FY2012. H1 Financial Results. November 8, Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Ⅰ. President and Representative Director : Susumu Hosoi :FY2012 H1 Financial Summary Outline Ⅱ. Director : Toshio Sasaki 1. Business Status 2. FY2012 H1 Financial Summary 3. FY2012 Full-year Outlook Ⅲ. President and Representative Director : Susumu Hosoi :Mid-term Business Strategy Ⅳ. Q&A Session Contents 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) 2011 Isuzu Motors Limited All rights reserved

FY2012 H1 Consolidated Results - Year-on on-year Comparison - ( JPY Bil. ) FY12 H1 Previous Forecast (June 22) Changes FY11 H1 Net Sales 658.1 700.0-41.9 724.9 Operating Income 43.8 30.0 13.8 46.8 Ordinary Income 45.1 30.0 15.1 47.7 Net Income 33.7 23.0 10.7 29.2 * FX: FY12 H1 = 81JPY/US$ FY11 H1= 89JPY/US$ 4 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 Full-Year Outlook -Actions FY2012 H2- Production Increase In Japan Meet increase in demand mainly in emerging economies and reconstruction demand in disaster-stricken area in Japan. Quickly eliminate outstanding orders from FY2012 H1. Planned CV shipments exceed shipment volume before global financial crisis. Production increase by flexible two shift-operation at LD line following HMD line/overtime work/work on Sundays and holidays Impact of Flooding in Thailand No direct damage to Isuzu Group entities (IMCT,IEMT,TID,IT Forging) because of flooding Production suspension from October 11, 2011 due to supply chain disruption from suppliers affected by the flooding ( production decrease of 1,000 CV units/24,000 LCV units up to November 11, 2011) Isuzu and its subsidiaries and suppliers are working hard to put its production back to normal after flooding stabilizes through sourcing adjustment and reinforcements sent from Japan. No impact on production in Japan as of today 5 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 Full-year Outlook - Year-on on-year Comparison - (JPY Bil) FY12 Previous Forecast (June 22) Changes FY11 Net Sales 1,430.0 1,480.0-50.0 1,415.5 Operating Income 94.0 80.0 14.0 88.2 Ordinary Income 95.0 80.0 15.0 91.3 Net Income 74.0 65.0 9.0 51.6 * Not including impacts of flood in Thailand. FX: FY12 = 78JPY/US$ FY11 = 85JPY/US$ 6 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

CV/LCV Global Shipment - Vehicle and KD-SET, etc: K-unitsK Reinforcing overseas operating Capabilities Entering New Markets 800 600 400 543 (453) 643 619 (520) (547) 640 (567) Global Financial crisis 554 (500) 377 364 372 302 306 Inventory Adjustment 427 (386) 259 598 (552) 346 632 (578) 345 ( ):Overseas unit LCV Overseas CV Overseas 200 0 151 148 170 90 99 96 203 73 194 127 54 42 47 54 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Forecast 9 Copyright(C) 2011 Isuzu Motors Limited All rights reserved 206 233 CV Domestic

CV Global Shipment - Vehicle and KD-SET, etc: K-unitsK 58 64 3 Europe 34 11 7 4 56 29 12 5 10/3 11/3 12/3 Forecast 52 18 10/3 11/3 12/3 Forecast Mid-East/ Africa 33 12 China 25 11 32 45 22 Asia 29 10/3 11/3 12/3 Forecast 50 20 10/3 11/3 12/3 Forecast 9 7 3 4 42 23 47 25 Japan 9 4 Shipment FY10 FY11 FY12 10/3 11/3 12/3 :H1 Forecast H1 63,013 131,278 118,488 Forecast Oceania Mid-South H2 105,811 120,901 168,000 America Full-year 168,894 252,179 287,000 10 Forecast Copyright(C) 2011 Isuzu Motors Limited All rights reserved 54 24 10/3 11/3 12/3 Forecast 6 10 16 5 3 14 5 10/3 11/3 12/3 Forecast North America 25 13 30 13 10/3 11/3 12/3

Japan Industry Sales and Isuzu Share - H/D, M/D Truck:4ton or above - (Unit) FY08-FY11 : FY Actual FY12: FY12-H1 Actual (Share) 120,000 31.4% 32.8% 35% 100,000 29.7% 32.9% 28.4% 30% 80,000 60,000 40,000 20,000 0 85,116 41,963 43,153 62,964 26,109 36,855 41,622 23,764 17,858 M/D Truck Share FY11 41.5% FY12 31.8% 51,412 25,275 26,137 23,762 FY08 FY09 FY10 FY11 FY12 11 Copyright(C) 2011 Isuzu Motors Limited All rights reserved H2 H1 25% 20% 15% 10% 5%

Japan Industry Sales and Isuzu Share - L/D(2-3ton) Truck - (Unit) 120,000 100,000 FY08-FY11 : FY Actual FY12: FY12-H1 Actual 38.6% 89,831 39.1% 40.0% 40.2% 41.1% (Share) 45% 40% 80,000 60,000 40,000 44,213 70,059 31,177 48,859 26,700 54,469 27,980 H2 35% 30% 25% 20,000 0 45,618 38,882 H1 22,159 26,489 26,823 FY08 FY09 FY10 FY11 FY12 20% 15% 12 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

LCV Global Shipment - Vehicle and KD-SET, etc: K-units K - 9 14 2 9 Europe 14 8 10/3 11/3 12/3 Forecast 155 202 199 13 6 23 14 10/3 11/3 12/3 China 25 13 Forecast 43 57 58 18 33 10/3 11/3 12/3 Forecast Mid-East/ Africa 26 60 96 10/3 11/3 12/3 Forecast Asia 92 22 9 18 10 10/3 11/3 12/3 Oceania Shipment FY10 FY11 FY12 H1 100,376 179,172 163,109 H2 158,177 167,065 182,000 Full-year 258,553 346,237 345,000 : H1 13 Forecast Copyright(C) 2011 Isuzu Motors Limited All rights reserved 15 12 Forecast 16 5 32 18 35 13 10/3 11/3 12/3 Forecast Mid-South America

(K-unit) Pick-up truck monthly sales in Thailand 16.0 16.0 14.0 12.0 10.0 10.8 9.9 10.9 11.7 11.9 11.8 10.9 10.7 10.6 14.3 14.5 13.1 13.4 12.1 12.3 12.3 10.9 9.9 9.8 11.2 10.6 10.2 9.4 8.0 8.0 7.8 7.9 8.3 8.2 7.8 6.0 4.0 2.0 0.0 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR FY10 FY11 FY12 14 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Thailand LCV Shipment - Thai Domestic / Export Markets - (Unit) 350,000 300,000 250,000 200,000 150,000 332,055 71,160 72,805 314,350 79,245 81,641 254,981 64,485 67,772 217,573 44,325 55,128 288,337 64,530 69,151 279,000 67,000 KD-SET 66,000 Export 100,000 50,000 188,090 153,464 122,724 118,120 154,656 145,000 Domestic 0 FY07 FY08 FY09 FY10 FY11 FY12 Forecast 15 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Industrial Engine Global Shipment - K-Units- 160 140 120 100 80 60 40 20 0 146 133 126 110 76 70 84 71 60 H2 28 48 63 50 56 33 70 54 H1 15 FY07 FY08 FY09 FY10 FY11 FY12 Forecast C(IDI) C(DI) 4L 4J 4H 6H 6U 6W Industrial Engine ~1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 l 16 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 H1 Consolidated Results - Year-on on-year Comparison - (JPY Bil.) FY12 H1 FY11 H1 Changes Net Sales 658.1 724.9-66.8 Operating Income 43.8 46.8-3.0 Ordinary Income 45.1 47.7-2.6 Net Income 33.7 29.2 4.5 * FX: FY12 H1 = 81JPY/US$ FY11 H1= 89JPY/US$ 18 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2011 vs. FY2012 H1 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. - -3.0 7.3-8.7 46.8 4.4 Material Cost Reduction Fixed Cost Fluctuation Sales/Model Mix -3.7 Steel, Oil Price etc. Fluctuations -2.3 43.8 FX Operating Income for FY11 H1 Operating Income for FY12 H1 19 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 H1 Consolidated Results - Ordinary income, Net income, Year-on on-year - ( JPY Bil. ) FY12 H1 FY11 H1 Changes Net Sales 658.1 724.9-66.8 Operating Income 43.8 46.8-3.0 Ordinary Income 45.1 47.7-2.6 Net Income 33.7 29.2 4.5 Income Ordinary Operating Income Change -3.0 * Equity in Earnings of Affiliates: -1.6 * Financial account balance/ FX gain and loss, Other 2.0 Total -2.6 Loss etc. Extra Profit / Ordinary Income 45.1 * Loss due to Disaster (-0.7) / Loss on disposal of noncurrent assets,etc 0.0 * Tax and minority interests: -11.4 Net Income 33.7 20 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 Full-year Outlook - Year-on on-year Comparison - ( JPY Bil. ) FY12 FY11 Changes Net Sales 1,430.0 1,415.5 14.5 Operating Income 94.0 88.2 5.8 Ordinary Income 95.0 91.3 3.7 Net Income 74.0 51.6 22.4 FX: FY12 = 78JPY/US$ FY11 = 85JPY/US$ 22 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2011 vs. FY2012 Fluctuations - Consolidated operating income: analysis of change, JPY:Bil. 5.8 88.2 12.0 Sales/Model Mix 10.0 Material Cost Reduction 7.1 Fixed Cost Fluctuation -11.0 Steel, Oil Price etc. Fluctuations -6.0 FX -6.3 Impact of Previous year 94.0 (Forecast) Operating Income for FY11 Operating Income for FY12 23 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

FY2012 Full-year Outlook - Ordinary income, Net income, Year-on on-year - ( JPY Bil. ) FY12 FY11 Changes Net Sales 1,430.0 1,415.5 14.5 Operating Income 94.0 88.2 5.8 Ordinary Income 95.0 91.3 3.7 Net Income 74.0 51.6 22.4 Ordinary Income Operating Income Change 5.8 * Equity in Earnings of Affiliates: -2.1 * Financial account balance/ FX gain and loss, Other: 0.0 Total 3.7 Extra Profit / Loss etc. Ordinary Income 95.0 * Loss on disposal of noncurrent assets,etc: -2.0 * Tax and minority interests: -19.0 Net Income 74.0 24 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

CAPEX and Depreciation (Consolidated) - Recent Trend and Forecast - (JPY:Bil) 70.0 66.7 60.0 50.0 40.0 30.0 20.0 47.9 28.2 50.6 41.5 39.6 25.7 39.5 29.4 36.4 51.0 CAPEX 37.0 Depreciation 10.0 0.0 FY07 FY08 FY09 FY10 FY11 FY12 *1 *1 *1 *1 *1 FY09 or later included lease (Forecast) 28 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Interest Bearing Debt / Equity Capital (Consolidated) (JPY:Bil) Equity Capital (DER) 400.0 300.0 200.0 100.0 360.3 375.7 0.71 0.68 280.6 1.16 258.4 1.41 297.6 DER 1.06 312.6 0.96 328.1 0.83 353.8 0.78 5 0.0-100.0-200.0-300.0-400.0 '08/3 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9 256.8 255.2 325.9 363.4 315.0 300.6 273.6 Interest Bearing Debt 274.8 0-5 29 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

(JPY:Bil) 1,000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 Consolidated Net Sales by Segment - LCV, CV, PT&Compo, Others(KD,, parts) - 859.7 213.9 118.6 565.0 147.0 442.8 381.1 64.9 136.9 49.0 275.4 183.5 146.1 77.7 73.4 724.9 690.6 638.1 177.2 168.2 155.2 94.1 89.7 99.2 262.7 323.9 293.3 128.0 129.7 658.1 Others 178.8 PT&Compo 93.3 269.2 139.4 116.8 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9 CV LCV 30 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Consolidated Equity Ratio: Historical Trend (JPY:Bil.) (%) 400.0 350.0 300.0 250.0 200.0 150.0 100.0 375.7 30.3 280.6 27.3 258.4 24.9 297.6 26.8 Consolidated Equity Ratio 312.6 27.4 353.8 328.1 29.5 30.5 Consolidated Equity Capital 40.0 35.0 30.0 25.0 20.0 15.0 10.0 50.0 5.0 0.0 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9 0.0 31 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

Inventory Balance - Consolidated - (JPY:Bil.) 300.0 (Month) 1.8 Month Turnover 250.0 1.5 1.5 200.0 1.3 1.3 1.3 1.2 150.0 1.0 0.9 0.9 0.9 100.0 50.0 179.1 119.8 110.0 106.4 109.3 101.0 138.2 0.6 0.3 0.0 0.0 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9 32 Copyright(C) 2011 Isuzu Motors Limited All rights reserved

CAPEX and Depreciation (Consolidated) - Recent Trend - (JPY:Bil.) 50.0 45.0 43.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 23.7 19.8 19.8 11.9 19.7 13.8 19.8 15.1 18.3 14.3 18.1 13.3 CAPEX 18.0 Depreciation 0.0 '08/9 '09/3 '09/9 '10/3 '10/9 '11/3 '11/9 33 Copyright(C) 2011 Isuzu Motors Limited All rights reserved