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71 MITSUBISHI MOTORS CORPORATION
The Board of Directors
Mitsubishi Motors Corporation
We have audited the consolidated balance sheets of Mitsubishi Motors Corporation and its consolidated subsidiaries as of March 31,
2003 and 2002, and the related consolidated statements of operations, stockholders’ equity, and cash flows for the years then ended,
expressed in yen. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these 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 significant 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 consolidated financial
position of Mitsubishi Motors Corporation and its consolidated subsidiaries at March 31, 2003 and 2002, and the consolidated results of its
operations and its cash flows for the years then ended in conformity with accounting principles and practices generally accepted in Japan.
As described in Note 2 to the consolidated financial statements, the fiscal year-end of overseas consolidated subsidiaries were
synchronized from December 31 to March 31, in the year ended March 31, 2003. In the same year, the method of accounting for lease
subvention income and expenses related to the North American subsidiaries was changed. In the year ended March 31, 2002, the
method of accounting for forward foreign exchange contracts was changed.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2003 are
presented solely for convenience of the reader. 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 4 to the consolidated financial statements.
Tokyo, Japan
June 25, 2003
See Note 1(a) which explains the basis of preparation of the consolidated financial statements of Mitsubishi Motors Corporation and
consolidated subsidiaries under Japanese accounting principles and practices.
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS