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Ricoh Forms Ricoh U.S.: Major Organizational Change

Press release from the issuing company

WEST CALDWELL, N.J. -Sept. 4, 2002--Ricoh Corporation, the Dependable Digital output company, announced today the formation of Ricoh U.S., a newly developed business unit within Ricoh Corporation. Ricoh U.S. will be comprised of Ricoh Corporation's Office Products Group, (including the Ricoh, Savin and Gestetner brands), the Office Solutions Group and the four Ricoh Business Systems sales subsidiaries. The new Ricoh U.S. organizational structure will take effect on October 1, 2002, when it will begin to utilize a single management team and business plan. Full integration of Ricoh and Savin entities into Ricoh U.S. will take approximately two to three years to complete. The creation of Ricoh U.S. is a major step in the transformation of Ricoh Corporation from a copier and fax hardware supplier into a total document and printing solutions provider. By combining Ricoh and Savin capabilities, Ricoh Corporation will be a simpler, faster and easier company to do business. The Ricoh U.S. management team will be responsible for creating the unit's new business plan and determining the resources necessary to achieve that plan. The Ricoh, Savin and Gestetner brands as well as their respective dealer networks and existing distribution channels will remain intact and be maintained under Ricoh Corporation. Additionally, Lanier Worldwide, acquired by Ricoh Corporation in 2001, will not become part of Ricoh U.S., but will continue to function as a separate unit of the Ricoh Family Group. "Ricoh Corporation is extremely pleased to announce the formation of Ricoh U.S. Maximizing the resources of both Ricoh and Savin Corporations will allow us to drive down costs, generate additional funds to invest back into the company and ultimately, make us more competitive in a changing marketplace," said Kirk Yoshida, President and CEO of Ricoh Corporation. "The changes to our organization are market and customer driven and the increasing importance of major and national accounts coupled with the emergence of IT executives as decision-makers made it necessary to change the way we do business." Ricoh U.S. Management Responsibilities Jim Ivy, currently OPG President and Chairman & CEO of Savin Corporation, is appointed President of Ricoh U.S., reporting to Kirk Yoshida, President & CEO of Ricoh Corporation. Ivy will retain his responsibilities as Executive Vice President of Ricoh Corporation. The key division heads of Ricoh U.S. who will report directly to Jim Ivy are as follows: Tom Salierno, currently President and COO of Savin Corporation, will head up both the Ricoh U.S. Operations and Direct Sales Divisions. Hede Nonaka, currently vice president of OPG Ricoh and OSG Marketing, will be the leader of Ricoh U.S.'s Marketing Division. Nonaka will continue to support all Ricoh Family Group (Ricoh, Savin and Lanier), marketing functions. Wayne Mize, Vice President of the Ricoh Technology Solutions Center (TSC), which will now include Savin, will continue to support all Ricoh Family Group technical service functions. Mize will also serve as head of the Ricoh U.S. Solutions Marketing Division, which will incorporate the present Network Solution Center with Solutions Marketing. Mize will report to Hede Nonaka in this capacity. Alan Nielsen, Vice President Dealer Group of Savin will head up both the Ricoh U.S. Indirect Sales Division and Ricoh U.S. Major and National Accounts Division, in addition to retaining responsibility for Savin Dealer Sales. Ann Moser, vice president of the Ricoh Printing Solutions Division, will retain her current responsibility, supporting all channels and will report to Mr. Ivy. About Ricoh Corporation Ricoh Corporation, headquartered in West Caldwell, N.J., is a subsidiary of Ricoh Company Ltd., the 66-year-old leading supplier of office automation equipment and electronics, with Fiscal Year 2001 sales in excess of $14 billion.