1 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

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1 FY2012 Financial Results May 10, Copyright(C) 2012 Isuzu Motors Limited All rights reserved

2 Contents Ⅰ. President and Representative Director : Susumu Hosoi FY2012 Overview Ⅱ. Director Director of the Board, and Managing Executive Officer, Corporate Planning and Financial : Toshio Sasaki 1. Business Status 2. FY2012 Financial Results 3. FY2013 Full-year Outlook Ⅲ.Q&A 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) 2012 Isuzu Motors Limited All rights reserved

3 President and Representative Director Susumu Hosoi 3 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

4 FY2012 Consolidated Results - Year-on-year Comparison - ( JPY Bil. ) FY12 FY11 Changes Previous Net Sales 1, , ,430.0 Operating Income Ordinary Income Net Income * FX: FY12 = 79JPY/US$ FY11 = 85JPY/US$ 4 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

5 FY2013 Full-year Outlook - Consolidated, Year-on-year Comparison - (JPY Bil.) FY13 FY12 Changes Net Sales 1, , Operating Income Ordinary Income Net Income FX: FY13= 80JPY/US$ FY12= 79JPY/US$ 5 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

6 Mid-term Business Plan: Targets and Tasks Targets Change of Business Model ( Global 3-Core Business Organization ) Support Operation Company Expansion and Development CV No.1 in ASEAN Stabilize Japan domestic business Strengthen/Expand LCV business Strengthen lifecycle business Secure stable position in emerging/advanced markets Establish manufacturing operations in emerging market (New CV foothold in Indonesia) Improve efficiency for manufacturing and sales Extend added value operation Strength global sales Establish self-sustained functions Enhance after-sales business (expand After-Sales Center) More involvement in sales activities and its operation Stabilize business in advanced market Sharing CV engineerin g functions low-cost parts procurement Expand LCV base market Enhance functions China India Russia Saudi- Arabia ASC etc 6 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

7 VOL & Share in 5 ASEAN countries Mid-term Business Plan: Progress 1 CV Business in ASEAN (K.units) (K.units) (K.units) 40 25% 20 25% 50 LD MD/HD Total CV 30 20% 15 20% % 5 15% 0 10% 0 10% '09 '10 '11 '12Fcst '09 '10 '11 '12Fcst 25% % 20 15% % '09 '10 '11 '12 Fcst Source: Isuzu Motors Limited Thailand Philippines Indonesia Malaysia Vietnam Share Sales Achievement Launch F series/expand sales network in Indonesia Reorganization of distributors in Malaysia (Integrate LCV and CV) Launch Emerging market LD in Vietnam Future Tasks Launch Light-weight truck, Emerging market HD Consolidate distributor in Malaysia Fully introduce Emerging market LD - Compete with Chinese/Korean makers Manufacturing/ Engineering Enhance manufacturing/engineering capability in Indonesia foothold as a core Dispatch engineers from ISZJ Purchase land for new plant Construct CV coating line in Thailand (Gateway) Consolidate local manufacturing businesses Establish engineering process to develop emerging market products Increase local supply 7 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

8 Mid-term Business Plan: Progress 2 Domestic Business / LCV Busines Stabilize Japan domestic business Achievement Market Share No.1 (2H of FY2012) - HD: 33.0%, 2-3t: 39.5%, Bus: 36.0% Integrate dealers to enlarge market coverage (Isuzu Motors Tohoku limited) Core module production (part of LD engine) Expand in-house production for transmission components Future tasks Further stabilize domestic business Launch next-generation HD (synchronizing with China HD development) Further improve efficiency and expand in-house production. Strengthen/ Expand LCV business Launch new D-MAX model Establish Isuzu new export company (IMIT) Develop marketing footholds in Europe and Central America by IMIT New plant (Gateway) construction - Scheduled completion: in Fall of 2012 Launch new pick-up derivative Fully implement export business Increase self-sustainability of local engineering function Develop new small-displacement diesel engine 8 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

9 Mid-term Business Plan: Progress 3 Life-Cycle Business / Overseas Business Strengthen life-cycle business Achievement Increase after sales income at consolidated dealers. Expand new After-Sales Center - Mid-east, Central America, Australia, Europe Future tasks Expand business in after market Further development of After-Sales Center - ASEAN, South America, Africa Secure stable position in emerging/adva nced markets Establish support operation Start construction of assembly plant in Saudi Arabia Re-strengthening business in Russia Increase ownership stake in SMLI and launch CV with Isuzu s component in India Launch HD Engineering Center in Chongqing Newly-created India Project Team Strengthen Isuzu-led CV business in South America - GMICA development to other regions Consolidate DB in Mexico Implement manufacturing operation in South Africa Stabilize business in advanced market Implement HD business in China Consolidation of component manufacturing company in China Study continuing business with Jiangling Implement LCV manufacturing and sales operations in India 9 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

10 Director of the Board, and Managing Executive Officer, Corporate Planning and Financial Toshio Sasaki 10 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

11 Ⅱ-1. Business Status 11 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

12 CV/LCV Global Shipment - Vehicle and KD-SET, etc: K-units Reinforcing overseas operating Capabilities Entering New Markets (547) 543 (520) (453) Global Financial crisis (567) 554 (500) Inventory Adjustment 427 (386) 259 The Great East Japan Earthquake Flooding in Thailand 598 (552) 568 (509) (636) 393 ( ):Overseas unit LCV CV Overseas CV Domestic FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 12 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

13 CV Global Shipment - Vehicle and KD-SET, etc: K-units units Europe China /3 12/3 13/ /3 12/3 13/3 Mid-East/ Africa 32 11/3 12/3 13/ Asia 11/3 12/3 13/ Japan 8 Shipment FY11 FY12 FY13 11/3 12/3 13/3 :H1 H1 131, ,488 - Oceania :H2 Mid-South H2 120, ,869 - America Full-Year 252, , , Copyright(C) 2012 Isuzu Motors Limited All rights reserved /3 12/3 13/ /3 12/3 13/3 North America /3 12/3 13/3

14 Japan Industry Sales and Isuzu Share - H/D, M/D Truck:4ton or above - (Unit) FY08-FY12 FY12 :FY Actual (Share) 120, % 29.7% 32.9% 32.8% 31.1% 35% 100,000 30% 85,116 80,000 25% 60,000 40,000 20, ,963 43,153 62,964 26,109 36,855 41,622 23,764 17,858 51,412 25,275 26,137 59,310 35,548 23,762 FY08 FY09 FY10 FY11 FY12 FY13 H2 H1 63,000 20% 15% 10% 5% 14 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

15 Japan Industry Sales and Isuzu Share - L/D(2-3ton) Truck - (Unit) 120,000 FY08-FY12 FY12 : FY Actual (Share) 45% 100, % 39.1% 89, % 40.2% 40.2% 40% 80,000 60,000 40,000 44,213 70,059 31,177 48,859 26,700 54,469 27,980 65,309 67,000 38,486 H2 35% 30% 25% 20, ,618 38,882 22,159 26,489 26,823 FY08 FY09 FY10 FY11 FY12 FY13 15 Copyright(C) 2012 Isuzu Motors Limited All rights reserved H1 20% 15%

16 LCV Global Shipment - Vehicle and KD-SET, etc: K-units Europe 18 11/3 12/3 13/ China 27 11/3 12/3 13/ /3 12/3 13/3 Mid-East/ Africa Asia /3 12/3 13/ Oceania Shipment FY11 FY12 FY13 H1 179, ,109 - :H1 H2 167, ,508 - Full-Year 346, , ,400 :H2 16 Copyright(C) 2012 Isuzu Motors Limited All rights reserved 12 11/3 12/3 13/ /3 12/3 13/3 Mid-South America

17 (K-unit) Pick-up truck monthly sales in Thailand APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR FY10 FY11 FY12 17 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

18 Thailand Isuzu LCV Production - Thai Domestic / Export Markets - (Unit) 350, , , , , ,501 71, ,600 79, , , ,481 64, ,242 57,645 60,700 KD-SET 150,000 64,485 44, , ,000 50, , , , , , ,597 Vehicle 0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 18 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

19 Industrial Engine Global Shipment -K-Units H H1 15 FY08 FY09 FY10 FY11 FY12 FY13 C(IDI) C(DI) 4L 4J 4H 6H 6U 6W Industrial Engine ~ l 19 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

20 Ⅱ-2. FY2012 Financial Results 20 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

21 FY2012 Consolidated Results - Year-on-year Comparison - ( JPY Bil. ) FY12 FY11 Changes Net Sales 1, , Operating Income Ordinary Income Net Income * FX: FY12 = 79JPY/US$ FY11 = 85JPY/US$ 21 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

22 FY2011 vs. FY2012 Fluctuations - Consolidated operating income: analysis of change, JPY Bil Sales/Model Mix 11.2 Material Cost Reduction 9.2 Fixed Cost Fluctuation -7.4 Steel, Oil Price etc. Fluctuations -4.5 FX -5.1 Effect of previous FY (Loss on disaster/ Fixed cost), others 97.4 Operating Income Operating Income for FY12 22 for FY11 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

23 FY2012 Consolidated Results - Ordinary income, Net income, Year-on-year - ( JPY Bil. ) FY12 FY11 Changes Net Sales 1, , Operating Income Ordinary Income Net Income Ordinary Income Operating Income Change 9.2 * Equity in Earnings of Affiliates -2.4 * Financial account balance/ FX gain and loss 4.8 Total 11.6 Extra Profit / Loss etc. Ordinary Income * Loss on disposal of noncurrent assets,etc -1.0 * Tax and minority interests Net Income Copyright(C) 2012 Isuzu Motors Limited All rights reserved

24 Ⅱ-3. FY2013 Full-year Outlook 24 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

25 FY2013 Full-year Outlook - Consolidated, Year-on-year Comparison - (JPY Bil.) FY13 FY12 Changes Net Sales 1, , Operating Income Ordinary Income Net Income FX: FY13= 80JPY/US$ FY12= 79JPY/US$ 25 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

26 FY2012 vs. FY2013 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil Sales/Model Mix Material Cost Reduction Steel, Oil Price etc. Fluctuations Fixed Cost Fluctuations FX Effect of previous FY (Loss on disaster/ Fixed cost) Operating Income for FY12 Operating Income for FY13 () 26 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

27 FY2013 Full-year Outlook - Ordinary income, Net income, Year-on-year - ( JPY Bil. ) FY13 FY12 Changes Net Sales 1, , Operating Income Ordinary Income Net Income Ordinary Income Operating Profit Change 25.6 * Equity in Earnings of Affiliates 1.3 * Financial account balance/ FX gain and loss, Other -2.8 Total 24.1 Extra Profit/ Loss etc. Ordinary Income * Loss on disposal of noncurrent assets,etc * Tax and minority interests Net Income Copyright(C) 2012 Isuzu Motors Limited All rights reserved

28 [Appendix] Main Financial Index 28 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

29 CAPEX and Depreciation (Consolidated) - Recent Trend and - (JPY Bil.) CAPEX 35.0 Depreciation 0.0 FY08 FY09 FY10 FY11 FY12 FY13 *1 *1 *1 FY09 or later included lease *1 *1 *1 () 29 Copyright(C) 2012 Isuzu Motors Limited All rights reserved

30 Consolidated Revenue by Segment 2, , , , , , (JPY Bil.) 1, (26%) (30%) (8%) (36%) 1, (31%) 1, , (26%) (22%) (26%) (35%) 84.1 (33%) 62.8 (6%) 52.7 (4%) (5%) (37%) (40%) (35%) 1,400.1 North America Exc ASEAN 30 Jan-Mar Copyright(C) 2012 Isuzu Motors Limited All rights reserved Others (25%) 72.1 Domestic FY08 FY09 FY10 FY11 FY12 Asia (30%) (5%) (40%) Overseas (60%) Domestic (40%)

31 Consolidated Revenue by Segment - LCV, CV, PT&Compo, Others (KD, parts) - (JPY Bil.) , , , , , Others PT&Compo FY08 FY09 FY10 FY11 FY12 Exc ASEAN 31 Jan-Mar Copyright(C) 2012 Isuzu Motors Limited All rights reserved CV LCV/SUV

32 Operating Margin: Historical Trend (JPY Bil.) (%) Operating Margin FY07 FY08 FY09 FY10 FY11 FY Operating Income (Consolidated) Copyright(C) 2012 Isuzu Motors Limited All rights reserved

33 Consolidated Equity Ratio: Historical Trend - Consolidated- (JPY Bil.) (%) Consolidated Equity Ratio Consolidated Equity Capital FY08 FY09 FY10 FY11 FY Copyright(C) 2012 Isuzu Motors Limited All rights reserved

34 180 (JPY Bil.) Inventory Balance - Consolidated -- (Month) Month Turnover FY08 FY09 FY10 FY11 FY Copyright(C) 2012 Isuzu Motors Limited All rights reserved

35 35 Copyright(C) 2012 Isuzu Motors Limited All rights reserved