FY2004FY2004 InterimInterim FinancialFinancial ResultsResults Six months ended September 30, 2003

November 20, 2003

1 IsuzuIsuzu MotorsMotors LimitedLimited Note: This is an English translation from the original presentation in Japanese. 代表取締役社長 President & Representative Director

井田 義則 Yoshinori Ida

2 1.1. FY2004FY2004 H1H1 HighlightHighlight Six months, Apr - Sept ‘03

3 FY2004FY2004 H1H1 Highlight:Highlight: ConsolidatedConsolidated ResultsResults - Six Months, Apr - Sept ‘03, in JPY Bil. -

Sales revenue: 722.9

Operating profit: 35.7 Operating margin 4.93% Working profit: 35.6 Recurring margin 4.93%

Net income: 24.9 Net margin 3.44%

Domestic sales: (k.units) 50 (+78.6%) Worldwide sales: (k.units) 85 (- 23.4%) 4 Consolidated Six-Month Results (JPY Bil.)

36.9 40.0 35.7 35.6 30.4 24.9

20.0 10.6 4.5 6.3

0.0 Operating Profit Working Profit Net Income

-8.3 -20.0 -19.4 -21.4 -23.6

-34.0 -40.0

-60.0 -60.1

-80.0 -84.2

-100.0 FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1 5 代表取締役副社長 Executive Vice President & Representative Director

ベイジル N． ドロッソス Basil N. Drossos

6 2.2. IsuzuIsuzu--GMGM Partnership:Partnership: CurrentCurrent StatusStatus andand FutureFuture

7 and GM Group: Partnership

8 IsuzuIsuzu DieselDiesel PowersPowers GMGM VehiclesVehicles

World First Euro-IV Compliance of the Year in 2002 SAAB 9-5

Opel Astra

US Share 3% → 26%

Opel Signum Launched in 2003 Chevrolet Silverado 9 IsuzuIsuzu--GMGM JointJoint PickupPickup TruckTruck ProjectProject

● Next generation concept (Revealed in 2001)

● Chevrolet Colorado ● Isuzu D-Max (Launched in 2002)

US Debut in Sept ‘03 Thailand share 36% → 42% 10 IsuzuIsuzu andand GM:GM: GoingGoing ForwardForward (1)(1)

EnhanceEnhance partnershippartnership synergy;synergy; StepStep upup toto aa NewNew StageStage

11 IsuzuIsuzu andand GM:GM: GoingGoing ForwardForward ((２２)) - Product Collaboration - CVCV LCVLCV AUVAUV SUVSUV PCPC

DieselDiesel 12 IsuzuIsuzu andand GM:GM: GoingGoing ForwardForward (3)(3) - Market Coverage-

13 取締役副社長 ＆ ＣＦＯ Executive Vice President & CFO

当麻 茂樹 Shigeki Toma

14 3.3. BusinessBusiness EnvironmentEnvironment

15 JapanJapan HDHD TruckTruck IndustryIndustry SalesSales ::

（Units） IsuzuIsuzu ShareShare

120,000 25.5%

Isuzu Share 25.1% 100,000 25.0% 24.9%

80,000 H2 Forecast 24.5%

24.4% 24.5% 60,000 H2 24.0% 23.8% 40,000

23.5% H1 20,000

0 23.0% FY00 FY01 FY02 FY03 FY04 16 JapanJapan 22 toto 33--tonton TruckTruck IndustryIndustry SalesSales :: IsuzuIsuzu ShareShare (Units)

160,000 38.0% 37.4% Isuzu Share 140,000 37.0%

120,000 36.0%

34.9% 100,000 35.0%

33.9% 34.0% 80,000 33.7% H2 Forecast H2 33.0% 60,000 31.8% 32.0% 40,000 H1 31.0% 20,000 30.0%

0 29.0% 2000 2001 2002 2003 2004 17 GIGA, Low PM 70,000 Regulation Impact on Japan Industry Sales - (1) Kanto vs All other Region (above GVW 2t), Six Months - (Units)60,000

50,000 57,175 53,000 40,000 45,335 30,000 38,553 36,222 34,935

20,000 H2 Forecast

10,000 All Other Region Kanto 0 FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2 18 Regulation Impact on Japan Industry Sales - (2) Kanto vs All other Region (GVW 2t – 3t), Six Months - (Units)

70,000 70,012 60,000 65,000

50,000 49,973 49,800 43 ,631

40,000 48 ,483 Kanto

30,000 H2 Forecast 20,000

10,000

0 Region Other All FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2

19 Regulation Impact on Japan Industry Sales - Conceptual Image of HD Sales Going Forward - FY03 FY04 FY05 FY06

Compliance Purchasing NOx, PM compliance

BaseBase demanddemand

20 Sales Revenue; International vs Japan - Consolidated Revenue, Six-month: FY02 H1 to FY04 H1 -

900.0 80% 830.7 72% 800.0 65% 760.7 66% 70% 710.9 722.9 700.0 64% 56% 60% 632.5 600.0 50%

500.0 40% 400.0

30% 300.0

20% 200.0

100.0 10% Japan Overseas

0.0 0% 21 FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1 4.4. FY2004FY2004 H1H1 FinancialFinancial SummarySummary

22 FY04FY04 H1H1 ConsolidatedConsolidated ResultsResults - Six Months, Year-on-Year Comparison -

Consl.-to- (JPY Bil.) FY03 H1 Changes FY04 H1 Parent Ratio

Sales Revenue 722.9 632.5 +90.4 1.62

Operating Profit 35.7 -21.4 ＋57.1 1.13

Working Profit 35.6 -34.6 ＋70.2 1.30

Net Income 24.9 -84.2 +119.1 1.45

PARENT FY04 H1 FY03 H1 Changes

Sales Revenue 446.2 363.2 +83.0

Operating Profit 31.5 -16.0 +47.5

Working Profit 27.3 -20.4 +47.7

Net Income 17.2 -114.0 +131.2 23 FY04FY04 H1H1 ConsolidatedConsolidated ResultsResults - Sales Revenue: Six Months, Year-on-Year by Segment-

(JPY Bil.) FY04 H1 FY03 H1 Changes

Sales Revenue 722.9 632.5 +90.4

Operating Profit 35.7 -21.4 ＋57.1

Working Profit 35.6 -34.6 ＋70.2

Net Income 24.9 -84.2 +109.1

FY04 H1 FY03 H1 Changes Isuzu Parent 446.2 363.2 83.0 Domestic Dealers 223.1 165.9 57.2 North America 132.3 150.9 -18.6 ISPOL, DMAX -73.8-73.8 Segment ASEAN and other 208.5 128.3 +80.2

Sales Revenue by Revenue Sales Consl. Adj. -287.2 -249.6 -37.6 Total 722.9 632.5 +90.4

24 FY04 H1 Consolidated Results - Operating Profit : Six Months, Year-on-Year by Segment-

(JPY Bil.) FY04 H1 FY03 H1 Changes Sales Revenue 722.9 632.5 +90.4 Operating Profit 35.7 -21.4 ＋57.1 Working Profit 35.6 -34.6 ＋70.2 Net Income 24.9 -84.2 +109.1

FY04 H1 FY03 H1 Changes Isuzu Parent 31.5 -16.0 +47.5 Domestic Dealers 3.2-0.4+3.6 North America -2.8 -12.1 +9.3 ISPOL, DMAX - 5.0 -5.0 ASEAN and Other 6.4 1.6 +4.8 Consl. Adj. -2.6 0.5 -3.1

OP Segment by Total 35.7 -21.4 +57.1

25 FY04FY04 H1H1 ParentParent ResultsResults - Operating Profit : Six Months, Year-on-Year -

(JPY Bil.) FY04 H1 FY03 H1 Changes Operating -16.0 ＋ Profit 31.5 47.5

Favorable ◆ Rationalization +10.9 ◆ Expense reduction +14.8 ◆ Sales/production mix +27.5 +53.2

Unfavorable ◆ FX -0.7

Variance ◆ Inc rease in expense -5.0 -5.7

Total +47.5

26 FY04 H1 Consolidated Results -WP and Net Income : Six Months, Year-on-Year - (JPY Bil.) FY04 H1 FY03 H1 Changes Sales Revenue 722.9 632.5 +90.4 Operating Profit 35.7 -21.4 ＋57.1 Working Profit 35.6 -34.6 ＋70.2 Net Income 24.9 -84.2 +109.1

Changes in OP +57.1 Favorable ◆ On-equity inc ome +8.0 ◆ Balance of financial income +2.0 ◆ FX +3.1 Profit

Working Unfavorable ◆ Other -0.1 Total +70.2 Changes in WP +70.2 Favorable ◆ Special severance pay +22.9 ◆ Corp. tax, etc. +32.5

Net Unfavorable ◆ Return of pension fund agency to Gov. -13.4

Income ◆ Evaluation loss on investment in affiliates, et c -2.2 Total +109.1 27 Inventory:Inventory: TermTerm--endend BalanceBalance - Consolidated, Six Months, CBU-basis - (JPY Bil.) (Months) 200.0 1.4 1.3 1.3 180.0 176.0 1.2 1.2 160.0 156.3 1.0 140.0 135.4 0.9 1.0 121.4 120.0 109.0 0.8 100.0 0.6 80.0

60.0 0.4

40.0 Parent Other 0.2 20.0

28 0.0 - FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1 Interest-bearing Debt: Term-end Balance - Six Months, Total Assets and Debt Balance -

(JPY Bil.)

1,200.0 1,068.2 1,012.6 1,000.0 818.4 800.0 738.7 678.2 517.9 600.0 455.4 400.0

200.0

0.0 FY01 H1 FY01 H2 FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1

29 5.5. FY2004FY2004 FullFull--yearyear OutlookOutlook April 2003 - March 2004

30 FY04 Full-Year Outlook - Consolidated, Year-on-Year Comparison -

Consl.-to- (JPY Bil.) FY04 FY03 Changes Parent Ratio Sales Revenue 1,400.0 1,349.4 +50.6 1.65

Operating Profit 70.0 15.5 ＋54.5 1.21

Working Profit 67.0 -4.2 ＋71.2 1.34

Net Income 40.0 -144.3 +184.3 1.25

PARENT FY04 H1 FY03 H1 Changes

Sales Revenue 850.0 760.6 +89.4

Operating Profit 58.0 13.1 +44.9

Working Profit 50.0 4.9 +45.1

Net Income 32.0 -189.4 +221.4

31 FY04 Full-Year Outlook - Consolidated Sales Revenue, Year-on-Year By Segment -

(JPY Bil.) FY04 FY03 Changes

Sales Revenue 1,400.0 1,349.4 +50.6

Operating Profit 70.0 15.5 +54.5

Working Profit 67.0 -4.2 71.2

Net Income 40.0 -144.3 +184.3

FY04 FY03 Changes Isuzu Parent 850.0 760.6 +89.4 Domestic Dealers 450.0 352.2 +97.8 North America 300.0 439.6 -139.6 ISPOL, DMAX - 148.1 -148.1 Segment ASEAN and Other 410.0 308.2 +101.8

Sales Revenue by Revenue Sales Consl. Adj. -610.0 -659.2 +49.2 Total 1.400.0 1349.4 +50.6

32 FY04 Full-Year Outlook - Consolidated Operating Profit, Year-on-Year By Segment -

(JPY Bil.) FY04 FY03 Changes Sales Revenue 1,400.0 1,349.4 +50.6 Operating Profit 70.0 15.5 +54.5 Working Profit 67.0 -4.2 -71.2 Net Income 40.0 -144.3 +184.3

FY04 FY03 Changes Isuzu Parent 60.0 13.1 +46.9 Domestic Dealers 6.0 3.5 +2.5 North America -3.0 -24.0 +21.0 ISPOL, DMAX -7.8-7.8 ASEAN and Other 10.0 5.6 +4.4

OP by Segment Consl. Adj. -3.0 9.5 -12.5 Total 70.0 15.5 +54.5

33 FY04 Full-Year Outlook - Parent, Operating Profit, Year-on-Year -

(JPY Bil.) FY04 FY03 Changes Operating Profit 58.0 -13.1 +44.9

Favorable ◆ Rationalization +19.0 ◆ Expense reduction +16.7 ◆ Sa;les/production mix +30.4 Total +66.1

Unfavorable◆ FX -4.0 ◆ Increase in expense 6.5

Variance ◆ Decrease in engineering fee income -10.7 Total -21.2

Total +44.9

34 FY04 Full-Year Outlook - Consolidated WP and Net Income, Year-on-Year -

(JPY Bil.) FY04 FY03 Changes Sales Revenue 1,400.0 1,349.4 +50.6 Operating Profit 70.0 15.5 +54.5 Working Profit 67.0 -4.2 +71.2 Net Income 40.0 -144.3 +184.3 Changes in OP +54.5 Favorable ◆ On-e quity inco me +7.8 ◆ FX +2.6 ◆ Balance of financial income +6.3 Profit

Working Total +71.2

Changes in WP +71.2 Favorable ◆ NA restruc turing c harges +75.1 ◆ Spec ial severanc e pay +24.8 ◆ Corp. tax, etc. +43.3 Unfavorable◆ Return of pension fund a gency to G o -14.0 ◆ Evaluation loss on sale of marketable

Net Income securities etc 16.1 35 Total +184.3 New 3-year Business Plan Targets - Consolidated, Full-year -

(JPY Bil.) FY03 (Mar '03) FY04 (Mar '04) FY05 (Mar '05)

Sales Revenue 1270.0 1250.0 1270.0 Act:1,349.4 Est: 1,400.0

Operating Profit 5.0 50.0 Over 60.0 Act:15.5 Est: 70.0

Net Income -170.0 35.0 Over 50.0 Act: -144.3 Est: 40.0

Debt Balance 560.0 510.0 450.0 Act: 517.9 Est: 450.0

36 37