THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Mazda Motor Corporation (MAZD.TCL)

3/31/2004 Annual Report

The Company issued guarantees of loans and letters of undertaking to provide guarantees to certain creditors of AutoAlliance International, Inc. (ÒAAIÓ), an affiliate which is accounted for by the equity basis. As of March 31, 2004 and 2003, guarantees of loans and letters of undertaking, included in contingent liabilities, covered ´37,574 million ($354,472 thousand) and ´44,857 million, respectively, of AAIÕs obligations. In addition, the Company transferred (sold) receivables to Primus Financial Services, Inc., a subsidiary of Ford Motor Company. For the years ended March 31, 2004 and 2003, the transactions amounted to ´262,923 million ($2,480,406 thousand) and ´310,739 million, respectively, in the aggregate. As of March 31, 2004 and 2003, the ending balances of accounts receivable related to the transactions were ´3,568 million ($33,660 thousand) and ´3,850 million, respectively. The terms of the transactions are determined on an armÕs length basis. Also, in the year ended March 31, 2003, the Company issued ´60,000 million of convertible bonds with stock acquisition rights. Of the bonds, the Company sold ´20,000 million to FLP Canada, a subsidiary of Ford Motor Company. As of March 31, 2004 and 2003, the ending balances of the bonds with stock acquisition rights held by FLP Canada were ´20,000 million ($188,679 thousand) and ´20,000 million, respectively.