Press Release

Translation :
November 2, 2005

Isuzu Motors Limited equity now 100% in subsidiary Isuzu-General Motors Australia Limited

Isuzu Motors Limited ('Isuzu Motors'), Japan has just recently increased its equity in its Australian joint venture truck operation; Isuzu General Motors (IGM), from 60% to 100%, and the name of IGM will be changed into 'Isuzu Australia Limited (IAL).' This buyout is in line with Isuzu Motors' strategy to strengthen its overseas sales operations, to achieve the CV sales objectives of the mid-term (April 2005 thru March 2008) business plan requiring an increase from 150,000 units to 300,000 units.

1. Background to Isuzu's equity holdings in IGM:
IGM was formed in 1989 as a joint venture company, 60% owned by Isuzu and 40% by GM, to market and distribute Isuzu LCV vehicles (since 2001 again the responsibility of GM Holdens), and Isuzu Light (N Series), Medium (F Series) and Heavy (C&E Series) trucks in Australia.
IGM has held the No.1 position in the Australian truck market for 16 years in a row, and to ensure that this performance continues and market share is increased, Isuzu Motors determined that it was prudent to gain total control of IGM hence the purchase all of the GM-owned 40% shares in IGM for AU$ 1 million (approximately 83 million yen) to increase its equity holdings in IGM to 100%.
2. Purpose of increase in Isuzu Motors equity holdings in IGM
Australia's new truck market is about 30,000 units per annum, and Australia is also one of the world's most resource-rich countries, so it is most likely to sustain good long term economic growth in the future. Isuzu Motors believes that making the local distributor into a wholly owned subsidiary, will facilitate working more closely with the Australian operation to maximize the available business opportunities thereby increasing sales volumes and total revenue. Furthermore, Isuzu will now appoint all the directors of IAL to streamline the decision-making process and ultimately the achievement of the desired increase in sales.

< Outline of Isuzu Australia Limited >
Company name(Proposed) Isuzu Australia Limited (IAL)
Date of ownership changed November 1, 2005
Head Office Melbourne, Australia
Representative Masayuki Murata
Capital stock AU$ 10 million (approximately 830 million yen)
Shareholder Isuzu : 100.0%
Main business line Imports and sales of Isuzu CV's in Australia

# # #