | 756,346   |      |  |   | 729,878   |   |  |   | 8,793,711  |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Operating income                                                           |  |                 | 74,536    |   |                          |   | 65,997    |      |  |   | 60,196    |   |  |   | 725,253    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Other (income) expenses:                                                   |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Interest and dividend income                                               |  |                 | (5,227    | ) |                          |   | (3,472    | )    |  |   | (2,986    | ) |  |   | (35,976    | )
|Interest expense                                                           |  |                 | 5,863     |   |                          |   | 8,144     |      |  |   | 8,498     |   |  |   | 102,385    |  
|Foreign currency exchange loss, net                                        |  |                 | 15,575    |   |                          |   | 4,756     |      |  |   | 6,950     |   |  |   | 83,735     |  
|Losses on impairment of securities                                         |  |                 | 26,837    |   |                          |   | 169       |      |  |   | 1,844     |   |  |   | 22,217     |  
|Other, net                                                                 |  |                 | 549       |   |                          |   | (1,124    | )    |  |   | 490       |   |  |   | 5,904      |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total                                                                      |  |                 | 43,597    |   |                          |   | 8,473     |      |  |   | 14,796    |   |  |   | 178,265    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Income before income taxes and equity in earnings of affiliates            |  |                 | 30,939    |   |                          |   | 57,524    |      |  |   | 45,400    |   |  |   | 546,988    |  
|Provision for income taxes:                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Current                                                                    |  |                 | 27,321    |   |                          |   | 27,495    |      |  |   | 21,665    |   |  |   | 261,024    |  
|Deferred                                                                   |  |                 | (5,163    | ) |                          |   | 183       |      |  |   | 956       |   |  |   | 11,518     |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total                                                                      |  |                 | 22,158    |   |                          |   | 27,678    |      |  |   | 22,621    |   |  |   | 272,542    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Equity in earnings (losses) of affiliates                                  |  |                 | 71        |   |                          |   | 6         |      |  |   | (22       | ) |  |   | (265       | )
|Net income                                                                 |  |                 | 8,852     |   |                          |   | 29,852    |      |  |   | 22,757    |   |  |   | 274,181    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Net income attributable to noncontrolling interests                        |  |                 | 2,322     |   |                          |   | 1,979     |      |  |   | 3,107     |   |  |   | 37,434     |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Net income attributable to Ricoh Company, Ltd.                             |  | ¥               | 6,530     |   |                          | ¥ | 27,873    |      |  | ¥ | 19,650    |   |  | $ | 236,747    |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|                                                                           |  |                
|                                                                           |  | Yen             |           |   | U.S. Dollars             |  
|                                                                           |  | 2009            |           |   | 2010                     |   |           | 2011 |  |   | 2011      |  
|Per share of common stock:                                                 |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Net income attributable to Ricoh Company, Ltd.:                            |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Basic                                                                      |  | ¥               | 9.02      |   |                          | ¥ | 38.41     |      |  | ¥ | 27.08     |   |  | $ | 0.33       |  
|Diluted                                                                    |  |                 | 8.75      |   |                          |   | 37.36     |      |  |   | 26.53     |   |  |   | 0.32       |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Cash dividends paid                                                        |  | ¥               | 35.00     |   |                          | ¥ | 31.50     |      |  | ¥ | 33.00     |   |  | $ | 0.40       |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Per American Depositary Share, each representing 5 shares of common stock: |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Net income attributable to Ricoh Company, Ltd.:                            |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Basic                                                                      |  | ¥               | 45.10     |   |                          | ¥ | 192.05    |      |  | ¥ | 135.40    |   |  | $ | 1.63       |  
|Diluted                                                                    |  |                 | 43.75     |   |                          |   | 186.80    |      |  |   | 132.65    |   |  |   | 1.60       |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Cash dividends paid                                                        |  | ¥               | 175.00    |   |                          | ¥ | 157.50    |      |  | ¥ | 165.00    |   |  | $ | 1.99       |  
|                                                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  

The accompanying notes are an integral part of these consolidated financial statements.



F-5



---

##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Consolidated Statements of Changes in Equity

For the Years Ended March 31, 2009, 2010 and 2011



|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------- | ------- |  | ------------------------ | - | ------- | ---------------- |  | - | --------------------------------- | - |  | ------------- | -------- | - | ------------------------------------------ | - | ------- | ----------------------- |  | - | ------------ | - |  | - | ------- | - |  | - | --------- | -
|                                                                                                                                                                 |  | Millions of Yen |        
|                                                                                                                                                                 |  | Commonstock     |         |  | Additionalpaid-incapital |   |         | Retainedearnings |  |   | Accumulatedothercomprehensiveloss |   |  | Treasurystock |          |   | Total RicohCompany,Ltd.shareholdersequity |   |         | Noncontrollinginterests |  |   | Total equity |  
|Balance at March 31, 2008                                                                                                                                        |  | ¥               | 135,364 |  |                          | ¥ | 186,448 |                  |  | ¥ | 835,238                           |   |  | ¥             | (31,005  | ) |                                            | ¥ | (45,849 | )                       |  | ¥ | 1,080,196    |   |  | ¥ | 58,283  |   |  | ¥ | 1,138,479 |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Cumulative effect of a change in accounting principle - adoption of accounting standard for measurement date change for
postretirement benefit plans, net of tax |  |                 |        |  |                          |   |        |                  |  |   | (643                              | ) |  |               | (6       | ) |                                            |   |        |                         |  |   | (649         | ) |  |   |        |   |  |   | (649      | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Balance at April 1, 2008, as adjusted                                                                                                                            |  |                 | 135,364 |  |                          |   | 186,448 |                  |  |   | 834,595                           |   |  |               | (31,011  | ) |                                            |   | (45,849 | )                       |  |   | 1,079,547    |   |  |   | 58,283  |   |  |   | 1,137,830 |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Loss on disposal of treasury stock                                                                                                                               |  |                 |         |  |                          |   | (365    | )                |  |   | (80                               | ) |  |               |          |   |                                            |   |         |                         |  |   | (445         | ) |  |   |         |   |  |   | (445      | )
|Dividends declared and approved to Ricoh Company, Ltd. shareholders                                                                                              |  |                 |         |  |                          |   |         |                  |  |   | (25,320                           | ) |  |               |          |   |                                            |   |         |                         |  |   | (25,320      | ) |  |   |         |   |  |   | (25,320   | )
|Comprehensive income (loss):                                                                                                                                     |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Consolidated net income                                                                                                                                          |  |                 |         |  |                          |   |         |                  |  |   | 6,530                             |   |  |               |          |   |                                            |   |         |                         |  |   | 6,530        |   |  |   | 2,322   |   |  |   | 8,852     |  
|Net unrealized gains and losses on securities                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | 532      |   |                                            |   |         |                         |  |   | 532          |   |  |   | (121    | ) |  |   | 411       |  
|Pension liability adjustments                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (33,507  | ) |                                            |   |         |                         |  |   | (33,507      | ) |  |   | (55     | ) |  |   | (33,562   | )
|Net unrealized gains and losses on derivatives                                                                                                                   |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | 35       |   |                                            |   |         |                         |  |   | 35           |   |  |   | 2       |   |  |   | 37        |  
|Foreign currency translation adjustments                                                                                                                         |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (61,170  | ) |                                            |   |         |                         |  |   | (61,170      | ) |  |   | (198    | ) |  |   | (61,368   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Total comprehensive income (loss)                                                                                                                                |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   | (87,580      | ) |  |   | 1,950   |   |  |   | (85,630   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Net changes in treasury stock                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   | 9,171   |                         |  |   | 9,171        |   |  |   |         |   |  |   | 9,171     |  
|Dividends to noncontrolling interests                                                                                                                            |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   | (683    | ) |  |   | (683      | )
|Issuance of treasury stock in exchange for subsidiarys stock                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   | (10,573 | ) |  |   | (10,573   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Balance at March 31, 2009                                                                                                                                        |  | ¥               | 135,364 |  |                          | ¥ | 186,083 |                  |  | ¥ | 815,725                           |   |  | ¥             | (125,121 | ) |                                            | ¥ | (36,678 | )                       |  | ¥ | 975,373      |   |  | ¥ | 48,977  |   |  | ¥ | 1,024,350 |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Loss on disposal of treasury stock                                                                                                                               |  |                 |         |  |                          |   |         |                  |  |   | (39                               | ) |  |               |          |   |                                            |   |         |                         |  |   | (39          | ) |  |   |         |   |  |   | (39       | )
|Dividends declared and approved to Ricoh Company, Ltd. shareholders                                                                                              |  |                 |         |  |                          |   |         |                  |  |   | (22,858                           | ) |  |               |          |   |                                            |   |         |                         |  |   | (22,858      | ) |  |   |         |   |  |   | (22,858   | )
|Comprehensive income:                                                                                                                                            |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Consolidated net income                                                                                                                                          |  |                 |         |  |                          |   |         |                  |  |   | 27,873                            |   |  |               |          |   |                                            |   |         |                         |  |   | 27,873       |   |  |   | 1,979   |   |  |   | 29,852    |  
|Net unrealized gains and losses on securities                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | 524      |   |                                            |   |         |                         |  |   | 524          |   |  |   | 10      |   |  |   | 534       |  
|Pension liability adjustments                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | 6,966    |   |                                            |   |         |                         |  |   | 6,966        |   |  |   | 65      |   |  |   | 7,031     |  
|Net unrealized gains and losses on derivatives                                                                                                                   |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (784     | ) |                                            |   |         |                         |  |   | (784         | ) |  |   | 4       |   |  |   | (780      | )
|Foreign currency translation adjustments                                                                                                                         |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (13,636  | ) |                                            |   |         |                         |  |   | (13,636      | ) |  |   | 2       |   |  |   | (13,634   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Total comprehensive income                                                                                                                                       |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   | 20,943       |   |  |   | 2,060   |   |  |   | 23,003    |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Net changes in treasury stock                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   | (78     | )                       |  |   | (78          | ) |  |   |         |   |  |   | (78       | )
|Dividends to noncontrolling interests                                                                                                                            |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   | (504    | ) |  |   | (504      | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Balance at March 31, 2010                                                                                                                                        |  | ¥               | 135,364 |  |                          | ¥ | 186,083 |                  |  | ¥ | 820,701                           |   |  | ¥             | (132,051 | ) |                                            | ¥ | (36,756 | )                       |  | ¥ | 973,341      |   |  | ¥ | 50,533  |   |  | ¥ | 1,023,874 |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Cumulative effect of a change in accounting principle - adoption of accounting standard for a variable interest entity, net of
tax                               |  |                 |        |  |                          |   |        |                  |  |   | (410                              | ) |  |               |         |   |                                            |   |        |                         |  |   | (410         | ) |  |   | (392    | ) |  |   | (802      | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Balance at April 1, 2010, as adjusted                                                                                                                            |  |                 | 135,364 |  |                          |   | 186,083 |                  |  |   | 820,291                           |   |  |               | (132,051 | ) |                                            |   | (36,756 | )                       |  |   | 972,931      |   |  |   | 50,141  |   |  |   | 1,023,072 |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Loss on disposal of treasury stock                                                                                                                               |  |                 |         |  |                          |   |         |                  |  |   | (28                               | ) |  |               |          |   |                                            |   |         |                         |  |   | (28          | ) |  |   |         |   |  |   | (28       | )
|Dividends declared and approved to Ricoh Company, Ltd. shareholders                                                                                              |  |                 |         |  |                          |   |         |                  |  |   | (23,943                           | ) |  |               |          |   |                                            |   |         |                         |  |   | (23,943      | ) |  |   |         |   |  |   | (23,943   | )
|Comprehensive income (loss):                                                                                                                                     |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Consolidated net income                                                                                                                                          |  |                 |         |  |                          |   |         |                  |  |   | 19,650                            |   |  |               |          |   |                                            |   |         |                         |  |   | 19,650       |   |  |   | 3,107   |   |  |   | 22,757    |  
|Net unrealized gains and losses on securities                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | 94       |   |                                            |   |         |                         |  |   | 94           |   |  |   | (6      | ) |  |   | 88        |  
|Pension liability adjustments                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (179     | ) |                                            |   |         |                         |  |   | (179         | ) |  |   | (7      | ) |  |   | (186      | )
|Net unrealized gains and losses on derivatives                                                                                                                   |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (11      | ) |                                            |   |         |                         |  |   | (11          | ) |  |   | (22     | ) |  |   | (33       | )
|Foreign currency translation adjustments                                                                                                                         |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               | (38,555  | ) |                                            |   |         |                         |  |   | (38,555      | ) |  |   | 269     |   |  |   | (38,286   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Total comprehensive income (loss)                                                                                                                                |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   | (19,001      | ) |  |   | 3,341   |   |  |   | (15,660   | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Net changes in treasury stock                                                                                                                                    |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   | (82     | )                       |  |   | (82          | ) |  |   |         |   |  |   | (82       | )
|Dividends to noncontrolling interests                                                                                                                            |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   | (595    | ) |  |   | (595      | )
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  
|Balance at March 31, 2011                                                                                                                                        |  | ¥               | 135,364 |  |                          | ¥ | 186,083 |                  |  | ¥ | 815,970                           |   |  | ¥             | (170,702 | ) |                                            | ¥ | (36,838 | )                       |  | ¥ | 929,877      |   |  | ¥ | 52,887  |   |  | ¥ | 982,764   |  
|                                                                                                                                                                 |  |                 |         |  |                          |   |         |                  |  |   |                                   |   |  |               |          |   |                                            |   |         |                         |  |   |              |   |  |   |         |   |  |   |           |  



F-6



---

##### Table of Contents

|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|---------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- | --------- |  | ------------------------ | - | --------- | ---------------- |  | - | --------------------------------- | - |  | ------------- | ---------- | - | ------------------------------------------ | - | -------- | ----------------------- |  | - | ------------ | - |  | - | ------- | - |  | - | ---------- | -
|                                                                                                                                   |  | Thousands of U.S. Dollars |          
|                                                                                                                                   |  | Commonstock               |           |  | Additionalpaid-incapital |   |           | Retainedearnings |  |   | Accumulatedothercomprehensiveloss |   |  | Treasurystock |            |   | Total RicohCompany,Ltd.shareholdersequity |   |          | Noncontrollinginterests |  |   | Total equity |  
|Balance at March 31, 2010                                                                                                          |  | $                         | 1,630,891 |  |                          | $ | 2,241,964 |                  |  | $ | 9,887,964                         |   |  | $             | (1,590,976 | ) |                                            | $ | (442,843 | )                       |  | $ | 11,727,000   |   |  | $ | 608,831 |   |  | $ | 12,335,831 |  
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Cumulative effect of a change in accounting principle - adoption of accounting standard for a variable interest entity, net of
tax |  |                           |          |  |                          |   |          |                  |  |   | (4,940                            | ) |  |               |           |   |                                            |   |         |                         |  |   | (4,940       | ) |  |   | (4,723  | ) |  |   | (9,663     | )
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Balance at April 1, 2010, as adjusted                                                                                              |  |                           | 1,630,891 |  |                          |   | 2,241,964 |                  |  |   | 9,883,024                         |   |  |               | (1,590,976 | ) |                                            |   | (442,843 | )                       |  |   | 11,722,060   |   |  |   | 604,108 |   |  |   | 12,326,168 |  
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Loss on disposal of treasury stock                                                                                                 |  |                           |           |  |                          |   |           |                  |  |   | (337                              | ) |  |               |            |   |                                            |   |          |                         |  |   | (337         | ) |  |   |         |   |  |   | (337       | )
|Dividends declared and approved to Ricoh Company, Ltd. shareholders                                                                |  |                           |           |  |                          |   |           |                  |  |   | (288,470                          | ) |  |               |            |   |                                            |   |          |                         |  |   | (288,470     | ) |  |   |         |   |  |   | (288,470   | )
|Comprehensive income (loss):                                                                                                       |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Consolidated net income                                                                                                            |  |                           |           |  |                          |   |           |                  |  |   | 236,747                           |   |  |               |            |   |                                            |   |          |                         |  |   | 236,747      |   |  |   | 37,434  |   |  |   | 274,181    |  
|Net unrealized gains and losses on securities                                                                                      |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               | 1,133      |   |                                            |   |          |                         |  |   | 1,133        |   |  |   | (72     | ) |  |   | 1,061      |  
|Pension liability adjustments                                                                                                      |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               | (2,157     | ) |                                            |   |          |                         |  |   | (2,157       | ) |  |   | (84     | ) |  |   | (2,241     | )
|Net unrealized gains and losses on derivatives                                                                                     |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               | (133       | ) |                                            |   |          |                         |  |   | (133         | ) |  |   | (265    | ) |  |   | (398       | )
|Foreign currency translation adjustments                                                                                           |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               | (464,518   | ) |                                            |   |          |                         |  |   | (464,518     | ) |  |   | 3,241   |   |  |   | (461,277   | )
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Total comprehensive income (loss)                                                                                                  |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   | (228,928     | ) |  |   | 40,254  |   |  |   | (188,674   | )
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Net changes in treasury stock                                                                                                      |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   | (988     | )                       |  |   | (988         | ) |  |   |         |   |  |   | (988       | )
|Dividends to noncontrolling interests                                                                                              |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   | (7,169  | ) |  |   | (7,169     | )
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  
|Balance at March 31, 2011                                                                                                          |  | $                         | 1,630,891 |  |                          | $ | 2,241,964 |                  |  | $ | 9,830,964                         |   |  | $             | (2,056,651 | ) |                                            | $ | (443,831 | )                       |  | $ | 11,203,337   |   |  | $ | 637,193 |   |  | $ | 11,840,530 |  
|                                                                                                                                   |  |                           |           |  |                          |   |           |                  |  |   |                                   |   |  |               |            |   |                                            |   |          |                         |  |   |              |   |  |   |         |   |  |   |            |  

The accompanying notes are an integral part of these consolidated financial statements.



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##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Consolidated Statements of Cash Flows

For the Years Ended March 31, 2009, 2010 and 2011



|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|--------------------------------------------------------------------------------------------- |  | --------------- | -------- | - | ------------------------ | - | -------- | ---- |  | - | ------- | - |  | - | ---------- | -
|                                                                                              |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|                                                                                              |  | 2009            |          |   | 2010                     |   |          | 2011 |  |   | 2011    |  
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                         |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Consolidated net income                                                                       |  | ¥               | 8,852    |   |                          | ¥ | 29,852   |      |  | ¥ | 22,757  |   |  | $ | 274,181    |  
|Adjustments to reconcile consolidated net income to net cash provided by operating activities |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Depreciation and amortization                                                                 |  |                 | 101,817  |   |                          |   | 98,941   |      |  |   | 93,400  |   |  |   | 1,125,301  |  
|Equity in earnings of affiliates, net of dividends received                                   |  |                 | 117      |   |                          |   | (6       | )    |  |   | 22      |   |  |   | 265        |  
|Deferred income taxes                                                                         |  |                 | (5,163   | ) |                          |   | 183      |      |  |   | 956     |   |  |   | 11,518     |  
|Losses on disposals and sales of property, plant and equipment                                |  |                 | 1,885    |   |                          |   | 2,586    |      |  |   | 1,507   |   |  |   | 18,157     |  
|Losses on impairment of securities                                                            |  |                 | 26,837   |   |                          |   | 169      |      |  |   | 1,844   |   |  |   | 22,217     |  
|Pension and severance costs, less payments                                                    |  |                 | 2,031    |   |                          |   | (2,677   | )    |  |   | (971    | ) |  |   | (11,699    | )
|Changes in assets and liabilities, net of effects from acquisition:                           |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Decrease in trade receivables                                                                 |  |                 | 37,913   |   |                          |   | 5,475    |      |  |   | 1,865   |   |  |   | 22,470     |  
|(Increase) decrease in inventories                                                            |  |                 | 2,836    |   |                          |   | 19,599   |      |  |   | (11,237 | ) |  |   | (135,386   | )
|(Increase) decrease in lease receivables                                                      |  |                 | (3,050   | ) |                          |   | 23,397   |      |  |   | 13,870  |   |  |   | 167,108    |  
|Decrease in trade payables                                                                    |  |                 | (97,372  | ) |                          |   | (10,124  | )    |  |   | (14,048 | ) |  |   | (169,253   | )
|(Decrease) increase in accrued income taxes and accrued expenses and other                    |  |                 | (14,094  | ) |                          |   | 15,589   |      |  |   | 14,725  |   |  |   | 177,410    |  
|Other, net                                                                                    |  |                 | 24,879   |   |                          |   | 7,719    |      |  |   | 5,360   |   |  |   | 64,578     |  
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Net cash provided by operating activities                                                     |  |                 | 87,488   |   |                          |   | 190,703  |      |  |   | 130,050 |   |  |   | 1,566,867  |  
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|CASH FLOWS FROM INVESTING ACTIVITIES:                                                         |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Proceeds from sales of property, plant and equipment                                          |  |                 | 454      |   |                          |   | 1,591    |      |  |   | 1,387   |   |  |   | 16,711     |  
|Expenditures for property, plant and equipment, including interest capitalized                |  |                 | (96,945  | ) |                          |   | (66,979  | )    |  |   | (66,976 | ) |  |   | (806,940   | )
|Expenditures for intangible assets                                                            |  |                 | (17,769  | ) |                          |   | (13,383  | )    |  |   | (18,806 | ) |  |   | (226,579   | )
|Payments for purchases of available-for-sale securities                                       |  |                 | (1,781   | ) |                          |   | (701     | )    |  |   | (235    | ) |  |   | (2,831     | )
|Proceeds from sales of available-for-sale securities                                          |  |                 | 243      |   |                          |   | 1,027    |      |  |   | 126     |   |  |   | 1,518      |  
|(Increase) decrease in time deposits                                                          |  |                 | (615     | ) |                          |   | 249      |      |  |   | (401    | ) |  |   | (4,831     | )
|Purchase of business, net of cash acquired                                                    |  |                 | (157,404 | ) |                          |   | (4,760   | )    |  |   | (1,415  | ) |  |   | (17,048    | )
|Other, net                                                                                    |  |                 | (9,355   | ) |                          |   | (6,614   | )    |  |   | (5,688  | ) |  |   | (68,530    | )
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Net cash used in investing activities                                                         |  |                 | (283,172 | ) |                          |   | (89,570  | )    |  |   | (92,008 | ) |  |   | (1,108,530 | )
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|CASH FLOWS FROM FINANCING ACTIVITIES:                                                         |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Proceeds from long-term indebtedness (excluding debt securities)                              |  |                 | 237,116  |   |                          |   | 46,965   |      |  |   | 58,622  |   |  |   | 706,289    |  
|Repayment of long-term indebtedness (excluding debt securities)                               |  |                 | (59,500  | ) |                          |   | (66,564  | )    |  |   | (87,147 | ) |  |   | (1,049,964 | )
|(Decrease) increase in short-term borrowings, net                                             |  |                 | 110,211  |   |                          |   | (105,250 | )    |  |   | (30,729 | ) |  |   | (370,229   | )
|Proceeds from issuance of long-term debt securities                                           |  |                 | 85,000   |   |                          |   | 55,000   |      |  |   | 79,741  |   |  |   | 960,735    |  
|Repayment of long-term debt securities                                                        |  |                 | (50,539  | ) |                          |   | (20,000  | )    |  |   | (87,975 | ) |  |   | (1,059,939 | )
|Dividends paid                                                                                |  |                 | (25,320  | ) |                          |   | (22,858  | )    |  |   | (23,943 | ) |  |   | (288,470   | )
|Payment for purchase of treasury stock                                                        |  |                 | (644     | ) |                          |   | (183     | )    |  |   | (157    | ) |  |   | (1,892     | )
|Other, net                                                                                    |  |                 | (410     | ) |                          |   | (488     | )    |  |   | (520    | ) |  |   | (6,265     | )
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Net cash provided by (used in) financing activities                                           |  |                 | 295,914  |   |                          |   | (113,378 | )    |  |   | (92,108 | ) |  |   | (1,109,735 | )
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS                                   |  |                 | (12,353  | ) |                          |   | (4,074   | )    |  |   | (8,930  | ) |  |   | (107,590   | )
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                          |  |                 | 87,877   |   |                          |   | (16,319  | )    |  |   | (62,996 | ) |  |   | (758,988   | )
|CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                |  |                 | 170,607  |   |                          |   | 258,484  |      |  |   | 242,165 |   |  |   | 2,917,651  |  
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|CASH AND CASH EQUIVALENTS AT END OF YEAR                                                      |  | ¥               | 258,484  |   |                          | ¥ | 242,165  |      |  | ¥ | 179,169 |   |  | $ | 2,158,663  |  
|                                                                                              |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:                                            |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|CASH PAID DURING THE YEAR FOR-                                                                |  |                 |          |   |                          |   |          |      |  |   |         |   |  |   |            |  
|Interest, excluding interest capitalized                                                      |  | ¥               | 9,352    |   |                          | ¥ | 11,039   |      |  | ¥ | 9,673   |   |  | $ | 116,542    |  
|Income taxes                                                                                  |  |                 | 56,764   |   |                          |   | 9,167    |      |  |   | 18,861  |   |  |   | 227,241    |  

The accompanying notes are an
integral part of these consolidated financial statements.



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##### Table of Contents

Ricoh Company, Ltd. and Consolidated Subsidiaries

Notes to Consolidated Financial Statements

1. NATURE OF OPERATIONS

Ricoh Company, Ltd. (the Company) was established in
1936 and is headquartered in Tokyo, Japan. The Company and consolidated subsidiaries (Ricoh as a consolidated group) is a world-wide supplier of office automation equipment, including copiers, facsimile machines, data processing systems,
printers and related supplies. Ricoh is also well known for its state-of-the-art electronic devices, digital photographic equipment and other products.

Ricoh distributes its products primarily through domestic (Japanese) and foreign sales subsidiaries. Overseas, Ricoh owns and distributes not only Ricoh brand products but also other brands, such as
Lanier, Savin and Infotec.

Ricoh manufactures its products primarily in 16 plants in Japan and 10 plants overseas, which are located in the
United States, United Kingdom, France, China and Thailand.

2. SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

Significant accounting and reporting policies are summarized below:

(a) Basis of Presentation

The accompanying consolidated financial statements of Ricoh have
been prepared in conformity with U.S. generally accepted accounting principles.

The accompanying consolidated financial statements for each
of the years in the three-year period ended March 31, 2011 are presented in Japanese yen, the functional currency of the Company and its domestic subsidiaries. The translation of Japanese yen amounts into U.S. Dollar equivalents as of and
for the year ended March 31, 2011 is included solely for the convenience of readers outside Japan and has been made using the exchange rate of ¥83 to US$1, the approximate rate of exchange prevailing at the Federal Reserve Board on
March 31, 2011.

(b) Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, all majority-owned subsidiaries and variable interest entity (VIE) which Ricoh is a primary beneficiary.
Investments in entities in which Ricoh has the ability to exercise significant influence over the entities operating and financial policies (generally 20% to 50% ownership) are accounted for on an equity basis. All significant inter-company
balances and transactions have been eliminated in consolidation.

The accounts of certain consolidated subsidiaries have been included on the
basis of fiscal periods ended within three months prior to March 31.



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##### Table of Contents

(c) Revenue Recognition

Ricoh generates revenue principally through the sale of equipment, supplies and related services under separate contractual arrangements for each. Ricoh recognizes revenue when (1) it has a firm
contract, (2) the product has been shipped to and accepted by the customer or the service has been provided, (3) the sales price is fixed or determinable and (4) amounts are reasonably assured of collection.

Products sales are recognized at the time of delivery and installation at the customer location. Equipment revenues are based on established prices by
product type and model and are net of discounts. A sales return is accepted only when the equipment is defective and does not meet Ricohs product performance specifications. Other than installation, there are no customer acceptance clauses in
the sales contract.

Post sales and rentals result primarily from maintenance contracts that are normally entered into at the time the
equipment is sold. Standard service fee prices are established depending on equipment classification and include a cost value for the estimated services to be performed based on historical experience plus a profit margin thereon. As a matter of
policy, Ricoh does not discount such prices. On a monthly basis, maintenance service revenues are earned and recognized by Ricoh and billed to the customer in accordance with the contract and include a fixed monthly fee plus a variable amount based
on usage. The length of the contract ranges up to five-years, however, most contracts are cancelable at any time by the customer upon a short notice period. Leases not qualifying as sales-type leases or direct financing leases are accounted for as
operating leases and related revenue is recognized over the lease term.

Ricoh enters into arrangements with multiple elements, which may
include any combination of products, equipment, installation and maintenance. Ricoh allocates revenue to each element based on its relative fair value if such element meets the criteria for treatment as a separate unit of accounting, the delivered
item in a multiple element arrangement should be considered a separate unit of accounting if all of the following criteria are met: (1) a delivered item has value to customers on a stand-alone basis, (2) there is objective and reliable
evidence of fair value of an undelivered item, and (3) the delivery of the undelivered item must be probable and controlled by Ricoh if the arrangement includes the right of return. The price charged when the element is sold separately
generally determines fair value. Otherwise, revenue is deferred until the undelivered elements are fulfilled as a single unit of accounting.

Revenue from the sale of equipment under sales-type leases is recognized as product sales at the inception of the lease. Other revenue consists primarily
of interest income on sales-type leases and direct-financing leases, which are recognized as other revenue over the life of each respective lease using the interest method.

(d) Foreign Currency Translation

For foreign operations with functional currencies other
than the Japanese yen, assets and liabilities are translated at the exchange rates in effect at each fiscal year-end, and income and expenses are translated at the average rates of exchange prevailing during each fiscal year. The resulting
translation adjustments are included as a part of accumulated other comprehensive income (loss) in equity.

All foreign currency transaction
gains and losses are included in other income and expenses in the period incurred.

(e) Cash Equivalents

Cash and cash equivalents include highly liquid investments with maturities of three months or less at the date of purchase such as time deposits and
short-term investment securities which are available-for-sale at any time, present insignificant risk of changes in value due to being readily convertible into cash and have an original maturity of three months or less, such as money management
funds and free financial funds.



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##### Table of Contents

(f) Derivative Financial Instruments and Hedging Activities

As discussed further in Note 15, Ricoh manages its exposure to certain market risks, primarily foreign currency and interest rate risks, through the use
of derivative instruments. As a matter of policy, Ricoh does not enter into derivative contracts for trading or speculative purposes.

Ricoh
recognizes all derivative instruments as either assets or liabilities in the consolidated balance sheets and measures those instruments at fair value. When Ricoh enters into a derivative contract, it makes a determination as to whether or not for
accounting purposes the derivative is part of a hedging relationship. In general, a derivative may be designated as either (1) a hedge of the fair value of a recognized asset or liability or an unrecognized firm commitment (fair value
hedge), (2) a hedge of the variability of the expected cash flows associated with an existing asset or liability or a forecasted transaction (cash flow hedge), or (3) a foreign currency fair value or cash flow hedge
(foreign currency hedge). Ricoh formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes
linking all derivatives that are designated as fair value, cash flow, or foreign currency hedges to specific assets and liabilities on the consolidated balance sheets or to specific firm commitments or forecasted transactions.

For derivative contracts that are designated and qualify as fair value hedges including foreign currency fair value hedges, the derivative instrument is
marked-to-market with gains and losses recognized in current period earnings to offset the respective losses and gains recognized on the change in fair value of the hedged item. For derivative contracts that are designated and qualify as cash flow
hedges including foreign currency cash flow hedges, the effective portion of gains and losses on these contracts is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same period the hedged
item or transaction affects earnings. Any hedge ineffectiveness on cash flow hedges is immediately recognized in earnings. For all derivative instruments that are not designated as part of a hedging relationship and for designated derivative
instruments that do not qualify for hedge accounting, the contracts are recorded at fair value with the gain or loss recognized in current period earnings.

(g) Allowance for Doubtful Trade Receivables and Finance Receivables

Ricoh records
allowances for doubtful receivables that are based upon historical experience and specific customer collection issues. The estimated amount of probable credit losses in its existing receivables is determined from write-off history adjusted to
reflect current economic conditions and specific allowances for receivables including nonperforming leases, impaired loans or other accounts for which Ricoh has concluded it will be unable to collect all amounts due according to original terms of
the lease or loan agreement. Account balances net of expected recovery from available collateral are charged-off against the allowances when collection is considered remote.

(h) Securities

Ricohs investments in debt and marketable equity securities are
classified as available-for-sale securities. Available-for-sale securities are reported at fair value with unrealized gains and losses, net of related taxes, reported in accumulated other comprehensive income (loss).

Individual securities classified as available-for-sale securities are reduced to fair market value by a charge to income for other than temporary
declines in value. Factors considered in assessing whether an indication of other than temporary impairment exists with respect to available-for-sale securities include: financial condition and near term prospects of issuer and intent and ability of
Ricoh to retain its investments for a period of time sufficient to allow for any anticipated recovery in market value.

The cost of the
securities sold is computed based on the average cost of each security held at the time of sale.

Investments in affiliated companies over
which Ricoh has the ability to exercise significant influence, but does not hold a controlling financial interest, are accounted for by the equity method.

Non-marketable equity securities owned by Ricoh primarily relate to less than 20% owned companies and funds are stated at cost unless indication of impairment exist, which require the investment to be
written down to its estimated fair value.



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##### Table of Contents

(i) Inventories

Inventories are mainly stated at the lower of average cost or net realizable values. Inventory costs include raw materials, labor and manufacturing overheads.

(j) Property, Plant and Equipment

Property, plant and equipment are stated at cost. For the Company and its domestic subsidiaries, depreciation of property, plant and equipment is computed
principally by using the declining-balance method over the estimated useful lives. Most of the foreign subsidiaries have adopted the straight-line method for computing depreciation, which currently accounts for approximately 35% of the consolidated
depreciation expense. The depreciation period generally ranges from 5 years to 50 years for buildings and 2 years to 12 years for machinery and equipment.

Effective rates of depreciation for the years ended March 31, 2009, 2010 and 2011 are summarized below:



|                        |  |      |      |   |      |  |      |      |  |  |      |  
|----------------------- |  | ---- | ---- | - | ---- |  | ---- | ---- |  |  | ---- | -
|                        |  | 2009 |      |   | 2010 |  |      | 2011 | 
|Buildings               |  |      | 10.7 | % |      |  | 12.2 | %    |  |  | 12.5 | %
|Machinery and equipment |  |      | 44.4 |   |      |  | 39.5 |      |  |  | 36.7 |  

The aggregate costs included in property, plant and equipment and related accumulated amortization for certain leased
buildings, machinery and equipment accounted as of March 31, 2010 and 2011 are as follows:



|                         |  |                 |       |  |                          |   |       |      |  |   |        | 
|------------------------ |  | --------------- | ----- |  | ------------------------ | - | ----- | ---- |  | - | ------ | 
|                         |  | Millions of Yen |       |  | Thousands ofU.S. Dollars |  
|                         |  | 2010            |       |  | 2011                     |   |       | 2011 | 
|Aggregate cost           |  | ¥               | 7,349 |  |                          | ¥ | 7,578 |      |  | $ | 91,301 | 
|Accumulated amortization |  |                 | 5,260 |  |                          |   | 6,004 |      |  |   | 72,337 | 

The related future minimum lease payments and the present values of the net minimum lease payments as of March 31,
2011 are ¥2,371 million ($28,566 thousand) and ¥2,351 million ($28,325 thousand), respectively.

Ordinary maintenance and
repairs are charged to expense as incurred. Major replacements and improvements are capitalized. When properties are retired or otherwise disposed of, the property and related accumulated depreciation accounts are relieved of the applicable amounts,
and any differences are included in earnings.

(k) Capitalized Software Costs

Ricoh capitalizes certain internal and external costs incurred to acquire or create internal use software during the application development stage as well as upgrades and enhancements that result in
additional functionality. The capitalized software is amortized on a straight line basis generally from 3 years to 5 years.



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##### Table of Contents

(l) Goodwill and Other Intangible Assets

Goodwill is not amortized and is required to be tested at least annually for impairment. Acquired intangible assets with definite useful lives are amortized over their respective estimated useful lives
and reviewed for impairment when an indication of impairment is identified. Other intangible assets with definite useful lives, consisting primarily of software, customer relationships and trademarks are amortized on a straight line basis over 1
year to 20 years. Any acquired intangible assets determined to have an indefinite useful life are not amortized, but instead are tested annually for impairment based on its fair value until its life would be determined to no longer be indefinite. In
performing the test, Ricoh utilizes the two-step approach prescribed. The first step requires a comparison of the carrying amount of the reporting units to the fair value of these units. If the carrying amount of a reporting unit exceeds its fair
value, Ricoh will perform the second step of the goodwill impairment test to measure the amount of impairment loss, if any.

On April 1,
2002, Ricoh selected an annual goodwill impairment measurement date of September 30. After completing its annual impairment testing as of September 30, 2008, Ricoh acquired IKON Office Solutions, Inc. (IKON) on October 31,
2008, which resulted in Ricoh recognizing a material amount of goodwill. However, the business climate in which Ricoh operates changed significantly in an adverse manner from October 2008, and Ricoh believed that such adverse change might reduce the
fair value of such reporting unit below its carrying amount. Therefore, Ricoh performed additional impairment testing as of December 31, 2008. As a result of such additional impairment testing, Ricoh decided to change its annual impairment
measurement date for goodwill to December 31 in order to better align the goodwill impairment measurement date with its acquisition of IKON on October 31, 2008. This change to the date of Ricohs annual goodwill impairment test
constitutes a change in the method of applying an accounting principle. Ricoh believes that this change in accounting principle is preferable. However, the change in the impairment measurement date had no impact on Ricohs prior period
financial statements.

Ricoh completed its annual impairment assessment of goodwill and indefinite-lived intangible assets for the years ended
March 31, 2009, 2010 and 2011 and determined that no impairment charge was necessary.

In addition, management is required to perform an
impairment test of goodwill of a reporting unit between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Ricoh considered the potential
impact caused by the Great East Japan Earthquake that occurred on March 11, 2011, such as decreased revenue projections and idle facility charges, on the fair values of its reporting units and concluded that no impairment had occurred.

(m) Pension and Retirement Allowances Plans

Ricoh recognizes the overfunded or underfunded status of the defined benefit plans as an asset or liability in the consolidated balance sheets, with a corresponding adjustment to accumulated other
comprehensive income (loss), net of tax. The expected long-term rate of return on plan assets used for pension accounting is determined based on the historical long-term rate of return on plan assets. The discount rate is determined based on the
rates of return of high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits.

(n) Income Taxes

Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be realized or settled. The effect on deferred tax assets and liabilities of a change in tax
rates is recognized in income in the period that includes the enactment date.



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##### Table of Contents

Ricoh recognizes the financial statement effects of tax positions when it is more likely than not, based on
the technical merits, that the tax positions will be sustained upon examination by the tax authorities. Benefits from tax positions that meet the more-likely-than-not recognition threshold are measured at the largest amount of benefit that is
greater than 50% likely of being realized upon settlement. Interests and penalties accrued related to unrecognized tax benefits are included in income taxes in the consolidated statements of income.

(o) Research and Development Expenses and Advertising Costs

Research and development expenses and advertising costs are expensed as incurred.

(p)
Shipping and Handling Costs

Shipping and handling costs, which mainly include transportation to customers, are included in selling,
general and administrative expenses in the consolidated statements of income.

(q) Impairment or Disposal of Long-Lived Assets

Long-lived assets and acquired intangible assets with definite lives are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset or asset group to the expected future
undiscounted net cash flows of the asset or asset group. If an asset or asset group is considered to be impaired, the impairment charge to be recognized is measured as the amount by which the carrying amount of the asset or asset group exceeds fair
value. Long-lived assets meeting the criteria to be considered as held for sale are reported at the lower of their carrying amount or fair value less costs to sell.

Ricoh recognized impairment losses of ¥842 million ($10,145 thousand) in total, as a component of cost of sales and selling, general and administrative expenses for the year ended March 31,
2011, mainly consisting of ¥332 million ($4,000 thousand) and ¥374 million ($4,506 thousand).

Toolings, jigs and other
assets of digital camera manufacturing facilities were impaired by ¥332 million ($4,000 thousand), as a result of worsening economic circumstances. Ricoh estimated that the carrying amounts would not be recoverable through future cash
flows. The fair value of these assets was determined using discounted cash flow method. The impairment losses were included in the results of other segment.

Buildings, building-associated assets and structures which were not expected to use as business assets were impaired by ¥374 million ($4,506 thousand) with the closure of the business office in
April 2011. The fair value of these assets was determined based on a quoted market price. The impairment losses were included in the results of Imaging & Solutions segment and Industrial Products segment.

In addition, management considered the potential effects caused by the Great East Japan Earthquake that occurred on March 11, 2011 on the ability to
recover the carrying amounts of Ricohs long-lived assets and concluded no impairment losses on long-lived assets had occurred for the year ended March 31, 2011.

Ricoh recognized impairment losses of ¥2,353 million in total for the year ended March 31, 2010.

Impairment losses of ¥518 million were recorded, related to toolings, jigs and other assets of digital camera manufacturing facilities, as a result of worsening economic circumstances. Ricoh
estimated that the carrying amounts would not be recoverable through future cash flows. The fair value of these assets was determined using discounted cash flow method. The impairment losses were included in the results of other segment.



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##### Table of Contents

Ricoh made a decision to vacate one of its office facilities as a part of the redeployment of office around
the Tokyo metropolitan area. As a result, Ricoh recognized impairment losses of ¥828 million, related to land, buildings, building-associated assets and structures which were not expected to use as business assets. The fair value of these
assets was determined based on a quoted market price. The impairment losses were included in the results of imaging & solutions segment.

Plant and equipment of its meter production equipment business were impaired by ¥511 million, as a result of continued sluggish demand in the measuring equipment manufacturing industry and
diminished profitability of this business. Ricoh estimated that the carrying amounts would not be recoverable through future cash flows. The fair value of these assets was determined using discounted cash flow method. The impairment losses were
included in the results of Industrial Products segment. Additionally, Ricoh also recognized impairment losses of ¥496 million, related to other immaterial business for the year ended March 31, 2010. These assets were comprised in Other
segment.

(r) Net Income Attributable to Ricoh Company, Ltd. per Share

Basic net income attributable to Ricoh Company, Ltd. per share of common stock is calculated by dividing net income attributable to Ricoh Company, Ltd. by the weighted-average number of shares of common
stock outstanding during the period. The calculation of diluted net income attributable to Ricoh Company, Ltd. per share of common stock is similar to the calculation of basic net income attributable to Ricoh Company, Ltd. per share, except that the
weighted-average number of shares outstanding includes the additional dilution from potential common stock equivalents such as convertible bonds.

(s) Non-cash Investing and Financing Transactions

Non-cash investing and financing
transactions are as follows:



|                                                                            |  |                 |        |  |                          |   |       |      |  |   |        |  |  |   |         | 
|--------------------------------------------------------------------------- |  | --------------- | ------ |  | ------------------------ | - | ----- | ---- |  | - | ------ |  |  | - | ------- | 
|                                                                            |  | Millions of Yen |        |  | Thousands ofU.S. Dollars |  
|                                                                            |  | 2009            |        |  | 2010                     |   |       | 2011 |  |   | 2011   | 
|Debt assumed in connection with business acquisition                        |  | ¥               | 81,737 |  |                          | ¥ | 3,941 |      |  |   |       |  |  |   |        | 
|Issuance of treasury stock in exchange for subsidiarys stock               |  | ¥               | 9,138  |  |                          |   |      |      |  |   |       |  |  |   |        | 
|Debt assumed in connection with adoption of new accounting standard for VIE |  |                 |       |  |                          |   |      |      |  | ¥ | 20,229 |  |  | $ | 243,723 | 

(t) Use of Estimates

Management of Ricoh has made a number of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of fair value of financial instruments
and contingent assets and liabilities, to prepare these financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates.

Ricoh has identified seven areas where it believes assumptions and estimates are particularly critical to the consolidated financial statements. These
are determination of the allowance for doubtful receivables, impairment of securities, impairment of long-lived assets including goodwill, uncertain tax positions, realizability of deferred tax assets, the valuation of assets and liabilities in
business combinations and pension accounting.



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(u) Recently Adopted New Accounting Standards

In December 2009, the FASB issued Accounting Standard Update (ASU) 2009-16. This ASU eliminates the concept of a qualifying special-purpose
entity, establishes conditions for reporting a transfer of a portion of a financial asset as a sale, clarifies the financial-asset derecognition criteria, revises how interests retained by the transferor in a sale of financial assets initially are
measured, removes the guaranteed mortgage securitization recharacterization provisions and requires additional disclosures. It is effective for fiscal years beginning after November 15, 2009 and for subsequent interim and annual reporting
periods, and was adopted by Ricoh in the first quarter beginning April 1, 2010.

In December 2009, the FASB issued ASU 2009-17. This ASU
requires an enterprise to perform an analysis to identify the primary beneficiary of a variable interest entity and also requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. It is
effective for fiscal years beginning after November 15, 2009 and for subsequent interim and annual reporting periods and earlier application is prohibited. It was adopted by Ricoh in the first quarter beginning April 1, 2010.

Regarding an effect on Ricohs consolidated financial position or results of operations by adoption of ASU 2009-16 and ASU 2009-17, refer to Note 4.

In July 2010, the FASB issued ASU 2010-20. This ASU is intended to provide a greater level of disaggregated information about the credit
quality of its financing receivables and its allowance for credit losses. In addition, it requires to disclose mainly allowance for credit losses, credit quality indicators and the aging of past due information of financing receivables by portfolio
segment or class. It is effective for fiscal years ending on or after December 15, 2010, and was adopted by Ricoh in the fiscal year ended March 31, 2011. The only impact from this guidance was to require Ricoh to expand disclosures
regarding financing receivables and allowance for doubtful receivables. Refer to Note 19.

(v) Reclassifications

Certain reclassifications have been made to the prior years financial statements to conform with the current years presentation.

3. ACQUISITION

In October 2008, Ricoh
acquired IKON through the Company's wholly owned U.S. distribution subsidiary, Ricoh Americas Corporation (RAC) for total cash consideration of ¥170,310 million, including transaction costs. This acquisition was financed with
bank loans. IKON supplies and services a wide range of office equipment, such as MFPs, fax machines and printers, in the North America and the Western European markets. With this acquisition, Ricoh aims to strengthen and broaden its business
opportunities and infrastructure in the North America and Europe by capitalizing on IKONs broad sales and service network and gaining access to IKONs customer relationships, which includes large private corporations as well as government
and public sector entities/organizations.

Ricoh applied the purchase method of accounting to account for the acquisition and, accordingly,
the purchase price has been allocated to the tangible and intangible net assets of IKON based on the estimated fair value of such net assets. The amount of consideration paid in excess of the estimated fair value of the net identifiable assets
acquired was recorded as goodwill that is not tax deductible. Ricoh reflected certain preliminary estimates with respect to the value of the underlying net assets of IKON in determining amounts of the goodwill. Assets, liabilities and operations of
IKON has been included in the accompanying consolidated financial statements since the acquisition date.

In connection with the acquisition
of IKON, Ricoh recorded certain liabilities in accordance with the guidance issued by FASB on recognition of liabilities in connection with a business combination. These liabilities included those for workforce reductions and facilities integration,
intended to align the companys capacity and infrastructure, and promote synergies within the business to provide more effective services to customers. The liabilities included mainly accrual for severance of ¥2,029 million, and
property exit cost ¥1,008 million associated with the acquisition of IKON.



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##### Table of Contents

During the year ended March 31, 2010, the purchase price allocation of IKON was completed and Ricoh
recorded adjustments of approximately ¥2,475 million in goodwill as a result of fair value adjustments for the prior year acquisition of IKON, which relates primarily to inventories, net deferred tax assets and long term liabilities. The
following table reflects the finalized purchase price allocation of IKON:



|                               |  |                 |         |  
|------------------------------ |  | --------------- | ------- | -
|                               |  | Millions of Yen |        
|Receivables and other assets   |  | ¥               | 139,252 |  
|Property and equipment         |  |                 | 18,798  |  
|Identifiable intangible assets |  |                 | 55,566  |  
|Goodwill                       |  |                 | 145,753 |  
|Trade payables                 |  |                 | (23,616 | )
|Indebtedness                   |  |                 | (81,737 | )
|Other liabilities              |  |                 | (83,706 | )
|                               |  |                 |         |  
|Total cash consideration       |  | ¥               | 170,310 |  
|                               |  |                 |         |  

Identifiable intangible assets of IKON included a trademark of ¥1,968 million which was estimated to have
remaining useful life of 3 years, customer relationships of ¥53,136 million which were estimated to have remaining useful life of 10 years to 20 years, and other intangible assets of ¥462 million. Goodwill arising from the acquisition
of IKON has been allocated to the Imaging & Solutions segment. The primary items that generated the goodwill are the value of the synergies between IKON and Ricoh and the acquired assembled workforce, neither of which qualify as an
identifiable intangible asset.

Supplemental unaudited pro forma information, as if the IKON acquisition were consummated at the beginning of
the year ended March 31, 2009, is as follows:



|                                                          |  |                 |           | 
|--------------------------------------------------------- |  | --------------- | --------- | 
|                                                          |  | Millions of yen |          
|                                                          |  | 2009            |          
|Net sales                                                 |  | ¥               | 2,301,087 | 
|Net income attributable to Ricoh Company, Ltd.            |  |                 | 3,326     | 
|                                                          | 
|                                                          |  | Yen             |          
|                                                          |  | 2009            |          
|Net income attributable to Ricoh Company, Ltd. per share: |  |                 |           | 
|Basic                                                     |  | ¥               | 4.59      | 
|Diluted                                                   |  |                 | 4.44      | 

The supplemental unaudited pro forma information is based on estimates and assumptions, which Ricoh believes are
reasonable; it is not necessarily indicative of the consolidated financial position or results for future periods or the results that actually would have been realized had IKON been a combined company as of the beginning of the period presented. The
unaudited pro forma results include amortization charges for acquired intangible assets, eliminations of intercompany transactions, adjustments to interest expenses and related tax effects.

Ricoh acquired other immaterial entities during the year ended March 31, 2009, 2010 and 2011 for cash consideration of ¥4,777 million, ¥4,760 million and ¥1,415 million
($17,048 thousand), net of cash acquired, respectively.



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##### Table of Contents

4. FINANCE RECEIVABLES

Finance receivables as of March 31, 2010 and 2011 are comprised primarily of lease receivables and installment loans.

Ricohs products are leased to domestic customers primarily through Ricoh Leasing Company, Ltd., a majority-owned domestic subsidiary, and to overseas customers primarily through certain overseas
subsidiaries. Most of these leases are accounted for as sales-type leases. Sales revenue from sales-type leases is recognized at the inception of the leases.

Information pertaining to Ricohs lease receivables as of March 31, 2010 and 2011 is as follows:



|                                                |  |                 |          |   |                          |   |          |      |  |   |            |  
|----------------------------------------------- |  | --------------- | -------- | - | ------------------------ | - | -------- | ---- |  | - | ---------- | -
|                                                |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|                                                |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Future minimum lease payments to be received    |  | ¥               | 617,883  |   |                          | ¥ | 624,316  |      |  | $ | 7,521,880  |  
|Estimated non-guaranteed residual values        |  |                 | 10,967   |   |                          |   | 8,750    |      |  |   | 105,421    |  
|Unearned income                                 |  |                 | (43,609  | ) |                          |   | (40,720  | )    |  |   | (490,602   | )
|Allowance for doubtful receivables              |  |                 | (10,706  | ) |                          |   | (10,527  | )    |  |   | (126,831   | )
|                                                |  |                 |          |   |                          |   |          |      |  |   |            |  
|Lease receivables, net                          |  |                 | 574,535  |   |                          |   | 581,819  |      |  |   | 7,009,868  |  
|Less - Current portion of lease receivable, net |  |                 | (191,884 | ) |                          |   | (202,934 | )    |  |   | (2,444,988 | )
|                                                |  |                 |          |   |                          |   |          |      |  |   |            |  
|Amounts due after one year, net                 |  | ¥               | 382,651  |   |                          | ¥ | 378,885  |      |  | $ | 4,564,880  |  
|                                                |  |                 |          |   |                          |   |          |      |  |   |            |  

As of March 31, 2011, the future minimum lease payments to be received due in each of the next five years and
thereafter are as follows:



|                      |  |                 |         | 
|--------------------- |  | --------------- | ------- | 
|Years ending March 31 |  | Millions of Yen |        
|2012                  |  | ¥               | 226,264 | 
|2013                  |  |                 | 172,406 | 
|2014                  |  |                 | 120,452 | 
|2015                  |  |                 | 72,084  | 
|2016                  |  |                 | 27,593  | 
|2017 and thereafter   |  |                 | 5,517   | 
|                      |  |                 |         | 
|Total                 |  | ¥               | 624,316 | 
|                      |  |                 |         | 

The Companys subsidiary, Ricoh Leasing Company, Ltd., has also extended certain types of loans as part of its
business activity, which are primarily residential housing loans in Japan secured by the underlying real estate properties. The total balance of these loans, net of allowance for doubtful receivables, as of March 31, 2010 and 2011 was
¥67,505 million and ¥72,634million ($875,108 thousand), respectively. The current portion of loans receivable was ¥4,260 million and ¥5,737 million ($69,121 thousand), respectively, as of March 31, 2010 and 2011,
and was included in current maturities of long-term finance receivables, net in the accompanying consolidated balance sheets. Loan activities for the years ended March 31, 2009, 2010 and 2011 are as follows:



|                               |  |                 |        |  |                          |   |        |      |  |   |        |  |  |   |         | 
|------------------------------ |  | --------------- | ------ |  | ------------------------ | - | ------ | ---- |  | - | ------ |  |  | - | ------- | 
|                               |  | Millions of Yen |        |  | Thousands ofU.S. Dollars |  
|                               |  | 2009            |        |  | 2010                     |   |        | 2011 |  |   | 2011   | 
|New loans                      |  | ¥               | 15,324 |  |                          | ¥ | 15,392 |      |  | ¥ | 15,465 |  |  | $ | 186,325 | 
|Repayment of outstanding loans |  |                 | 9,670  |  |                          |   | 8,586  |      |  |   | 9,777  |  |  |   | 117,795 | 



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##### Table of Contents

Ricoh Leasing Company, Ltd. made: (1) transferring its lease receivables to a trust that had satisfied
the conditions of qualifying special-purpose entity (QSPE) and received the beneficial interests in the trust originated from the transferred assets; and subsequently, (2) transferring the non-subordinated beneficial interests to and
receiving cash as consideration from SPE that are different from the trust mentioned above, as a part of revolving securitization programs.

Since QSPE had been excluded from the scope of consolidation until the year ended March 31, 2010, the retained subordinated beneficial interests
were recorded on the consolidated balance sheet at a fair value as of the transferring date of these receivables. The retained subordinated interests were considered as variable interests, since the subordinated interests had the obligation to
absorb the expected loss of the trust. Ricoh determined the fair value of the retained interests by discounting the future cash flows. Those cash flows were estimated based on credit losses and other information as available and were discounted at a
rate which Ricoh believes is commensurate with the risk free rate plus a risk premium. Ricoh expected certain unrecoverable amount for lease receivables and reflected such unrecoverable amount in measuring fair value of retained interest. As
Ricohs retained interests are subordinate to the investors interests, their value is subject to credit, prepayment and interest rate risk on the sold financial assets.

Key economic assumptions used in measuring the fair value of retained interests related to securitization transactions completed for the year ended March 31, 2010 are as follows:



|                                            |  |              
|------------------------------------------- |  | -------------
|                                            |  | 2010         
|Expected credit losses                      |  | 1.84%  1.86%
|Discount rate                               |  | 2.00%  3.00%
|Annual prepayment rate                      |  | 3.39%  9.94%
|Weighted average residual period (in years) |  | 4.99         

The new consolidation provisions, which came into effect on April 1, 2010, eliminated the concept of QSPE. In
accordance with the new consolidation provisions, Ricoh performed a qualitative analysis to determine the primary beneficiary of a Variable Interest Entity (VIE). The primary beneficiary of a VIE has both the : (1) power to direct
the activities of a VIE that most significantly impact the entitys economic performance and (2) obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Ricoh Leasing Company, Ltd. was considered as the primary beneficiary since Ricoh Leasing Company, Ltd. acted as a special servicer for lease receivables
transferred to the trust and therefore, deemed to meet the criteria (1) and (2) above.

As a result of the above consideration, for
the year beginning on April 1, 2010, Ricoh consolidated the trust, which had been unconsolidated prior to March 31, 2010, at the carrying amounts of the trust's assets and liabilities as of April 1, 2010, eliminating the retained
subordinated beneficial interests on the consolidated balance sheet.

The impacts of consolidation of trust are considered immaterial to
Ricohs results of operation. The main effects on Ricohs consolidated financial position are as follows:



|                                                         |  |                 |        |  |                          |   |         | 
|-------------------------------------------------------- |  | --------------- | ------ |  | ------------------------ | - | ------- | 
|                                                         |  | Millions of Yen |        |  | Thousands ofU.S. Dollars |  
|                                                         |  | 2011            |        |  | 2011                     |  
|Current maturities of long-term finance receivables, net |  | ¥               | 8,460  |  |                          | $ | 101,928 | 
|Long-term finance receivables, net                       |  |                 | 15,849 |  |                          |   | 190,952 | 
|Current maturities of long-term indebtedness-            |  |                 | 7,044  |  |                          |   | 84,868  | 
|Secured loans caused by lease transactions               |  |                 | 3,107  |  |                          |   | 37,434  | 
|Long-term indebtedness-                                  |  |                 | 13,197 |  |                          |   | 159,000 | 
|Secured loans caused by lease transactions               |  |                 | 5,820  |  |                          |   | 70,120  | 



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##### Table of Contents

For the difference between the net amount added to the balance sheet and the amount of previously recognized
interest in the newly consolidated VIE, Ricoh recognized a cumulative effect adjustment of ¥410 million ($4,940 thousand) to retained earnings and ¥392 million ($4,723 thousand) to noncontrolling interests as of April 1, 2010.
Servicing assets or liabilities related to securitization transactions initiated were not recorded, because the servicing fees adequately compensate Ricoh.

Since Ricoh Leasing Company, Ltd. retained subordinated beneficial interests and such interests did not meet the definition of participating interest, the transferring of the non-subordinated beneficial
interests was recorded as secured loans. Lease receivables are only to be used to settle obligation of the trusts liabilities or SPE's liabilities in substantially.

The following table summarizes certain cash flows received from and paid to the SPE for all securitization activities of which lease receivables had been derecognized, for the years ended March 31,
2009 and 2010:



|                                                           |  |                 |        |  |      |   |       | 
|---------------------------------------------------------- |  | --------------- | ------ |  | ---- | - | ----- | 
|                                                           |  | Millions of Yen |       
|                                                           |  | 2009            |        |  | 2010 |  
|Servicing fees received                                    |  | ¥               | 13     |  |      | ¥ | 11    | 
|Repurchases of delinquent or ineligible assets             |  |                 | 2,037  |  |      |   | 1,606 | 
|Transferred lease receivables, net of retained interest    |  |                 | 9,143  |  |      |   | 8,811 | 
|Repurchases of terminated securitization of assets         |  |                 | 10,000 |  |      |   |      | 
|Payments by terminating revolving securitization of assets |  |                 | 3,608  |  |      |   | 1,141 | 

Amounts of all receivables managed
and securitized, delinquencies receivables as of March 31, 2010 and amounts of net credit losses for the year then ended, are as follows. The amounts as of March 31, 2011 are omitted because there were no lease receivables derecognized:



|                               |  |                                    |         |   |                                                       |   |       |                  |  |   |       | 
|------------------------------ |  | ---------------------------------- | ------- | - | ----------------------------------------------------- | - | ----- | ---------------- |  | - | ----- | 
|                               |  | Millions of Yen                    |        
|                               |  | 2010                               |        
|                               |  | Totalprincipalamount ofreceivables |         |   | Principalamount
ofreceivables4 months ormore past due |   |       | Net creditlosses | 
|Principal amount outstanding   |  | ¥                                  | 610,870 |   |                                                       | ¥ | 5,419 |                  |  | ¥ | 4,991 | 
|Less - Receivables securitized |  |                                    | (25,629 | ) |                                                       |   |       |                  |  |   |       | 
|                               |  |                                    |         |   |                                                       |   |       |                  |  |   |       | 
|Receivables held in portfolio  |  | ¥                                  | 585,241 |   |                                                       |   |       |                  |  |   |       | 
|                               |  |                                    |         |   |                                                       |   |       |                  |  |   |       | 

Apart from the transactions mentioned above, Ricohs foreign subsidiaries transferred lease receivables with
recourse. Ricoh recorded these transfers as secured loans, since these transactions did not meet the derecognition criteria of financial assets. The assets and liabilities that were accounted for as secured loans are as follows:



|                                                         |  |                 |   |  |                          |   |   |      |  |   |       |  |  |   |        | 
|-------------------------------------------------------- |  | --------------- | - |  | ------------------------ | - | - | ---- |  | - | ----- |  |  | - | ------ | 
|                                                         |  | Millions of Yen |   |  | Thousands ofU.S. Dollars |  
|                                                         |  | 2009            |   |  | 2010                     |   |   | 2011 |  |   | 2011  | 
|Current maturities of long-term finance receivables, net |  | ¥               |  |  |                          | ¥ |  |      |  | ¥ | 1,686 |  |  | $ | 20,313 | 
|Long-term finance receivables, net                       |  |                 |  |  |                          |   |  |      |  |   | 6,827 |  |  |   | 82,253 | 
|Current maturities of long-term indebtedness             |  |                 |  |  |                          |   |  |      |  |   | 1,686 |  |  |   | 20,313 | 
|Long-term indebtedness                                   |  |                 |  |  |                          |   |  |      |  |   | 6,827 |  |  |   | 82,253 | 



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##### Table of Contents

5. INVESTMENT SECURITIES

Securities as of March 31, 2010 and 2011 consist of the followings:



|                                 |  |                 |        |  |                          |   |        |      |  |   |         | 
|-------------------------------- |  | --------------- | ------ |  | ------------------------ | - | ------ | ---- |  | - | ------- | 
|                                 |  | Millions of Yen |        |  | Thousands ofU.S. Dollars |  
|                                 |  | 2010            |        |  | 2011                     |   |        | 2011 | 
|Non-current:                     |  |                 |        |  |                          |   |        |      |  |   |         | 
|Available-for-sale securities    |  | ¥               | 46,624 |  |                          | ¥ | 46,938 |      |  | $ | 565,518 | 
|Non-marketable equity securities |  |                 | 2,425  |  |                          |   | 1,971  |      |  |   | 23,747  | 
|                                 |  |                 |        |  |                          |   |        |      |  |   |         | 
|                                 |  | ¥               | 49,049 |  |                          | ¥ | 48,909 |      |  | $ | 589,265 | 
|                                 |  |                 |        |  |                          |   |        |      |  |   |         | 

The respective cost, gross unrealized holding gains, gross unrealized holding losses and fair values of
available-for-sale securities as of March 31, 2010 and 2011 are as follows:



|                          |  |                 |        |  |                             |   |       |                              |  |   |           |  |  |      |        |  |                             |   |        |                              |  |   |           |  |  |      |     |  |                             |   |        |                              |  |   |           |  |  |   |        |  |  |   |       |  |  |   |         | 
|------------------------- |  | --------------- | ------ |  | --------------------------- | - | ----- | ---------------------------- |  | - | --------- |  |  | ---- | ------ |  | --------------------------- | - | ------ | ---------------------------- |  | - | --------- |  |  | ---- | --- |  | --------------------------- | - | ------ | ---------------------------- |  | - | --------- |  |  | - | ------ |  |  | - | ----- |  |  | - | ------- | 
|                          |  | Millions of Yen |        |  | Thousands of U.S. Dollars   |  
|                          |  | 2010            |        |  | 2011                        |   |       | 2011                         | 
|                          |  | Cost            |        |  | Grossunrealizedholdinggains |   |       | Grossunrealizedholdinglosses |  |   | Fairvalue |  |  | Cost |        |  | Grossunrealizedholdinggains |   |        | Grossunrealizedholdinglosses |  |   | Fairvalue |  |  | Cost |     |  | Grossunrealizedholdinggains |   |        | Grossunrealizedholdinglosses |  |   | Fairvalue | 
|Non-current:              |  |                 |        |  |                             |   |       |                              |  |   |           |  |  |      |        |  |                             |   |        |                              |  |   |           |  |  |      |     |  |                             |   |        |                              |  |   |           |  |  |   |        |  |  |   |       |  |  |   |         | 
|Equity securities         |  | ¥               | 40,552 |  |                             | ¥ | 5,300 |                              |  | ¥ | 1,093     |  |  | ¥    | 44,759 |  |                             | ¥ | 40,765 |                              |  | ¥ | 4,655     |  |  | ¥    | 327 |  |                             | ¥ | 45,093 |                              |  | $ | 491,145   |  |  | $ | 56,084 |  |  | $ | 3,940 |  |  | $ | 543,289 | 
|Corporate debt securities |  |                 | 1,778  |  |                             |   | 87    |                              |  |   |          |  |  |      | 1,865  |  |                             |   | 1,802  |                              |  |   | 43        |  |  |      |    |  |                             |   | 1,845  |                              |  |   | 21,711    |  |  |   | 518    |  |  |   |      |  |  |   | 22,229  | 
|                          |  |                 |        |  |                             |   |       |                              |  |   |           |  |  |      |        |  |                             |   |        |                              |  |   |           |  |  |      |     |  |                             |   |        |                              |  |   |           |  |  |   |        |  |  |   |       |  |  |   |         | 
|                          |  | ¥               | 42,330 |  |                             | ¥ | 5,387 |                              |  | ¥ | 1,093     |  |  | ¥    | 46,624 |  |                             | ¥ | 42,567 |                              |  | ¥ | 4,698     |  |  | ¥    | 327 |  |                             | ¥ | 46,938 |                              |  | $ | 512,856   |  |  | $ | 56,602 |  |  | $ | 3,940 |  |  | $ | 565,518 | 
|                          |  |                 |        |  |                             |   |       |                              |  |   |           |  |  |      |        |  |                             |   |        |                              |  |   |           |  |  |      |     |  |                             |   |        |                              |  |   |           |  |  |   |        |  |  |   |       |  |  |   |         | 

Gross unrealized holding losses and the fair value of available-for-sale securities, aggregated by investment category
and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2011 and 2010 are as follows:



|                    |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|------------------- |  | ------------------------- | ------ |  | ---------------------------- | - | ----- | ---------- |  | - | ---------------------------- |  |  | ---------- | --- |  | ---------------------------- | - | ------ |  |  | - | ----- | 
|                    |  | Millions of Yen           |       
|                    |  | March 31, 2011            |       
|                    |  | Less than 12 months       |        |  | 12 months or longer          |   |       | Total      | 
|                    |  | Fair value                |        |  | Grossunrealizedholdinglosses |   |       | Fair value |  |   | Grossunrealizedholdinglosses |  |  | Fair value |     |  | Grossunrealizedholdinglosses |  
|Non-current         |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|Available-for-sale: |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|Equity securities   |  | ¥                         | 1,341  |  |                              | ¥ | 261   |            |  | ¥ | 238                          |  |  | ¥          | 66  |  |                              | ¥ | 1,579  |  |  | ¥ | 327   | 
|                    | 
|                    |  | Thousands of U.S. Dollars |       
|                    |  | March 31, 2011            |       
|                    |  | Less than 12 months       |        |  | 12 months or longer          |   |       | Total      | 
|                    |  | Fair value                |        |  | Grossunrealizedholdinglosses |   |       | Fair value |  |   | Grossunrealizedholdinglosses |  |  | Fair value |     |  | Grossunrealizedholdinglosses |  
|Non-current         |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|Available-for-sale: |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|Equity securities   |  | $                         | 16,157 |  |                              | $ | 3,145 |            |  | $ | 2,867                        |  |  | $          | 795 |  |                              | $ | 19,024 |  |  | $ | 3,940 | 
|                    | 
|                    |  | Millions of Yen           |       
|                    |  | March 31, 2010            |       
|                    |  | Less than 12 months       |        |  | 12 months or longer          |   |       | Total      | 
|                    |  | Fair value                |        |  | Grossunrealizedholdinglosses |   |       | Fair value |  |   | Grossunrealizedholdinglosses |  |  | Fair value |     |  | Grossunrealizedholdinglosses |  
|Available-for-sale: |  |                           |        |  |                              |   |       |            |  |   |                              |  |  |            |     |  |                              |   |        |  |  |   |       | 
|Equity securities   |  | ¥                         | 26,871 |  |                              | ¥ | 836   |            |  | ¥ | 985                          |  |  | ¥          | 257 |  |                              | ¥ | 27,856 |  |  | ¥ | 1,093 | 



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##### Table of Contents

Gross unrealized holding losses of available-for-sale securities as of March 31, 2011 consist of 39
kinds of securities. Ricoh judged the decline in fair value of investment securities at yearend to be temporary, with considering such factors as financial and operating conditions of issuer, the industry in which the issuer operates and other
relevant factors. Ricoh judged the degree of decline in fair value of investment securities against the fair value to be immaterial.

The
contractual maturities of debt securities classified as available-for-sale as of March 31, 2011, regardless of their balance sheet classification, are as follows:



|                                      |  |                 |       |  |                           |   |       |      |  |   |            |  |  |   |        | 
|------------------------------------- |  | --------------- | ----- |  | ------------------------- | - | ----- | ---- |  | - | ---------- |  |  | - | ------ | 
|                                      |  | Millions of Yen |       |  | Thousands of U.S. Dollars |  
|                                      |  | Cost            |       |  | Fair value                |   |       | Cost |  |   | Fair value | 
|Due after one year through five years |  | ¥               | 517   |  |                           | ¥ | 519   |      |  | $ | 6,229      |  |  | $ | 6,253  | 
|Over five years                       |  |                 | 1,285 |  |                           |   | 1,326 |      |  |   | 15,482     |  |  |   | 15,976 | 
|                                      |  |                 |       |  |                           |   |       |      |  |   |            |  |  |   |        | 
|                                      |  | ¥               | 1,802 |  |                           | ¥ | 1,845 |      |  | $ | 21,711     |  |  | $ | 22,229 | 
|                                      |  |                 |       |  |                           |   |       |      |  |   |            |  |  |   |        | 

Proceeds from the sales of available-for-sale securities were ¥243 million, ¥1,027 million and
¥126 million ($1,518 thousand) for the years ended March 31, 2009, 2010 and 2011, respectively.

There were no significant
realized gains and losses from the sales of available-for-sale securities for the years ended March 31, 2009, 2010 and 2011.

The losses
on impairment of available-for-sale securities were ¥1,844 million ($22,217 thousand) for the year ended March 31, 2011. The number of impaired available-for-sale securities was 14 for the year ended March 31, 2011. The cause of the
impairment was the decline of the stock markets. Ricoh regarded these losses as other-than-temporary impairments because it did not believe that the quoted market price of such securities would recover to its cost basis within the near term, as of
March 31, 2011.

There were no significant losses on impairment of available-for-sale securities for the year ended March 31, 2010.

The losses on impairment of available-for-sale securities were ¥26,543 million for the year ended March 31, 2009. The number of
impaired available-for-sale securities was 23 for the year ended March 31, 2009. The cause of the impairment was the decline of the stock markets. Ricoh regarded these losses as other-than-temporary impairments because it did not believe that
the quoted market price of such securities would recover to its cost basis within the near term, as of March 31, 2009.

As for net
unrealized gains and losses on securities in accumulated other comprehensive income (loss) and related reclassification adjustments for gains and losses realized in net income for the years ended March 31, 2009, 2010 and 2011, refer to Note 13.



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##### Table of Contents

6. INVESTMENTS IN AND ADVANCES TO AFFILIATES

The investments in and advances to affiliates primarily relate to 20% to 50% owned companies. Ricohs equity in the underlying net book values of the companies is approximately equal to their
individual carrying values of ¥819 million and ¥213 million ($2,566 thousand) at March 31, 2010 and 2011, respectively.

Summarized financial information for all affiliates for the year ended March 31, 2009 is as follows:



|                                               |  |                 |       |  
|---------------------------------------------- |  | --------------- | ----- | -
|                                               |  | Millions of Yen |      
|Operations                                     |  | 2009            |      
|Sales                                          |  | ¥               | 4,617 |  
|Costs and expenses                             |  |                 | 4,785 |  
|                                               |  |                 |       |  
|Net loss attributable to controlling interests |  | ¥               | (168  | )
|                                               |  |                 |       |  

Summarized financial information for all affiliates as of March 31, 2010 and 2011 and for the years ended
March 31, 2010 and 2011 is omitted because these investees are insignificant to Ricohs consolidated financial position or results of operations.

The significant transactions of Ricoh with these affiliates for the year ended March 31, 2009 are summarized as follows:



|                |  |                 |       | 
|--------------- |  | --------------- | ----- | 
|                |  | Millions of Yen |      
|                |  | 2009            |      
|Transactions:   |  |                 |       | 
|Sales           |  | ¥               | 6,677 | 
|Purchases       |  |                 | 1,773 | 
|Dividend income |  |                 | 188   | 

Transactions of Ricoh with these
affiliates for the years ended March 31, 2010 and 2011, and the related account balances at March 31, 2010 and 2011 are omitted because there were no significant transactions or balances with these affiliates.

7. GOODWILL AND OTHER INTANGIBLE ASSETS

The information for intangible assets subject to amortization and for intangible assets not subject to amortization as of March 31, 2010 and 2011 is as follows:



|                                                    |  |                      |         |  |                         |   |          |                    |  |   |                      |  |  |                         |         |  |                    |   |          |   |  |   |         | 
|--------------------------------------------------- |  | -------------------- | ------- |  | ----------------------- | - | -------- | ------------------ |  | - | -------------------- |  |  | ----------------------- | ------- |  | ------------------ | - | -------- | - |  | - | ------- | 
|                                                    |  | Millions of Yen      |        
|                                                    |  | 2010                 |         |  | 2011                    |  
|                                                    |  | Gross carryingamount |         |  | Accumulatedamortization |   |          | Net carryingamount |  |   | Gross carryingamount |  |  | Accumulatedamortization |         |  | Net carryingamount |  
|Other intangible assets subject to amortization:    |  |                      |         |  |                         |   |          |                    |  |   |                      |  |  |                         |         |  |                    |   |          |   |  |   |         | 
|Software                                            |  | ¥                    | 141,046 |  |                         | ¥ | (83,622  | )                  |  | ¥ | 57,424               |  |  | ¥                       | 147,204 |  |                    | ¥ | (88,502  | ) |  | ¥ | 58,702  | 
|Trademarks and customer relationships               |  |                      | 106,776 |  |                         |   | (38,644  | )                  |  |   | 68,132               |  |  |                         | 86,074  |  |                    |   | (33,225  | ) |  |   | 52,849  | 
|Other                                               |  |                      | 33,250  |  |                         |   | (11,740  | )                  |  |   | 21,510               |  |  |                         | 36,011  |  |                    |   | (17,731  | ) |  |   | 18,280  | 
|                                                    |  |                      |         |  |                         |   |          |                    |  |   |                      |  |  |                         |         |  |                    |   |          |   |  |   |         | 
|Total                                               |  |                      | 281,072 |  |                         |   | (134,006 | )                  |  |   | 147,066              |  |  |                         | 269,289 |  |                    |   | (139,458 | ) |  |   | 129,831 | 
|                                                    |  |                      |         |  |                         |  
|Other intangible assets not subject to amortization |  |                      |         |  |                         |   |          |                    |  |   | 820                  |  |  |                         |         |  |                    |   |          |   |  |   | 817     | 
|                                                    |  |                      |         |  |                         |   |          |                    |  |   |                      |  |  |                         |         |  |                    |   |          |   |  |   |         | 
|Total other intangible assets                       |  |                      |         |  |                         |   |          |                    |  | ¥ | 147,886              |  |  |                         |         |  |                    |   |          |   |  | ¥ | 130,648 | 
|                                                    |  |                      |         |  |                         |   |          |                    |  |   |                      |  |  |                         |         |  |                    |   |          |   |  |   |         | 



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##### Table of Contents

|                                                    |  |                           |           |  |                         |   |            |                    |  |   |           | 
|--------------------------------------------------- |  | ------------------------- | --------- |  | ----------------------- | - | ---------- | ------------------ |  | - | --------- | 
|                                                    |  | Thousands of U.S. Dollars |          
|                                                    |  | 2011                      |          
|                                                    |  | Gross carryingamount      |           |  | Accumulatedamortization |   |            | Net carryingamount | 
|Other intangible assets subject to amortization:    |  |                           |           |  |                         |   |            |                    |  |   |           | 
|Software                                            |  | $                         | 1,773,542 |  |                         | $ | (1,066,289 | )                  |  | $ | 707,253   | 
|Trademarks and customer relationships               |  |                           | 1,037,036 |  |                         |   | (400,301   | )                  |  |   | 636,735   | 
|Other                                               |  |                           | 433,868   |  |                         |   | (213,627   | )                  |  |   | 220,241   | 
|                                                    |  |                           |           |  |                         |   |            |                    |  |   |           | 
|Total                                               |  |                           | 3,244,446 |  |                         |   | (1,680,217 | )                  |  |   | 1,564,229 | 
|                                                    |  |                           |          
|Other intangible assets not subject to amortization |  |                           |           |  |                         |   |            |                    |  |   | 9,843     | 
|                                                    |  |                           |           |  |                         |   |            |                    |  |   |           | 
|Total other intangible assets                       |  |                           |           |  |                         |   |            |                    |  | $ | 1,574,072 | 
|                                                    |  |                           |           |  |                         |   |            |                    |  |   |           | 

The aggregate amortization expense of other intangible assets subject to amortization for the years ended March 31,
2009, 2010 and 2011 was ¥26,931 million, ¥28,612 million and ¥26,161 million ($315,193 thousand), respectively. The future amortization expense for each of the next five years relating to existing intangible assets is
estimated to be the followings at March 31, 2011:



|                      |  |                 |        | 
|--------------------- |  | --------------- | ------ | 
|Years ending March 31 |  | Millions of Yen |       
|2012                  |  | ¥               | 27,692 | 
|2013                  |  |                 | 21,729 | 
|2014                  |  |                 | 17,358 | 
|2015                  |  |                 | 14,789 | 
|2016                  |  |                 | 11,835 | 

The changes in the carrying amounts
of goodwill for the years ended March 31, 2010 and 2011, are as follows:



|                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|--------------------------------- |  | --------------- | ------- | - | ------------------------ | - | ------- | ---- |  | - | --------- | -
|                                  |  | Millions of Yen |         |   | Thousands ofU.S. Dollars |  
|                                  |  | 2010            |         |   | 2011                     |   |         | 2011 | 
|Balance at beginning of year      |  | ¥               | 250,330 |   |                          | ¥ | 246,637 |      |  | $ | 2,971,530 |  
|Goodwill acquired during the year |  |                 | 6,579   |   |                          |   | 546     |      |  |   | 6,578     |  
|Foreign exchange impact and other |  |                 | (10,272 | ) |                          |   | (26,120 | )    |  |   | (314,698  | )
|                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Balance at end of year            |  | ¥               | 246,637 |   |                          | ¥ | 221,063 |      |  | $ | 2,663,410 |  
|                                  |  |                 |         |   |                          |   |         |      |  |   |           |  

As of March 31, 2010 and 2011, all of the carrying amounts of goodwill were allocated to the Imaging &
Solutions segment.



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##### Table of Contents

8. INCOME TAXES

Income (loss) before income taxes and equity in earnings of affiliates and provision for income taxes for the years ended March 31, 2009, 2010 and 2011 are as follows:



|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|---------------------------------------------------------------------- |  | --------------- | ------ | - | ------------------------ | - | ------ | ---- |  | - | ------- | - |  | - | -------- | -
|                                                                       |  | Millions of Yen |        |   | Thousands ofU.S. Dollars |  
|                                                                       |  | 2009            |        |   | 2010                     |   |        | 2011 |  |   | 2011    |  
|Income (loss) before income taxes and equity in earnings of affiliates |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Domestic                                                               |  | ¥               | 31,861 |   |                          | ¥ | 58,564 |      |  | ¥ | (11,860 | ) |  | $ | (142,892 | )
|Foreign                                                                |  |                 | (922   | ) |                          |   | (1,040 | )    |  |   | 57,260  |   |  |   | 689,880  |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|                                                                       |  | ¥               | 30,939 |   |                          | ¥ | 57,524 |      |  | ¥ | 45,400  |   |  | $ | 546,988  |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Provision for income taxes:                                            |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Current:                                                               |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Domestic                                                               |  | ¥               | 20,077 |   |                          | ¥ | 26,897 |      |  | ¥ | (2,821  | ) |  | $ | (33,988  | )
|Foreign                                                                |  |                 | 7,244  |   |                          |   | 598    |      |  |   | 24,486  |   |  |   | 295,012  |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|                                                                       |  |                 | 27,321 |   |                          |   | 27,495 |      |  |   | 21,665  |   |  |   | 261,024  |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Deferred:                                                              |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Domestic                                                               |  |                 | (4,473 | ) |                          |   | (3,505 | )    |  |   | 639     |   |  |   | 7,699    |  
|Foreign                                                                |  |                 | (690   | ) |                          |   | 3,688  |      |  |   | 317     |   |  |   | 3,819    |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|                                                                       |  |                 | (5,163 | ) |                          |   | 183    |      |  |   | 956     |   |  |   | 11,518   |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  
|Consolidated provision for income taxes                                |  | ¥               | 22,158 |   |                          | ¥ | 27,678 |      |  | ¥ | 22,621  |   |  | $ | 272,542  |  
|                                                                       |  |                 |        |   |                          |   |        |      |  |   |         |   |  |   |          |  

Total income taxes are allocated as follows:



|                                                             |  |                 |         |   |                          |   |        |      |  |   |        |   |  |   |         |  
|------------------------------------------------------------ |  | --------------- | ------- | - | ------------------------ | - | ------ | ---- |  | - | ------ | - |  | - | ------- | -
|                                                             |  | Millions of Yen |         |   | Thousands ofU.S. Dollars |  
|                                                             |  | 2009            |         |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Provision for income taxes relating to continuing operations |  | ¥               | 22,158  |   |                          | ¥ | 27,678 |      |  | ¥ | 22,621 |   |  | $ | 272,542 |  
|Equity:                                                      |  |                 |         |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Foreign currency translation adjustments                     |  |                 | (19     | ) |                          |   | (2     | )    |  |   | (20    | ) |  |   | (241    | )
|Net unrealized gains and losses on securities                |  |                 | 366     |   |                          |   | 361    |      |  |   | 65     |   |  |   | 783     |  
|Net unrealized gains and losses on derivatives               |  |                 | (4      | ) |                          |   | (547   | )    |  |   | (8     | ) |  |   | (96     | )
|Pension liability adjustments                                |  |                 | (22,879 | ) |                          |   | 4,761  |      |  |   | (107   | ) |  |   | (1,289  | )
|                                                             |  |                 |         |   |                          |   |        |      |  |   |        |   |  |   |         |  
|                                                             |  | ¥               | (378    | ) |                          | ¥ | 32,251 |      |  | ¥ | 22,551 |   |  | $ | 271,699 |  
|                                                             |  |                 |         |   |                          |   |        |      |  |   |        |   |  |   |         |  

The Company and its domestic subsidiaries are subject to a national corporate tax of 30%, an inhabitant tax of
approximately 6% and a deductible enterprise tax approximately 8%, which in the aggregate resulted in the normal statutory tax rate of approximately 41%. The normal statutory tax rate differs from the effective tax rate for the years ended
March 31, 2009, 2010 and 2011 as a result of the following:



|                                                          |  |      |    |   |      |  |    |      |  |  |     |  
|--------------------------------------------------------- |  | ---- | -- | - | ---- |  | -- | ---- |  |  | --- | -
|                                                          |  | 2009 |    |   | 2010 |  |    | 2011 | 
|Normal statutory tax rate                                 |  |      | 41 | % |      |  | 41 | %    |  |  | 41  | %
|Nondeductible expenses and tax-exempt income              |  |      | 1  |   |      |  | 2  |      |  |  | 4   |  
|Recognition of valuation allowance                        |  |      | 45 |   |      |  | 16 |      |  |  | 25  |  
|Reversal of valuation allowance                           |  |      | (8 | ) |      |  | (5 | )    |  |  | (3  | )
|Tax credit for increased research and development expense |  |      | (3 | ) |      |  | (8 | )    |  |  | (2  | )
|Unrecognized tax benefits                                 |  |      | 13 |   |      |  | (1 | )    |  |  | 0   |  
|Taxes on undistributed earnings of overseas subsidiaries  |  |      | (8 | ) |      |  | 3  |      |  |  | 0   |  
|Prior period tax accrual adjustment                       |  |      | (5 | ) |      |  | (2 | )    |  |  | 0   |  
|Difference in statutory tax rates of foreign subsidiaries |  |      | (7 | ) |      |  | (3 | )    |  |  | (13 | )
|Other, net                                                |  |      | 3  |   |      |  | 5  |      |  |  | (2  | )
|                                                          |  |      |    |   |      |  |    |      |  |  |     |  
|Effective tax rate                                        |  |      | 72 | % |      |  | 48 | %    |  |  | 50  | %
|                                                          |  |      |    |   |      |  |    |      |  |  |     |  

Nondeductible expenses include directors bonuses and entertainment expenses.



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##### Table of Contents

The tax effects of temporary differences and carryforwards giving rise to the consolidated deferred tax
assets and liabilities as of March 31, 2010 and 2011 are as follows:



|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|----------------------------------------------------------------------------------------------------------------- |  | --------------- | ------- | - | ------------------------ | - | ------- | ---- |  | - | --------- | -
|                                                                                                                  |  | Millions of Yen |         |   | Thousands ofU.S. Dollars |  
|                                                                                                                  |  | 2010            |         |   | 2011                     |   |         | 2011 | 
|Deferred tax assets:                                                                                              |  |                 |         |   |                          |   |         |      |  |   |           |  
|Accrued expenses                                                                                                  |  | ¥               | 24,380  |   |                          | ¥ | 22,176  |      |  | $ | 267,181   |  
|Property, plant and equipment                                                                                     |  |                 | 5,657   |   |                          |   | 4,560   |      |  |   | 54,940    |  
|Accrued pension and severance costs                                                                               |  |                 | 55,051  |   |                          |   | 56,130  |      |  |   | 676,265   |  
|Net operating loss carryforwards                                                                                  |  |                 | 26,110  |   |                          |   | 35,718  |      |  |   | 430,337   |  
|Other                                                                                                             |  |                 | 23,456  |   |                          |   | 21,856  |      |  |   | 263,325   |  
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Total gross deferred tax assets                                                                                   |  |                 | 134,654 |   |                          |   | 140,440 |      |  |   | 1,692,048 |  
|Less - Valuation allowance                                                                                        |  |                 | (28,982 | ) |                          |   | (36,249 | )    |  |   | (436,735  | )
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Total deferred tax assets                                                                                         |  |                 | 105,672 |   |                          |   | 104,191 |      |  |   | 1,255,313 |  
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Deferred tax liabilities:                                                                                         |  |                 |         |   |                          |   |         |      |  |   |           |  
|Sales-type leases                                                                                                 |  |                 | (3,758  | ) |                          |   | (2,482  | )    |  |   | (29,904   | )
|Undistributed earnings of foreign subsidiaries and affiliates, etc.                                               |  |                 | (12,086 | ) |                          |   | (12,011 | )    |  |   | (144,711  | )
|Net unrealized gains and losses on securities                                                                     |  |                 | (1,957  | ) |                          |   | (1,993  | )    |  |   | (24,012   | )
|Basis difference of acquired intangible assets                                                                    |  |                 | (23,470 | ) |                          |   | (19,889 | )    |  |   | (239,626  | )
|Other                                                                                                             |  |                 | (2,992  | ) |                          |   | (6,422  | )    |  |   | (77,373   | )
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Total deferred tax liabilities                                                                                    |  |                 | (44,083 | ) |                          |   | (42,797 | )    |  |   | (515,626  | )
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|Net deferred tax assets                                                                                           |  | ¥               | 61,589  |   |                          | ¥ | 61,394  |      |  | $ | 739,687   |  
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|                                                                                                                 
|Net deferred tax assets as of March 31, 2010 and 2011 are included in the consolidated balance sheets as follows: | 
|                                                                                                                  |  |                
|                                                                                                                  |  | Millions of Yen |         |   | Thousands ofU.S. Dollars |  
|                                                                                                                  |  | 2010            |         |   | 2011                     |   |         | 2011 | 
|Deferred income taxes and other (Current assets)                                                                  |  | ¥               | 41,684  |   |                          | ¥ | 47,973  |      |  | $ | 577,988   |  
|Lease deposits and other (Investments and other assets)                                                           |  |                 | 40,233  |   |                          |   | 35,653  |      |  |   | 429,554   |  
|Accrued expenses and other (Current liabilities)                                                                  |  |                 | (1,098  | ) |                          |   | (3,182  | )    |  |   | (38,337   | )
|Deferred income taxes and other (Long-term liabilities)                                                           |  |                 | (19,230 | ) |                          |   | (19,050 | )    |  |   | (229,518  | )
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  
|                                                                                                                  |  | ¥               | 61,589  |   |                          | ¥ | 61,394  |      |  | $ | 739,687   |  
|                                                                                                                  |  |                 |         |   |                          |   |         |      |  |   |           |  

The net changes in the total valuation allowance for the years ended March 31, 2009, 2010 and 2011 were increases of
¥13,511 million, ¥4,810 million and ¥7,267 million ($87,554 thousand), respectively. The valuation allowance primarily relates to deferred tax assets of the consolidated subsidiaries with net operating loss carryforwards
for tax purposes that are not expected to be realized.

In assessing the realizability of deferred tax assets, Ricoh considers whether it is
more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary
differences become deductible and whether loss carryforwards are utilizable. Ricoh considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the
level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, Ricoh believes it is more likely than not that the deferred tax assets of these deductible differences,
net of the existing valuation allowance will be realized. The amount of the deferred tax asset considered realizable, however, would be reduced if estimates of future taxable income during the carryforward period are reduced.



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##### Table of Contents

As of March 31, 2011, the Company and certain subsidiaries had net operating losses carried forward for
income tax purposes of approximately ¥157,772 million ($1,900,867 thousand) which were available to reduce future taxable income, if any. Approximately ¥5,836 million ($70,313 thousand) of the operating losses will expire within 3
years, ¥38,195 million ($460,181 thousand) will expire within 4 years to 7 years and ¥90,261 million ($1,087,482 thousand) will expire over 7 years. The remainder have indefinite carryforward period.

Ricoh has not recognized a deferred tax liability for certain portion of the undistributed earnings of its foreign subsidiaries of
¥348,551 million ($4,199,410 thousand) as of March 31, 2011 because Ricoh considers these earnings to be indefinitely reinvested. The calculation of the related unrecognized deferred tax liability is not practicable.

Reconciliations of the beginning and ending amount of unrecognized tax benefits are as follows:



|                                            |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|------------------------------------------- |  | --------------- | ------ | - | ------------------------ | - | ------ | ---- |  | - | ------ | - |  | - | ------- | -
|                                            |  | Millions of Yen |        |   | Thousands ofU.S.
dollars |  
|                                            |  | 2009            |        |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Beginning balance                           |  | ¥               | 5,623  |   |                          | ¥ | 11,816 |      |  | ¥ | 12,050 |   |  | $ | 145,180 |  
|Additions due to acquisition                |  |                 | 1,917  |   |                          |   |       |      |  |   |       |   |  |   |        |  
|Additions for tax positions of current year |  |                 | 4,350  |   |                          |   | 473    |      |  |   | 12     |   |  |   | 145     |  
|Additions for tax positions of prior years  |  |                 | 1,538  |   |                          |   | 1,573  |      |  |   | 148    |   |  |   | 1,783   |  
|Reductions for tax positions of prior years |  |                 | (546   | ) |                          |   | (519   | )    |  |   | (313   | ) |  |   | (3,771  | )
|Settlements                                 |  |                 | (721   | ) |                          |   | (628   | )    |  |   | (243   | ) |  |   | (2,928  | )
|Effect of exchange rate changes             |  |                 | (345   | ) |                          |   | (665   | )    |  |   | (1,201 | ) |  |   | (14,469 | )
|                                            |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Ending balance                              |  | ¥               | 11,816 |   |                          | ¥ | 12,050 |      |  | ¥ | 10,453 |   |  | $ | 125,940 |  
|                                            |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  

Total amount of unrecognized tax benefits as of March 31, 2010 and 2011 that would reduce the effective tax rate, if
recognized, are ¥10,624 and ¥9,114 million ($109,807 thousand), respectively.

Although Ricoh believes its estimates and
assumptions of unrecognized tax benefits are reasonable, uncertainty regarding the final determination of tax audit settlements and any related litigation could affect the effective tax rate in the future periods. Based on each of the items of which
Ricoh is aware as of March 31, 2011, no significant changes to the unrecognized tax benefits are expected within the next twelve months.

Ricoh recognizes interest and penalties related to unrecognized tax benefits in provision for income taxes in the consolidated statements of income. Both
interest and penalties accrued as of March 31, 2010 and 2011 and interest and penalties included in provision for income taxes for the years ended March 31, 2009, 2010 and 2011 are not material.

Ricoh files income tax returns in Japan and various foreign tax jurisdictions. In Japan, Ricoh is no longer subject to regular income tax examinations by
the tax authority for fiscal years before 2009. While there has been no specific indication by the tax authority that Ricoh will be subject to a transfer pricing examination in the near future, the tax authority could conduct a transfer pricing
examination for fiscal years after 2005. In other major foreign tax jurisdictions, including the United States and United Kingdom, Ricoh is no longer subject to income tax examinations by tax authorities for fiscal years before 2006 with few
exceptions.



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##### Table of Contents

9. SHORT-TERM BORROWINGS

Short-term borrowings as of March 31, 2010 and 2011 consist of the followings:



|                                   |  |                               |     |   |                 |  |     |                          |  |   |        |  |  |      |        |  |  |   |         | 
|---------------------------------- |  | ----------------------------- | --- | - | --------------- |  | --- | ------------------------ |  | - | ------ |  |  | ---- | ------ |  |  | - | ------- | 
|                                   |  | Weighted averageinterest rate |     |   | Millions of Yen |  |     | Thousands ofU.S. Dollars | 
|                                   |  | 2010                          |     |   | 2011            |  |     | 2010                     |  |   | 2011   |  |  | 2011 |       
|Borrowings, principally from banks |  |                               | 0.7 | % |                 |  | 0.8 | %                        |  | ¥ | 23,441 |  |  | ¥    | 24,960 |  |  | $ | 300,723 | 
|Commercial paper                   |  |                               | 0.2 |   |                 |  | 0.3 |                          |  |   | 52,260 |  |  |      | 14,967 |  |  |   | 180,325 | 
|                                   |  |                               |     |   |                 |  |     |                          |  |   |        |  |  |      |        |  |  |   |         | 
|                                   |  |                               |     |   |                 |  |     |                          |  | ¥ | 75,701 |  |  | ¥    | 39,927 |  |  | $ | 481,048 | 
|                                   |  |                               |     |   |                 |  |     |                          |  |   |        |  |  |      |        |  |  |   |         | 

These short-term borrowings included borrowings, principally from banks and commercial paper denominated in foreign
currencies amounting to ¥42,163 million and ¥38,947 million ($469,241 thousand) as of March 31, 2010 and 2011, respectively.

The Company and certain subsidiaries enter into the contracts with financial institutions regarding lines of credit and overdrawing. Those same financial institutions hold the issuing programs of
commercial paper and medium-term notes. Ricoh had aggregate lines of credit of ¥694,012 million and ¥685,068 million ($8,253,831 thousand) as of March 31, 2010 and 2011, respectively. Unused lines of credit amounted to
¥606,150 million and ¥637,417 million ($7,679,723 thousand) as of March 31, 2010 and 2011, respectively, of which ¥225,652 million and ¥259,978 million ($3,132,265 thousand) related to commercial paper and
¥93,040 million and ¥83,150 million ($1,001,807 thousand) related to medium-term notes programs at prevailing interest rates and the unused portion is available for immediate borrowings.

10. LONG-TERM INDEBTEDNESS

Long-term indebtedness as of March 31, 2010 and 2011 consists of the followings:



|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|---------------------------------------------------------------------------------------------------- |  | --------------- | ------- | - | ------------------------ | - | -------- | ---- |  | - | ---------- | -
|                                                                                                     |  | Millions of Yen |         |   | Thousands ofU.S. Dollars |  
|                                                                                                     |  | 2010            |         |   | 2011                     |   |          | 2011 | 
|Bonds:                                                                                               |  |                 |         |   |                          |   |          |      |  |   |            |  
|1.10%, straight bonds, payable in yen, due March 2012                                                |  | ¥               | 20,000  |   |                          | ¥ | 20,000   |      |  | $ | 240,964    |  
|1.39%, straight bonds, payable in yen, due March 2014                                                |  |                 | 50,000  |   |                          |   | 50,000   |      |  |   | 602,409    |  
|2.08%, straight bonds, payable in yen, due March 2019                                                |  |                 | 15,000  |   |                          |   | 15,000   |      |  |   | 180,723    |  
|0.57%, straight bonds, payable in yen, due June 2015                                                 |  |                 |        |   |                          |   | 40,000   |      |  |   | 481,927    |  
|0.88%, straight bonds, payable in yen, due June 2017                                                 |  |                 |        |   |                          |   | 20,000   |      |  |   | 240,964    |  
|1.30%, straight bonds, payable in yen, due December 2010 issued by a consolidated subsidiary         |  |                 | 9,999   |   |                          |   |         |      |  |   |           |  
|6.75%, straight bonds, payable in yen, due December 2025 issued by a consolidated subsidiary         |  |                 | 23,863  |   |                          |   | 2,677    |      |  |   | 32,253     |  
|7.30%, straight bonds, payable in yen, due November 2027 issued by a consolidated subsidiary         |  |                 | 8,593   |   |                          |   | 1,941    |      |  |   | 23,386     |  
|1.47%, straight bonds, payable in yen, due April 2014 issued by a consolidated subsidiary            |  |                 | 35,000  |   |                          |   | 35,000   |      |  |   | 421,687    |  
|0.61%, straight bonds, payable in yen, due January 2014 issued by a consolidated subsidiary          |  |                 | 20,000  |   |                          |   | 20,000   |      |  |   | 240,964    |  
|0.61%, straight bonds, payable in yen, due May 2015 issued by a consolidated subsidiary              |  |                 |        |   |                          |   | 20,000   |      |  |   | 240,964    |  
|Euro Yen Zero Coupon Convertible Bonds, due December 2011                                            |  |                 | 55,092  |   |                          |   | 2,221    |      |  |   | 26,759     |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Total bonds                                                                                          |  |                 | 237,547 |   |                          |   | 226,839  |      |  |   | 2,733,000  |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Unsecured loans-                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Banks and insurance companies, 1.11% weighted average, due through 2017                              |  |                 | 360,940 |   |                          |   | 331,941  |      |  |   | 3,999,289  |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Secured loans-                                                                                       |  |                 |         |   |                          |   |          |      |  |   |            |  
|Banks, insurance companies and other financial institution, 0.01% weighted average, due through 2014 |  |                 | 7,252   |   |                          |   | 633      |      |  |   | 7,627      |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Long-term indebtedness caused by lease transactions (see Note 4)                                     |  |                 |        |   |                          |   | 28,754   |      |  |   | 346,434    |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Capital lease obligations (see Note 2(j))                                                            |  |                 | 2,965   |   |                          |   | 2,351    |      |  |   | 28,325     |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|Total                                                                                                |  |                 | 608,704 |   |                          |   | 590,518  |      |  |   | 7,114,675  |  
|Fair value adjustment (see Note 15)                                                                  |  |                 | 40      |   |                          |   |         |      |  |   |           |  
|Less - Current maturities included in current liabilities                                            |  |                 | (94,026 | ) |                          |   | (111,096 | )    |  |   | (1,338,506 | )
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  
|                                                                                                     |  | ¥               | 514,718 |   |                          | ¥ | 479,422  |      |  | $ | 5,776,169  |  
|                                                                                                     |  |                 |         |   |                          |   |          |      |  |   |            |  



F-28



---

##### Table of Contents

Secured loans are collateralized by land, buildings and lease receivables with book values of
¥13,703 million ($165,096 thousand) and ¥720 million ($8,675 thousand) as of March 31, 2010 and 2011.

All bonds
outstanding as of March 31, 2011 are redeemable at the option of Ricoh under certain conditions as provided in the applicable agreements.

Bonds are subject to certain covenants such as restrictions on certain additional secured indebtedness, as defined in the agreements. Ricoh was in
compliance with such covenants as of March 31, 2011.

The Company issued Euro Yen Zero Coupon Convertible Bonds of
¥55,275 million in December 2006. Bondholders are able to convert their holdings into common stock under certain circumstances. As of March 31, 2011, the conversion price was ¥2,800 per share and 793 thousand shares would
have been issued on conversion of all convertible bonds. The conversion price shall be adjusted for certain events such as a stock split, consolidation of stock or issuance of stock at less than the current market price of the shares. The bonds were
redeemed partially before maturity in December 2010, because the holders of the bonds have exercised the put option granted.

As is customary
in Japan, substantially all of the bank borrowings are subject to general agreements with each bank which provide, among other things, that the banks may request additional security for these loans if there is reasonable and probable cause and may
treat any security furnished to the banks as well as cash deposited as security for all present and future indebtedness. Ricoh has never been requested to submit such additional security with respect to any material borrowings.

The aggregate annual maturities of long-term indebtedness outstanding at March 31, 2011 are as follows:



|                      |  |                 |         | 
|--------------------- |  | --------------- | ------- | 
|Years ending March 31 |  | Millions of Yen |        
|2012                  |  | ¥               | 111,096 | 
|2013                  |  |                 | 67,979  | 
|2014                  |  |                 | 177,970 | 
|2015                  |  |                 | 100,306 | 
|2016                  |  |                 | 80,142  | 
|2017 and thereafter   |  |                 | 53,025  | 
|                      |  |                 |         | 
|Total                 |  | ¥               | 590,518 | 
|                      |  |                 |         | 



F-29



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##### Table of Contents

11. PENSION AND RETIREMENT ALLOWANCE PLANS

The Company and certain of its subsidiaries have various contributory and noncontributory employees pension fund plans in trust covering substantially all of their employees. Under the plans,
employees are entitled to lump-sum payments at the time of termination or retirement, or to pension payments.

Contributions to these plans
have been made to provide future pension payments in conformity with an actuarial calculation determined by the current basic rate of pay.

The changes in the benefit obligations and plan assets of the pension plans for the years ended March 31, 2010 and 2011 are as follows:



|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|------------------------------------------------------------------- |  | --------------- | -------- | - | ------------------------ | - | -------- | ---- |  | - | ---------- | -
|                                                                    |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Domestic plans                                                      |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Change in benefit obligations:                                      |  |                 |          |   |                          |   |          |      |  |   |            |  
|Benefit obligations at beginning of year                            |  | ¥               | 279,477  |   |                          | ¥ | 274,880  |      |  | $ | 3,311,807  |  
|Service cost                                                        |  |                 | 11,255   |   |                          |   | 10,819   |      |  |   | 130,349    |  
|Interest cost                                                       |  |                 | 5,249    |   |                          |   | 5,705    |      |  |   | 68,735     |  
|Actuarial (gain) loss                                               |  |                 | (5,760   | ) |                          |   | 1,549    |      |  |   | 18,663     |  
|Benefits paid                                                       |  |                 | (15,341  | ) |                          |   | (17,263  | )    |  |   | (207,988   | )
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Benefit obligations at end of year                                  |  |                 | 274,880  |   |                          |   | 275,690  |      |  |   | 3,321,566  |  
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Change in plan assets:                                              |  |                 |          |   |                          |   |          |      |  |   |            |  
|Fair value of plan assets at beginning of year                      |  |                 | 146,990  |   |                          |   | 162,307  |      |  |   | 1,955,506  |  
|Actual return on plan assets                                        |  |                 | 14,761   |   |                          |   | (1,922   | )    |  |   | (23,157    | )
|Employer contribution                                               |  |                 | 8,866    |   |                          |   | 8,877    |      |  |   | 106,952    |  
|Partial withdrawal of plan assets                                   |  |                 | (350     | ) |                          |   | (240     | )    |  |   | (2,892     | )
|Benefits paid                                                       |  |                 | (7,960   | ) |                          |   | (9,191   | )    |  |   | (110,734   | )
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Fair value of plan assets at end of year                            |  |                 | 162,307  |   |                          |   | 159,831  |      |  |   | 1,925,675  |  
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Funded status                                                       |  | ¥               | (112,573 | ) |                          | ¥ | (115,859 | )    |  | $ | (1,395,891 | )
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|                                                                    |  |                
|                                                                    |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Foreign plans                                                       |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Change in benefit obligations:                                      |  |                 |          |   |                          |   |          |      |  |   |            |  
|Benefit obligations at beginning of year                            |  | ¥               | 143,344  |   |                          | ¥ | 171,230  |      |  | $ | 2,063,012  |  
|Service cost                                                        |  |                 | 2,461    |   |                          |   | 1,821    |      |  |   | 21,940     |  
|Interest cost                                                       |  |                 | 9,491    |   |                          |   | 9,014    |      |  |   | 108,602    |  
|Plan participants contributions                                    |  |                 | 590      |   |                          |   | 516      |      |  |   | 6,217      |  
|Actuarial loss                                                      |  |                 | 29,423   |   |                          |   | 5,571    |      |  |   | 67,120     |  
|Prior service cost (credit)                                         |  |                 | (1,376   | ) |                          |   | 702      |      |  |   | 8,458      |  
|Settlement                                                          |  |                 | (1,821   | ) |                          |   | (984     | )    |  |   | (11,855    | )
|Benefits paid                                                       |  |                 | (6,732   | ) |                          |   | (6,292   | )    |  |   | (75,807    | )
|Foreign exchange impact                                             |  |                 | (5,700   | ) |                          |   | (14,486  | )    |  |   | (174,530   | )
|Benefit obligations assumed in connection with business acquisition |  |                 | 1,550    |   |                          |   |         |      |  |   |           |  
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Benefit obligations at end of year                                  |  | ¥               | 171,230  |   |                          | ¥ | 167,092  |      |  | $ | 2,013,157  |  
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Change in plan assets:                                              |  |                 |          |   |                          |   |          |      |  |   |            |  
|Fair value of plan assets at beginning of year                      |  | ¥               | 122,559  |   |                          | ¥ | 143,259  |      |  | $ | 1,726,012  |  
|Actual return on plan assets                                        |  |                 | 26,895   |   |                          |   | 8,671    |      |  |   | 104,470    |  
|Employer contribution                                               |  |                 | 5,697    |   |                          |   | 5,565    |      |  |   | 67,048     |  
|Plan participants contributions                                    |  |                 | 590      |   |                          |   | 516      |      |  |   | 6,217      |  
|Settlement                                                          |  |                 | (617     | ) |                          |   | (84      | )    |  |   | (1,012     | )
|Benefits paid                                                       |  |                 | (6,732   | ) |                          |   | (6,292   | )    |  |   | (75,807    | )
|Foreign exchange impact                                             |  |                 | (5,133   | ) |                          |   | (9,593   | )    |  |   | (115,579   | )
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Fair value of plan assets at end of year                            |  | ¥               | 143,259  |   |                          | ¥ | 142,042  |      |  | $ | 1,711,349  |  
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  
|Funded status                                                       |  | ¥               | (27,971  | ) |                          | ¥ | (25,050  | )    |  | $ | (301,808   | )
|                                                                    |  |                 |          |   |                          |   |          |      |  |   |            |  



F-30



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##### Table of Contents

Net amounts recognized in the consolidated balance sheets as of March 31, 2010 and 2011 consist of:



|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|-------------------------------------------------------------------------------------------------------- |  | --------------- | -------- | - | ------------------------ | - | -------- | ---- |  | - | ---------- | -
|                                                                                                         |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Domestic plans                                                                                           |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Lease deposits and other                                                                                 |  | ¥               | 4,006    |   |                          | ¥ | 3,693    |      |  | $ | 44,494     |  
|Accrued expenses and other                                                                               |  |                 | (6,617   | ) |                          |   | (6,812   | )    |  |   | (82,072    | )
|Accrued pension and severance costs                                                                      |  |                 | (109,962 | ) |                          |   | (112,740 | )    |  |   | (1,358,313 | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|Net amount recognized                                                                                    |  | ¥               | (112,573 | ) |                          | ¥ | (115,859 | )    |  | $ | (1,395,891 | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|                                                                                                         |  |                
|                                                                                                         |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Foreign plans                                                                                            |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Lease deposits and other                                                                                 |  | ¥               | 1,756    |   |                          | ¥ | 3,465    |      |  | $ | 41,747     |  
|Accrued expenses and other                                                                               |  |                 | (222     | ) |                          |   | (280     | )    |  |   | (3,374     | )
|Accrued pension and severance costs                                                                      |  |                 | (29,505  | ) |                          |   | (28,235  | )    |  |   | (340,181   | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|Net amount recognized                                                                                    |  | ¥               | (27,971  | ) |                          | ¥ | (25,050  | )    |  | $ | (301,808   | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|                                                                                                        
|Net amounts recognized in accumulated other comprehensive loss as of March 31, 2010 and 2011 consist of: | 
|                                                                                                         |  |                
|                                                                                                         |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Domestic plans                                                                                           |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Net actuarial loss                                                                                       |  | ¥               | 93,161   |   |                          | ¥ | 91,275   |      |  | $ | 1,099,699  |  
|Prior service credit                                                                                     |  |                 | (37,443  | ) |                          |   | (33,634  | )    |  |   | (405,229   | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|Net amount recognized                                                                                    |  | ¥               | 55,718   |   |                          | ¥ | 57,641   |      |  | $ | 694,470    |  
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|                                                                                                         |  |                
|                                                                                                         |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|Foreign plans                                                                                            |  | 2010            |          |   | 2011                     |   |          | 2011 | 
|Net actuarial loss                                                                                       |  | ¥               | 21,185   |   |                          | ¥ | 20,902   |      |  | $ | 251,831    |  
|Prior service credit                                                                                     |  |                 | (1,698   | ) |                          |   | (1,220   | )    |  |   | (14,698    | )
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  
|Net amount recognized                                                                                    |  | ¥               | 19,487   |   |                          | ¥ | 19,682   |      |  | $ | 237,133    |  
|                                                                                                         |  |                 |          |   |                          |   |          |      |  |   |            |  



F-31



---

##### Table of Contents

The accumulated benefit obligations are as follows:



|                                |  |                 |         |  |                          |   |         |      |  |   |           | 
|------------------------------- |  | --------------- | ------- |  | ------------------------ | - | ------- | ---- |  | - | --------- | 
|                                |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|Domestic plans                  |  | 2010            |         |  | 2011                     |   |         | 2011 | 
|Accumulated benefit obligations |  | ¥               | 274,259 |  |                          | ¥ | 270,800 |      |  | $ | 3,262,651 | 
|                                |  |                
|                                |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|Foreign plans                   |  | 2010            |         |  | 2011                     |   |         | 2011 | 
|Accumulated benefit obligations |  | ¥               | 166,918 |  |                          | ¥ | 162,869 |      |  | $ | 1,962,277 | 

Weighted-average assumptions used to determine benefit obligations as of March 31, 2010 and 2011 are as follows:



|                              |  |                |     |   |               |  |     |      |  |  |      |   |  |  |     |  
|----------------------------- |  | -------------- | --- | - | ------------- |  | --- | ---- |  |  | ---- | - |  |  | --- | -
|                              |  | Domestic plans |     |   | Foreign plans | 
|                              |  | 2010           |     |   | 2011          |  |     | 2010 |  |  | 2011 |  
|Discount rate                 |  |                | 2.1 | % |               |  | 2.0 | %    |  |  | 6.2  | % |  |  | 5.6 | %
|Rate of compensation increase |  |                | 6.5 | % |               |  | 3.3 | %    |  |  | 3.5  | % |  |  | 2.0 | %

Weighted-average assumptions used to determine the net periodic benefit cost for the years ended March 31, 2009,
2010 and 2011 are as follows:



|                                         |  |                |     |   |               |  |     |      |  |  |      |   |  |      |     |   |      |  |     |   |  |  |     |  
|---------------------------------------- |  | -------------- | --- | - | ------------- |  | --- | ---- |  |  | ---- | - |  | ---- | --- | - | ---- |  | --- | - |  |  | --- | -
|                                         |  | Domestic plans |     |   | Foreign plans | 
|                                         |  | 2009           |     |   | 2010          |  |     | 2011 |  |  | 2009 |   |  | 2010 |     |   | 2011 | 
|Discount rate                            |  |                | 2.2 | % |               |  | 1.9 | %    |  |  | 2.1  | % |  |      | 5.7 | % |      |  | 6.9 | % |  |  | 6.2 | %
|Rate of compensation increase            |  |                | 6.5 | % |               |  | 6.5 | %    |  |  | 6.5  | % |  |      | 3.8 | % |      |  | 3.9 | % |  |  | 3.5 | %
|Expected long-term return on plan assets |  |                | 1.4 | % |               |  | 0.4 | %    |  |  | 0.3  | % |  |      | 6.0 | % |      |  | 6.5 | % |  |  | 5.7 | %

The net periodic pension cost of the pension plans for the years ended March 31, 2009, 2010 and 2011 consist of the
following components:



|                                |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|------------------------------- |  | --------------- | ------ | - | ------------------------ | - | ------ | ---- |  | - | ------ | - |  | - | ------- | -
|                                |  | Millions of Yen |        |   | Thousands ofU.S. Dollars |  
|Domestic plans                  |  | 2009            |        |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Service cost                    |  | ¥               | 10,796 |   |                          | ¥ | 11,255 |      |  | ¥ | 10,819 |   |  | $ | 130,349 |  
|Interest cost                   |  |                 | 5,704  |   |                          |   | 5,249  |      |  |   | 5,705  |   |  |   | 68,735  |  
|Expected return on plan assets  |  |                 | (2,565 | ) |                          |   | (525   | )    |  |   | (531   | ) |  |   | (6,398  | )
|Net amortization                |  |                 | 1,026  |   |                          |   | 3,447  |      |  |   | 1,860  |   |  |   | 22,410  |  
|Settlement benefit              |  |                 | (124   | ) |                          |   |       |      |  |   |       |   |  |   |        |  
|                                |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Total net periodic pension cost |  | ¥               | 14,837 |   |                          | ¥ | 19,426 |      |  | ¥ | 17,853 |   |  | $ | 215,096 |  
|                                |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|                                |  |                
|                                |  | Millions of Yen |        |   | Thousands ofU.S. Dollars |  
|Foreign plans                   |  | 2009            |        |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Service cost                    |  | ¥               | 3,904  |   |                          | ¥ | 2,461  |      |  | ¥ | 1,821  |   |  | $ | 21,940  |  
|Interest cost                   |  |                 | 7,723  |   |                          |   | 9,491  |      |  |   | 9,014  |   |  |   | 108,603 |  
|Expected return on plan assets  |  |                 | (7,593 | ) |                          |   | (7,972 | )    |  |   | (8,236 | ) |  |   | (99,229 | )
|Net amortization                |  |                 | (11    | ) |                          |   | 450    |      |  |   | 935    |   |  |   | 11,265  |  
|Settlement benefit              |  |                 | 37     |   |                          |   | (230   | )    |  |   | (182   | ) |  |   | (2,193  | )
|                                |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Total net periodic pension cost |  | ¥               | 4,060  |   |                          | ¥ | 4,200  |      |  | ¥ | 3,352  |   |  | $ | 40,386  |  
|                                |  |                 |        |   |                          |   |        |      |  |   |        |   |  |   |         |  



F-32



---

##### Table of Contents

The projected benefit obligations and the fair value of plan assets for the pension plans with projected
benefit obligations in excess of plan assets, and the accumulated benefit obligations and the fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets are as follows:



|                                                                     |  |                 |         |  |                          |   |         |      |  |   |           | 
|-------------------------------------------------------------------- |  | --------------- | ------- |  | ------------------------ | - | ------- | ---- |  | - | --------- | 
|                                                                     |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|Domestic plans                                                       |  | 2010            |         |  | 2011                     |   |         | 2011 | 
|Plans with projected benefit obligations in excess of plan assets:   |  |                 |         |  |                          |   |         |      |  |   |           | 
|Projected benefit obligations                                        |  | ¥               | 274,880 |  |                          | ¥ | 275,690 |      |  | $ | 3,321,566 | 
|Fair value of plan assets                                            |  |                 | 162,307 |  |                          |   | 159,831 |      |  |   | 1,925,675 | 
|Plans with accumulated benefit obligations in excess of plan assets: |  |                 |         |  |                          |   |         |      |  |   |           | 
|Accumulated benefit obligations                                      |  | ¥               | 274,259 |  |                          | ¥ | 270,800 |      |  | $ | 3,262,651 | 
|Fair value of plan assets                                            |  |                 | 162,307 |  |                          |   | 159,831 |      |  |   | 1,925,675 | 
|                                                                     |  |                
|                                                                     |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|Foreign plans                                                        |  | 2010            |         |  | 2011                     |   |         | 2011 | 
|Plans with projected benefit obligations in excess of plan assets:   |  |                 |         |  |                          |   |         |      |  |   |           | 
|Projected benefit obligations                                        |  | ¥               | 168,533 |  |                          | ¥ | 161,384 |      |  | $ | 1,944,386 | 
|Fair value of plan assets                                            |  |                 | 140,167 |  |                          |   | 136,683 |      |  |   | 1,646,783 | 
|Plans with accumulated benefit obligations in excess of plan assets: |  |                 |         |  |                          |   |         |      |  |   |           | 
|Accumulated benefit obligations                                      |  | ¥               | 161,789 |  |                          | ¥ | 157,661 |      |  | $ | 1,899,530 | 
|Fair value of plan assets                                            |  |                 | 137,619 |  |                          |   | 136,378 |      |  |   | 1,643,108 | 

The three levels of input used to measure fair value are more fully described in Note 18. The fair values of Ricohs
benefit plan assets as of March 31, 2010 and 2011, by asset class, are as follows:



|                                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|--------------------------------------- |  | --------------- | ------ |  | ------- | - | ------- | ------- |  | - | ----- |  |  | - | ------- | 
|                                        |  | Millions of Yen |       
|                                        |  | March 31, 2010  |       
|Domestic plans                          |  | Level 1         |        |  | Level 2 |   |         | Level 3 |  |   | Total | 
|Equity securities:                      |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Domestic companies                      |  | ¥               | 28,538 |  |         | ¥ |        |         |  | ¥ |      |  |  | ¥ | 28,538  | 
|Pooled funds(e)                         |  |                 |       |  |         |   | 44,271  |         |  |   |      |  |  |   | 44,271  | 
|Debt securities:                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Domestic bonds                          |  |                 | 5,588  |  |         |   |        |         |  |   |      |  |  |   | 5,588   | 
|Pooled funds(f)                         |  |                 |       |  |         |   | 30,028  |         |  |   |      |  |  |   | 30,028  | 
|Life insurance company general accounts |  |                 |       |  |         |   | 40,664  |         |  |   |      |  |  |   | 40,664  | 
|Other assets                            |  |                 | 35     |  |         |   | 13,183  |         |  |   |      |  |  |   | 13,218  | 
|                                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Total assets                            |  | ¥               | 34,161 |  |         | ¥ | 128,146 |         |  | ¥ |      |  |  | ¥ | 162,307 | 
|                                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|                                        | 
|                                        |  | Millions of Yen |       
|                                        |  | March 31, 2011  |       
|Domestic plans                          |  | Level 1         |        |  | Level 2 |   |         | Level 3 |  |   | Total | 
|Equity securities:                      |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Domestic companies                      |  | ¥               | 25,893 |  |         | ¥ |        |         |  | ¥ |      |  |  | ¥ | 25,893  | 
|Pooled funds(a)                         |  |                 |       |  |         |   | 35,215  |         |  |   |      |  |  |   | 35,215  | 
|Debt securities:                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Domestic bonds                          |  |                 | 5,200  |  |         |   |        |         |  |   |      |  |  |   | 5,200   | 
|Foreign bonds                           |  |                 | 509    |  |         |   |        |         |  |   |      |  |  |   | 509     | 
|Pooled funds(b)                         |  |                 |       |  |         |   | 30,971  |         |  |   |      |  |  |   | 30,971  | 
|Life insurance company general accounts |  |                 |       |  |         |   | 41,633  |         |  |   |      |  |  |   | 41,633  | 
|Other assets                            |  |                 | 39     |  |         |   | 20,371  |         |  |   |      |  |  |   | 20,410  | 
|                                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 
|Total assets                            |  | ¥               | 31,641 |  |         | ¥ | 128,190 |         |  | ¥ |      |  |  | ¥ | 159,831 | 
|                                        |  |                 |        |  |         |   |         |         |  |   |       |  |  |   |         | 





F-33



---

##### Table of Contents

|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|--------------------------------------- |  | -------------------- | ------- |  | ------- | - | --------- | ------- |  | - | ------ |  |  | - | --------- | 
|                                        |  | Thousands of Dollars |        
|                                        |  | March 31, 2011       |        
|Domestic plans                          |  | Level 1              |         |  | Level 2 |   |           | Level 3 |  |   | Total  | 
|Equity securities:                      |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic companies                      |  | $                    | 311,964 |  |         | $ |          |         |  | $ |       |  |  | $ | 311,964   | 
|Pooled funds(a)                         |  |                      |        |  |         |   | 424,277   |         |  |   |       |  |  |   | 424,277   | 
|Debt securities:                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic bonds                          |  |                      | 62,651  |  |         |   |          |         |  |   |       |  |  |   | 62,651    | 
|Foreign bonds                           |  |                      | 6,132   |  |         |   |          |         |  |   |       |  |  |   | 6,132     | 
|Pooled funds(b)                         |  |                      |        |  |         |   | 373,145   |         |  |   |       |  |  |   | 373,145   | 
|Life insurance company general accounts |  |                      |        |  |         |   | 501,602   |         |  |   |       |  |  |   | 501,602   | 
|Other assets                            |  |                      | 470     |  |         |   | 245,434   |         |  |   |       |  |  |   | 245,904   | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Total assets                            |  | $                    | 381,217 |  |         | $ | 1,544,458 |         |  | $ |       |  |  | $ | 1,925,675 | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|                                        | 
|                                        |  | Millions of Yen      |        
|                                        |  | March 31, 2010       |        
|Foreign plans                           |  | Level 1              |         |  | Level 2 |   |           | Level 3 |  |   | Total  | 
|Equity securities:                      |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic companies                      |  | ¥                    | 165     |  |         | ¥ |          |         |  | ¥ |       |  |  | ¥ | 165       | 
|Foreign companies                       |  |                      | 15,230  |  |         |   |          |         |  |   |       |  |  |   | 15,230    | 
|Pooled funds(g)                         |  |                      | 7,099   |  |         |   | 15,808    |         |  |   | 2,497  |  |  |   | 25,404    | 
|Debt securities:                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic bonds                          |  |                      | 1,007   |  |         |   |          |         |  |   |       |  |  |   | 1,007     | 
|Foreign bonds                           |  |                      | 27,837  |  |         |   |          |         |  |   |       |  |  |   | 27,837    | 
|Pooled funds(h)                         |  |                      | 32,927  |  |         |   | 12,311    |         |  |   | 6,554  |  |  |   | 51,792    | 
|Life insurance company general accounts |  |                      |        |  |         |   | 19,812    |         |  |   |       |  |  |   | 19,812    | 
|Other assets                            |  |                      | 1,088   |  |         |   | 675       |         |  |   | 249    |  |  |   | 2,012     | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Total assets                            |  | ¥                    | 85,353  |  |         | ¥ | 48,606    |         |  | ¥ | 9,300  |  |  | ¥ | 143,259   | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|                                        | 
|                                        |  | Millions of Yen      |        
|                                        |  | March 31, 2011       |        
|Foreign plans                           |  | Level 1              |         |  | Level 2 |   |           | Level 3 |  |   | Total  | 
|Equity securities:                      |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic companies                      |  | ¥                    | 158     |  |         | ¥ |          |         |  | ¥ |       |  |  | ¥ | 158       | 
|Foreign companies                       |  |                      | 16,992  |  |         |   |          |         |  |   |       |  |  |   | 16,992    | 
|Pooled funds(c)                         |  |                      | 7,131   |  |         |   | 13,790    |         |  |   | 2,445  |  |  |   | 23,366    | 
|Debt securities:                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Domestic bonds                          |  |                      | 1,084   |  |         |   |          |         |  |   |       |  |  |   | 1,084     | 
|Foreign bonds                           |  |                      | 32,047  |  |         |   |          |         |  |   |       |  |  |   | 32,047    | 
|Pooled funds(d)                         |  |                      | 23,922  |  |         |   | 14,454    |         |  |   | 6,346  |  |  |   | 44,722    | 
|Life insurance company general accounts |  |                      |        |  |         |   | 18,523    |         |  |   |       |  |  |   | 18,523    | 
|Other assets                            |  |                      | 2,222   |  |         |   | 753       |         |  |   | 2,175  |  |  |   | 5,150     | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 
|Total assets                            |  | ¥                    | 83,556  |  |         | ¥ | 47,520    |         |  | ¥ | 10,966 |  |  | ¥ | 142,042   | 
|                                        |  |                      |         |  |         |   |           |         |  |   |        |  |  |   |           | 



F-34



---

##### Table of Contents

|                                        |  |                      |           |  |         |   |         |         |  |   |         |  |  |   |           | 
|--------------------------------------- |  | -------------------- | --------- |  | ------- | - | ------- | ------- |  | - | ------- |  |  | - | --------- | 
|                                        |  | Thousands of Dollars |          
|                                        |  | March 31, 2011       |          
|Foreign plans                           |  | Level 1              |           |  | Level 2 |   |         | Level 3 |  |   | Total   | 
|Equity securities:                      |  |                      |           |  |         |   |         |         |  |   |         |  |  |   |           | 
|Domestic companies                      |  | $                    | 1,904     |  |         | $ |        |         |  | $ |        |  |  | $ | 1,904     | 
|Foreign companies                       |  |                      | 204,723   |  |         |   |        |         |  |   |        |  |  |   | 204,723   | 
|Pooled funds(c)                         |  |                      | 85,916    |  |         |   | 166,144 |         |  |   | 29,458  |  |  |   | 281,518   | 
|Debt securities:                        |  |                      |           |  |         |   |         |         |  |   |         |  |  |   |           | 
|Domestic companies                      |  |                      | 13,060    |  |         |   |        |         |  |   |        |  |  |   | 13,060    | 
|Foreign companies                       |  |                      | 386,108   |  |         |   |        |         |  |   |        |  |  |   | 386,108   | 
|Pooled funds(d)                         |  |                      | 288,217   |  |         |   | 174,144 |         |  |   | 76,458  |  |  |   | 538,819   | 
|Life insurance company general accounts |  |                      |          |  |         |   | 223,169 |         |  |   |        |  |  |   | 223,169   | 
|Other assets                            |  |                      | 26,771    |  |         |   | 9,072   |         |  |   | 26,205  |  |  |   | 62,048    | 
|                                        |  |                      |           |  |         |   |         |         |  |   |         |  |  |   |           | 
|Total assets                            |  | $                    | 1,006,699 |  |         | $ | 572,529 |         |  | $ | 132,121 |  |  | $ | 1,711,349 | 
|                                        |  |                      |           |  |         |   |         |         |  |   |         |  |  |   |           | 



|(a) | These funds invest in listed equity securities consisting of approximately 50% domestic companies and 50% foreign companies for domestic plans.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------

|(b) | These funds invest in listed debt securities consisting of approximately 80% domestic bonds and 20% foreign bonds for domestic plans.
|--- | -------------------------------------------------------------------------------------------------------------------------------------

|(c) | These funds invest in listed equity securities consisting of mainly foreign companies for foreign plans.
|--- | --------------------------------------------------------------------------------------------------------

|(d) | These funds invest in listed debt securities consisting of mainly foreign bonds for foreign plans.
|--- | --------------------------------------------------------------------------------------------------

|(e) | These funds invest in listed equity securities consisting of approximately 60% domestic companies and 40% foreign companies for domestic plans.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------

|(f) | These funds invest in listed debt securities consisting of approximately 60% domestic bonds and 40% foreign bonds for domestic plans.
|--- | -------------------------------------------------------------------------------------------------------------------------------------

|(g) | These funds invest in listed equity securities consisting of mainly foreign companies for foreign plans.
|--- | --------------------------------------------------------------------------------------------------------

|(h) | These funds invest in listed debt securities consisting of mainly foreign bonds for foreign plans.
|--- | --------------------------------------------------------------------------------------------------

Common stock and bonds of the Company and certain of its domestic subsidiaries included in plan assets were immaterial at March 31, 2010 and 2011.

Ricohs investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit
investments in mutual funds and debt and equity securities and prohibit speculative investment in derivative financial instruments. Ricoh addresses diversification by the use of mutual fund investments whose underlying investments are in domestic
and international fixed income securities and domestic and international equity securities. These mutual funds are readily marketable and can be sold to fund benefit payment obligations as they become payable.

Ricohs model portfolio for Domestic plans consists of three major components: approximately 40% is invested in equity securities, approximately 20%
is invested in debt securities, and approximately 40% is invested in other investment vehicles, primarily consisting of investments in life insurance company general accounts.

Outside Japan, investment policies vary by country, but the long-term investment objectives and strategies remain consistent. However, Ricohs model portfolio for foreign plans has been developed as
follows: approximately 30% is invested in equity securities, approximately 55% is invested in debt securities, and approximately 15% is invested in other investment vehicles, primarily consisting of investments in life insurance company general
accounts.



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The fair value of Level 3 assets for foreign plans, consisting of commingled funds and so on, was
¥9,300 million and ¥10,966 million ($132,121 thousand) as of March 31, 2010 and 2011, respectively.

The following
table presents a reconciliation of activity for the assets and liabilities classified as Level 3 in the fair value hierarchy for the years ended March 31, 2010 and 2011.



|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|--------------------------------------------------- |  | ------------------------------ | ------ | - | ---------------------------- | - | ------ | ------------ |  | - | ------ | - |  | - | ------- | -
|                                                    |  | Millions of yen                |       
|                                                    |  | 2010                           |       
|Foreign plans                                       |  | Equity securitiesPooled funds  |        |   | Debt securitiesPooled funds  |   |        | Other assets |  |   | Total  |  
|Balance at beginning of period                      |  | ¥                              | 1,535  |   |                              | ¥ | 3,936  |              |  | ¥ | 1,911  |   |  | ¥ | 7,382   |  
|Actual return on plan assets:                       |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Relating to assets still held at the reporting date |  |                                | 667    |   |                              |   | 1,597  |              |  |   |       |   |  |   | 2,264   |  
|Relating to assets sold during the period           |  |                                |       |   |                              |   |       |              |  |   |       |   |  |   |        |  
|Purchases, sales, and settlements, net              |  |                                | 374    |   |                              |   | 1,225  |              |  |   | (1,558 | ) |  |   | 41      |  
|Foreign exchange impact                             |  |                                | (79    | ) |                              |   | (204   | )            |  |   | (104   | ) |  |   | (387    | )
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Balance at end of period                            |  | ¥                              | 2,497  |   |                              | ¥ | 6,554  |              |  | ¥ | 249    |   |  | ¥ | 9,300   |  
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|                                                    | 
|                                                    |  | Millions of yen                |       
|                                                    |  | 2011                           |       
|Foreign plans                                       |  | Equity securities:Pooled funds |        |   | Debt securities:Pooled funds |   |        | Other assets |  |   | Total  |  
|Balance at beginning of period                      |  | ¥                              | 2,497  |   |                              | ¥ | 6,554  |              |  | ¥ | 249    |   |  | ¥ | 9,300   |  
|Actual return on plan assets:                       |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Relating to assets still held at the reporting date |  |                                | 220    |   |                              |   | 602    |              |  |   |       |   |  |   | 822     |  
|Relating to assets sold during the period           |  |                                |       |   |                              |   | 25     |              |  |   |       |   |  |   | 25      |  
|Purchases, sales, and settlements, net              |  |                                |       |   |                              |   | (123   | )            |  |   | 2,013  |   |  |   | 1,890   |  
|Foreign exchange impact                             |  |                                | (272   | ) |                              |   | (712   | )            |  |   | (87    | ) |  |   | (1,071  | )
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Balance at end of period                            |  | ¥                              | 2,445  |   |                              | ¥ | 6,346  |              |  | ¥ | 2,175  |   |  | ¥ | 10,966  |  
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|                                                    | 
|                                                    |  | Thousands of Dollars           |       
|                                                    |  | 2011                           |       
|Foreign plans                                       |  | Equity securities:Pooled funds |        |   | Debt securities:Pooled funds |   |        | Other assets |  |   | Total  |  
|Balance at beginning of period                      |  | $                              | 30,084 |   |                              | $ | 78,964 |              |  | $ | 3,000  |   |  | $ | 112,048 |  
|Actual return on plan assets:                       |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Relating to assets still held at the reporting date |  |                                | 2,651  |   |                              |   | 7,253  |              |  |   |       |   |  |   | 9,904   |  
|Relating to assets sold during the period           |  |                                |       |   |                              |   | 301    |              |  |   |       |   |  |   | 301     |  
|Purchases, sales, and settlements, net              |  |                                |       |   |                              |   | (1,482 | )            |  |   | 24,253 |   |  |   | 22,771  |  
|Foreign exchange impact                             |  |                                | (3,277 | ) |                              |   | (8,578 | )            |  |   | (1,048 | ) |  |   | (12,903 | )
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  
|Balance at end of period                            |  | $                              | 29,458 |   |                              | $ | 76,458 |              |  | $ | 26,205 |   |  | $ | 132,121 |  
|                                                    |  |                                |        |   |                              |   |        |              |  |   |        |   |  |   |         |  



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##### Table of Contents

Ricoh expects to contribute ¥12,030 million to its pension plans for the year ending March 31,
2012. The estimated net actuarial loss and prior service credit for Ricohs pension fund plans that will be amortized from accumulated other comprehensive income (loss) into net periodic pension cost over the next year ending March, 2012 are
¥6,516 million and ¥(4,315) million, respectively.

The following benefit payments, which reflect expected future service,
as appropriate, are expected to be paid:



|                      |                 |                |        |                 |               |   |        | 
|--------------------- | --------------- | -------------- | ------ | --------------- | ------------- | - | ------ | 
|Years ending March 31 |                 | Domestic plans |        |                 | Foreign plans |  
|                      | Millions of Yen |                |        | Millions of Yen |              
|2012                  |                 | ¥              | 15,003 |                 |               | ¥ | 7,156  | 
|2013                  |                 |                | 15,704 |                 |               |   | 7,258  | 
|2014                  |                 |                | 13,786 |                 |               |   | 7,759  | 
|2015                  |                 |                | 16,072 |                 |               |   | 8,040  | 
|2016                  |                 |                | 15,435 |                 |               |   | 8,414  | 
|2017  2021           |                 |                | 87,010 |                 |               |   | 48,931 | 

The Company and certain subsidiaries have defined contribution plans. The cost of defined contribution plans for the
years ended March 31, 2009, 2010 and 2011 were ¥6,768 million, ¥5,768 million and ¥6,620 million ($79,759 thousand), respectively.

12. RICOH COMPANY, LTD. SHAREHOLDERS EQUITY

The Corporation Law of Japan provides
that an amount equal to 10% of cash dividends and other distributions from retained earnings paid by the Company and its domestic subsidiaries be appropriated as additional paid-in capital or legal reserve. No further appropriation is required when
the total amount of the additional paid-in capital and legal reserve equals to or exceeds 25% of common stock. Certain foreign subsidiaries are also required to appropriate their earnings to legal reserves under the laws of the respective countries.
Legal reserves included in retained earnings are restricted from being used as dividend distributions.

The Corporation Law of Japan requires
a company to obtain the approval of shareholders for transferring amounts between common stock and additional paid-in capital. The Corporation Law of Japan also permits a company to transfer an amount of common stock or additional paid-in capital to
retained earnings in principle upon approval of shareholders.

Cash dividends are approved by the shareholders after the end of each fiscal
period or are declared by the Board of Directors after the end of each interim six-month period. Such dividends are payable to shareholders of record at the end of each such fiscal or interim six-month period. At the Ordinary General Meeting of
Shareholders held on June 24, 2011, the shareholders approved the declaration of a cash dividend (¥16.50 per share) on the common stock totaling ¥11,970 million ($144,217 thousand), which would be paid to shareholders of record as
of March 31, 2011. The declaration of this dividend has not been reflected in the consolidated financial statements as of March 31, 2011.

The amount of retained earnings legally available for dividend distribution is recorded in the Companys non-consolidated books and amounts to ¥416,483 million ($5,017,867 thousand) as of
March 31, 2011.



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##### Table of Contents

13. OTHER COMPREHENSIVE INCOME (LOSS)

Tax effects allocated to each component of other comprehensive income (loss) as for Ricoh Company, Ltd. shareholders equity are as follows:



|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|------------------------------------------------------------------------------ |  | ---------------- | -------- | - | -------------------- | - | ------- | ---------------- |  | - | ------- | -
|                                                                               |  | Millions of Yen  |         
|                                                                               |  | Before-taxamount |          |   | Tax benefit(expense) |   |         | Net-of-taxamount | 
|2009:                                                                          |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Foreign currency translation adjustments                                       |  | ¥                | (61,189  | ) |                      | ¥ | 19      |                  |  | ¥ | (61,170 | )
|Unrealized gains and losses on securities:                                     |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (25,601  | ) |                      |   | 10,440  |                  |  |   | (15,161 | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 26,499   |   |                      |   | (10,806 | )                |  |   | 15,693  |  
|Net unrealized gains and losses                                                |  |                  | 898      |   |                      |   | (366    | )                |  |   | 532     |  
|Unrealized gains and losses on derivatives:                                    |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (655     | ) |                      |   | 250     |                  |  |   | (405    | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 686      |   |                      |   | (246    | )                |  |   | 440     |  
|Net unrealized gains and losses                                                |  |                  | 31       |   |                      |   | 4       |                  |  |   | 35      |  
|Pension liability adjustments:                                                 |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (57,401  | ) |                      |   | 23,293  |                  |  |   | (34,108 | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 1,015    |   |                      |   | (414    | )                |  |   | 601     |  
|Net unrealized gains and losses                                                |  |                  | (56,386  | ) |                      |   | 22,879  |                  |  |   | (33,507 | )
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Other comprehensive income (loss)                                              |  | ¥                | (116,646 | ) |                      | ¥ | 22,536  |                  |  | ¥ | (94,110 | )
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|2010:                                                                          |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Foreign currency translation adjustments                                       |  | ¥                | (13,638  | ) |                      | ¥ | 2       |                  |  | ¥ | (13,636 | )
|Unrealized gains and losses on securities:                                     |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | 1,132    |   |                      |   | (462    | )                |  |   | 670     |  
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | (247     | ) |                      |   | 101     |                  |  |   | (146    | )
|Net unrealized gains and losses                                                |  |                  | 885      |   |                      |   | (361    | )                |  |   | 524     |  
|Unrealized gains and losses on derivatives:                                    |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (1,490   | ) |                      |   | 612     |                  |  |   | (878    | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 159      |   |                      |   | (65     | )                |  |   | 94      |  
|Net unrealized gains and losses                                                |  |                  | (1,331   | ) |                      |   | 547     |                  |  |   | (784    | )
|Pension liability adjustments:                                                 |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | 7,830    |   |                      |   | (3,176  | )                |  |   | 4,654   |  
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 3,897    |   |                      |   | (1,585  | )                |  |   | 2,312   |  
|Net unrealized gains and losses                                                |  |                  | 11,727   |   |                      |   | (4,761  | )                |  |   | 6,966   |  
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Other comprehensive loss                                                       |  | ¥                | (2,357   | ) |                      | ¥ | (4,573  | )                |  | ¥ | (6,930  | )
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|2011:                                                                          |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Foreign currency translation adjustments                                       |  | ¥                | (38,575  | ) |                      | ¥ | 20      |                  |  | ¥ | (38,555 | )
|Unrealized gains and losses on securities:                                     |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (1,658   | ) |                      |   | 676     |                  |  |   | (982    | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 1,817    |   |                      |   | (741    | )                |  |   | 1,076   |  
|Net unrealized gains and losses                                                |  |                  | 159      |   |                      |   | (65     | )                |  |   | 94      |  
|Unrealized gains and losses on derivatives:                                    |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (233     | ) |                      |   | 95      |                  |  |   | (138    | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 214      |   |                      |   | (87     | )                |  |   | 127     |  
|Net unrealized gains and losses                                                |  |                  | (19      | ) |                      |   | 8       |                  |  |   | (11     | )
|Pension liability adjustments:                                                 |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Unrealized gains and losses arising during the year                            |  |                  | (3,081   | ) |                      |   | 1,195   |                  |  |   | (1,886  | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                  | 2,795    |   |                      |   | (1,088  | )                |  |   | 1,707   |  
|Net unrealized gains and losses                                                |  |                  | (286     | ) |                      |   | 107     |                  |  |   | (179    | )
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  
|Other comprehensive income (loss)                                              |  | ¥                | (38,721  | ) |                      | ¥ | 70      |                  |  | ¥ | (38,651 | )
|                                                                               |  |                  |          |   |                      |   |         |                  |  |   |         |  



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##### Table of Contents

|                                                                               |  |                           |          |   |                      |   |         |                  |  |   |          |  
|------------------------------------------------------------------------------ |  | ------------------------- | -------- | - | -------------------- | - | ------- | ---------------- |  | - | -------- | -
|                                                                               |  | Thousands of U.S. Dollars |         
|                                                                               |  | Before-taxamount          |          |   | Tax benefit(expense) |   |         | Net-of-taxamount | 
|2011                                                                           |  |                           |          |   |                      |   |         |                  |  |   |          |  
|Foreign currency translation adjustments                                       |  | $                         | (464,759 | ) |                      | $ | 241     |                  |  | $ | (464,518 | )
|Unrealized gains and losses on securities:                                     |  |                           |          |   |                      |   |         |                  |  |   |          |  
|Unrealized gains and losses arising during the year                            |  |                           | (19,976  | ) |                      |   | 8,145   |                  |  |   | (11,831  | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                           | 21,892   |   |                      |   | (8,928  | )                |  |   | 12,964   |  
|Net unrealized gains and losses                                                |  |                           | 1,916    |   |                      |   | (783    | )                |  |   | 1,133    |  
|Unrealized gains and losses on derivatives:                                    |  |                           |          |   |                      |   |         |                  |  |   |          |  
|Unrealized gains and losses arising during the year                            |  |                           | (2,807   | ) |                      |   | 1,144   |                  |  |   | (1,663   | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                           | 2,578    |   |                      |   | (1,048  | )                |  |   | 1,530    |  
|Net unrealized gains and losses                                                |  |                           | (229     | ) |                      |   | 96      |                  |  |   | (133     | )
|Pension liability adjustments:                                                 |  |                           |          |   |                      |   |         |                  |  |   |          |  
|Unrealized gains and losses arising during the year                            |  |                           | (37,120  | ) |                      |   | 14,398  |                  |  |   | (22,722  | )
|Less - Reclassification adjustment for gains and losses realized in net income |  |                           | 33,674   |   |                      |   | (13,109 | )                |  |   | 20,565   |  
|Net unrealized gains and losses                                                |  |                           | (3,446   | ) |                      |   | 1,289   |                  |  |   | (2,157   | )
|                                                                               |  |                           |          |   |                      |   |         |                  |  |   |          |  
|Other comprehensive income (loss)                                              |  | $                         | (466,518 | ) |                      | $ | 843     |                  |  | $ | (465,675 | )
|                                                                               |  |                           |          |   |                      |   |         |                  |  |   |          |  

For the year ended March 31, 2011, unrealized gains and losses resulting from the pension liability adjustments was
¥(3,096) million ($(37,301) thousand). The reclassification adjustment for gains and losses realized in net income consists of amortizations of net actuarial loss and prior service cost of ¥(6,380) million ($(76,867) thousand) and
¥3,585 million ($43,193 thousand) respectively. The tax benefits (expenses) mentioned above were ¥1,195 million ($14,398 thousand), ¥2,542 million ($30,627 thousand) and ¥(1,454) million ($(17,518) thousand),
respectively.

For the year ended March 31, 2010, unrealized gains and losses resulting from the pension liability adjustments was
¥7,830 million. The reclassification adjustment for gains and losses realized in net income consists of amortizations of net actuarial loss and prior service cost of ¥(8,166) million and ¥4,269 million respectively. The tax
benefits (expenses) mentioned above were ¥(3,176) million, ¥3,316 million and ¥(1,731) million, respectively.

For
the year ended March 31, 2009, unrealized gains and losses resulting from the pension liability adjustments was ¥(57,401) million. The reclassification adjustment for gains and losses realized in net income consists of amortizations of
net actuarial loss and prior service cost of ¥(5,807) million and ¥4,792 million respectively. The tax benefits (expenses) mentioned above were ¥23,293 million, ¥2,367 million and ¥(1,953) million,
respectively.



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##### Table of Contents

Changes in accumulated other comprehensive income (loss) as for Ricoh Company, Ltd. shareholders
equity are as follows:



|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|---------------------------------------------------- |  | --------------- | -------- | - | ------------------------ | - | -------- | ---- |  | - | -------- | - |  | - | ---------- | -
|                                                     |  | Millions of Yen |          |   | Thousands ofU.S. Dollars |  
|                                                     |  | 2009            |          |   | 2010                     |   |          | 2011 |  |   | 2011     |  
|Foreign currency translation adjustments:            |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Beginning balance                                    |  | ¥               | (11,125  | ) |                          | ¥ | (72,295  | )    |  | ¥ | (85,931  | ) |  | $ | (1,035,313 | )
|Change during the year                               |  |                 | (61,170  | ) |                          |   | (13,636  | )    |  |   | (38,555  | ) |  |   | (464,518   | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Ending balance                                       |  | ¥               | (72,295  | ) |                          | ¥ | (85,931  | )    |  | ¥ | (124,486 | ) |  | $ | (1,499,831 | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Unrealized gains and losses on securities:           |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Beginning balance                                    |  | ¥               | 1,316    |   |                          | ¥ | 1,848    |      |  | ¥ | 2,372    |   |  | $ | 28,578     |  
|Change during the year                               |  |                 | 532      |   |                          |   | 524      |      |  |   | 94       |   |  |   | 1,133      |  
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Ending balance                                       |  | ¥               | 1,848    |   |                          | ¥ | 2,372    |      |  | ¥ | 2,466    |   |  | $ | 29,711     |  
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Unrealized gains and losses on derivatives:          |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Beginning balance                                    |  | ¥               | (408     | ) |                          | ¥ | (373     | )    |  | ¥ | (1,157   | ) |  | $ | (13,940    | )
|Change during the year                               |  |                 | 35       |   |                          |   | (784     | )    |  |   | (11      | ) |  |   | (133       | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Ending balance                                       |  | ¥               | (373     | ) |                          | ¥ | (1,157   | )    |  | ¥ | (1,168   | ) |  | $ | (14,073    | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Pension liability adjustments:                       |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Beginning balance                                    |  | ¥               | (20,788  | ) |                          | ¥ | (54,301  | )    |  | ¥ | (47,335  | ) |  | $ | (570,301   | )
|Adjustment of measurement date change                |  |                 | (6       | ) |                          |   |         |      |  |   |         |   |  |   |           |  
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Adjusted beginning balance                           |  |                 | (20,794  | ) |                          |   | (54,301  | )    |  |   | (47,335  | ) |  |   | (570,301   | )
|Change during the year                               |  |                 | (33,507  | ) |                          |   | 6,966    |      |  |   | (179     | ) |  |   | (2,157     | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Ending balance                                       |  | ¥               | (54,301  | ) |                          | ¥ | (47,335  | )    |  | ¥ | (47,514  | ) |  | $ | (572,458   | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Total accumulated other comprehensive income (loss): |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Beginning balance                                    |  | ¥               | (31,005  | ) |                          | ¥ | (125,121 | )    |  | ¥ | (132,051 | ) |  | $ | (1,590,976 | )
|Adjustment of measurement date change                |  |                 | (6       | ) |                          |   |         |      |  |   |         |   |  |   |           |  
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Adjusted beginning balance                           |  |                 | (31,011  | ) |                          |   | (125,121 | )    |  |   | (132,051 | ) |  |   | (1,590,976 | )
|Change during the year                               |  |                 | (94,110  | ) |                          |   | (6,930   | )    |  |   | (38,651  | ) |  |   | (465,675   | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  
|Ending balance                                       |  | ¥               | (125,121 | ) |                          | ¥ | (132,051 | )    |  | ¥ | (170,702 | ) |  | $ | (2,056,651 | )
|                                                     |  |                 |          |   |                          |   |          |      |  |   |          |   |  |   |            |  



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14. PER SHARE DATA

Dividends per share shown in the consolidated statements of income are computed based on dividends paid for the year.

A reconciliation of the numerator and the denominators of the basic and diluted per share computations for net income attributable to Ricoh Company, Ltd. are as follows:



|                                                              |  |                     |         |  |      |  |         |      |  |  |         | 
|------------------------------------------------------------- |  | ------------------- | ------- |  | ---- |  | ------- | ---- |  |  | ------- | 
|                                                              |  | Thousands of shares |        
|                                                              |  | 2009                |         |  | 2010 |  |         | 2011 | 
|Weighted average number of shares of common stock outstanding |  |                     | 723,925 |  |      |  | 725,613 |      |  |  | 725,555 | 
|Effect of dilutive securities:                                |  |                     |         |  |      |  |         |      |  |  |         | 
|Euro Yen Zero Coupon Convertible Bonds - due December 2011    |  |                     | 19,741  |  |      |  | 19,741  |      |  |  | 13,739  | 
|                                                              |  |                     |         |  |      |  |         |      |  |  |         | 
|Diluted shares of common stock outstanding                    |  |                     | 743,666 |  |      |  | 745,354 |      |  |  | 739,294 | 
|                                                              |  |                     |         |  |      |  |         |      |  |  |         | 



|                                                           |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|---------------------------------------------------------- |  | --------------- | ----- | - | ------------------------ | - | ------ | ---- |  | - | ------ | - |  | - | ------- | -
|                                                           |  | Millions of Yen |       |   | Thousands ofU.S. Dollars |  
|                                                           |  | 2009            |       |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Net income attributable to Ricoh Company, Ltd.             |  | ¥               | 6,530 |   |                          | ¥ | 27,873 |      |  | ¥ | 19,650 |   |  | $ | 236,747 |  
|                                                           |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Effect of dilutive securities:                             |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Euro Yen Zero Coupon Convertible Bonds - due December 2011 |  |                 | (25   | ) |                          |   | (25    | )    |  |   | (38    | ) |  |   | (458    | )
|                                                           |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Diluted net income attributable to Ricoh Company, Ltd.     |  | ¥               | 6,505 |   |                          | ¥ | 27,848 |      |  | ¥ | 19,612 |   |  | $ | 236,289 |  
|                                                           |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|                                                           |  |                
|                                                           |  | Yen             |       |   | U.S. Dollars             |  
|                                                           |  | 2009            |       |   | 2010                     |   |        | 2011 |  |   | 2011   |  
|Net income attributable to Ricoh Company, Ltd. per share:  |  |                 |       |   |                          |   |        |      |  |   |        |   |  |   |         |  
|Basic                                                      |  | ¥               | 9.02  |   |                          | ¥ | 38.41  |      |  | ¥ | 27.08  |   |  | $ | 0.33    |  
|Diluted                                                    |  |                 | 8.75  |   |                          |   | 37.36  |      |  |   | 26.53  |   |  |   | 0.32    |  



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##### Table of Contents

15. DERIVATIVE FINANCIAL INSTRUMENTS

Risk Management Policy

Ricoh enters into various derivative financial instrument contracts
in the normal course of business in connection with the management of its assets and liabilities.

Ricoh uses derivative instruments to reduce
risk and protect market value of assets and liabilities in conformity with Ricohs policy. Ricoh does not use derivative financial instruments for trading or speculative purposes, nor is it a party to leveraged derivatives.

All derivative instruments are exposed to credit risk arising from the inability of counterparties to meet the terms of the derivative contracts.
However, Ricoh does not expect any counterparties to fail to meet their obligations because these counterparties are financial institutions with satisfactory credit ratings. Ricoh utilizes a number of counterparties to minimize the concentration of
credit risk.

Foreign Exchange Risk Management

Ricoh conducts business on a global basis and holds assets and liabilities denominated in foreign currencies. Ricoh enters into foreign exchange contracts and foreign currency options to hedge against the
potentially adverse impacts of foreign currency fluctuations on those assets and liabilities denominated in foreign currencies.

Interest
Rate Risk Management

Ricoh enters into interest rate swap agreements to hedge against the potential adverse impacts of changes in fair
value or cash flow fluctuations on interest of its outstanding debt.

Fair Value Hedges

Changes in the fair value of derivative instruments and the related hedged items designated and qualifying as fair value hedges are included in other
(income) expenses on the consolidated statements of income. There is no hedging ineffectiveness nor are net gains or losses excluded from the assessment of hedge effectiveness for the years ended March 31, 2009, 2010 and 2011 as the critical
terms of the interest rate swap match the terms of the hedged debt obligations. Because hedging instruments and hedging items have expired for the years ended March 31, 2011, there are no fair value hedges as of March 31, 2011.

Cash Flow Hedges

Changes in the fair
value of derivative instruments designated and qualifying as cash flow hedges are included in accumulated other comprehensive income (loss) on the consolidated balance sheets. These amounts are reclassified into earnings as interest on the hedged
loans is paid. There is no hedging ineffectiveness nor are net gains or losses excluded from the assessment of hedge effectiveness for the years ended March 31, 2009, 2010 and 2011 as the critical terms of the interest rate swap match the terms
of the hedged debt obligations. Ricoh expects that it will reclassify into earnings through other expenses during the next 12 months approximately ¥33 million ($398 thousand) of the balance of accumulated other comprehensive loss as of
March 31, 2011.

Undesignated Derivative Instruments

Derivative instruments not designated as hedging instruments are held to reduce the risk relating to the variability in exchange rates on assets and liabilities denominated in foreign currencies. Changes
in the fair value of these instruments are included in other (income) expenses on the consolidated statements of income.



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##### Table of Contents

Contract amounts of derivative instruments at March 31, 2010 and 2011 are shown in the following
tables:



|                              |  |                 |         |  |                          |   |         |      |  |   |           | 
|----------------------------- |  | --------------- | ------- |  | ------------------------ | - | ------- | ---- |  | - | --------- | 
|                              |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|                              |  | 2010            |         |  | 2011                     |   |         | 2011 | 
|Interest rate swap agreements |  | ¥               | 297,501 |  |                          | ¥ | 284,444 |      |  | $ | 3,427,036 | 
|Foreign currency contracts    |  |                 | 138,283 |  |                          |   | 211,249 |      |  |   | 2,545,169 | 
|Foreign currency options      |  |                 | 29,143  |  |                          |   | 3,555   |      |  |   | 42,831    | 

The location and fair value amounts of derivative instruments in consolidated balance sheets at March 31, 2010 and
2011 are shown in the following tables:

Derivatives designated as hedging instruments



|                                                  |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|------------------------------------------------- |  | --------------------- | ------------------------------ | ----- | --------------- | ---- | ----- | ------------------------ | ---- | - | --------------------- | ------ | ---- | --------------- | ------ | ---- | ------------------------ |  | ------------------------------ |  | --- | - | ----- |  | ----- | - | ----- |  |  | - | ------ | 
|                                                  |  | Current               |                                |       | Long-term       |     
|                                                  |  | Fair value            |                                |       | Fair value      |     
|                                                  |  | Balance sheetLocation |                                |       | Millions of Yen |      |       | Thousands ofU.S. Dollars |      |   | Balance sheetLocation |        |      | Millions of Yen |        |      | Thousands ofU.S. Dollars | 
|                                                  |  |                       | 2010                           |       |                 | 2011 |       |                          | 2011 |   |                       |        | 2010 |                 |        | 2011 |                          |  | 2011                           | 
|Asset derivatives                                 |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Interest rate swap agreements                     |  |                       | Deferred incometaxes and other |       |                 | ¥    | 40    |                          |      | ¥ | 4                     |        |      | $               | 48     |      |                          |  | Lease depositsand other        |  |     | ¥ | 12    |  |       | ¥ |      |  |  | $ |       | 
|Liability Derivatives                             |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Interest rate swap agreements                     |  |                       | Accrued expensesand other      |       |                 | ¥    | 10    |                          |      | ¥ | 73                    |        |      | $               | 880    |      |                          |  | Deferred incometaxes and other |  |     | ¥ | 2,564 |  |       | ¥ | 2,766 |  |  | $ | 33,325 | 
|                                                  |  |                      
|Derivatives not designated as hedging instruments |  |                       |                                |       |                 |      |       |                          |     
|                                                  |  |                      
|                                                  |  | Current               |                                |       | Long-term       |     
|                                                  |  | Fair value            |                                |       | Fair value      |     
|                                                  |  | Balance sheetLocation |                                |       | Millions of Yen |      |       | Thousands ofU.S. Dollars |      |   | Balance sheetLocation |        |      | Millions of Yen |        |      | Thousands ofU.S. Dollars | 
|                                                  |  |                       | 2010                           |       |                 | 2011 |       |                          | 2011 |   |                       |        | 2010 |                 |        | 2011 |                          |  | 2011                           | 
|Asset derivatives                                 |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Interest rate swap agreements                     |  |                       | Deferred incometaxes and other |       |                 | ¥    |      |                          |      | ¥ |                      |        |      | $               |       |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Foreign currency contracts                        |  |                       |                                | 356   |                 |      |       | 1,497                    |      |   |                       | 18,036 |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  | 
|Foreign currency options                          |  |                       |                                | 128   |                 |      |       | 20                       |      |   |                       | 241    |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  | 
|                                                  |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Total                                             |  |                       |                                |       |                 | ¥    | 484   |                          |      | ¥ | 1,517                 |        |      | $               | 18,277 |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|                                                  |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Liability derivatives                             |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Interest rate swap agreements                     |  |                       | Accrued expensesand other      |       |                 | ¥    | 46    |                          |      | ¥ | 72                    |        |      | $               | 867    |      |                          |  | Deferred incometaxes and other |  |     | ¥ | 117   |  |       | ¥ | 24    |  |  | $ | 289    | 
|Foreign currency contracts                        |  |                       |                                | 4,076 |                 |      |       | 3,087                    |      |   |                       | 37,193 |      |                 |        |      | 347                      |  |                                |  | 477 |   |       |  | 5,747 |  
|Foreign currency options                          |  |                       |                                | 426   |                 |      |       | 64                       |      |   |                       | 771    |      |                 |        |      |                         |  |                                |  |    |   |       |  |      |  
|                                                  |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 
|Total                                             |  |                       |                                |       |                 | ¥    | 4,548 |                          |      | ¥ | 3,223                 |        |      | $               | 38,831 |      |                          |  |                                |  |     | ¥ | 464   |  |       | ¥ | 501   |  |  | $ | 6,036  | 
|                                                  |  |                       |                                |       |                 |      |       |                          |      |   |                       |        |      |                 |        |      |                          |  |                                |  |     |   |       |  |       |   |       |  |  |   |        | 



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##### Table of Contents

Total fair value amounts of derivative instruments



|                            |  |                 |       |  |                          |   |       |      |  |   |        |  |  |  |  |  |  |  |  | 
|--------------------------- |  | --------------- | ----- |  | ------------------------ | - | ----- | ---- |  | - | ------ |  |  |  |  |  |  |  |  | 
|                            |  | Millions of Yen |       |  | Thousands ofU.S. Dollars |   |       |      |  |   |        |  |  | 
|                            |  | Fair value      |       |  | Fair value               |   |       |     
|                            |  | 2010            |       |  | 2011                     |   |       | 2011 |  |  
|Total asset derivatives     |  | ¥               | 536   |  |                          | ¥ | 1,521 |      |  | $ | 18,325 |  | 
|Total liability derivatives |  | ¥               | 7,586 |  |                          | ¥ | 6,563 |      |  | $ | 79,072 |  | 

The location and amount of gains and losses related to derivatives reported in the consolidated statements of income for
the fourth quarter of the year ended March 31, 2009 and for fiscal year 2010 and 2011 are shown in the following tables. Ricoh adopted disclosures about derivative instruments and hedging activities as of January 1, 2009.

Derivatives designated as hedging instruments for the fourth quarter of the year ended March 31, 2009



|                                              |  |                                                                 |      |   |                                                                                |  |                  |                                                                       |  |   |          |   |  |        |                  |  |  |   |     |  
|--------------------------------------------- |  | --------------------------------------------------------------- | ---- | - | ------------------------------------------------------------------------------ |  | ---------------- | --------------------------------------------------------------------- |  | - | -------- | - |  | ------ | ---------------- |  |  | - | --- | -
|                                              |  | Millions of Yen                                                 |     
|                                              |  | Gain or (loss)recognized in OCIon derivative(effective
portion) |      |   | Gain or (loss) reclassified fromaccumulated OCI into income(effective
portion) |  |                  | Gain or (loss) recognized inincome on derivative(ineffective
portion) | 
|                                              |  | Amount                                                          |      |   | Location                                                                       |  |                  | Amount                                                                |  |   | Location |   |  | Amount |                 
|Cash flow hedgeinterest rate swap agreements  |  | ¥                                                               | (165 | ) |                                                                                |  | Interest expense |                                                                       |  | ¥ | (13      | ) |  |        |                 |  |  | ¥ |    |  
|                                              |  |                                                                
|                                              |  |                                                                 |      |   | Millions of Yen                                                                | 
|                                              |  |                                                                 |      |   | Gain or (loss) recognizedin income on 
derivativeinstruments                   |  |                  | Gain or (loss) recognizedin income on hedged item                     | 
|                                              |  |                                                                 |      |   | Location                                                                       |  |                  | Amount                                                                |  |   | Location |   |  | Amount |                 
|Fair value hedgeinterest rate swap agreements |  |                                                                 |      |   |                                                                                |  | Interest income  |                                                                       |  | ¥ | 44       |   |  |        | Interest expense |  |  | ¥ | (92 | )

Derivatives designated as hedging instruments for the year ended March 31, 2010



|                                              |  |                                                                 |      |   |                                                                                |  |                             |                                                                       |  |   |          |   |  |        |                  |  |  |   |      |  
|--------------------------------------------- |  | --------------------------------------------------------------- | ---- | - | ------------------------------------------------------------------------------ |  | --------------------------- | --------------------------------------------------------------------- |  | - | -------- | - |  | ------ | ---------------- |  |  | - | ---- | -
|                                              |  | Millions of Yen                                                 |     
|                                              |  | Gain or (loss)recognized in OCIon derivative(effective
portion) |      |   | Gain or (loss) reclassified fromaccumulated OCI into income(effective
portion) |  |                             | Gain or (loss) recognized inincome on derivative(ineffective
portion) | 
|                                              |  | Amount                                                          |      |   | Location                                                                       |  |                             | Amount                                                                |  |   | Location |   |  | Amount |                 
|Cash flow hedgeinterest rate swap agreements  |  | ¥                                                               | (878 | ) |                                                                                |  | Interest expense            |                                                                       |  | ¥ | (94      | ) |  |        |                 |  |  | ¥ |     |  
|                                              |  |                                                                 |     
|                                              |  |                                                                 |      |   | Gain or (loss) recognizedin income on derivative 
instruments                  |  |                             | Gain or (loss) recognized inincome on hedged item                     | 
|                                              |  |                                                                 |      |   | Location                                                                       |  |                             | Amount                                                                |  |   | Location |   |  | Amount |                 
|Fair value hedgeinterest rate swap agreements |  |                                                                 |      |   |                                                                                |  | Interest anddividend income |                                                                       |  | ¥ | 173      |   |  |        | Interest expense |  |  | ¥ | (273 | )



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##### Table of Contents

Derivatives designated as hedging instruments for the year ended March 31, 2011



|                                             |  |                                                                            |        |   |                                                                                |  |                  |                                                                       |  |   |          |   |  |        |   |  |  |   |   | 
|-------------------------------------------- |  | -------------------------------------------------------------------------- | ------ | - | ------------------------------------------------------------------------------ |  | ---------------- | --------------------------------------------------------------------- |  | - | -------- | - |  | ------ | - |  |  | - | - | 
|                                             |  | Millions of Yen                                                            |       
|                                             |  | Gain or (loss)recognized in OCIon derivative(effective
portion)            |        |   | Gain or (loss) reclassified fromaccumulated OCI into income(effective
portion) |  |                  | Gain or (loss) recognized inincome on derivative(ineffective
portion) | 
|                                             |  | Amount                                                                     |        |   | Location                                                                       |  |                  | Amount                                                                |  |   | Location |   |  | Amount |  
|Cash flow hedgeinterest rate swap agreements |  | ¥                                                                          | (138   | ) |                                                                                |  | Interest expense |                                                                       |  | ¥ | (127     | ) |  |        |  |  |  | ¥ |  | 
|                                             | 
|                                             |  | Thousands of U.S. Dollars                                                  |       
|                                             |  | Gain or (loss)recognized inaccumulated OCIon derivative(effective
portion) |        |   | Gain or (loss) reclassified fromaccumulated OCI into income(effective
portion) |  |                  | Gain or (loss) recognized inincome on derivative(ineffective portion) | 
|                                             |  | Amount                                                                     |        |   | Location                                                                       |  |                  | Amount                                                                |  |   | Location |   |  | Amount |  
|Cash flow hedgeinterest rate swap agreements |  | $                                                                          | (1,663 | ) |                                                                                |  | Interest expense |                                                                       |  | $ | (1,530   | ) |  |        |  |  |  | $ |  | 



|                                              |  |                                                               |  |        |                                                   |  |          |  |                  |        |  |   |        |  
|--------------------------------------------- |  | ------------------------------------------------------------- |  | ------ | ------------------------------------------------- |  | -------- |  | ---------------- | ------ |  | - | ------ | -
|                                              |  | Millions of Yen                                               | 
|                                              |  | Gain or (loss) recognizedin income on derivative 
instruments |  |        | Gain or (loss) recognizedin income on hedged item | 
|                                              |  | Location                                                      |  | Amount |                                                   |  | Location |  |                  | Amount | 
|Fair value hedgeinterest rate swap agreements |  | Interest anddividend income                                   |  | ¥      | 68                                                |  |          |  | Interest expense |        |  | ¥ | (90    | )
|                                              | 
|                                              |  | Thousands of U.S. Dollars                                     | 
|                                              |  | Gain or (loss) recognized inincome on derivative              |  |        | Gain or (loss) recognized inincome on hedged item | 
|                                              |  | Location                                                      |  | Amount |                                                   |  | Location |  |                  | Amount | 
|Fair value hedgeinterest rate swap agreements |  | Interest anddividend income                                   |  | $      | 819                                               |  |          |  | Interest expense |        |  | $ | (1,084 | )

Derivatives not designated as hedging
instruments



|                              |  |                                                               |      |                 |        |      |                          |   |       |   |  |      |       |  |  |   |        | 
|----------------------------- |  | ------------------------------------------------------------- | ---- | --------------- | ------ | ---- | ------------------------ | - | ----- | - |  | ---- | ----- |  |  | - | ------ | 
|                              |  | Gain or (loss) recognized in income on derivative instruments |     
|                              |  | Location                                                      |      | Millions of Yen |        |      | Thousands ofU.S. Dollars |  
|                              |  |                                                               | 2009 |                 |        | 2010 |                          |   | 2011  |   |  | 2011 |      
|Interest rate swap agreements |  | Other, net                                                    |      | ¥               | 291    |      |                          | ¥ | (74   | ) |  | ¥    | 67    |  |  | $ | 807    | 
|Foreign currency contracts    |  | Foreign currencyexchange (gain) loss, net                     |      |                 | (3,072 | )    |                          |   | (472  | ) |  |      | 2,000 |  |  |   | 24,097 | 
|Foreign currency options      |  | Foreign currencyexchange (gain) loss, net                     |      |                 | (570   | )    |                          |   | 1,145 |   |  |      | 254   |  |  |   | 3,060  | 
|                              |  |                                                               |      |                 |        |      |                          |   |       |   |  |      |       |  |  |   |        | 
|Total                         |  |                                                               |      | ¥               | (3,351 | )    |                          | ¥ | 599   |   |  | ¥    | 2,321 |  |  | $ | 27,964 | 
|                              |  |                                                               |      |                 |        |      |                          |   |       |   |  |      |       |  |  |   |        | 



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16. COMMITMENTS AND CONTINGENT LIABILITIES

As of March 31, 2011, Ricoh had outstanding contractual commitments for acquisition or construction of property, plant and equipment and other assets aggregating ¥32,791 million ($395,072
thousand).

As of March 31, 2011, Ricoh was also contingently liable for certain guarantees including employees housing loans of
¥72 million ($867 thousand).

Ricoh made rental payments totaling ¥54,347 million, ¥52,350 million and
¥46,718 million ($562,867 thousand) for the years ended March 31, 2009, 2010 and 2011, respectively, under cancelable and non-cancelable operating lease agreements for office space, warehouse, machinery and equipment.

The minimum rental payments required under non-cancelable operating lease that have lease terms in excess of one year as of March 31, 2011 are as
follows:



|                      |  |                 |        | 
|--------------------- |  | --------------- | ------ | 
|Years ending March 31 |  | Millions of Yen |       
|2012                  |  | ¥               | 21,363 | 
|2013                  |  |                 | 18,163 | 
|2014                  |  |                 | 14,504 | 
|2015                  |  |                 | 9,725  | 
|2016                  |  |                 | 5,537  | 
|2017 and thereafter   |  |                 | 7,515  | 
|                      |  |                 |        | 
|Total                 |  | ¥               | 76,807 | 
|                      |  |                 |        | 

As of March 31, 2011, the Company and certain subsidiaries were parties to litigation involving routine matters,
such as patent rights. In the opinion of management, the ultimate liability, if any, resulting from such litigation will not materially affect the consolidated financial position or the results of operations of Ricoh.



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17. DISCLOSURES ABOUT THE FAIR VALUE OF FINANCIAL INSTRUMENTS

(a) Cash and cash equivalents, Time deposits, Trade receivables, Short-term borrowings, Current maturities of long-term indebtedness, Trade payables and Accrued expenses

The carrying amounts approximate fair values because of the short maturities of these instruments.

(b) Investment securities

The fair
value of investment securities is principally based on quoted market price. Ricoh have not estimated the fair value of non-marketable equity securities, as it is not practicable. Because there were no quoted market prices for non-marketable equity
securities and each security had different nature and characteristics, reasonable estimates of fair values could not be made without incurring excessive costs. The carrying amounts of non-marketable equity securities were ¥2,425 million and
¥1,971 million ($23,747 thousand) as of March 31, 2010 and 2011, respectively.

(c) Installment loans

The fair value of installment loans is based on the present value of future cash flows using the current interest rate for similar instruments of
comparable maturity.

(d) Long-term indebtedness

The fair value of each of the long-term indebtedness instruments is based on the present value of future cash flows associated with each instrument discounted using the current borrowing rate for similar
instruments of comparable maturity.

(e) Interest rate swap agreements

The fair value of interest rate swap agreements is mainly estimated by obtaining quotes from brokers.

(f) Foreign currency contracts and Foreign currency options

The fair value of foreign
currency contracts and foreign currency options is mainly estimated by obtaining quotes from brokers.

The estimated fair value of the
financial instruments as of March 31, 2010 and 2011 is summarized as follows:



|                                   |  |                 |          |   |                           |   |          |                |  |   |                     |   |  |                |          |   |                     |   |            |   |  |   |            |  
|---------------------------------- |  | --------------- | -------- | - | ------------------------- | - | -------- | -------------- |  | - | ------------------- | - |  | -------------- | -------- | - | ------------------- | - | ---------- | - |  | - | ---------- | -
|                                   |  | Millions of Yen |          |   | Thousands of U.S. Dollars |  
|                                   |  | 2010            |          |   | 2011                      |   |          | 2011           | 
|                                   |  | Carryingamount  |          |   | Estimatedfair value       |   |          | Carryingamount |  |   | Estimatedfair
value |   |  | Carryingamount |          |   | Estimatedfair
value |  
|Investment securities              |  | ¥               | 49,049   |   |                           | ¥ | 49,049   |                |  | ¥ | 48,909              |   |  | ¥              | 48,909   |   |                     | $ | 589,265    |   |  | $ | 589,265    |  
|Installment loans                  |  |                 | 67,505   |   |                           |   | 68,739   |                |  |   | 72,634              |   |  |                | 73,769   |   |                     |   | 875,108    |   |  |   | 888,783    |  
|Long-term indebtedness             |  |                 | (514,718 | ) |                           |   | (501,311 | )              |  |   | (479,422            | ) |  |                | (475,116 | ) |                     |   | (5,776,169 | ) |  |   | (5,724,289 | )
|Interest rate swap agreements, net |  |                 | (2,685   | ) |                           |   | (2,685   | )              |  |   | (2,931              | ) |  |                | (2,931   | ) |                     |   | (35,313    | ) |  |   | (35,313    | )
|Foreign currency contracts, net    |  |                 | (4,067   | ) |                           |   | (4,067   | )              |  |   | (2,067              | ) |  |                | (2,067   | ) |                     |   | (24,904    | ) |  |   | (24,904    | )
|Foreign currency options, net      |  |                 | (298     | ) |                           |   | (298     | )              |  |   | (44                 | ) |  |                | (44      | ) |                     |   | (530       | ) |  |   | (530       | )

Limitations: Fair value estimates are made
at a specific point in time, based on relevant market information and information about the financial instruments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be
determined with precision. Changes in assumptions could significantly affect the estimates.



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##### Table of Contents

18. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-level fair value
hierarchy that prioritizes the inputs used to measure fair value is established. The three levels of inputs used to measure fair value are as follows:



|        |  |   |  |                                                                                                                                                                                                                                                                                                                                              
|------- |  | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Level 1 |  | - |  | Inputs are quoted prices in active markets for identical assets or liabilities.                                                                                                                                                                                                                                                              
|        |  |  
|Level 2 |  | - |  | Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data.
|        |  |  
|Level 3 |  | - |  | Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable.                                                                                                                                                                                                                      

The following tables present the fair-value hierarchy levels of Ricohs assets and liabilities that are measured at
fair value on a recurring basis as of March 31, 2010 and 2011.



|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|------------------------------ |  | --------------- | ------ |  | ------- | - | ----- | ------- |  | - | ----- |  |  | - | ------ | 
|                               |  | Millions of Yen |       
|                               |  | March 31, 2010  |       
|                               |  | Level 1         |        |  | Level 2 |   |       | Level 3 |  |   | Total | 
|Assets:                        |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Available-for-sale securities: |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Domestic equity securities     |  | ¥               | 36,946 |  |         | ¥ |      |         |  | ¥ |      |  |  | ¥ | 36,946 | 
|Foreign equity securities      |  |                 | 7,813  |  |         |   |      |         |  |   |      |  |  |   | 7,813  | 
|Foreign corporate bonds        |  |                 | 1,865  |  |         |   |      |         |  |   |      |  |  |   | 1,865  | 
|Derivative instruments:        |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Interest rate swap agreements  |  |                 |       |  |         |   | 52    |         |  |   |      |  |  |   | 52     | 
|Foreign currency contracts     |  |                 |       |  |         |   | 356   |         |  |   |      |  |  |   | 356    | 
|Foreign currency options       |  |                 |       |  |         |   | 128   |         |  |   |      |  |  |   | 128    | 
|Other investments              |  |                 |       |  |         |   |      |         |  |   | 5,816 |  |  |   | 5,816  | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Total assets                   |  | ¥               | 46,624 |  |         | ¥ | 536   |         |  | ¥ | 5,816 |  |  | ¥ | 52,976 | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Liabilities:                   |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Derivatives instruments:       |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Interest rate swap agreements  |  |                 |       |  |         |   | 2,737 |         |  |   |      |  |  |   | 2,737  | 
|Foreign currency contracts     |  |                 |       |  |         |   | 4,423 |         |  |   |      |  |  |   | 4,423  | 
|Foreign currency options       |  |                 |       |  |         |   | 426   |         |  |   |      |  |  |   | 426    | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Total liabilities              |  | ¥               |       |  |         | ¥ | 7,586 |         |  | ¥ |      |  |  | ¥ | 7,586  | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|                               | 
|                               |  | Millions of Yen |       
|                               |  | March 31, 2011  |       
|                               |  | Level 1         |        |  | Level 2 |   |       | Level 3 |  |   | Total | 
|Assets:                        |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Available-for-sale securities: |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Domestic equity securities     |  | ¥               | 38,243 |  |         | ¥ |      |         |  | ¥ |      |  |  | ¥ | 38,243 | 
|Foreign equity securities      |  |                 | 6,850  |  |         |   |      |         |  |   |      |  |  |   | 6,850  | 
|Foreign corporate bonds        |  |                 | 1,845  |  |         |   |      |         |  |   |      |  |  |   | 1,845  | 
|Derivative instruments:        |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Interest rate swap agreements  |  |                 |       |  |         |   | 4     |         |  |   |      |  |  |   | 4      | 
|Foreign currency contracts     |  |                 |       |  |         |   | 1,497 |         |  |   |      |  |  |   | 1,497  | 
|Foreign currency options       |  |                 |       |  |         |   | 20    |         |  |   |      |  |  |   | 20     | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Total assets                   |  | ¥               | 46,938 |  |         | ¥ | 1,521 |         |  | ¥ |      |  |  | ¥ | 48,459 | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Liabilities:                   |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Derivatives instruments:       |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Interest rate swap agreements  |  |                 |       |  |         |   | 2,935 |         |  |   |      |  |  |   | 2,935  | 
|Foreign currency contracts     |  |                 |       |  |         |   | 3,564 |         |  |   |      |  |  |   | 3,564  | 
|Foreign currency options       |  |                 |       |  |         |   | 64    |         |  |   |      |  |  |   | 64     | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 
|Total liabilities              |  | ¥               |       |  |         | ¥ | 6,563 |         |  | ¥ |      |  |  | ¥ | 6,563  | 
|                               |  |                 |        |  |         |   |       |         |  |   |       |  |  |   |        | 



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##### Table of Contents

|                               |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|------------------------------ |  | -------------------- | ------- |  | ------- | - | ------ | ------- |  | - | ----- |  |  | - | ------- | 
|                               |  | Thousands of Dollars |        
|                               |  | March 31, 2011       |        
|                               |  | Level 1              |         |  | Level 2 |   |        | Level 3 |  |   | Total | 
|Assets:                        |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Available-for-sale securities: |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Domestic equity securities     |  | $                    | 460,759 |  |         | $ |       |         |  | $ |      |  |  | $ | 460,759 | 
|Foreign equity securities      |  |                      | 82,530  |  |         |   |       |         |  |   |      |  |  |   | 82,530  | 
|Foreign corporate bonds        |  |                      | 22,229  |  |         |   |       |         |  |   |      |  |  |   | 22,229  | 
|Derivative instruments:        |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Interest rate swap agreements  |  |                      |        |  |         |   | 48     |         |  |   |      |  |  |   | 48      | 
|Foreign currency contracts     |  |                      |        |  |         |   | 18,036 |         |  |   |      |  |  |   | 18,036  | 
|Foreign currency options       |  |                      |        |  |         |   | 241    |         |  |   |      |  |  |   | 241     | 
|                               |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Total assets                   |  | $                    | 565,518 |  |         | $ | 18,325 |         |  | $ |      |  |  | $ | 583,843 | 
|                               |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Liabilities:                   |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Derivatives instruments:       |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Interest rate swap agreements  |  |                      |        |  |         |   | 35,361 |         |  |   |      |  |  |   | 35,361  | 
|Foreign currency contracts     |  |                      |        |  |         |   | 42,940 |         |  |   |      |  |  |   | 42,940  | 
|Foreign currency options       |  |                      |        |  |         |   | 771    |         |  |   |      |  |  |   | 771     | 
|                               |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 
|Total liabilities              |  | $                    |        |  |         | $ | 79,072 |         |  | $ |      |  |  | $ | 79,072  | 
|                               |  |                      |         |  |         |   |        |         |  |   |       |  |  |   |         | 

Available-for-sale securities

Available-for-sale securities classified Level 1 in the fair value hierarchy contain marketable equity securities and bonds. Marketable equity securities and bonds are valued using a market approach based
on the quoted market prices of identical instruments in active markets.

Derivative instruments

Ricoh uses foreign exchange contracts, currency swap agreements, foreign currency options and interest rate swap agreements to manage exposure to the
variability of cash flow. These derivative instruments are classified as Level 2 in the fair value hierarchy, since they are valued using observable market data such as LIBOR-based yield curves.

Assets and liabilities measured at fair value on a nonrecurring basis

During the year ended March 31, 2011, long-lived assets held and used with a carrying amount of ¥1,556 million ($18,747 thousand) were written down to their fair value of
¥714 million ($8,602 thousand), resulting in an impairment charge of ¥842 million ($10,145 thousand), which was included in cost of sales and selling and general administrative expenses in the consolidated statement of income.
These measurements are classified as Level 3 since significant unobservable inputs, such as the conditions of the assets or projections of future cash flows, were considered in the fair value measurements.

During the year ended March 31, 2010, long-lived assets held and used with a carrying amount of ¥3,029 million were written down to their
fair value of ¥676 million, resulting in an impairment charge of ¥2,353 million, which was included in selling and general administrative expenses in the consolidated statement of income. These measurements are classified as Level
3 since significant unobservable inputs, such as the conditions of the assets or projections of future cash flows, were considered in the fair value measurements.

Other investments

Other investments classified as Level 3 in the fair value hierarchy
represent the retained interests in securitizations of finance lease receivables in which Ricoh valued using cash flows discounted by an estimated interest rate reflecting underlying risks. In accordance with the new consolidation provisions, Ricoh
consolidated the trust for the year beginning on April 1, 2010, and eliminated the retained interests. The detail of this new consolidation provisions is summarized in Note 4. The following table presents a reconciliation of activity for the
Other investments classified as Level 3 in the fair value hierarchy for the year ended March 31, 2010.



|                                                           |  |                 |       | 
|---------------------------------------------------------- |  | --------------- | ----- | 
|                                                           |  | Millions of yen |      
|                                                           |  | 2010            |      
|Balance at beginning of period                             |  | ¥               | 4,293 | 
|Total gains or losses (realized and unrealized)            |  |                 |       | 
|Included in net income attributable to Ricoh Company, Ltd. |  |                 |      | 
|Included in other comprehensive income (loss)              |  |                 |      | 
|Sales, collections and repurchases, net                    |  |                 | 1,523 | 
|                                                           |  |                 |       | 
|Balance at end of period                                   |  | ¥               | 5,816 | 
|                                                           |  |                 |       | 



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19. CREDIT QUALITY OF FINANCING RECEIVABLES AND THE ALLOWANCE FOR DOUBTFUL RECEIVABLES

(a) Financing receivables and Allowance for doubtful receivables

The financial subsidiaries of the Company have financing receivables and Ricoh classifies them into three categories; lease receivables, installment loans and installment
receivables and other. These receivables consist of a large number of smaller-balance homogenous loans, lease receivables and installment receivables. Financing receivables classified as lease receivables and installment
receivables and other are resulting from sale and lease transactions of mainly office equipment. Financing receivables classified as installment loans are resulting from financial services.

Ricoh continuously monitors overdue financing receivables, which Ricoh considers as uncollectible risk receivables. For financing receivables with
specific customer collection issues, Ricoh individually evaluates their collectability in order to determine the amount of allowance for doubtful receivables. For other financing receivables, Ricoh categorizes these receivables into groups by their
nature and characteristics. Ricoh collectively evaluates the collectability by each group, using its historical experience of write-off and determines the amount of allowance for doubtful receivables.

Financing receivables and allowance for doubtful receivables as of March 31, 2011 are as follows:



|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|------------------------------------------ |  | ------------------------- | --------- |  | ---------------- | - | ------- | ------------------------------- |  | - | ------- |  |  | - | --------- | 
|                                           |  | Millions of Yen           |          
|                                           |  | March 31, 2011            |          
|                                           |  | Leasereceivables          |           |  | Installmentloans |   |         | Installmentreceivablesand other |  |   | Total   | 
|Allowance for doubtful receivables:        |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Individually evaluated                     |  | ¥                         | 4,554     |  |                  | ¥ | 710     |                                 |  | ¥ | 1,249   |  |  | ¥ | 6,513     | 
|Collectively evaluated                     |  |                           | 5,973     |  |                  |   | 1,062   |                                 |  |   | 1,236   |  |  |   | 8,271     | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total : Allowance for doubtful receivables |  | ¥                         | 10,527    |  |                  | ¥ | 1,772   |                                 |  | ¥ | 2,485   |  |  | ¥ | 14,784    | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Financing receivables:                     |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Individually evaluated                     |  |                           | 72,080    |  |                  |   | 1,105   |                                 |  |   | 4,112   |  |  |   | 77,297    | 
|Collectively evaluated                     |  |                           | 520,266   |  |                  |   | 73,301  |                                 |  |   | 46,093  |  |  |   | 639,660   | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total : Financing receivables              |  | ¥                         | 592,346   |  |                  | ¥ | 74,406  |                                 |  | ¥ | 50,205  |  |  | ¥ | 716,957   | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|                                           | 
|                                           |  | Thousands of U.S. Dollars |          
|                                           |  | March 31, 2011            |          
|                                           |  | Leasereceivables          |           |  | Installmentloans |   |         | Installmentreceivablesand other |  |   | Total   | 
|Allowance for doubtful receivables:        |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Individually evaluated                     |  | $                         | 54,867    |  |                  | $ | 8,555   |                                 |  | $ | 15,048  |  |  | $ | 78,470    | 
|Collectively evaluated                     |  |                           | 71,964    |  |                  |   | 12,795  |                                 |  |   | 14,892  |  |  |   | 99,651    | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total : Allowance for doubtful receivables |  | $                         | 126,831   |  |                  | $ | 21,350  |                                 |  | $ | 29,940  |  |  | $ | 178,121   | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Financing receivables:                     |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Individually evaluated                     |  |                           | 868,434   |  |                  |   | 13,313  |                                 |  |   | 49,542  |  |  |   | 931,289   | 
|Collectively evaluated                     |  |                           | 6,268,265 |  |                  |   | 883,145 |                                 |  |   | 555,337 |  |  |   | 7,706,747 | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total : Financing receivables              |  | $                         | 7,136,699 |  |                  | $ | 896,458 |                                 |  | $ | 604,879 |  |  | $ | 8,638,036 | 
|                                           |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 



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##### Table of Contents

(b) Age Analysis

Ricoh ascribes the fact of past due to credit quality indicators and classifies financing receivables into Overdue and Current.

Analysis of the age of the recorded financing receivables as of March 31, 2011 is as follows:



|                              |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|----------------------------- |  | ------------------------- | --------- |  | ---------------- | - | ------- | ------------------------------- |  | - | ------- |  |  | - | --------- | 
|                              |  | Millions of Yen           |          
|                              |  | March 31, 2011            |          
|                              |  | Leasereceivables          |           |  | Installmentloans |   |         | Installmentreceivablesand other |  |   | Total   | 
|Current                       |  | ¥                         | 584,913   |  |                  | ¥ | 74,373  |                                 |  | ¥ | 48,544  |  |  | ¥ | 707,830   | 
|Overdue                       |  |                           | 7,433     |  |                  |   | 33      |                                 |  |   | 1,661   |  |  |   | 9,127     | 
|                              |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total : Financing receivables |  | ¥                         | 592,346   |  |                  | ¥ | 74,406  |                                 |  | ¥ | 50,205  |  |  | ¥ | 716,957   | 
|                              |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|                              | 
|                              |  | Thousands of U.S. Dollars |          
|                              |  | March 31, 2011            |          
|                              |  | Leasereceivables          |           |  | Installmentloans |   |         | Installmentreceivablesand other |  |   | Total   | 
|Current                       |  | $                         | 7,047,145 |  |                  | $ | 896,060 |                                 |  | $ | 584,867 |  |  | $ | 8,528,072 | 
|Overdue                       |  |                           | 89,554    |  |                  |   | 398     |                                 |  |   | 20,012  |  |  |   | 109,964   | 
|                              |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 
|Total: Financing receivables  |  | $                         | 7,136,699 |  |                  | $ | 896,458 |                                 |  | $ | 604,879 |  |  | $ | 8,638,036 | 
|                              |  |                           |           |  |                  |   |         |                                 |  |   |         |  |  |   |           | 

20. SEGMENT INFORMATION

Ricohs operating segments are comprised of Imaging & Solutions, including copiers and related supplies, communications and information systems, Industrial Products, including thermal media
and semiconductors, and Other, including digital cameras.

Segment profit (loss) is determined by subtracting cost of sales and selling,
general and administrative expenses from sales, and is used by Ricohs chief operating decision maker in deciding how to allocate resources and in assessing performance. Segment profit (loss) excludes certain corporate expenses, such as costs
related to human resources, legal relations, investor relations, public relations, corporate planning and environmental activities.



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The following tables present certain information regarding Ricohs operating segments and geographic
areas for the years ended March 31, 2009, 2010 and 2011. No single customer accounted for 10% or more of the total revenues for the years ended as of March 31, 2009, 2010 and 2011.

(a) Operating Segment Information



|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|--------------------------------------------------------------- |  | --------------- | --------- | - | ------------------------ | - | --------- | ---- |  | - | --------- | - |  | - | ---------- | -
|                                                                |  | Millions of Yen |           |   | Thousands ofU.S. Dollars |  
|                                                                |  | 2009            |           |   | 2010                     |   |           | 2011 |  |   | 2011      |  
|Segment sales:                                                  |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 1,833,098 |   |                          | ¥ | 1,790,243 |      |  | ¥ | 1,713,307 |   |  | $ | 20,642,253 |  
|Industrial Products                                             |  |                 | 119,671   |   |                          |   | 106,128   |      |  |   | 112,243   |   |  |   | 1,352,325  |  
|Other                                                           |  |                 | 143,048   |   |                          |   | 124,402   |      |  |   | 121,876   |   |  |   | 1,468,386  |  
|Intersegment transaction (a)                                    |  |                 | (4,121    | ) |                          |   | (4,436    | )    |  |   | (5,413    | ) |  |   | (65,217    | )
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total segment sales                                             |  | ¥               | 2,091,696 |   |                          | ¥ | 2,016,337 |      |  | ¥ | 1,942,013 |   |  | $ | 23,397,747 |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Segment profit (loss):                                          |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 145,366   |   |                          | ¥ | 140,423   |      |  | ¥ | 134,411   |   |  | $ | 1,619,410  |  
|Industrial Products                                             |  |                 | (4,926    | ) |                          |   | (1,355    | )    |  |   | 1,006     |   |  |   | 12,120     |  
|Other                                                           |  |                 | 358       |   |                          |   | (3,447    | )    |  |   | (4,911    | ) |  |   | (59,169    | )
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Total segment profit                                            |  | ¥               | 140,798   |   |                          | ¥ | 135,621   |      |  | ¥ | 130,506   |   |  | $ | 1,572,361  |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Reconciling items:                                              |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Corporate expenses and elimination                              |  |                 | (66,262   | ) |                          |   | (69,624   | )    |  |   | (70,310   | ) |  |   | (847,108   | )
|Interest and dividend income                                    |  |                 | 5,227     |   |                          |   | 3,472     |      |  |   | 2,986     |   |  |   | 35,976     |  
|Interest expense                                                |  |                 | (5,863    | ) |                          |   | (8,144    | )    |  |   | (8,498    | ) |  |   | (102,385   | )
|Foreign currency exchange loss, net                             |  |                 | (15,575   | ) |                          |   | (4,756    | )    |  |   | (6,950    | ) |  |   | (83,735    | )
|Losses on impairment of securities                              |  |                 | (26,837   | ) |                          |   | (169      | )    |  |   | (1,844    | ) |  |   | (22,217    | )
|Other, net                                                      |  |                 | (549      | ) |                          |   | 1,124     |      |  |   | (490      | ) |  |   | (5,904     | )
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Income before income taxes and equity in earnings of affiliates |  | ¥               | 30,939    |   |                          | ¥ | 57,524    |      |  | ¥ | 45,400    |   |  | $ | 546,988    |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|                                                                |  |                
|                                                                |  | Millions of Yen |           |   | Thousands ofU.S. Dollars |  
|                                                                |  | 2009            |           |   | 2010                     |   |           | 2011 |  |   | 2011      |  
|Total assets:                                                   |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 1,870,110 |   |                          | ¥ | 1,827,063 |      |  | ¥ | 1,776,906 |   |  | $ | 21,408,506 |  
|Industrial Products                                             |  |                 | 83,411    |   |                          |   | 78,464    |      |  |   | 73,894    |   |  |   | 890,289    |  
|Other                                                           |  |                 | 97,092    |   |                          |   | 89,342    |      |  |   | 80,527    |   |  |   | 970,205    |  
|Elimination                                                     |  |                 | (612      | ) |                          |   | (1,250    | )    |  |   | (1,664    | ) |  |   | (20,048    | )
|Corporate assets                                                |  |                 | 463,494   |   |                          |   | 390,324   |      |  |   | 332,733   |   |  |   | 4,008,831  |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Consolidated                                                    |  | ¥               | 2,513,495 |   |                          | ¥ | 2,383,943 |      |  | ¥ | 2,262,396 |   |  | $ | 27,257,783 |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Capital expenditures:                                           |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 87,658    |   |                          | ¥ | 60,482    |      |  | ¥ | 59,383    |   |  | $ | 715,458    |  
|Industrial Products                                             |  |                 | 4,581     |   |                          |   | 3,325     |      |  |   | 3,235     |   |  |   | 38,976     |  
|Other                                                           |  |                 | 2,776     |   |                          |   | 1,553     |      |  |   | 2,487     |   |  |   | 29,964     |  
|Corporate assets                                                |  |                 | 1,943     |   |                          |   | 1,619     |      |  |   | 1,871     |   |  |   | 22,542     |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Consolidated                                                    |  | ¥               | 96,958    |   |                          | ¥ | 66,979    |      |  | ¥ | 66,976    |   |  | $ | 806,940    |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Depreciation of property, plant and equipment:                  |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 64,356    |   |                          | ¥ | 62,432    |      |  | ¥ | 59,269    |   |  | $ | 714,084    |  
|Industrial Products                                             |  |                 | 6,131     |   |                          |   | 4,385     |      |  |   | 4,190     |   |  |   | 50,482     |  
|Other                                                           |  |                 | 2,442     |   |                          |   | 1,922     |      |  |   | 2,044     |   |  |   | 24,626     |  
|Corporate assets                                                |  |                 | 1,957     |   |                          |   | 1,590     |      |  |   | 1,736     |   |  |   | 20,916     |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Consolidated                                                    |  | ¥               | 74,886    |   |                          | ¥ | 70,329    |      |  | ¥ | 67,239    |   |  | $ | 810,108    |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Amortization of intangible assets:                              |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Imaging & Solutions                                             |  | ¥               | 21,662    |   |                          | ¥ | 21,954    |      |  | ¥ | 19,035    |   |  | $ | 229,338    |  
|Industrial Products                                             |  |                 | 718       |   |                          |   | 683       |      |  |   | 625       |   |  |   | 7,530      |  
|Other                                                           |  |                 | 772       |   |                          |   | 1,224     |      |  |   | 1,226     |   |  |   | 14,771     |  
|Corporate assets                                                |  |                 | 3,779     |   |                          |   | 4,751     |      |  |   | 5,275     |   |  |   | 63,554     |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  
|Consolidated                                                    |  | ¥               | 26,931    |   |                          | ¥ | 28,612    |      |  | ¥ | 26,161    |   |  | $ | 315,193    |  
|                                                                |  |                 |           |   |                          |   |           |      |  |   |           |   |  |   |            |  



|(a) | Intersegment sales represent sales of Industrial Products segment to Imaging & Solutions segment.
|--- | -------------------------------------------------------------------------------------------------

|(b) | Corporate assets consist primarily of cash and cash equivalents and securities maintained for general corporate purposes.
|--- | -------------------------------------------------------------------------------------------------------------------------



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(b) Geographic Information

Sales, which are based on location of customers, and Long-lived assets, which are based on the location of these assets are presented on a geographical area basis (Ricoh does not present these amounts by
foreign country because it is impracticable to do so) for the years ended March 31, 2009, 2010 and 2011 are as follows:



|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|------------------------------ |  | --------------- | --------- |  | ------------------------ | - | --------- | ---- |  | - | --------- |  |  | - | ---------- | 
|                               |  | Millions of Yen |           |  | Thousands ofU.S. Dollars |  
|                               |  | 2009            |           |  | 2010                     |   |           | 2011 |  |   | 2011      | 
|Sales:                         |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Japan                          |  | ¥               | 938,331   |  |                          | ¥ | 876,578   |      |  | ¥ | 875,859   |  |  | $ | 10,552,518 | 
|The Americas                   |  |                 | 502,862   |  |                          |   | 557,687   |      |  |   | 521,970   |  |  |   | 6,288,795  | 
|Europe                         |  |                 | 523,407   |  |                          |   | 458,584   |      |  |   | 413,936   |  |  |   | 4,987,181  | 
|Other                          |  |                 | 127,096   |  |                          |   | 123,488   |      |  |   | 130,248   |  |  |   | 1,569,253  | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Consolidated                   |  | ¥               | 2,091,696 |  |                          | ¥ | 2,016,337 |      |  | ¥ | 1,942,013 |  |  | $ | 23,397,747 | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Property, plant and equipment: |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Japan                          |  | ¥               | 204,761   |  |                          | ¥ | 199,944   |      |  | ¥ | 201,853   |  |  | $ | 2,431,964  | 
|The Americas                   |  |                 | 27,115    |  |                          |   | 24,497    |      |  |   | 24,856    |  |  |   | 299,470    | 
|Europe                         |  |                 | 16,830    |  |                          |   | 16,629    |      |  |   | 19,393    |  |  |   | 233,651    | 
|Other                          |  |                 | 20,630    |  |                          |   | 21,951    |      |  |   | 18,638    |  |  |   | 224,554    | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Consolidated                   |  | ¥               | 269,336   |  |                          | ¥ | 263,021   |      |  | ¥ | 264,740   |  |  | $ | 3,189,639  | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Intangible assets:             |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Japan                          |  | ¥               | 61,117    |  |                          | ¥ | 54,383    |      |  | ¥ | 52,722    |  |  | $ | 635,205    | 
|The Americas                   |  |                 | 82,829    |  |                          |   | 68,865    |      |  |   | 53,446    |  |  |   | 643,928    | 
|Europe                         |  |                 | 20,676    |  |                          |   | 24,175    |      |  |   | 24,097    |  |  |   | 290,325    | 
|Other                          |  |                 | 504       |  |                          |   | 463       |      |  |   | 383       |  |  |   | 4,614      | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 
|Consolidated                   |  | ¥               | 165,126   |  |                          | ¥ | 147,886   |      |  | ¥ | 130,648   |  |  | $ | 1,574,072  | 
|                               |  |                 |           |  |                          |   |           |      |  |   |           |  |  |   |            | 



|(a) | Long-lived assets consist of property, plant and equipment and intangible assets.
|--- | ---------------------------------------------------------------------------------

21. SUPPLEMENTARY INFORMATION TO THE STATEMENT OF INCOME

The following amounts are charged
to selling, general and administrative expenses for the years ended March 31, 2009, 2010 and 2011:



|                               |  |                 |         |  |                          |   |         |      |  |   |         |  |  |   |           | 
|------------------------------ |  | --------------- | ------- |  | ------------------------ | - | ------- | ---- |  | - | ------- |  |  | - | --------- | 
|                               |  | Millions of Yen |         |  | Thousands ofU.S. Dollars |  
|                               |  | 2009            |         |  | 2010                     |   |         | 2011 |  |   | 2011    | 
|Research and development costs |  | ¥               | 124,406 |  |                          | ¥ | 109,826 |      |  | ¥ | 110,822 |  |  | $ | 1,335,205 | 
|Advertising costs              |  |                 | 13,453  |  |                          |   | 9,119   |      |  |   | 10,922  |  |  |   | 131,590   | 
|Shipping and handling costs    |  |                 | 19,914  |  |                          |   | 17,220  |      |  |   | 19,947  |  |  |   | 240,325   | 



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22. EFFECT OF THE GREAT EAST JAPAN EARTHQUAKE

As a result of the Great East Japan Earthquake on March 11, 2011, Ricoh recorded costs and expenses of ¥4,978 million ($ 59,976 thousand) in
total for the year ended March 31, 2011, consisting of the followings.



|                                                                                   |  |                           |        |  |                                            |   |        |                         |  |   |        | 
|---------------------------------------------------------------------------------- |  | ------------------------- | ------ |  | ------------------------------------------ | - | ------ | ----------------------- |  | - | ------ | 
|                                                                                   |  | Millions of yen           |       
|                                                                                   |  | 2011                      |       
|                                                                                   |  | Cost of sales             |        |  | Selling, general andadministrativeexpenses |   |        | Total costs andexpenses | 
|Bad debt expense for trade receivables and finance receivables                     |  | ¥                         |       |  |                                            | ¥ | 3,434  |                         |  | ¥ | 3,434  | 
|Losses due to write-downs of damaged inventories and property, plant and equipment |  |                           | 1,005  |  |                                            |   | 167    |                         |  |   | 1,172  | 
|Other                                                                              |  |                           | 12     |  |                                            |   | 360    |                         |  |   | 372    | 
|                                                                                   |  |                           |        |  |                                            |   |        |                         |  |   |        | 
|Total                                                                              |  | ¥                         | 1,017  |  |                                            | ¥ | 3,961  |                         |  | ¥ | 4,978  | 
|                                                                                   |  |                           |        |  |                                            |   |        |                         |  |   |        | 
|                                                                                   | 
|                                                                                   |  | Thousands of U.S. Dollars |       
|                                                                                   |  | 2011                      |       
|                                                                                   |  | Cost of sales             |        |  | Selling, general andadministrativeexpenses |   |        | Total costs andexpenses | 
|Bad debt expense for account receivables and finance receivables                   |  | $                         |       |  |                                            | $ | 41,374 |                         |  | $ | 41,374 | 
|Losses due to write-downs of damaged inventories and property, plant and equipment |  |                           | 12,108 |  |                                            |   | 2,012  |                         |  |   | 14,120 | 
|Other                                                                              |  |                           | 145    |  |                                            |   | 4,337  |                         |  |   | 4,482  | 
|                                                                                   |  |                           |        |  |                                            |   |        |                         |  |   |        | 
|Total                                                                              |  | $                         | 12,253 |  |                                            | $ | 47,723 |                         |  | $ | 59,976 | 
|                                                                                   |  |                           |        |  |                                            |   |        |                         |  |   |        | 

The following is breakdown of these costs and expenses by operating segments and corporate.



|                    |  |                 |       |  |                          |   |        | 
|------------------- |  | --------------- | ----- |  | ------------------------ | - | ------ | 
|                    |  | Millions of Yen |       |  | Thousands ofU.S. Dollars |  
|                    |  | 2011            |       |  | 2011                     |  
|Imaging & Solutions |  | ¥               | 4,516 |  |                          | $ | 54,409 | 
|Industrial Products |  |                 | 80    |  |                          |   | 964    | 
|Other               |  |                 | 139   |  |                          |   | 1,675  | 
|Corporate           |  |                 | 243   |  |                          |   | 2,928  | 
|                    |  |                 |       |  |                          |   |        | 
|Ending balance      |  | ¥               | 4,978 |  |                          | $ | 59,976 | 
|                    |  |                 |       |  |                          |   |        | 

In addition to above, Ricoh experienced idle production facilities or production levels below a normal capacity. In
periods of abnormally low production, unallocated overhead costs were expensed in the period in which they were incurred. Ricoh recognized unallocated overhead costs of ¥1,057 million ($ 12,735 thousand) as cost of sales for the year ended
March 31, 2011. The costs in Imaging & Solutions and Industrial products operating segment were ¥1,005 million ($12,108 thousand) and ¥52 million ($627 thousand), respectively.

23. SUBSEQUENT EVENT

At the Group
Management Committee (a decision-making body of Executive Officers) held on June 29, 2011, the Company decided to put out a call to personnel for voluntary early retirement as follows in order to further enhance competitiveness and improve
profitability:



|                                                                   |  |                                                                         
|------------------------------------------------------------------ |  | ------------------------------------------------------------------------
|(1) Number of personnel that may elect voluntary early retirement: |  | Approximately 1,600 among the Company and Ricoh group companies in Japan
|(2) Application period:                                            |  | July 1, 2011 to October 31, 2011 (Expected)                             
|(3) Date of retirement:                                            |  | August 1, 2011 to November 30, 2011                                     

Expenses, such as special retirement payments, that arise from this voluntary early retirement program are estimated to
total approximately ¥23,000 million and will be recognized in the Companys consolidated financial statements when upon elected by each employee that decided to accept voluntary early retirement.

In addition to this program, the Company will continue to implement measures to optimize its human resources such as by decreasing the number of
personnel (through natural attrition on a global basis, including in Japan, whereby new personnel will not be hired to replenish retiring personnel and prior hiring decisions will be reexamined), undertaking internally businesses that were
out-sourced to external parties and relocating personnel, such that the personnel headcount would be reduced in the aggregate by approximately 10,000 persons on a group-wide basis.



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Ricoh Company, Ltd. and Consolidated Subsidiaries

Schedule II.  Valuation and Qualifying Accounts and Reserves

For the Three Years Ended March 31, 2009, 2010 and 2011



|                                        |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|--------------------------------------- |  | ---------------------------- | ------ |  | --------------------------- |  | ------ | ----------------------- |  |  | ---------------- |  |  | --------------------- | ------ | - | ---------------------- |  | ------ | - |  |  | ------ | 
|                                        |  | (Millions of Yen)            |       
|                                        |  |                              |        |  | Additions                   |  |        |                         |  |  |                  |  |  |                       |       
|Description                             |  | Balance atbeginningof period |        |  | Charged tocosts andexpenses |  |        | Chargedto otheraccounts |  |  | Deductions(2)(3) |  |  | Translationadjustment |        |   | Balance atend ofperiod | 
|For the year ended March 31, 2009:      |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Allowance for doubtful receivables(1):  |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Trade receivables                       |  |                              | 16,666 |  |                             |  | 7,254  |                         |  |  | 604              |  |  |                       | (1,451 | ) |                        |  | (1,540 | ) |  |  | 21,533 | 
|Finance receivables                     |  |                              | 10,535 |  |                             |  | 3,013  |                         |  |  | 638              |  |  |                       | (2,459 | ) |                        |  | (201   | ) |  |  | 11,526 | 
|Deferred tax assets valuation allowance |  |                              | 10,661 |  |                             |  | 14,041 |                         |  |  | 3,368            |  |  |                       | (2,414 | ) |                        |  | (1,484 | ) |  |  | 24,172 | 
|For the year ended March 31, 2010:      |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Allowance for doubtful receivables(1):  |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Trade receivables                       |  |                              | 21,533 |  |                             |  | 1,598  |                         |  |  |                 |  |  |                       | (5,637 | ) |                        |  | (598   | ) |  |  | 16,896 | 
|Finance receivables                     |  |                              | 11,526 |  |                             |  | 5,566  |                         |  |  |                 |  |  |                       | (5,130 | ) |                        |  | (43    | ) |  |  | 11,919 | 
|Deferred tax assets valuation allowance |  |                              | 24,172 |  |                             |  | 9,132  |                         |  |  |                 |  |  |                       | (3,268 | ) |                        |  | (1,054 | ) |  |  | 28,982 | 
|For the year ended March 31, 2011:      |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Allowance for doubtful receivables(1):  |  |                              |        |  |                             |  |        |                         |  |  |                  |  |  |                       |        |   |                        |  |        |   |  |  |        | 
|Trade receivables                       |  |                              | 16,896 |  |                             |  | 2,919  |                         |  |  |                 |  |  |                       | (2,472 | ) |                        |  | (783   | ) |  |  | 16,560 | 
|Finance receivables                     |  |                              | 11,919 |  |                             |  | 3,132  |                         |  |  |                 |  |  |                       | (2,596 | ) |                        |  | (156   | ) |  |  | 12,299 | 
|Deferred tax assets valuation allowance |  |                              | 28,982 |  |                             |  | 11,367 |                         |  |  |                 |  |  |                       | (1,185 | ) |                        |  | (2,915 | ) |  |  | 36,249 | 



Notes:

|(1) | See Note 2(g) to Consolidated Financial Statements.
|--- | ---------------------------------------------------

|(2) | Receivables - Write-offs
|--- | ------------------------

|(3) | Deferred tax - Realization of tax benefits, removal of deferred tax assets that had valuation allowances
|--- | --------------------------------------------------------------------------------------------------------



F-55