ISUZU:II.. Review of Business Structure

SUV Businesses in North America

Commensurate with decreased SUV sales volume, review and right-size the scale of business operations.
1. Adjust manufacturing capacity (incl. review of product sourcing, ie OEM, etc.)
2. Review sales cost and organization to match sales volume
* Areas in red

< Sourcing >

< Distribution >

GM-Isuzu Power-train Engineering JV

Create a new power-train engineering JV with GM to engage in engineering and manufacturing of DE for GM vehicle application

* IMG to provide services to Engineering JV on consignment basis

Right-sizing Overall Employment

Voluntary Early Retirement program was implemented earlier than original plan to ensure achievement of the V-Plan target (ie 8,700-person organization in March '04: on Isuzu payroll)

Restructuring Charges and Improvements

In current fiscal year through March '03, Isuzu will take approximately Y140.0 billion charges. However, effects of restructuring will largely contribute to earnings in ensuing years.

Positive effects
(as compared to actual results through March '02)

Initiatives	Charges	Mar.'03	Mar.'04	Mar.'05
Review/restructure North America - Revaluation of investments in subsidiaries - Revaluation of under-performing facilities in SIA - Restructuring at Isuzu-America	(91.0) (34.0) (47.0) (10.0)	+6.0	+38.0	+38.0
Headcount reduction	(22.0)	+8.0	+21.0	+21.0
Exit domestic RV business	(3.0)	+1.0	+1.0	+1.0
Recognition of latent losses, etc.	(25.0)
Total	(141.0)	+15.0	+60.0	+60.0

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