Annual Report 2002
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Percentage owned by the Honda Group)


JAPAN
Honda R&D Co., Ltd. (100%) Saitama and Tochigi
Technical research and development work to supply blueprints to Honda Motor Co., Ltd.

Honda Engineering Co., Ltd. (100%) Saitama
Manufacture and sale of machine tools, equipment and production techniques including plant layout

Yutaka Giken Co., Ltd. (69.7%) Shizuoka
Precision stamping of parts for motorcycles, automobiles and power products

Honda Foundry Co., Ltd. (82.1%) Saitama
Manufacture of engine parts for motorcycles, automobiles and power products

Asama Giken Co., Ltd. (77.5%) Nagano
Casting and manufacture of precision parts for Honda products

Honda Lock Mfg. Co., Ltd. (100%) Miyazaki
Manufacture of keys and locks for motorcycles, automobiles and power products

Honda Finance Co., Ltd. (100%) Tokyo
and its subsidiary
Financing for the sale of Honda products and leasing of machinery and equipment

Suzuka Circuitland Co., Ltd. (86.0%) Mie and Tokyo
Operation of amusement parks and a racing circuit

Honda Trading Corp. (100%) Tokyo
Import, export and marketing operations

Honda Sogo Tatemono Co., Ltd. (70%) Tokyo
Administration and lease of real estate

Honda Verno Shin Tokyo Co., Ltd. (100%) Tokyo
and 109 other sales companies
Distribution and sale of Honda products


NORTH AMERICA
American Honda Motor Co., Inc. (100%) U.S.A.
and its six subsidiaries
Import, manufacture and distribution of Honda products and precision parts

Honda North America, Inc. (100%) U.S.A.
Coordination of operations of subsidiaries in North America

Honda of America Mfg., Inc. (100%) U.S.A.
and its subsidiary
Manufacture of motorcycles, automobiles and all-terrain vehicles

Honda Manufacturing of Alabama, LLC (100%) U.S.A.
Manufacture of automobiles and engines

Honda R&D Americas, Inc. (100%) U.S.A.
Research and development work in North America in collaboration with Honda R&D Co., Ltd.

Honda Engineering North America, Inc. (100%) U.S.A.
Manufacture and sale of machine tools, equipment and production techniques, including plant layout

American Honda Finance Corporation (100%) U.S.A.
and its 14 subsidiaries
Financing for the sale and leasing of Honda products

Cardington Yutaka Technologies Inc. (100%) U.S.A.
Manufacture of precision parts for motorcycles and automobiles

Celina Aluminum Precision Technology Inc. (100%) U.S.A.
Manufacture of precision parts for automobiles

Honda Trading America Corp. (100%) U.S.A.
and its six subsidiaries
Import, export and marketing operations

Honda Canada Inc. (100%) Canada
Import and distribution of Honda products and manufacture of automobiles

Honda Canada Finance, Inc. (100%) Canada
Financing for the sale and leasing of Honda products

Honda de Mexico, S.A. de C.V. (100%) Mexico
Import, manufacture and distribution of Honda products and spare parts


EUROPE
Honda Motor Europe Ltd. (100%) U.K.
and its five subsidiaries
Coordination of operations in Europe and import and distribution of Honda products

Honda Motor Europe (South) S.A. (100%) France
Coordination of regional operations and import and distribution of Honda products

Honda Motor Europe (North) G.m.b.H. (100%) Germany
Coordination of regional operations and import and distribution of Honda products

Honda of the U.K. Manufacturing Ltd. (100%) U.K.
and its three subsidiaries
Manufacture of automobiles and engines

Honda R&D Europe (Deutschland) G.m.b.H. (100%) Germany
Research and development work in Europe in collaboration with Honda R&D Co., Ltd.

Honda Europe N.V. (100%) Belgium
and its five subsidiaries
Import and distribution of power products and supply of spare parts for Honda products in Europe

Honda Europe Power Equipment S.A. (100%) France
Import, manufacture and distribution of power products

Honda Italia Industriale S.p.A. (100%) Italy
Import, manufacture and distribution of motorcycles and power products

Montesa Honda S.A. (88.1%) Spain
Import, manufacture and distribution of motorcycles

Honda Finance Europe plc. (100%) U.K.
and its two subsidiaries
Financing for the sale of Honda products


ASIA AND OTHER AREAS
Asian Honda Motor Co., Ltd. (100%) Thailand
Coordination of operations of subsidiaries in the ASEAN region and import and distribution of Honda products

Honda Automobile (Thailand) Co., Ltd. (91.4%) Thailand
Manufacture and distribution of automobiles

Thai Honda Manufacturing Co., Ltd. (60%) Thailand
Manufacture of motorcycles and power products

Honda Philippines, Inc.(99.6%) Philippines
Import, manufacture and distribution of motorcycles and power products

Honda Cars Philippines, Inc. (54.2%) Philippines
Manufacture and distribution of automobiles

Honda Vietnam Co., Ltd. (70%) Vietnam
Manufacture and distribution of motorcycles

Honda Siel Cars India Ltd.(99%) India
Manufacture and distribution of automobiles

Honda Motorcycle and Scooter India (Private) Limited (100%) India
Manufacture and distribution of motorcycles

Honda Atlas Cars (Pakistan) Ltd. (51%) Pakistan
Manufacture and distribution of automobiles

Honda South America Ltda. (100%) Brazil
and its eight subsidiaries
Coordination of operations of subsidiaries in South America and import, manufacture and distribution of Honda products and precision parts

Honda Automoveis do Brasil Ltda. (100%) Brazil
Import, manufacture and distribution of automobiles

Honda Australia Pty., Ltd. (100%) Australia
and its two subsidiaries
Import, manufacture and distribution of Honda products

Honda New Zealand Ltd. (100%) New Zealand
Import and distribution of automobiles

(As of March 31, 2002)

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