February 23, 2004-Honda Motor Co.,Ltd. has announced today that the Honda employees’ pension fund carried out application procedures for authorization from the Minister of Health, Labour and Welfare to be exempt from future payments for the substitutional portion of Honda employees’ pension fund pursuant to the Law Concerning Defined-Benefit Corporate Pension Plans.
Honda plans on applying measures as provided for in Clause 44-2 of the “Practical Guidelines concerning the Accounting of Retirement Benefits (interim report)” (Report No. 13 of the Accounting System Committee of the Japanese Institute of Certified Public Accountants) and recognizing the termination of the obligation for the retirement allowance related to the substitutional portion.
There are no changes to the forecast set out in the consolidated and unconsolidated results for the business period ending March 2004 announced on January 30, 2004.