PRESS RELEASE

TOKYO, Japan, March 26, 2009  -- Phase One A/S and Mamiya Digital Imaging, Ltd. have announced that Phase One is making a significant financial investment in Mamiya Digital Imaging and will become a major shareholder in the company behind the Mamiya brand of medium format cameras and lenses. Terms of the agreement are not being disclosed.

The objective of Phase One’s investment is "to accelerate the development of advanced, world-class medium format camera systems by leveraging engineering expertise and efficiencies in product development, marketing and sales."

“We are committed to providing open, upgradable medium format camera systems, so that pro photographers can enjoy the maximum flexibility and versatility at an attractive cost of ownership,” said Henrik O. Håkonsson President, Phase One.

“Furthering our relationship with Mamiya Digital Imaging that we initiated in 2006, we continue to design a broad range of new cameras, digital backs and lenses that will offer the world’s leading photographers greater choice and satisfaction.”

To ensure clarity of brand positioning and minimize product overlap, in close co-operation with Mamiya top management, Phase One will take on strategic leadership for the companies’ R & D, marketing and distribution management.

Like the companies’ flagship 645 camera system announced one year ago, future digital backs based on Phase One digital expertise will be marketed under both the Phase One and Mamiya brands.

“Together, Phase One and Mamiya Digital Imaging own all competencies required for developing superior, innovative medium format camera systems. Our combined expertise comprises digitalization, camera fine mechanics, optics design and production and broad ranges of software and firmware capabilities,” said Toshio Midorikawa, President of Mamiya Digital Imaging.  “This investment by Phase One enables us to better optimize our complementary capabilities to the benefit of our customers.

 “And as a result of our close collaboration,” Mr. Midorikawa said, “new products are just around the corner. We plan to introduce both new leaf shutter lenses and even more super lightweight focal plane shutter lenses in 2009.  We aim to offer the world’s widest range of medium format lenses for Mamiya and Phase One camera platforms.”