FY2019 H1 Financial Results. November 2, 2018 ISUZU MOTORS LIMITED. 1 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Contents Ⅰ. President and Representative Director : Masanori Katayama :FY2019 H1 Financial Summary and Full-year Outlook Outline Ⅱ. Senior Executive Officer : Kouichi Seto 1. Business Status 2. FY2019 H1 Financial Summary 3. FY2019 Full-year Outlook Ⅲ. 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) 2018 Isuzu Motors Limited All rights reserved

FY2019 H1 Consolidated Results - Year-on-year Comparison - ( JPY Bil. ) FY2019 H1 FY2018 H1 Changes Net Sales 1,035.0 984.7 50.3 Operating Income 87.5 74.1 13.4 Ordinary Income 93.3 82.8 10.5 *Net Income 56.4 52.7 3.7 FX USD/JPY 109 111 THB/JPY 3.40 3.28 *Profit attributable to owners of the parent 4 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2019 Full-year Outlook - Year-on-year Comparison - [Reference] ( JPY Bil. ) FY2019 Forecast FY2018 Changes FY2019 Previous Plan Net Sales 2,170.0 2,070.4 99.6 2,140.0 Operating Income 184.0 166.8 17.2 176.0 Ordinary Income 192.0 173.6 18.4 184.0 *Net Income 118.0 105.7 12.3 110.0 FX *Profit attributable to owners of the parent USD/JPY 110 111 105 THB/JPY 3.40 3.36 3.40 5 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

800 700 600 500 690 (628) 136 639 (564) CV/LCV Global Shipment - Vehicle and KD-SET, etc: K-units 668 (586) 133 171 183 668 (587) 616 625 (531) (545) 151 160 664 (580) 169 ( ): Overseas Unit LCV Export 400 218 168 132 130 137 154 160 LCV Thailand 300 60 42 35 36 23 18 22 LCV Others 200 100 0 214 221 248 238 221 213 229 62 75 83 81 85 80 84 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast CV Overseas CV Domestic 8 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

CV Global Shipment - Vehicle and KD-SET, etc: K-units 54 23 31 11 7 6 5 9 8 FY17 FY18 FY19 Europe 40 22 16 18 16 FY17 FY18 FY19 Mid-East/ Africa 35 18 31 21 20 16 15 17 FY17 FY18 FY19 62 37 37 31 32 China 69 35 78 39 FY17 FY18 FY19 Asia 34 (Unit) Shipment FY2017 FY2018 FY2019 H1 152,346 142,843 153,498 H2 153,941 150,513 159,602 Full-year 306,287 293,356 313,100 85 44 37 80 84 41 43 40 FY17 FY18 FY19 Japan 11 12 14 6 7 5 6 7 FY17 FY18 FY19 Oceania 27 24 14 12 13 12 17 FY17 FY18 FY19 North America 19 17 21 9 9 10 8 10 FY17 FY18 FY19 Mid-South America 9 Forecast Copyright(C) 2018 Isuzu Motors Limited All rights reserved 30

Japan Industry Sales and Isuzu Share - H/D, M/D Truck: 4 ton or above - (Unit) 140,000 120,000 FY2013-FY2018 : FY Actual FY2019: FY2019 H1 Actual 33.9% 33.4% 34.5% 33.4% 36.2% H1 Actual 34.2% 33.0% (Share) 40.0% 35.0% 100,000 80,000 60,000 40,000 68,535 36,608 79,929 46,322 87,635 88,263 48,320 45,951 98,106 52,325 91,119 45,590 88,000 H2 H1 30.0% 25.0% 20.0% 15.0% 20,000 31,927 33,607 39,315 42,312 45,781 45,529 44,531 10.0% 0 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast 5.0% 10 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Japan Industry Sales and Isuzu Share L/D (2-3 ton) Truck (Unit) 140,000 120,000 100,000 FY2013-FY2018 : FY Actual FY2019: FY2019 H1 Actual 39.5% 39.6% 91,520 40.6% 39.2% 41.1% 96,547 98,161 103,660 H1 Actual 38.5% 39.5% 104,098 106,000 (Share) 45.0% 40.0% 35.0% 80,000 60,000 75,637 38,732 51,120 52,440 51,489 54,954 55,223 H2 30.0% 25.0% 40,000 20,000 36,905 40,400 44,107 46,672 48,706 48,874 50,664 H1 20.0% 15.0% 0 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast 10.0% 11 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

LCV Global Shipment - Vehicle and KD-SET, etc: K-units - 154 160 17 16 15 31 9 7 24 8 9 8 18 7 12 FY17 FY18 FY19 11 12 18 Europe FY17 FY18 FY19 50 28 22 45 31 14 31 FY17 FY18 FY19 Mid-East/ Africa 63 45 27 China 38 22 18 17 11 FY17 FY18 FY19 Asia 29 (Unit) Shipment FY2017 FY2018 FY2019 H1 142,535 151,428 168,078 H2 167,528 180,454 183,122 Full-year 310,063 331,882 351,200 137 75 62 73 74 FY17 FY18 FY19 11 7 9 11 9 FY17 FY18 FY19 Oceania 12 Forecast Copyright(C) 2018 Isuzu Motors Limited All rights reserved 82 Thailand FY17 FY18 FY19 32 31 27 15 16 12 16 16 16 22 Mid-South America 22

Thailand LCV Shipment - Thai Domestic / Export Markets - (Unit) 400,000 350,000 300,000 250,000 353,545 55,560 80,325 312,595 329,000 300,923 303,163 314,182 287,533 63,585 75,000 77,640 75,225 88,420 63,720 200,000 150,000 69,314 95,965 104,659 87,202 84,610 80,180 100,000 50,000 217,660 168,024 132,198 130,296 136,611 154,347 160,400 0 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast Vehicle Thailand Vehicle Export 14 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Industrial Engine Global Shipment - K-Units- 160 140 139 120 100 80 60 91 41 104 98 54 44 70 81 30 49 114 62 H2 40 H1 20 50 50 54 40 32 52 63 0 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast 15 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2018 H1 Consolidated Results - Year-on-year Comparison - ( JPY Bil. ) FY2019 H1 FY2018 H1 Changes Net Sales 1,035.0 984.7 50.3 Operating Income 87.5 74.1 13.4 Ordinary Income 93.3 82.8 10.5 *Net Income 56.4 52.7 3.7 FX USD/JPY 109 111 THB/JPY 3.40 3.28 *Profit attributable to owners of the parent 17 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2018 H1 vs. FY2019 H1 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. +13.4 +13.3 +6.9-3.4-1.8-1.6 87.5 74.1 Sales/Model Mix Cost Reduction Activity Steel, Oil Price etc. Fluctuations FX Fixed Cost Fluctuation Operating Income Operating Income for FY2018 H1 for FY2019 H1 18 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2018 H1 Consolidated Results - Ordinary income, Net income, Year-on-year - ( JPY Bil. ) FY2019 H1 FY2018 H1 Changes Net Sales 1,035.0 984.7 50.3 Operating Income 87.5 74.1 13.4 Ordinary Income 93.3 82.8 10.5 *Net Income 56.4 52.7 3.7 *Profit attributable to owners of the parent 19 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

( JPY Bil. ) FY2019 Full-year Outlook - Year-on-year Comparison - FY2019 Forecast FY2018 Changes [Reference] FY2019 Previous Plan Net Sales 2,170.0 2,070.4 99.6 2,140.0 Operating Income 184.0 166.8 17.2 176.0 Ordinary Income 192.0 173.6 18.4 184.0 *Net Income 118.0 105.7 12.3 110.0 FX *Profit attributable to owners of the parent USD/JPY 110 111 105 THB/JPY 3.40 3.36 3.40 21 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2018 vs. FY2019 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. +17.2 +14.0-8.0 +24.0-7.0-5.8 184.0 166.8 Forecast Sales/Model Mix Cost Reduction Activity Steel, Oil Price etc. Fluctuations FX Fixed Cost Fluctuation Operating Income Operating Income for FY2018 for FY2019 22 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

FY2019 Full-year Outlook - Ordinary income, Net income, Year-on-year - ( JPY Bil. ) FY2019 FY2018 Changes Net Sales 2,170.0 2,070.4 99.6 Operating Income 184.0 166.8 17.2 Ordinary Income 192.0 173.6 18.4 *Net Income 118.0 105.7 12.3 *Profit attributable to owners of the parent 23 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

CAPEX and Depreciation (Consolidated) - Recent Trend and Forecast - ( JPY Bil. ) 120.0 100.0 80.0 60.0 40.0 20.0 0.0 81.9 78.0 57.5 48.1 41.6 35.6 98.0 93.8 89.0 76.6 55.8 58.8 59.9 61.0 Depreciation CAPEX FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast 25 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

CAPEX and Depreciation (By 6 months Consolidated) - Recent Trend - ( JPY Bil. ) 60 52.9 50 48.1 48.3 40.9 40 34.5 30 29.2 28.7 30.1 28.3 30.1 29.8 30.2 20 10 0 '16/3 '16/9 '17/3 '17/9 '18/3 '18/9 CAPEX Depreciation 26 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Consolidated Sales by 6 months - LCV, CV, PT&Compo, Others (KD, parts) - (JPY Bil. ) 1,200 1,000 800 600 400 956.0 225.5 44.3 449.4 908.1 203.8 46.1 460.2 1,045.1 237.4 57.2 526.3 984.7 230.4 61.0 464.0 1,085.7 250.2 66.0 497.0 1,035.0 238.5 69.5 480.4 200 236.8 198.0 224.1 229.3 272.5 246.6 0 '16/3 '16/9 '17/3 '17/9 '18/3 '18/9 LCV CV PT&Compo Others 27 Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Consolidated Equity Ratio: Historical Trend by 6 months 1,000.0 900.0 ( JPY Bil. ) (%) 44.4 44.5 43.5 43.7 45.0 800.0 700.0 600.0 41.5 42.1 500.0 400.0 300.0 751.4 728.3 818.4 868.1 919.6 895.1 40.0 200.0 100.0 0.0 35.0 '16/3 '16/9 '17/3 '17/9 '18/3 '18/9 Shareholders' Equity Consolidated Equity Ratio Shareholders Equity and Ratio for 16/3-17/9 are calculated before adoption of partially revised 28 Accounting Standards for Tax Effect Accounting. Copyright(C) 2018 Isuzu Motors Limited All rights reserved

Inventory Balance by 6 months - Consolidated- ( JPY Bil. ) (Months) 350.0 300.0 250.0 1.6 1.7 1.5 1.6 1.6 1.8 2.1 1.8 1.5 200.0 1.2 150.0 100.0 249.1 259.6 256.0 284.6 276.1 307.5 0.9 0.6 50.0 0.3 0.0 '16/3 '16/9 '17/3 '17/9 '18/3 '18/9 Inventory Month Turnover 29 Copyright(C) 2018 Isuzu Motors Limited All rights reserved 0.0