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June 22, 2011June 22, 2011

FY20FY201212 Financial ForecastFinancial Forecast

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Ⅰ． Business Status

Ⅱ． FY2012 Financial Forecast

ContentsContents

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.

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ⅠⅠ．． Business StatusBusiness Status

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CVCV//LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits

90 99 96 54 42 47 49

151 148 170194

127206 233

302 306

259

346343

73

203

377 364372

0

200

400

600

800

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

LCVoverseas

CVoverseas

619643

543

CVDomestic

(453)

(520)(547)

640(567)

554(500)

427(386)

598(552)

625(576)Inventory

Adjustment

Global Financial crisis

･Reinforce overseas operating Capabilities

･Enter New Markets

Forecast

( ):Overseas unit

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JapanJapan

19

42

6

5

16

3

OceaniaOceania

4

1111 22

2525

AsiaAsia11

34

3

EuropeEurope

ChinaChina

5858

471212

333377

2525

45455656

1010

7

CV Global ShipmentCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--unitsunits

25

323244

13

2223

2329

2727

5366

1

69

3

14142323

2121

25254

11 1212

： 1HFShipment FY10 FY11 FY121HF 63,013 131,278 -2HF 105,881 120,901 -

CV Total 168,894 252,179 282,000

： 2HF

6666

ForecastForecast

4499

1313

3232

99

47475353

1414

North AmericaNorth

America

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

Mid-East／Africa

Mid-East／Africa

Mid-South America

Mid-South America

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

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18

OceaniaOceania

10AsiaAsia

96

57

1414

EuropeEurope ChinaChina

2323202202

1818

LCV Global ShipmentLCV Global Shipment-- Vehicle and KDVehicle and KD--SET, etc: KSET, etc: K--units units --

1499

33 32

68

1399

27 55

511

9

16 14

60

95

155

106106

18

24

4324

91422

88

： 1HF

： 2HF

Shipment FY10 FY11 FY121HF 100,376 179,172 －2HF 158,177 167,065 －

LCV Total 258,553 346,237 343,000

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

’10/3 ’11/3 ’’12/312/3

ForecastForecast

25251133

3333

119898

6060

1515

ForecastForecast

Mid-South America

Mid-South America

Mid-East／Africa

Mid-East／Africa

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Thailand LCV ProductionThailand LCV Production-- Thai Domestic / Export Markets Thai Domestic / Export Markets --

188,090

72,805

71,160

153,464

81,641

79,245

122,724

67,772

64,485

118,120

55,128

44,325

154,656

69,151

64,530

144,000

66,000

68,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

FY07 FY08 FY09 FY10 FY11 FY12

Domestic

Export

KD-SET

217,573

277,000254,981

332,055314,350

(Unit)

288,337

Forecast

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Industrial EngineIndustrial Engine Global ShipmentGlobal Shipment-- KK--UnitsUnits--

5063 56

15

54

60

70

28

33

71

0

20

40

60

80

100

120

140

160

180

FY07 FY08 FY09 FY10 FY11 FY12

110

133

84

48

126

159

2HF

1HF

IndustrialEngine

～1.1 1.6 2.2 2.4 3.0 5.2 7.8 9.8 15.7 ℓ

C(IDI) C(DI) 4L 4J 4H 6H 6U 6WForecast

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ⅡⅡ．． FY2012 Financial ForecastFY2012 Financial Forecast

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FY2012 Financial ForecastFY2012 Financial Forecast-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

※FX：FY12 ＝ 80JPY/US$

(JPY Bil.) FY12 FY11 Changes

Net Sales 1,480.0 1,415.5 64.5

Operating Income 80.0 88.2 -8.2

Ordinary Income 80.0 91.3 -11.3

Net Income 65.0 51.6 13.4

FY11 = 85JPY/US$

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FY2012 Financial ForecastFY2012 Financial Forecast-- Consolidated, YearConsolidated, Year--onon--year Comparisonyear Comparison --

※FX: FY12 = 80JPY/US$FY11 = 85JPY/US$

H1 H2 Total H1 H2 TotalNet Sales 724.9 690.6 1,415.5 700.0 780.0 1,480.0 64.5

Operating Income 46.8 41.4 88.2 30.0 50.0 80.0 -8.2Ordinary Income 47.7 43.6 91.3 30.0 50.0 80.0 -11.3

Net Income 29.2 22.4 51.6 23.0 42.0 65.0 13.4

( JPY Bil. )FY11 FY12

Changes

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FY11 vs. FY12FY11 vs. FY12 FluctuationsFluctuations-- Consolidated operating income: analysis of change, Consolidated operating income: analysis of change, JPY:BilJPY:Bil.. --

88.2

-8.2

8.012.0

80.0

-12.0

-2.2

-14.0

Operating Incomefor FY11

Operating Incomefor FY12

（Forecast）Sales/M

odel Mix

Material C

ost R

eduction

Steel, Oil Price

etc. Fluctuations

FXFixedC

ost Fluctuations

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FY2012 Financial ForecastFY2012 Financial Forecast-- Ordinary income, Net income, YearOrdinary income, Net income, Year--onon--yearyear --

Operating Income Change -8.2* Equity in Earnings of Affiliates -3.6* Balance of financial expenses, FX gain and loss, Other 0.5

Total -11.3

Ordinary Income 80.0* Loss on disposal of noncurrent assets,etc. -0.5* Tax and minority interests -14.5

Net Income 65.0

OrdinaryIncom

eExtra Pofit/Loss etc.

( JPY Bil. ) FY12 FY11 Changes

Net Sales 1,480.0 1,415.5 64.5Operating Income 80.0 88.2 -8.2Ordinary Income 80.0 91.3 -11.3

Net Income 65.0 51.6 13.4

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47.9

28.2

50.6

41.5

66.7

39.6

25.7

39.5

29.4

36.4

47.0

39.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

FY07 FY08 FY09 FY10 FY11 FY12

CAPEX and Depreciation (Consolidated)CAPEX and Depreciation (Consolidated)-- Recent Trend and ForecastRecent Trend and Forecast --

*1 *1 *1*1

（Forecast）

Depreciation

CAPEX

*1 FY09 or later included lease

(JPY:Bil)

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