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30
Financial Section
Report of Independent Auditors
The Board of Directors
Isuzu Motors Limited
We have audited the accompanying consolidated balance sheets of Isuzu Motors Limited and
consolidated subsidiaries as of March 31, 2010, 2009 and 2008 and the related consolidated statements
of operations, changes in net assets, and cash flows for the years then ended, all 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 financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Isuzu Motors Limited and consolidated subsidiaries at March 31,
2010, 2009 and 2008, and the consolidated 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, 2010 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.
June 29, 2010
Report of Independent Auditors