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To the Board of Directors of Mazda Motor Corporation
We have audited the accompanying consolidated balance sheets of Mazda Motor Corporation and consolidated
subsidiaries as of March 31, 2011 and 2010, and the related consolidated statements of operations and comprehen-
sive operations, equity and cash flows for the years then ended expressed in Japanese yen. These consolidated
financial statements are the responsibility of the Company’s management. Our responsibility is to independently
express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and sig-
nificant estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Mazda Motor Corporation and subsidiaries as of March 31, 2011 and 2010, and the results of
their operations and their cash flows for the years then ended, in conformity with accounting principles generally
accepted in Japan.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended
March 31, 2011 are presented solely for convenience. Our audit also included the translation of yen amounts into
U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 1 to the con-
solidated financial statements.
Hiroshima, Japan
June 24, 2011
INDEPENDENT AUDITORS’ REPORT
74 Mazda Annual Report 201 1