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					Insight
      FY13 2nd Quarter Financial Results




             Honda Motor Co., Ltd.      Accord EX-L V-6
                   October 29, 2012
                                      (U.S. specification model)
                                                                   1
        FY13 2nd Quarter Financial Results &
             FY13 Financial Forecasts
Fumihiko Ike
 Senior Managing Officer and Director
 Chief Financial Officer

      - FY13 2nd Quarter Consolidated Financial Results
      - FY13 Financial Forecasts
      - Dividend

Kohei Takeuchi
Operating Officer, General Manager of Accounting Division
      - FY13 2nd Quarter Consolidated Financial Results
             Net Sales and Other Operating Revenue
             Change in Income before Income Taxes
             Business Segment Information
             Geographical Information
             Change in Equity in Income of Affiliates
             Consolidated Capital Expenditures
      - FY 13 Financial Forecasts
                                                            2
        FY13 2nd Quarter Financial Results &
             FY13 Financial Forecasts
Fumihiko Ike
 Senior Managing Officer and Director
 Chief Financial Officer

      - FY13 2nd Quarter Consolidated Financial Results
      - FY13 Financial Forecasts
      - Dividend

Kohei Takeuchi
Operating Officer, General Manager of Accounting Division
      - FY13 2nd Quarter Consolidated Financial Results
             Net Sales and Other Operating Revenue
             Change in Income before Income Taxes
             Business Segment Information
             Geographical Information
             Change in Equity in Income of Affiliates
             Consolidated Capital Expenditures
      - FY13 Financial Forecasts
                                                            3
                                Outline of FY13 2nd Quarter Financial Results (Consolidated)
 Honda Group Unit Sales
                                                  2Q Results (Three Months)                                Financial Summary
 (Consolidated Unit Sales)
                                          FY12                      FY13              Change           Since the earthquake, a recovery led by N.A. and
                 (thousand)
                                                                                                       Japan along with new model offerings led to an
                                                3,811                   3,879              + 1.8%
 Motorcycles                                                                                           increase in auto sales; India led an increase in
                                                (2,187)                 (2,377)            (+ 8.7%)
                                                                                                       motorcycle sales.
                                                   678                     996            + 46.9%
 Automobiles                                                                                           Operating Income rose 92.1% to 100.8 billion
                                                  (571)                   (816)           (+ 42.9%)
                                                                                                       compared to the same period last year.
                                                1,276                   1,288              + 0.9%
 Power Products
                                                (1,276)                 (1,288)            (+ 0.9%)        Financial Highlights
                                                  2Q Results (Three Months)                            Honda Group Unit Sales
        Financial
                                                                                                       Motorcycle:
         results                          FY12                     FY13               Change             Increased in Asia
              Yen (billion)
 Net sales & other                                                                                     Automobiles:
 operating revenue                            1,885.8                2,271.2              + 20.4%
                                                                                                         Increased in all regions
 Operating income                                  52.5                 100.8             + 92.1%      Power Products:
                                                                                                         Increased in Asia and “Other regions”
 Income before income
 taxes                                             76.5                 106.2             + 38.8%       Net Sales and Operating Revenue
                                                                                                       -Recovery from the earthquake and new model
 Equity in income of
 affiliates
                                                   15.5                   27.4            + 76.7%       introductions led to an increase for automobile
                                                                                                        business operations
 Net income attributable
 to Honda Motor Co., Ltd.
                                                   60.4                   82.2            + 36.1%      -Currency fluctuations had a negative impact
                                                                                                       Operating Income
 EPS attributable to
 Honda Motor Co., Ltd.                          33.53                 45.63               + 12.10       【Positive Factors】
 (Yen)                                                                                                   - Positive change in sales volume and model mix
Note : Shares which are based   approx.                     approx.                                      - Cost reduction efforts
       on calculation of EPS     1,802,300,000 shares        1,802,299,000 shares
                                  (weighted average number (weighted average number                     【Negative Factors】
                                    of shares outstanding )     of shares outstanding )
Average Rates (Yen)                                                                                      - Increased SG&A expenses
                                                                                           Yen down      - Increase in R&D expenses
 US Dollar                                           78                       79            by 1 yen     - Currency fluctuation impact

 Euro                                              109                        98
                                                                                          Yen up by                                                        4
                                                                                            11 yen
                                Outline of FY13 1st Half Financial Results (Consolidated)
                                                 2Q Results (Three Months)                                               1H Results (Six Months)
 Honda Group Unit Sales
 (Consolidated Unit Sales)                                                                                     FY12                      FY13               Change
                                         FY12                      FY13              Change
                 (thousand)
                                               3,811                   3,879               + 1.8%                    7,288                    7,790              + 6.9%
 Motorcycles                                                                                                                                 (4,743)            (+ 14.7%)
                                               (2,187)                 (2,377)             (+ 8.7%)                  (4,136)

                                                  678                     996             + 46.9%                    1,303                    1,995             + 53.1%
 Automobiles                                                                                                                                 (1,665)            (+ 61.8%)
                                                 (571)                   (816)            (+ 42.9%)                  (1,029)

                                               1,276                   1,288               + 0.9%                    2,788                    2,913              + 4.5%
 Power Products
                                               (1,276)                 (1,288)             (+ 0.9%)                  (2,788)                 (2,913)             (+ 4.5%)

        Financial                                2Q Results (Three Months)                                               1H Results (Six Months)

         results                         FY12                     FY13               Change                    FY12                      FY13               Change
              Yen (billion)
 Net sales & other
 operating revenue                           1,885.8                2,271.2               + 20.4%                  3,600.4                 4,707.1              + 30.7%

 Operating income                                 52.5                 100.8              + 92.1%                       75.0                  276.8         + 268.7%
 Income before income
 taxes                                            76.5                 106.2              + 38.8%                     105.8                   301.0         + 184.4%
 Equity in income of
 affiliates
                                                  15.5                   27.4             + 76.7%                       44.2                    48.2             + 9.1%

 Net income attributable
 to Honda Motor Co., Ltd.
                                                  60.4                   82.2             + 36.1%                       92.2                  213.9         + 132.0%

 EPS attributable to
 Honda Motor Co., Ltd.                         33.53                 45.63            + 12.10                        51.17                  118.71              + 67.54
 (Yen)
Note : Shares which are based   approx.                     approx.                                   approx.                     approx.
       on calculation of EPS     1,802,300,000 shares        1,802,299,000 shares                      1,802,301,000 shares        1,802,299,000 shares
                                  (weighted average number (weighted average number                     (weighted average number (weighted average number
                                    of shares outstanding )     of shares outstanding )                   of shares outstanding )     of shares outstanding )
Average Rates (Yen)
                                                                                          Yen down
 US Dollar                                          78                       79            by 1 yen
                                                                                                                          79                       79             -

                                                                                          Yen up by                                                             Yen up by
 Euro                                             109                        98             11 yen
                                                                                                                         113                     101              12 yen
                                                                                                                                                                            5
                                       FY13 Financial Forecasts (Consolidated)
                                                                                                                      Yen (billion)

                                                                                                 Change             Change from
                                        FY12                       FY13                                              previous
                                                                                                                     forecasts
                                        Results                  Forecasts                 amount          %
Net sales & other
operating revenue                     7,948.0                   9,800.0                   + 1,851.9    + 23.3%         - 500.0

Operating income                          231.3                      520.0                 + 288.6    + 124.8%         - 100.0

Income before
income taxes                              257.4                      540.0                 + 282.5    + 109.8%           - 95.0

Equity in income of affiliates            100.4                        80.0                  - 20.4       - 20.3%        - 40.0

Net income attributable to
Honda Motor Co., Ltd.                     211.4                      375.0                 + 163.5     + 77.3%           - 95.0

EPS attributable to
Honda Motor Co., Ltd. (Yen)
                                         117.34                     208.07                  + 90.73

  Note : Shares which are based     approx.                     approx.
       on calculation of EPS        1,802,300,000 shares        1,802,299,128 shares
                                  (weighted average number    (weighted average number
                                    of shares outstanding )     of shares outstanding )


Average Rates (Yen)

US Dollar                                  79                          80                   Yen down by 1 yen            -
                                                                (1H 79 / 2H 80)


Euro                                      108                         103                    Yen up by 5 yen
                                                                                                                    Yen up by
                                                               (1H 101 / 2H 105)                                      2 yen
                                                                                                                                      6
                 FY12 Financial Results and FY13 Financial Forecasts (Unconsolidated)

                                                                                        Yen (billion)

                                                                  Change              Change from
                         FY12           FY13                                           previous
                                                                                       forecasts
                         Results      Forecasts          amount              %

Net sales               2,740.0       3,200.0             + 459.9           + 16.8%    - 120.0

Operating income
                        - 136.7             50.0          + 186.7             -            -
(loss)

Ordinary income            40.3           190.0           + 149.6          + 370.4%        -

Net income                 46.2           140.0            + 93.7          + 202.5%        -


Average Rates (Yen)


     US Dollar            79               80              Yen down by 1 yen               -
                                      (1H 79 / 2H 80)


                                          103                                         Yen up by
       Euro               108                               Yen up by 5 yen
                                     (1H 101 / 2H 105)                                  2 yen
                            Dividend

                                                                        (Yen)



Dividend per share    FY12              FY13
                      Results     Results & Projection   Increase / Decrease from
                                                                   FY12




    1st quarter End    15                 19                      +4


  2nd quarter End      15                 19                      +4


    3rd quarter End    15                ( 19 )                 (+4)


    4th quarter End    15                ( 19 )                 (+4)


    Fiscal Year        60               ( 76 )                ( + 16 )




                                                                                    8
        FY13 2nd Quarter Financial Results &
             FY13 Financial Forecasts
Fumihiko Ike
 Senior Managing Officer and Director
 Chief Financial Officer

      - FY13 2nd Quarter Consolidated Financial Results
      - FY13 Financial Forecasts
      - Dividend

Kohei Takeuchi
Operating Officer, General Manager of Accounting Division
      - FY13 2nd Quarter Consolidated Financial Results
             Net Sales and Other Operating Revenue
             Change in Income before Income Taxes
             Business Segment Information
             Geographical Information
             Change in Equity in Income of Affiliates
             Consolidated Capital Expenditures
      - FY13 Financial Forecasts
                                                            9
                                               Net Sales and Other Operating Revenue
  2nd Quarter (Three months)
                                                                                                                                            Yen (billion)
                                             + 385.3 ( + 20.4 %)                                                                                2Q
                                                                                                                  Net Sales by
                                                                                                                  Business Segment
                                                                                                                                         FY12        FY13
               Excluding currency translation effects;   + 456.3 ( + 24.2 %)
                                                                                                                   Motorcycle Business    357.3       309.7

                                + 464.6             + 2.9               - 2.4                                      Automobile Business   1,333.0     1,766.2

                               ( + 34.9 %)        ( + 2.3 %)          ( - 3.5 %)         - 70.9                    Financial Services
                                                                                                        2,271.2    Business               126.4       130.4
                                               Financial Services    Power Product
                                                                           &         Currency Effects              Power Product &
                                                   Business                                                                                69.0        64.9
                                                                    Other Businesses                               Other Businesses
                - 8.7
                                                                                                                               Total     1,885.8     2,271.2
 1,885.8      ( - 2.5 %)
                                                                                                                  Market average rates
               Motorcycle       Automobile
               Business          Business                                                                          US Dollar                 78          79
                                                                                                                   Euro                     110          98
 FY12 2Q                                                                                                FY13 2Q

            Six Months
                                                                                                                                            Yen (billion)
                                         + 1,106.7 ( + 30.7 %)
                                                                                                                                          Six months
                                                                                                                  Net Sales by
              Excluding currency translation effects;   + 1,265.4 (+ 35.1 %)                                      Business Segment       FY12        FY13


                                                                                                                   Motorcycle Business    687.6       656.3
                                + 1,232.1           + 0.8              - 3.5
                                                                                                                   Automobile Business   2,509.9     3,656.7
                                ( + 49.1 %)       ( + 0.3 %)         ( - 2.5 %)         - 158.7         4,707.1
                                                                                                                   Financial Services
                                               Financial Services Power Product                                    Business               262.3       261.6
                                                                        &            Currency Effects
                + 35.9                             Business
                                                                 Other Businesses                                  Power Product &
               ( + 5.2 %)                                                                                          Other Businesses       140.5       132.4
  3,600.4
               Motorcycle        Automobile                                                                                    Total     3,600.4     4,707.1
               Business           Business
                                                                                                                  Market average rates
                                                                                                                   US Dollar                 80          79
   FY12                                                                                                FY13        Euro                     114         101
Six Months                                                                                          Six Months                                              10
             Change in Income before Income Taxes <FY13 2nd Quarter>
                                                                                                                                                    Yen
                                                                                                                                                  (billion)
                              Income before Income taxes +                 29.7 ( + 38.8% )
                                                                                                                       Other Income
                             Operating Income +                48.3 ( + 92.1% )                                         & Expenses
                               + 43.6                 - 38.5                                                                - 18.6

                                                                        - 12.4
              + 70.1
                           Cost Reduction, etc.
                                                  Increase in SG&A                        - 14.4
                                                                     Increase in R&D                            - 20.4
                                                                                       Currency Effects
                                                                                                                                   + 1.7    106.2
                                                                                                           Unrealized gains and    Others
                                                                                                             losses related to
                                                                                                          derivative instruments
 76.5                                                                                                           (Exhibit 2)
              Revenue,
              model mix,                                 <Decrease Factors>
                 etc.
                                                         - Increased sales promotion and advertisement expenses,
                                                         - Increased quality-related expenses,   etc..

                                <Increase Factors>
                                - Decreased fixed cost per unit due to
                                  increased production
                                - Cost reduction effort,          etc.

Operating                                                                                                                                   Operating
 Income                                                                - Currency effect due to difference between average sales rates       Income
            <Increase Factors>
 52.5       -Increase in unit sales and model mix,         etc.
                                                                         and transaction rates:                  - 0.8                       100.8
                                                                       - Others                                  + 2.6
            <Decrease Factors>                                                                                                                          11
FY12 2Q     - Increased sales incentives,                  etc.
                                                                                                                                            FY13 2Q
                                                                                  *Please refer to Exhibit 1 regarding currency effects
                   Change in Income before Income Taxes <FY13 1st Half >
                                                                                                                                                    Yen
                                                                                                                                                  (billion)
                             Income before Income taxes                 + 195.1 ( + 184.4% )
                                                                                                                       Other Income
                           Operating Income +               201.7 ( + 268.7% )                                          & Expenses
                              + 119.2                 - 99.5
                                                                                                                              - 6.6

                                                                        - 28.2
             + 244.4                                                                      - 34.2
                                                  Increase in SG&A
                           Cost Reduction, etc.
                                                                     Increase in R&D                             - 1.6             - 4.9    301.0
                                                                                       Currency Effects    Unrealized gains and    Others
                                                                                                             losses related to
                                                                                                          derivative instruments
                                                                                                                (Exhibit 2)

                                                     <Decrease Factors>
                                                     - Increased sales promotion and advertisement expenses,
                                                     - Increased quality-related expenses,   etc..
 105.8
              Revenue,
              model mix,
                 etc.         <Increase Factors>
                              - Decreased fixed cost per unit due to
                                increased production
                              - Cost reduction effort,          etc.
Operating                                                                                                                                   Operating
 Income                                                                                                                                      Income
                                                                       - Currency effect due to difference between average sales rates
            <Increase Factors>
 75.0       -Increase in unit sales and model mix,         etc.
                                                                         and transaction rates:                 - 10.2                       276.8
                                                                       - Others                                  + 5.2
            <Decrease Factors>
FY12 1H     -Increased sales incentives,                   etc.                                                                             FY13 1H
                                                                                  *Please refer to Exhibit 1 regarding currency effects

                                                                                                                                                        12
                      Motorcycle Honda Group Unit Sales (Motorcycles + All-Terrain Vehicles, etc.)
                Unit                          Change from
                               FY13 2Q                                              Major increase / decrease factors
             (thousand)                         FY12 2Q
                                                              - Positive impact of NC700X model introduction
               Japan                  57                -6    - Decreased sales of DIO110, Super Cub 50/110 Pro, CBR250R , others
                                                              - U.S: Positive impact of NC700X, CRF250L, Metropolitan model introductions
               North
              America
                                      60              +7      - U.S. Decreased sales of Four Trax Rancher (ATV), Gold Wing, others
 10,000                                                       - Mexico: Increased sales of CGL125, positive impact of new GL150, Dio110
                                                                                                                                                   Dream Yuga (India)
                                                              - Increased sales due to launch of VFR1200X, New Mid Concept series,Vision50
               Europe                 38                -9    - Market decline in Italy; decreased sales of late in model cycle SH125,SH150             + 502
  9,000
                                                              - India: Positive impact of Dream Yuga launch; increased Activa, CB Shine sales          ( + 6.9% )
    Unit        Asia              3,235            + 133      - Thailand: Increased sales of Click125i and PCX150 models
(thousand)
               Other
  8,000
              Regions
                                    489              - 57     - Brazil: Decreased sales of CG125 FAN, CG150 FAN, CG150 TITAN models                             7,790
                                                                                                                                                7,288
               Total              3,879             + 68                                                                                                            937
  7,000
                                                                                                                                                 985
                                                                      + 68
  6,000                                                            ( + 1.8% )


  5,000

                                                                    4,164
  4,000                         3,811                                                   3,911             3,879
             3,477                               3,609                 550
                                                                                          448                489
                                                                                                                          Other                                     6,520
                                  546                                                                                     Regions               5,980
                439                                496
  3,000


  2,000                                                               3,449              3,285              3,235         Asia
                                                   2,983
                                 3,102
               2,878

  1,000                                                                                                                   Europe
                          62             47                  31               58                  60                 38   North
                                                                                                                                                        109                  98
                          46             53                  48               53                  59                 60   America                        99                 119
                          52             63                  51               54                  59                 57   Japan                         115                 116
       0
               1Q                2Q                3Q                 4Q                  1Q                  2Q                                 1H                  1H
                                         FY12                                                     FY13                                          FY12                FY13
                                                                                                                                                                                  13
                             Motorcycle Business                                             Unit Sales/Net Sales/Operating Income (Margin)
                                          FY12                                                          FY13                  FY12                 FY13
                     1Q            2Q               3Q                 4Q                    1Q                  2Q            1H                   1H
Honda Group
 Unit Sales      3,477          3,811            3,609             4,164                   3,911               3,879         7,288              7,790           Unit
                                                                                                                                                            (thousand)
(Consolidated
 Unit Sales)
                 (1,949)        (2,187)          (2,031)           (2,483)                 (2,366)             (2,377)       (4,136)            (4,743)
    Net                                                                                                                                                         Yen
   Sales         330.3          357.3            302.5             358.5                   346.6               309.7         687.6              656.3         (billion)

                                                                                                                                   ( - 4.6% )
                                                                 ( - 13.3 % )
                                                                                                                                Currency Effect - 67.3
  Yen                                                          Currency Effect - 38.8                                             (Revenue from sales to
(billion)                                                        (Revenue from sales to                                             external customers)
                          Operating Margin                         external customers)

                          Operating Income
   150                                                                                                                                                        15%
                13.6%

   130                                                                                                                       12.2%
                                10.9%                                                     10.6%
   110                                                                                                                                                        11%
                                                                                                                                                    9.5%
                                                                  9.2%
                                                8.5%
     90                                                                                                        8.2%
                                             <Increase Factors>
                                                                                                                                              ( - 25.8% )
     70                                      -Decreased SG&A expenses,                            etc                        83.8                             7%

                                             <Decrease Factors>
     50                                      -Decreased sale of parts for overseas production,
                                             -Negative currency effect,                           etc           ( - 34.8%)                         62.2
     30         44.9                                                                                                                                          3%
                                38.9                                                       36.8
                                                                   32.8
                                                 25.8                                                          25.4
     10


   -10                                                                                                                                                        -1%
                1Q              2Q                3Q                 4Q                     1Q                  2Q             1H                    1H
                                        FY12                                                            FY13                  FY12                  FY13
                                                                                                                                                                 14
                                                    Automobile Honda Group Unit Sales
                Unit                    Change from
                          FY13 2Q                                              Major increase / decrease factors
             (thousand)                   FY12 2Q

                                                        - Positive impact of N-BOX, N-BOX+ model introductions
               Japan           169             + 36     - Increased sales of STEP WGN

               North                                    - Increased sales of ACCORD, CIVIC and CR-V
              America
                               404            + 135     - Increased sales of MDX, positive impact of fully remodeled RDX launch
2,500                                                                                                                                   CR-V (North America)
                                                        - Germany: increased sales of CR-V
               Europe             44               +4   - U.K.: Increased sales of JAZZ
                                                                                                                                           + 692
                                                        - ASEAN: Increased sales of CITY, CIVIC, BRIO and FREED
                Asia           301            + 111     - China: Increased sales of CR-V; positive impact of CROSSTOUR 2.4L,             ( + 53.1% )
                                                         ELYSION model introductions
               Other
2,000         Regions
                                  78           + 32     - Increased sales in Brazil and Australia                                                1,995
                                                                                                                                                    141
               Total           996            + 318
    Unit
(thousand)
                                                               + 318
                                                                                                                                                    563
1,500                                                       ( + 46.9% )

                                                                                                                                  1,303
                                                                                                                                   103                 83

                                                             1,022                  999                996
1,000                                                            51                                           Other                406
                                                                                      63               78     Regions
                                              783               236
                                                                                     262
                                                                                                                                                   854
                           678                48                                                       301    Asia                 75
             625             46
                                                                 45
                                                                                      39
                                              195
               57                                                                                      44     Europe
  500                       190               38
              216                                               463                                                                494
                             40                                                      450
               35                                                                                      404
                                              366
                            269                                                                               North
              225                                                                                             America
                                                                                                                                                   354
                                                                227                                           Japan                225
                                                                                     185               169
               92           133               136
    0
                1Q            2Q               3Q                 4Q                   1Q               2Q                          1H                  1H
                                       FY12                                                     FY13                               FY12                FY13
                                                                                                                                                               15
                           Automobile Business                                          Unit Sales/Net Sales/Operating Income (Margin)
                                            FY12                                                FY13                  FY12                  FY13
                     1Q             2Q               3Q                 4Q               1Q             2Q             1H                    1H
Honda Group
 Unit Sales         625            678              783             1,022               999            996           1,303                1,995               Unit
                                                                                                                                                          (thousand)
(Consolidated
 Unit Sales)
                   (458)           (571)           (622)             (831)              (849)          (816)        (1,029)               (1,665)
   Net                                                                                                                                                       Yen
  Sales          1,178.8       1,337.1            1,455.6         1,851.1              1,894.7        1,769.7       2,515.9            3,664.5             (billions)


                                                              ( + 32.4% )                                                  ( + 45.7% )
   Yen                                                      Currency Effect - 31.4                                      Currency Effect - 85.4
                                                              (Revenue from sales to                                    (Revenue from sales to external
(billions)
                                                                external customers)                                              customers)
   250                                                                                                                                                        15%
                Operating Margin             <Increase Factors>
                                             -Changes in unit sales and model mix,
                Operating Income             -Cost reduction,                                   etc
                                                                                                                                                              12%
                                             <Decrease Factors>
                                             -Increased SG&A expenses,
   150                                       -Increased R&D expenses,                                                                                         9%
                                             -Negative currency effect,                         etc
                                                                                       5.3%                                                 137.7
                                                                                                                                                              6%
                                                                                                                                            3.8%
                                                                    2.4%
    50                                                                                 100.6             2.1%                                                 3%

                                                   - 16.9            45.1                               37.1
                                                                                                                                                              0%
                               - 29.1
                 - 76.2                            - 1.2%
                                                                                                                    - 105.3
   -50                                                                                                                                                        -3%
                                   - 2.2%
                                                                                                                     - 4.2%                                   -6%
                 - 6.5%
 -150                                                                                                                                                         -9%
                  1Q               2Q              3Q                 4Q                 1Q             2Q             1H                      1H
                                           FY12                                                 FY13                  FY12                    FY13
                                                                                                                                                               16
                                             Power Products Honda Group Unit Sales
                Unit                 Change from
                          FY13 2Q                                              Major increase / decrease factors
             (thousand)                FY12 2Q
                                                    - Decreased sales of GX160 and GX200 engines to generator producing OEMs
               Japan            88          - 27      due to drop in exports
                                                    - Decrease in GX25, GX35, GXV160 domestic OEM sales from drop in exports to Europe
               North                                - Increased sales of HRR216 VKAA lawnmowers due to expansion of dlr. network
              America
                              436             -1    - Decrease in generator sales in response to spike in demand last year
4,000                                                                                                                                       WB20 (Water Pump)
                                                    - Decrease in sale of GX160, GX270 and GX390 OEM engines due to
              Europe          150           - 50       construction slump in southern Europe and subsequent drop in demand for
                                                       compact building tools, generators, etc.                                                  + 125
                                                    - Increased sales of Thai made GX25 and GX35 engines for agricultural uses
                                                                                                                                                ( + 4.5% )
3,500           Asia          462           + 72    - Increased sales ofGX160 engine, WB20 and WB30 pumps due to expansion of
    Unit                                              sales network in Indonesia
(thousand)     Other                                - Increase in pump, OEM engine sales to construction tool market in Saudi Arabia
              Regions
                              152           + 18    - Deceased sales of EU20 generators in Australia due to slump in leisure industry
3,000
              Total         1,288           + 12
                                                                                                                                                         2,913
                                                                                                                                         2,788
                                                                                                                                                             280
                                                                                                                                          243
2,500                                                             + 12
                                                              ( + 0.9% )

                                                                2,010                                                                                        883
                                                                                                                                          789
2,000
                                                                  143

                                                                  394
                                                                                   1,625
              1,512                                                                   128                                                                    386
1,500
                109         1,276                                                                      1,288                              507
                                                                  414                 421                         Other
                399           134                                                                         152
                                            1,021                                                                 Regions
1,000                                                                                 236
                              390             134                                                                 Asia
                307                                                                                       462
                                              289                                                                                        1,014               1,194
                              200                                 970                                     150     Europe
  500           577                           200                                     758
                                                                                                                  North
                              437                                                                         436     America
                                              330
                120           115             68                   89                  82                  88     Japan                   235                170
     0
                1Q             2Q             3Q                   4Q                   1Q                  2Q                              1H                 1H
                                     FY12                                                       FY13                                       FY12               FY13
                                                                                                                                                                     17
                           Power Product & Other Businesses Unit Sales/Net Sales/Operating Income (Margin)
                                           FY12                                                   FY13              FY12                FY13
                      1Q           2Q               3Q                  4Q                1Q               2Q        1H                  1H
Honda Group
 Unit Sales       1,512          1,276            1,021             2,010               1,625            1,288     2,788             2,913          Unit
                                                                                                                                                (thousand)
(Consolidated
 Unit Sales)
                  (1,512)        (1,276)          (1,021)           (2,010)             (1,625)          (1,288)   (2,788)           (2,913)
    Net                                                                                                                                            Yen
   Sales           73.9          72.1              68.0               75.6              69.9             67.2      146.0             137.2       (billions)


                                                               ( - 6.7% )                                                  ( - 6.0% )
    Yen
 (billions)                                                  Currency Effect - 1.6                                    Currency Effect - 4.5
              Operating Margin                                                                                         (Revenue from sales to
       5                                                       (Revenue from sales to
                                                                                                                         external customers)
                                                                                                                                                  5%
                                                                 external customers)
              Operating Income

                                                <Increase Factors>
                                                -Changes in unit sales and model mix
                                                in power product business,                 etc
       3                                                                                                                                          3%
                                                <Decrease Factors>
                                                -Increased SG&A expenses,
                                                -negative currency impact,                 etc

       1                                                                                                                                          1%
                0.2              - 0.1                                                                   0.05       0.1
                 0.4%
                                                                                                          0.1%     0.1%
      -1                     - 0.2%                                                                                                     - 2.2     -1%
                                                  - 2.1              - 2.0              - 2.2
                                                                                                                                      - 1.6%
      -3                                                                                                                                          -3%
                                                                   - 2.7%
                                                  - 3.2%                                - 3.3%

      -5                                                                                                                                          -5%

                 1Q              2Q                3Q                 4Q                 1Q                2Q        1H                   1H
                                         FY12                                                     FY13              FY12                 FY13
                                                                                                                                                     18
                           Financial Services Business                                                Total Assets/Net Sales/Operating Income (Margin)

                                              FY12                                                     FY13                                FY12                  FY13
                        1Q             2Q               3Q                 4Q                   1Q               2Q                         1H                    1H
 Total Assets of
    Finance
  Subsidiaries
                    5,445.7      5,169.2            5,290.5          5,644.3                  5,567.6          5,577.7
                                                                                                                                                                             Yen
      Net                                                                                                                                                                  (billions)
     Sales           138.6        129.1              127.5             131.2                  134.0            133.1                     267.7                267.1
                                                                     ( + 3.1%)                                                                    ( - 0.2%)
                                                                   Currency Effect + 0.9                                                       Currency Effect - 1.4
                                                                     (Revenue from sales to                                                       (Revenue from sales to
   Yen                                                                 external customers)                                                          external customers)
(billions)
     200            Operating Margin                                                                                                                                       50%
                    Operating Income
     180
                   38.7%
     160                                                                                                                                                                   40%
                                                                                                                                         36.0%
     140
                                  33.2%
                                                     29.5%                                                                                                    29.6%
                                                                                              30.5%
     120                                                            27.4%                                      28.7%                                                       30%
                                                                                                                                               ( - 18.0%)
     100

       80                               <Decrease Factors>                                                                                96.4                             20%
                                        -Decrease in residual gain of off-lease vehicle sales           etc.
       60
                                                                                                               ( - 10.6% )
                                                                                                                                                               79.1
       40                                                                                                                                                                  10%
                    53.6
       20                         42.8                                                         40.8             38.2
                                                      37.5             35.9
         0                                                                                                                                                                 0%
                   1Q             2Q                 3Q                4Q                      1Q               2Q                          1H                    1H
                                            FY12                                                      FY13                                 FY12                  FY13
                                                                                                                                                                              19
                                                Japan                                 Net Sales/Operating Income (Margin)
                                          FY12                                               FY13                FY12          FY13
                  1Q                2Q              3Q              4Q                1Q               2Q         1H            1H
    Net                                                                                                                                      Yen
   Sales        625.3            805.3           863.1          1,069.0          1,006.6            925.0       1,430.7       1,931.7      (billions)



                                                              ( + 14.9% )                                            ( + 35.0% )


             Operating Income
   Yen
(billions)   Operating Margin (%)                <Increase Factors>
                                                 -Changes in revenue and model mix,   etc.

                                                 <Decrease Factors>
                                                 -Increased R&D expenses,             etc.
                                                                                                                               ( 4.7 % )
   90
                                                                                                                                91.0

                                                                                  60.9
   40                                                                                               ( 3.2 % )
                                                                  12.5
                                                                                                     30.0
                            ( - 4.4 % )                                                                         ( - 5.7 % )
  -10

              - 45.8            - 35.3          - 41.2                                                           - 81.2
  -60




-110             1Q               2Q              3Q               4Q                 1Q              2Q          1H            1H
                                         FY12                                                FY13                FY12          FY13
                                                                                                                                               20
                                     North America                                 Net Sales/Operating Income (Margin)
                                       FY12                                               FY13                   FY12         FY13
                 1Q              2Q              3Q              4Q                1Q               2Q            1H           1H
   Net                                                                                                                                       Yen
  Sales       733.9         794.1              986.2          1,200.3         1,214.7            1,054.7        1,528.0     2,269.4        (billions)



                                                           ( + 32.8 % )                                             ( + 48.5 % )

   Yen
(billions)   Operating Income
             Operating Margin (%)
 150
                                              <Increase Factors>
                                              -Changes in revenue and model mix,   etc.

                                              <Decrease Factors>                                                            ( + 64.6 % )
                                              -Increased SG&A expenses,            etc.

                                                                                                                             ( 4.8 % )
 100                                                                                             ( - 43.9 % )
                                                                                                                             108.9


                                                              82.2             82.2                             ( 4.3 % )
                                              74.8
                                                                                                                 66.2
   50                      ( 6.0 % )
                            47.7
                                                                                                 ( 2.5 % )

                                                                                                  26.7
             18.5
     0



              1Q                2Q             3Q               4Q                 1Q               2Q             1H           1H
                                      FY12                                                FY13                    FY12         FY13
                                                                                                                                               21
                                         Europe                                    Net Sales/Operating Income (Margin)
                                       FY12                                               FY13                FY12         FY13
                1Q               2Q              3Q              4Q                1Q              2Q          1H           1H
                                                                                                                                         Yen
   Net
  Sales       150.9         144.5             119.4            165.8           147.8             144.5      295.4         292.4        (billions)



                                                               ( 0.0% )                                           ( - 1.0% )

             Operating Income
             Operating Margin (%)
                                              <Increase Factors>
                                              -Changes in revenue and model mix,   etc.

   Yen                                        <Decrease Factors>
(billions)                                    -Increased SG&A expenses,
                                              -Negative currency impact,           etc.
   10


     5
                                                               1.8
                         ( - 2.8 % )                                                         ( - 6.0 % )   ( - 3.4 % )   ( - 5.6 % )
     0
                           - 4.0              - 3.8
   -5        - 6.1                                                             - 7.6                        - 10.1
                                                                                                 - 8.7
  -10


  -15
                                                                                                                         - 16.3

  -20


  -25


  -30         1Q                2Q              3Q              4Q                 1Q              2Q           1H              1H
                                      FY12                                                FY13                 FY12            FY13
                                                                                                                                           22
                                             Asia                                 Net Sales/Operating Income (Margin)
                                      FY12                                              FY13                  FY12         FY13
               1Q               2Q              3Q               4Q               1Q              2Q           1H           1H
                                                                                                                                         Yen
   Net                                                                                                                                 (billions)
  Sales      373.4         407.7             317.6            391.5          512.8             539.4         781.2       1,052.2

                                                            ( + 32.3% )                                           ( + 34.7% )
   Yen       Operating Income
(billions)
             Operating Margin (%)
 100
                                             <Increase Factors>
                                             -Changes in revenue and model mix    etc

                                             <Decrease Factors>
                                             -Negative currency impact            etc
   80                                                                                                                    ( + 45.1% )

                                                                                                                          ( 6.5 % )
                                                                                               ( + 66.5% )
   60                                                                                                                      68.1

                                                                                                             ( 6.0 % )

   40                                                                                           ( 6.7 % )
                                                                                                             46.9

                                                                                                36.4
                          ( 5.4 % )                                              31.7
   20        25.1          21.8
                                                              16.5
                                             13.3
     0
              1Q            2Q                3Q               4Q                1Q              2Q            1H           1H
                                     FY12                                               FY13                  FY12         FY13


                                                                                                                                           23
                                     Other Regions                                 Net Sales/Operating Income (Margin)
                                       FY12                                               FY13                  FY12            FY13
                1Q               2Q              3Q              4Q                1Q               2Q           1H              1H
                                                                                                                                              Yen
   Net
  Sales       229.9         244.3             206.1            212.6           220.3             229.6         474.3          450.0         (billions)



                                                             ( - 6.0% )                                                ( - 5.1% )
   Yen       Operating Income
(billions)
   60        Operating Margin (%)
                                              <Increase Factors>
                                              -Changes in revenue and model mix,    etc

                                              <Decrease Factors>
   50                                         -Increased SG&A expenses,
                                              -Negative currency impact,            etc                                       ( - 41.2% )


   40                                                                                                          ( 8.2 % )
                                                                                                 ( - 54.3% )
                                                                                                                38.8
   30

                           ( 9.4 % )                                                                                            ( 5.1 % )

   20                       23.0                                                                                                    22.8

             15.7                                                                                 ( 4.6 % )
   10
                                              12.5                             12.2               10.5
                                                                5.6
    0
              1Q                2Q             3Q               4Q                 1Q              2Q           1H               1H
                                      FY12                                                FY13                 FY12             FY13


                                                                                                                                                24
                                      Change in Equity in income of affiliates


     Total         Asia

   Yen
(billions)                                     11.9                                     4.0
                                            ( + 76.7 % )                           ( + 9.1 % )
60


                                                                                              48.2
                                                                               44.2 44.2          46.2

40

                                              33.2
       28.6 29.3
                                                                    27.4
                                                                        25.3
                                 22.9 22.1
                                                   21.5 20.7 20.8
20
                   15.5
                          14.8




 0

             1Q           2Q           3Q         4Q       1Q          2Q         1H            1H
                               FY12                             FY13             FY12          FY13
                                                                                                         25
                               Consolidated Capital Expenditures <FY13 1H>
                                                         + 118.5 ( + 89.7 % )                                                                Yen
                                                                                                                                          (billions)

                          Excluding currency translation effects   + 125.5 ( + 95.0 % )

                                             +117.9                  +   0             + 2.9               - 7.0             250.7
                                                                   Financial       Power product          Currency
                                                                   Services              &               Translation
                                                                   Business       Other Businesses
                                                                                                           Effects




    132.1               + 4.5
                       Motorcycle           Automobile
                       Business              Business




  FY12 1H                              ※   Capital expenditures in results aforementioned exclude                            FY13 1H
Market average rates                       investment in operating leases and intangible assets                        Market average rates
 US$ 1= JPY 80                                                                                                  US$ 1= JPY 79 (Yen up by 1 yen)
 Euro 1= JPY 114                                                                                                Euro 1 = JPY 101 (Yen up by 13 yen)
                                Yen (billions)                                                                               Yen (billions)
  Motorcycle                                                                                  Motorcycle
  Business                            24.8                                                    Business                            26.6
  Automobile                                                                                  Automobile
  Business                          103.0                                                     Business
                                                                                                                                217.1
  Financial Services                                                                          Financial Services
  Business                             0.1                                                    Business
                                                                                                                                    0.1
  Power Product & Other                                                                       Power Product & Other
  Businesses                           4.1                                                    Businesses                            6.7
            Total                   132.1                                                               Total                   250.7
                                                                                                                                                       26
        FY13 2nd Quarter Financial Results &
             FY13 Financial Forecasts
Fumihiko Ike
 Senior Managing Officer and Director
 Chief Financial Officer

      - FY13 2nd Quarter Consolidated Financial Results
      - FY13 Financial Forecasts
      - Dividend

Kohei Takeuchi
Operating Officer, General Manager of Accounting Division
      - FY13 2nd Quarter Consolidated Financial Results
             Net Sales and Other Operating Revenue
             Change in Income before Income Taxes
             Business Segment Information
             Geographical Information
             Change in Equity in Income of Affiliates
             Consolidated Capital Expenditures
      - FY13 Financial Forecasts
                                                            27
                                         Forecast: Honda Group Unit Sales
                    Motorcycles                                Automobiles                               Power Products
  Unit                       - 1,040                                    - 180                                       - 80
(thousand)                                                           ( - 4.2 % )                                ( - 1.3 % )
                           ( - 6.3 % )
20,000                                         5,000                                    8,000


                                                                 4,300
                       16,600                                                4,120
                                   15,560      4,000               310                                     6,300        6,220
             15,061                                                            310
15,000                  2,080                                                           6,000   5,819         605         550 Other
                                    1,840                                                                                        Regions
              2,031                                                                              520
                                                       3,108     1,310        1,155
                                               3,000    202                                                                      Asia
                                                                                                             1,670       1,670
                                                                                                1,472
                                                                  230          205
10,000                                                  837                             4,000

                       13,820                                                                                1,150       1,045 Europe
                                    13,055     2,000                                             1,121
             12,412                                     158

                                                                 1,740        1,740

 5,000                                                 1,323                            2,000                                    North
                                               1,000                                            2,314        2,520       2,630 America



              198        210         180
                                                                   710         710
              200        255         255                588
              220        235         230                                                         392         355          325 Japan
      0                                           0                                        0

              FY12      FY13        FY13               FY12      FY13        FY13               FY12        FY13        FY13
                       Previous     Revised                     Previous     Revised                       Previous     Revised
                       Forecasts   Forecasts                    Forecasts   Forecasts                      Forecasts   Forecasts
                                                                                                                                        28
                                            Forecast: Consolidated Unit Sales
                     Motorcycles                                 Automobiles                               Power Products
  Unit                           - 280                                    - 50                                       - 80
(thousand)
                              ( - 2.8 % )                             ( - 1.4 % )          8,000                 ( - 1.3 % )
 12,000                                         4,000

                                                                   3,540        3,490 7,000
                                                3,500
                         9,900                                      310          310
                                      9,620                                                                  6,300        6,220
                                                                                           6,000   5,819       605
                                                                                                                                 Other
  9,000      8,650        2,080       1,840
                                                3,000
                                                                    560          535
                                                                                                                           550 Regions
                                                                                                    520
              2,031                                     2,482                    205       5,000
                                                2,500               230
                                                                                                   1,472      1,670       1,670 Asia
                                                        202
                                                        219
  6,000                                         2,000   158                                4,000

                                                                                                              1,150       1,045 Europe
                                                                   1,740        1,740              1,121
                          7,120       7,115     1,500                                      3,000
              6,001                                     1,323

  3,000                                         1,000                                      2,000
                                                                                                              2,520       2,630 North
                                                                                                   2,314                         America

                                                 500                                       1,000
               198         210         180              580         700          700
               200         255         255                                                                                       Japan
               220         235         230                                                          392        355         325
      0                                            0                                          0
             FY12       FY13          FY13                FY12       FY13           FY13             FY12      FY13        FY13
                       Previous      Revised                        Previous     Revised                      Previous     Revised
                       Forecasts    Forecasts                       Forecasts   Forecasts                     Forecasts   Forecasts
                                                                                                                                       29
                                       FY13 Financial Forecasts (Consolidated)
                                                                                                                      Yen (billion)

                                                                                                 Change             Change from
                                        FY12                       FY13                                               previous
                                                                                                                     forecasts
                                        Results                  Forecasts                 amount          %        as of Apr. 27

Net sales & other
operating revenue                     7,948.0                   9,800.0                   + 1,851.9    + 23.3%         - 500.0

Operating income                          231.3                      520.0                 + 288.6    + 124.8%         - 100.0

Income before
income taxes                              257.4                      540.0                 + 282.5    + 109.8%           - 95.0

Equity in income of affiliates            100.4                        80.0                  - 20.4       - 20.3%        - 40.0

Net income attributable to
Honda Motor Co., Ltd.                     211.4                      375.0                 + 163.5     + 77.3%           - 95.0

EPS attributable to
Honda Motor Co., Ltd. (Yen)
                                         117.34                     208.07                  + 90.73

  Note : Shares which are based     approx.                     approx.
       on calculation of EPS        1,802,300,000 shares        1,802,299,128 shares
                                  (weighted average number    (weighted average number
                                    of shares outstanding )     of shares outstanding )


Average Rates (Yen)

US Dollar                                  79                          80                   Yen down by 1 yen             -
                                                                (1H 79 / 2H 80)

                                                                      103                                           Yen up by
Euro                                      108                  (1H 101 / 2H 105)
                                                                                             Yen up by 5 yen
                                                                                                                      2 yen
                                                                                                                                    30
                      Forecast: Change in Income before Income Taxes

                                                                                                                                Yen (billions)
                         Income before Income taxes            + 282.5 ( + 109.8 % )

                                                                                                        Other Income
                    Operating Income        + 288.6 ( + 124.8 % )                                        & Expenses

                                                                                                              - 6.0
                                      *                  *
                            + 167.0           - 181.0


            + 382.8                                                      *
                                                                - 35.2
                         Cost Reduction,                                          - 45.0
                                              increase                                              + 9.0             - 15.0         540.0
                               etc.           in SG&A          Increase
                                                                in R&D        Currency Effect    Unrealized gains      Others
                                                                                                   and losses
                                                                                                     related to
                                                                                                    derivative
                                                                                                   instruments
257.4
            Revenue,
            model mix,
              etc.
                             * The impact of the change in depreciation method which is anticipated to cause
                               a decrease in depreciation expense by approximately JPY 40.0 billion in total, is included.

Operating                                                                                                                           Operating
 Income                                                                                                                              Income
 231.3                                                                                                                               520.0
FY12                                                                                                                                  FY13
                                                                                                                                     Revised
                                                                                                                                    Forecasts
                                                                                                                                                31
                 Forecast: Change in Income before Income Taxes

                                                                                                                   Yen (billions)
                                 Income before Income taxes   - 95.0 ( - 15.0 % )

                                                                                              Other Income
                                                                                               & Expenses
                         Operating Income     - 100.0 ( - 16.1 % )
                                                                                                    + 5.0

 635.0       - 94.0
                                             + 24.0      ±0             - 45.0
                             + 15.0                                                       + 17.0          - 12.0        540.0
                                                          R&D
            Revenue,       Cost Reduction,   Decrease
            model mix,                       in SG&A                 Currency Effect   Unrealized gains   Others
                                 etc.
              etc.                                                                       and losses
                                                                                           related to
                                                                                          derivative
                                                                                         instruments




Operating                                                                                                              Operating
 Income                                                                                                                 Income
 620.0                                                                                                                  520.0
  FY13                                                                                                                   FY13
Previous                                                                                                                Revised
Forecast                                                                                                               Forecasts
                                                                                                                                   32
               Forecast: Capital Expenditures, Depreciation, R&D Expenses



                                                                                                                                          Yen
                                                                                                                                       (billions)

                                                                                                                           Change from
                                     FY12                         FY13                       Change                         previous
                                     Results                Revised Forecasts
                                                                                                                             forecast
Capital
expenditures *
                                     406.5                        600.0                      + 193.5                          + 20.0

Depreciation and
Amortization   *
                                     293.7                        285.0 **                        - 8.7                            -

R&D expenses                         519.8                        555.0                        + 35.2                              -

  * “Capital expenditures” in results and the forecast aforementioned exclude investment in operating leases and acquisition of intangible
    assets.
  * “Depreciation and amortization” in results and the forecast aforementioned exclude depreciation of investment in operating leases and
    amortization of intangible assets.
  ** Honda changed to the straight line method effective from April 2012 for the depreciation method.




                                                                                                                                               33
Caution with Respect to Forward-Looking Statements:
This slide contains forward-looking statements about the performance of Honda, which are based on management’s
assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that
Honda’s actual results could differ materially from those described in these forward-looking statements as a result of
numerous factors, including general economic conditions in Honda’s principal markets and foreign exchange rates
between the Japanese yen and the U.S. dollar, the Euro and other major currencies, as well as other factors detailed
from time to time.

Accounting standards:
Our consolidated financial standards are prepared in conformity with U.S. generally accepted accounting principles.

Notice on the Factors for Increases and Decreases in Income:
With respect to the discussion above of the change in operating income, management has identified the factors set forth
below and used what it believes to be a reasonable method to analyze the respective changes in such factors. Each of
these factors is explained below. Management has analyzed changes in these factors at the levels of the Company and
its material consolidated subsidiaries.


(1)“Foreign currency effects” consist of translation adjustments, which come from the translation of the currency of
foreign subsidiaries’ financial statements into Japanese Yen, and foreign currency adjustments, which result from
foreign-currency-denominated sales, which, at the levels of the Company and those consolidated subsidiaries which
have been analyzed, primarily relate to the following currencies: U.S. dollar, Canada dollar, Euro, GBP, BRL and
Japanese Yen.

(2) With respect to “cost reduction”, management has analyzed cost reduction and effects of raw material cost
fluctuations at the levels of the Company and its material foreign manufacturing subsidiaries in North America, Europe
and other regions.

(3) With respect to “changes in net sales and model mix”, management has analyzed changes in sales volume and in
the mix of product models sold in major markets which have resulted in increases/decreases in profit, as well as certain
other reasons for increases/decreases in net sales and cost of sales.

(4) With respect to “selling, general and administrative expenses”, management has analyzed reasons for an
increase/decrease in selling, general and administrative expenses from the previous fiscal year net of currency
translation effects.
                                                                                                                       34
                                                         -Currency Effects-                                                      (Exhibit 1)
                                      (effects associated with sales transactions and translation effects)

                                                                                                                                   Yen
                                                                                                                                 (billion)


                                                                       Average Rates (Yen)                                     FY13
                                         FY13 2Q                FY12                 FY13
                                                                                                         Change                 1H
                                                                 2Q                   2Q
                                                                                                       Yen down by
              JPY / USD                       + 3.0               78                   79                1 yen                 - 0.6
                                                                                                        Yen up by
              JPY / Euro                      - 1.7              109                   98
                                                                                                          11 yen
                                                                                                                               - 3.7
             JPY / Others                     - 6.6               ―                   ―                     ―                  - 12.7
         Transactions between other
                 currencies                   - 5.7               ―                   ―                     ―                  - 7.7
Difference of average rates *1                              *1:Impact of YOY difference of FOREX to be used for
(Impact on Operating income)                 - 11.1             booking revenue of foreign currency transactions               - 24.8
Difference between transaction *2                           *2:Impact of YOY difference between average FOREX
rates and average rates                        - 0.8            and hedge rates during the period
                                                                                                                               - 10.2
(Impact on Other income & expenses)

Currency effect associated with
sales transaction                             - 12.0                                                                           - 35.0
Currency effect from translation*3                          *3:Effect due to the difference of the rate used for translating
                                                               Honda’s overseas subsidiaries’ financial statements
of foreign financial statements                - 3.2           denominated in foreign currencies into Japanese yen             - 9.3
(impact on operating income)                                   with the corresponding period of the fiscal year

                Total                         - 15.3                                                                           - 44.4

                                                                                                                                             35
              - Unrealized Gains and Losses Related to Derivative Instruments -      (Exhibit 2)



                                                                                       Yen
                                                                                     (billion)


                                 2Q                                  1H

                     FY12        FY13      Change        FY12        FY13         Change


Foreign currency
                       + 5.5       - 0.9      - 6.4      + 13.8      + 24.6       + 10.7
    Forward

Interest rate swap
  Currency swap
                     + 10.1        - 3.5     - 13.7      + 12.1        - 0.0       - 12.2

     Others            + 0.1       - 0.0      - 0.2        + 0.3      + 0.1         - 0.2

      Total          + 15.8        - 4.5     - 20.4      + 26.3      + 24.6         - 1.6




                                                                                                 36
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