It is my pleasure to submit the following third-party opinion with respect to the CSR activities of Mazda Motor Corporation and its Group companies in Japan and other countries, as expressed in the Mazda Sustainability Report 2011.

The report explicitly recognizes, as stated in the Top Message, that "technologies that are implemented not in just a few models but in a wide range of vehicles, and that have ample scope for future development" are necessary to "provide driving pleasure as well as outstanding environmental and safety performance." Based on this recognition, Mazda announced its new SKYACTIV TECHNOLOGY in fall 2010 and pledged to improve average fuel economy by 30% (compared with 2008 levels) by 2015. In fact, the facelifted Demio has already achieved 30.0 km/L, the highest fuel economy in its class. Moreover, Mazda has set a target of implementing SKYACTIV TECHNOLOGY in 80% of its vehicles by FY2015. True to its word, the Company is working to develop environmental technologies for as many vehicle types as possible, rather than a limited selection of high-profile models. The development and implementation of such broadly applicable technologies is consistent with Mazda's stated ambition to reduce environmental impact on society as a whole. I applaud this steadfast, sincere management stance coupled with CSR activities through core business activities.

In terms of environmental protection activities, Mazda deserves plaudits for framing its efforts in the Mazda Green Plan 2020, the Mazda Group's mid-term environmental plan toward 2020. This plan explicitly subdivides all of the Group's environmental measures, in domains ranging from energy and global warming to environmental management, into the categories "vehicles and vehicle technology" and "manufacturing, logistics, offices operations, social contributions, etc" and sets numerical targets for 2020 (2015 in some cases). The specific nature of these undertakings testifies to the Group's high level of environmental consciousness.

The Mazda Group also took steps to promote CSR activities among its suppliers through its establishment in July 2010 of the Mazda Supplier CSR Guidelines. These Guidelines stipulated criteria for selecting suppliers, including quality, technical capabilities, price, delivery and management, as well as compliance structure and initiatives to protect the environment. I believe these Guidelines will have the effect not only of building positive relationships with business partners, but also of promoting and strengthening social responsibility across the entire Mazda supply chain. By executing a wide range of activities in compliance and social responsibility, with a purview extending beyond Group companies in Japan and overseas to the entire supply chain, the Mazda Group is taking important steps to protect against risks to its CSR brand.

I also gained the impression of a broad range of initiatives in other areas, such as work-life balance and diversity. The ability to gather people with a wide range of perspectives and values, working together based on a common understanding of on-site information, is an indispensable condition for robust enterprise growth. The Mazda Sustainability Report 2011 clearly lists the results of similar measures in FY2010. Some of these achievements are especially noteworthy, such as the effective use of in-house daycare facilities and the steady increase in the representation of women in senior management. I would be pleased to see Mazda continue its proactive stance in implementing these measures going forward.

The Mazda Group is a global business organization, with eight overseas locations for production and over 80% of its sales accounted for outside Japan. In the future, it will be important for Mazda to link its operations in Japan with its initiatives overseas to protect the environment, contribute to society, and demonstrate respect for the employees who are the Group's greatest management resource. In the next fiscal year's report, I would like to see a fuller exposition on these points.

I'm also concerned about duplication in Mazda's CSR communications, as main pages of the online and booklet versions carry overlapping information. Next year, perhaps Mazda could consider condensing the booklet version into a digest of a more detailed online version. Alternatively, the Mazda Group could move to a special-feature format, focusing on the content it is especially keen to communicate. With the implementation of improvements such as these, I believe the Mazda Group could significantly raise the bar in effective CSR communication with stakeholders, both within and outside the Group.