July 27, Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved. FORWARD-New Long Term Emission version. ELF-CNG version

ELF-CNG version FORWARD-New Long Term Emission version 2.5L/3.0L Super Clean & Economy Diesel Isuzu D-MAX GIGA-New Long Term Emission version July 27, 2006 1 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

Contents 1. FY2007 1Q Highlight Executive Officer: MASANORI KATAYAMA 2. FY2007 1Q Financial Summary Executive: MASAYUKI MATSUMOTO 3. Q&A Session 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) 2006 Isuzu Motors Ltd. All rights reserved

FY07 1Q Consolidated Results - Year-on on-year Comparison - (JPY Bil.) FY07-1Q FY06-1Q Changes Consl.-to- Parent Ratio Sales Revenue 396.0 355.3 + 40.7 1.8 Operating Profit 23.9 17.0 + 6.9 1.4 Working Profit 25.3 17.9 + 7.4 1.4 Net Income 18.5 12.9 + 5.6 1.0 * FX: FY06 = 114JPY/US$ FY05 = 107JPY/US$ 4 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY2007-1Q Japan industrial sales and share - 1 - Heavy-duty and Medium-duty duty Truck, 4ton or above - (Unit) 25,000 20,000 19,112 23,557 (Share) 50% 40% 15,000 28.5% ISUZU Share 27.6% 30% 10,000 20% 5,000 ISUZU 5,450 119% ISUZU 6,498 10% 0 FY2006-1Q FY2007-1Q 0% 6 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY2007-1Q Mid-term Business Plan Initiative - Tractor head and 10ton or above - (Unit) 12,000 (Share) 60% 10,317 10,000 8,522 50% 8,000 40% 6,000 24.1% ISUZU Share 25.2% 30% 4,000 20% 2,000 0 ISUZU 2,055 FY2006-1Q 127% ISUZU 2,605 FY2007-1Q 10% 0% 7 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY2007-1Q Japan industrial sales and share - 2 - Light-duty Truck, 2-3ton 2 - (Unit) 35,000 (Share) 70% 30,000 29,587 60% 25,000 22,381 ISUZU Share 50% 20,000 37.7% 36.5% 40% 15,000 30% 10,000 20% 5,000 ISUZU 8,447 128% ISUZU 10,799 10% 0 FY2006-1Q FY2007-1Q 0% 8 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

D-MAX FY2007-1Q Thailand pick-up truck market - Industrial sales (Jan.-Mar.), Share ( -Jun.) - (Share) 50 40 30 20 41 40 41 41 41 40 44 34 32 33 31 30 52 105,000 104% 108,700 31 22 46 46 42 26 40 35 37 38 34 35 35 2932 29 39 38 37 36 36 35 44 43 42.0 TOYOTA 40 40 39 40 40 40 36 39 38.1 ISUZU 36 34 34 35 31 32 31 33 31 32 32 30 10 0 5 04/01 04/02 04/03 04/04 04/05 04/06 04/07 04/08 04/09 04/10 04/11 04/12 05/01 05/02 05/03 05/04 05/05 05/06 05/07 05/08 05/09 05/10 05/11 05/12 06/01 06/02 06/03 06/04 06/05 06/06 5.2 MMC 5.0 CHEVY 3.5 MAZDA 3.3 NISSAN 2.9 FORD 9 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY07 1Q Consolidated Results - Sales Revenue, Year-on on-year by Segment - (JPY Bil.) FY07-1Q FY06-1Q Changes Sales Revenue 396.0 355.3 + 40.7 Operating Profit 23.9 17.0 + 6.9 Working Profit 25.3 17.9 + 7.4 Net Income 18.5 12.9 + 5.6 Sales Revenue by Segment FY07-1Q FY06-1Q Changes Isuzu Parent 225.5 200.5 + 25.0 Domestic Dealers 116.5 102.3 + 14.2 North America 38.7 37.6 + 1.1 ASEAN 151.7 134.1 + 17.6 Others 69.1 48.9 + 20.2 Consl. Adj. - 205.5-168.1-37.4 Total 396.0 355.3 + 40.7 11 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY07 1Q Consolidated Results - Operating Profit, Year-on on-year by Segment - (JPY Bil.) FY07-1Q FY06-1Q Changes Sales Revenue 396.0 355.3 + 40.7 Operating Profit 23.9 17.0 + 6.9 Working Profit 25.3 17.9 + 7.4 Net Income 18.5 12.9 + 5.6 OP by Segment FY07-1Q FY06-1Q Changes Isuzu Parent 17.7 10.8 + 6.9 Domestic Dealers - 1.1-0.3-0.8 North America 1.9 1.3 + 0.6 ASEAN 5.1 4.1 + 1.0 Others 2.4 2.1 + 0.3 Consl. Adj. - 2.1-1.0-1.1 Total 23.9 17.0 + 6.9 12 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

FY06 vs. FY07 Expense fluctuations - Consolidated operating profit: analysis of change, JPY:Bil Bil. - +2.3 90.7 +15.0 Material cost reduction +1.0 Sales/Model Mix +5.3 Others -14.0 Steel, Oil price hike etc. -5.0 New truck launching 93.0 Forecast 17.0 1Q Operating profit +3.0 +8.5-2.9-1.7 +6.9 23.9 13 for FY06 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved 1Q Operating profit for FY07

FY07 1Q Consolidated Results - Working profit, Net income: Year-on on-year - (JPY Bil.) FY07-1Q FY06-1Q Changes Sales Revenue 396.0 355.3 + 40.7 Operating Profit 23.9 17.0 + 6.9 Working Profit 25.3 17.9 + 7.4 Net Income 18.5 12.9 + 5.6 Working Profit Operating Profit Change + 6.9 Favorable * Financial income, etc. + 0.9 * Equity-method affiliates - 0.4 Total + 7.4 Extra pofit/ Loss etc. Working Profit 25.3 Unfavorable * Property Loss, etc. - 0.5 * Tax, others - 6.3 Net Income 18.5 14 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

Outstanding Debt and Equity Capital (Consolidated) - Recent Trend - -1,200.0 (Bil. JPY) 800.0 400.0 0.0-400.0-800.0 11.4 94.1 1,068.2 12.1 61.1 738.7 19.6 26.4 517.9 DER 109.8 4.1 446.7 158.5 2.5 393.1* Equity Capital - Excluding Minority interest 244.4 1.4 349.7* 259.0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 Outstanding debt * Excluding CB 1.3 341.2 (DER) 20 10 0-10 -20-30 15 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved

1.14Bil. Common Share 555Mil. Class-I 1.69Bil. Potential Share - Approx. numbers - Preferred Share 50Mil. Class-III *Market share-price =400JPY basis - 430Mil.- Business Partner Partner Fund Banks 1.74Bil. 50Mil. Class-IV *Market share-price =400JPY basis 1.79Bil. Mar. 06 Oct. 06 Sep. 22 Oct. 10 Sep. 26 Oct. 12 Sep. 28 16 Copyright(C) 2006 Isuzu Motors Ltd. All rights reserved