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This annual
report contains the consolidated financial statements of Honda Motor Co., Ltd.,
and its subsidiaries, prepared for holders of Honda American and European shares.
Please note that the financial statements appearing in the Notice of Convocation
of the 78th Ordinary General Meeting of Stockholders, which was held in Tokyo,
Japan, on June 25, 2002, were prepared on the basis of accounting principles generally
accepted in Japan in accordance with the Japanese Commercial Code and related
solely to Honda Motor Co., Ltd., and were not consolidated with those of its subsidiaries.
On May 31, 2002, the original notice in the Japanese language was mailed to holders
of Honda common stock in Japan and an English translation thereof was mailed to
holders of Honda American shares.
CAUTION WITH RESPECT TO FORWARD-LOOKING STATEMENTS
This annual report includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
Although Honda believes that its plans, intentions and expectations reflected
in such forward-looking statements are reasonable, it can give no assurance that
such plans, intentions or expectations will be achieved. All forward-looking statements
attributable to the Company or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements set forth below.
Honda believes that the following important factors, among others, in some cases
have affected, and in the future, could affect, its operations: the political,
economic and social conditions in Japan, the United States and elsewhere, including
the relevant governments' specific policies with respect to economic growth, inflation,
taxation, currency conversion, imports and sources of supplies and the availability
of credit, particularly to the extent that such current or future conditions and
policies affect the automobile, motorcycle and power products industries and markets
in Japan and the United States, and the demand, sales volume and sales prices
for Honda's automobiles, motorcycles and power products; the effects of competition
in the automobile, motorcycle and power products markets on the demand, sales
volume and sales prices for Honda's automobiles, motorcycles and power products;
Honda's ability to finance its working capital and capital expenditure requirements,
including obtaining any required external debt or other financing; and the effects
of economic stagnation or recession in Honda's principal markets and exchange
rate fluctuations on the Company's results of operations.
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