1 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

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1 FY2014 Financial Results May 12, Copyright(C) 2014 Isuzu Motors Limited All rights reserved

2 Contents Ⅰ. President and Representative Director : Susumu Hosoi FY2014 and FY2015 Outlook Overview Ⅱ. Senior Executive Officer, Ⅲ.Q&A Corporate Planning and Financial Division Executive : Makoto Kawahara 1. Business Status 2. FY2014 Financial Results 3. FY2015 Full-year Outlook Statements contained in this presentation, except for historical or current facts, are based on certain assumptions and our management's judgment in light of currently available information. Therefore, these statements may be susceptible to various factors, such as uncertainty contained in the assumptions and management's judgment and economic changes in the future, which may cause to bring about different results in Isuzu's future earnings and operating results. Moreover, this presentation is not intended to solicit investment in Isuzu. Isuzu assumes no responsibility for any losses and liabilities that may be incurred because of the information in this presentation. 2 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

3 President and Representative Director Susumu Hosoi 3 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

4 FY2014 Consolidated Results - Year-on-year Comparison - <Reference> ( JPY Bil. ) FY14 FY13 Changes FY14 Previous Net Sales 1, , ,820.0 Operating Income Odi Ordinary Income Net Income * FX: FY14 = 98JPY/US$ FY13 = 82JPY/US$ 4 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

5 FY2015 Full-year Outlook - Consolidated, Year-on-year Comparison - (JPY Bil.) FY15 FY14 Changes Net Sales 1, , Operating Income Ordinary Income Net Income FX: FY15= 100 JPY/US$ FY14= 98 JPY/US$ 5 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

6 Senior Executive Officer, Corporate Planning and Financial i Division i i Executive Makoto Kawahara 6 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

7 -1. Business Status 7 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

8 CV/LCV Global Shipment - Vehicle and KD-SET, etc: K-units Reinforcing overseas operating Capabilities Entering New Markets (520) 543 (547) (567) 554 (453) (500) Global Financial crisis Inventory Adjustment 427 (386) 259 The Great East Japan Earthquake Flooding in Thailand 598 (552) 568 (509) (628) 639 (619) (564) ( ): Overseas unit LCV CV Overseas FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 CV Domestic 8 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

9 CV Global Shipment - Vehicle and KD-SET, etc: K-units /3 14/3 15/ /3 14/3 15/3 Europe China /3 14/3 15/3 Mid-East/ Africa /3 14/3 15/3 Asia /3 14/3 15/3 Japan /3 14/3 15/3 North America /3 14/3 15/3 Shipment FY13 FY14 FY15 13/3 14/3 15/3 :H1 H1 135, ,371 - :H2 Mid-South H2 140, ,260 - Oceania America Full-year 276, , ,000 : FY15 9 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

10 Japan Industry Sales and Isuzu Share - H/D, M/D Truck:4ton or above - (Unit) FY09 - FY14 :FY Actual (Share) 120, ,000 80,000 60,000 40,000 20, % 32.9% 32.8% 31.1% 1% 33.9% 68,535 79, % 35% 30% 25% 59,310 H2 51,412 46,322 20% 26,109 41,622 36,608 25,275 35,548 15% 23,764 H1 36,855 10% 17,858 26,137 23,762 31,927 33,607 62,964 FY09 FY10 FY11 FY12 FY13 FY14 FY15 5% 10 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

11 Japan Industry Sales and Isuzu Share - L/D(2-3ton) Truck - (Unit) 120, ,000 80,000 60,000 40,000 20,000 0 FY09 ~ FY14 : FY Actual 39.1% 40.0% 40.2% 40.2% 39.5% 70,059 31,177 38,882 48,859 26,700 54,469 27,980 65,309 38,486 22,159 26,489 26,823 75,637 38, % 91,520 H2 51,120 H1 36,905 40,400 FY09 FY10 FY11 FY12 FY13 FY14 FY15 (Share) 45% 40% 35% 30% 25% 20% 15% 11 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

12 LCV Global Shipment - Vehicle and KD-SET, etc: K-units /3 14/3 15/3 Europe /3 14/3 15/3 China /3 14/3 15/ Thailand /3 14/3 15/ /3 14/3 15/3 Mid-East/ Africa Asia 13/3 14/3 15/3 Oceania /3 14/3 15/3 Mid-South America Shipment FY13 FY14 FY15 :H1 H1 197, ,813 - :H2 H2 215, ,170 - Full-year 413, , ,000 : FY15 12 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

13 Thailand Isuzu LCV Production - Thai Domestic / Export Markets - (Unit) 400, , , , , , ,000 50, , ,922 64,485 44,325 12,327 20, , , ,481 64,530 27, , ,242 57,645 34, , ,545 55,560 80, , ,923 63,585 69, , ,000 77,000 KD-SET 91,000 Vehicle Export 161,000 Vehicle For Thailand 0 FY09 FY10 FY11 FY12 FY13 FY14 FY15 13 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

14 Industrial Engine Global Shipment -K-Unit H2 54 H FY09 FY10 FY11 FY12 FY13 FY14 FY C(IDI) C(DI) 4L 4J 4H 6H 6U 6W Industrial Engine l 14 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

15 Ⅱ-2. FY2014 Financial Summary 15 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

16 FY2014 Consolidated Results - Year-on-year Comparison - <Reference> ( JPY Bil. ) FY14 FY13 Changes FY14 Previous Net Sales 1, , ,820.0 Operating Income Odi Ordinary Income Net Income * FX: FY14 = 98JPY/US$ FY13 = 82JPY/US$ 16 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

17 FY2013 vs. FY2014 Fluctuations - Consolidated operating income: analysis of change, JPY Bil Sales/ /Model Mi 20.2 Materia al Cost Reduct tion FX Steel, Oil Price etc. Fluctua ations Fixed Cost Fluctu uation ix 17 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

18 FY2014 Consolidated Results - Ordinary income, Net income, Year-on-year - (JPYBil Bil. ) FY14 FY13 Changes Net Sales 1, , Operating Income Ordinary Income Net Income Ordinary Income Operating Income Change * Equity in Earnings of Affiliates -0.3 * Financial account balance/ FX gain and loss, Other 1.8 Total 44.9 Ex xtra Incom me / Loss etc c. Ordinary Income * Extraordinary Income / loss 1.8 * Tax and minority interests Net Income Copyright(C) 2013 Isuzu Motors Limited All rights reserved

19 -3. FY2015 Full-year Outlook 19 Copyright(C) 2013 Isuzu Motors Limited All rights reserved

20 FY2015 Full-year Outlook - Consolidated, Year-on-year Comparison - (JPY Bil.) FY15 FY14 Changes Net Sales 1, , Operating Income Ordinary Income Net Income FX: FY15= 100 JPY/US$ FY14= 98 JPY/US$ 20 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

21 FY2014 vs. FY2015 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil Sa ales/mode el Mix 15.0 Mate rial Cost Redu uction -2.0 FX -4.0 Steel, Oil Price etc. Fluctu uations -6.2 Fixed Cost Fluctu uation Expenses s for growt h strategy Operating Income for FY14 Operating Income for FY15 21 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

22 FY2015 Full-year Outlook - Ordinary income, Net income, Year-on-year - ( JPY Bil. ) FY15 FY14 Changes Net Sales 1, , Operating Income Ordinary Income Net Income Ordina ary Incom me Operating Profit Change -9.2 * Equity in Earnings of Affiliates -2.4 * Financial account balance/ FX gain and loss, Other 0.00 Total Extra Incom me/ Loss etc c. Ordinary Income * Loss on disposal of noncurrent assets,etc * Tax and minority interests Net Income Copyright(C) 2013 Isuzu Motors Limited All rights reserved

23 [Appendix] Main Financial Index 23 Copyright(C) 2013 Isuzu Motors Limited All rights reserved

24 CAPEX and Depreciation (Consolidated) - Recent Trend and - *1 FY09 or later included lease CAPEX Deprecia ation 24 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

25 (JPY Bil.) Consolidated Revenue by Segment 1, , , , , ,760.9 Others 435.8, Asia North America Domestic Copyright(C) 2014 Isuzu Motors Limited All rights reserved

26 Consolidated Revenue by Segment - LCV, CV, PT&Compo, Others (KD, parts) - (JPY Bil.) 1, , , , , , Others PT&Compo LCV CV 26 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

27 Operating Margin: Historical Trend (JPY Bil.) Operating Margin Opera (Cons ating Inco solidated) ome ) FY08 FY09 FY10 FY11 FY12 FY13 FY14 27 Copyright(C) 2014 Isuzu Motors Limited All rights reserved

28 Consolidated Equity Ratio: Historical Trend - Consolidated- (JPY Bil.) Consolidated Equity Ratio Con Equ nsolidated uity Capit d tal FY09 FY10 FY11 FY12 FY13 FY Copyright(C) 2014 Isuzu Motors Limited All rights reserved

29 Inventory Balance - Consolidated - Month) Month turnover FY0 9 FY1 0 FY1 1 FY1 2 FY1 3 FY Copyright(C) 2014 Isuzu Motors Limited All rights reserved

30 30 Copyright(C) 2013 Isuzu Motors Limited All rights reserved