ISUZU Transformation - Growth to 2030（IX）※Page number is aligned to presentation material◆

P.1 Front cover

We are pleased to announce that we have formulated our business plan toward 2030, called “ISUZU
Transformation (IX)”, and would like to explain its details.
◆P.2 ISUZU Transformation - Growth to 2030（IX）

IX embodies the vision and mission of ISUZU ID,
from the perspective of the year 2030, incorporating a forecast based on our current position andbackcast of ISUZU ID.
It was formulated to express our will to respond flexibly to diversifying customer needs and an changing
business environment, and to continue to transform ourselves.
◆P.4 Inside cover - Review of previous Mid-Term Business PlanFirst, let’s review the previous medium-term business plan.
◆P.5 Review of previous Mid-Term Business Plan

During the previous medium-term business plan period, we experienced various changes in the businessenvironment, including soaring material costs. However, we have made steady progress on each of thethree pillars of the medium-term business plan, which were : the expansion of our current business andprofitability improvement; commitment to innovation; and promotion of ESG-focused management.
We also formulated a new corporate philosophy, ISUZU ID in May of last year.
As a result, from a financial perspective, we exceeded our sales and operating income targets andexpanded the scale of our business.
Through these efforts, we believe that the foundation is secure to evolve into a global leadingcompany.
◆P.7 Enhancement of synergies between Isuzu and UD

One of the key initiatives in expanding our current business and improving profitability is to strengthen
the Isuzu/UD Alliance.
The Group has pursued efficiency gains through the sales of jointly developed new tractor heads,
sharing sales and service bases, logistics and parts depots, and offices, benchmark ing ways of working
across functions, and jointly exhibiting of both brands at the Japan Mobility Show. As a result, in the last

fiscal year, we generated 14 billion yen in synergies across areas such as development and operations.
◆P.8 Inside cover - Vision for 2030 and path toward 2030

Next, let me outline our vision for 2030 and the path forward.
◆P.9 Vision for 2030

In response to the increasing expectations of society as whole,we will expand our business model to solution business , that utilize new technologies to address
challenges faced by customers and society alike.
Through this transformation, we aim to become a commercial mobility solutions company that
addresses challenges faced by customers and society by leveraging “Reliability x Creativity.”◆P.10 Vision for 2030

We have set nine goals for 2030 from three perspectives: financial, business, and managementfoundation.
First, from a financial perspective,
our goal is to achieve 6 trillion yen in sales and an operating income ratio of 10% or more. In addition,
we will strike a balance between growth investments and returns to our stakeholders.
From a business perspective,
we will support the global transport of goods and people by providing 850,000 vehicles.
In addition, we aim to deliver on carbon-neutral solutions and develop our autonomous driving
solution business.
In terms of management foundation,
we will establish a Monozukuri function and supply chain with a combined production capacity of
1 million units of trucks and pickup trucks.
Furthermore, from the perspective of human resources, we will aim to strengthen group managementfrom a global perspective and human capital management.
◆P.11 Management policy

Next is our management policy.
To align with our vision for 2030,
we will expand revenues by strengthening existing businesses to support reliable transport throughleveraging our accumulated strengths, and investing in new businesses that drive innovative transport –driven by “Reliability x Creativity”.

We will also establish a management foundation rooted in ISUZU ID.
Through these efforts, we will create a new business model that provides solutions, including products.
◆P.12 Inside cover - Development of new businesses to drive innovative transport

Now let us look at new businesses to drive innovative transport.
◆P.13 Development of new businesses to drive innovative transport

Leveraging our strength of “Reliability” cultivated over years, we will create new businesses to address
challenges facing customers and society with “Reliability x Creativity”, starting from the three areas ofinnovation.
⚫

Autonomous driving solutions,⚫

Connected services, and⚫

Carbon-neutral solutions.

These are in response to the pressing needs of our customers and society. We want to establish asystem to capture latent customer and societal needs and link them to commercialization.
To pursue these new businesses, we have committed one trillion yen to investments in innovation. This
investment will contribute to Group revenues by 2030, and go on to create a trillion-yen business inthe 2030s.
Today, we will focus on autonomous driving solutions, carbon neutral solutions, and in particular,
our swappable battery EV business.
◆P.14

Autonomous driving solutionsFirst, in the area of autonomous driving solutions,
we will launch a truck and bus business in FY2028 that utilizes “Level 4 Autonomous Driving
Technology,” a technology that leverages our unique strengths, in response to challenges facing
society and our industry, including 2024 workstyle reform legislation in Japan.
In order to realize practical autonomous driving that is safe and accommodating to cargo and people
alike, we will leverage our unique strengths in vehicle control technology for normal and emergency
situations as well as our expertise in the customer experience which we have cultivated to date.
Meanwhile, during the previous mid-term business plan period, we have promoted the development andconducted proof-of-concept of new technologies related to autonomous driving.
Based on these efforts, we will commercialize highway hub-to-hub transportation in Japan and theU.S. and route buses in Japan, gradually starting from FY2028.
In preparation for the launch of this business, basic services will be developed in the first two years andproof-of-concept testing will be conducted in the third year, which will be accelerated by theestablishment of new partnerships, including startups.
Furthermore, we will establish a new organization dedicated to developing businesses that utilize
autonomous driving technology, and expand the number of dedicated employees to several hundred in
the medium term.
Through these efforts, we will leverage “Reliability x Creativity” in a new business domain ofautonomous driving solutions that will lead the way in addressing challenges faced by customers
and society.
◆P.18 Carbon-neutral solutions

Next is carbon-neutral solutions.
Based on the premise of multi-pathway product offerings and improved price competitiveness of BEVs,
we will focus on new peripheral businesses related to xEVs, especially swappable battery EVs with
our EVision cycle concept, toward 2030.
We expect that batteries will not be limited to automotive applications, but will be utilized as assets to
support community infrastructure, such as emergency power sources in times of disaster, storage ofrenewable energy, and as a source of electricity in countries and regions where power grids areunderdeveloped.
Based on this direction, we will take concrete steps towards commercialization from this fiscal year.
In collaboration with a wide range of partners across industries, including energy companies, we will start
proof-of concept tests in Japan by FY2026, and expand them to Thailand through CJPT-Asia
collaboration.
Through these activities, we intend to lead the global efforts to achieve carbon neutrality.
◆P.19 Inside cover - Strengthening current businesses to support reliable transport

Next, let’s look at the strengthening of current businesses to support reliable transport.
◆P.20 A company that continues to support reliable transport

Isuzu is currently supporting the world's reliable transport by providing more than 680,000 products toover 150 countries.
◆P.21 Strengthening current businesses to support reliable transport— Overview of strategy

P.21 Strengthening current businesses to support reliable transport— Overview of strategy
By further strengthening the Group’s core business, we aim to provide more than 450,000 trucks and400,000 pickup trucks, totaling over 850,000 vehicles, to customers around the world, and achievesales of more than 5 trillion yen by 2030.
◆P.22 CV business

Our strategy is two-fold. First, we will further increase our truck offerings by expanding our productlineup.
This will be achieved by mutually complementing Isuzu and UD products, both in Japan andoverseas markets, and by providing a vast range of products with fast and flexible specifications
through I-MACS (modular design).
Especially for heavy-duty trucks, we plan to launch vehicles in 2028 that use a common platform
between Isuzu and UD, utilizing Volvo Group technology.
Second, we will further strengthen our ability to respond to customer needs.
This will be achieved by strengthening the production system that supports sales expansion,
improving accessibility to bases and products through mutual collaboration between Isuzu andUD sales and service channels, and supporting customer purchase decisions through online sales
channels.
Through these initiatives, we will thoroughly expand sales with a focus on Asia, the Middle East, andAfrica.
◆P.23

Deepen collaboration with UD

In deepening the collaboration between Isuzu and UD,
the two companies will gradually expand complementary products from 2024.
Isuzu will expand sales of heavy-duty trucks, a strong segment for UD, mainly in ASEAN and the Middle
East,
while UD will expand sales of light- and medium-duty trucks, a strong segment for Isuzu, mainly in
ASEAN, Africa, Australia, the Middle East, and Latin America.
Through these activities, we expect to create synergies of more than 40 billion yen by 2030.
◆P.26

Inside cover - Market and Monozukuri Base Strategy

Next is our base location strategy.
◆P.27 Market and Monozukuri Base Strategies by region

Our priority bases are Japan, the United States, and ASEAN,and we will continue to invest in the supply chain as a whole, especially in strengthening
production.

We also consider India and Africa as strategic bases where future growth is expected, and will
strive to expand our presence in these regions in the future.
By strengthening and leveraging human capital with a global perspective at each base, we will beable to promptly identify business opportunities and risks around the world, and respond tochanges across regions and throughout the Group.
Let’s take a closer look at our priority bases.
◆P.28 Priority Market and Monozukuri Base – JapanIn Japan,
we will strengthen our sales function and invest in our service infrastructure network to support
the expansion of new vehicle sales and fleets, and develop a robust supply chain to ensure ample
global production volume, thereby solidifying our current businesses.
To address the 2024 workstyle reform legislation concerns from a shipper’s perspective, we will
strive to reduce driver workload by improving our operations based on the actual conditions ofdriver hours and loading rates.
In addition, our efforts to develop autonomous driving technology and new businesses aresynonymous with our commitment to support the flow of goods and people, as well as
manufacturing, in Japan.
◆P.29 Priority Market and Monozukuri Base – United States

Next let’s look at the United States.
We will position the U.S., a country with advanced regulations for battery EVs, as a pioneering base for
us to build our BEV business.
Starting with the launch of light-duty BEVs,
we will aim to become the market leader in the cabover-truck market by aggressively investing instrengthening our engineering and production capabilities in the U.S. and by shifting to anaftersales service-oriented business model.
◆P.30 Priority Market and Monozukuri Base – ASEAN

Next, in ASEAN,
we will provide multi-pathway products including xEVs, pursue modernization and efficiency
improvements at factories to secure the necessary labor force, actively invest in the pickup truck
supply chain in Thailand (32 billion baht = over 140 billion yen), and continue to invest in existingplants in ASEAN countries.
Through these initiatives, we will maintain and strengthen our manufacturing and customer bases.
◆P.32 Inside cover - Financial policy

Next is our financial policy.
◆P.33 Financial policy

In order to sustainably increase our corporate value, we will prioritize investments essential for
future growth using the proceeds from the aforementioned businesses, and at the same time,
return profits to our shareholders.
In addition, we will continue to proactively buy back our own shares, while being mindful of maintaining
an appropriate equity ratio.
In terms of profitability, we are targeting sales of 6 trillion yen, an operating income ratio of 10% or more,
and an ROE of 15% or more by FY2031, while maintaining a dividend payout ratio of 40% on average
and an “A” credit rating.
P.34 Investment overview FY2024–FY2031
Next is our investment overview.
We will achieve sustainable growth and provide added value by activelyimplementing growthinvestments for the 2030s.
As part of the 1 trillion yen investment to drive innovative transport announced in May last year, we
expect to invest;
430 billion yen for basic research and technology development, in line with environmental roadmap
toward carbon neutrality,
350 billion yen for the development of autonomous driving technology, business and capital investments,
and the development and expansion of connected services ,180 billion yen for next-generation and SDV(Software Defined Vehicle) compliant products,
40 billion yen for new business creation projects,
1 trillion yen in total; andfor current businesses that support reliable transport,
700 billion yen for continuous improvement of existing products and technologies and expansion ofproduct lineup,
590 billion yen for strengthening of group production bases ,180 billion yen for sales and services infrastructure investment ,130 billion yen for sales and operations DX and IT infrastructure investment ,1.6 trillion yen in total.
This brings the total investment to 2.6 trillion yen.
◆P.35 Inside cover - Establishing management foundation based on ISUZU ID

Next, let’s look at the establishment of a new management foundation based on ISUZU ID.
◆P.36 Human capital management rooted in ISUZU ID

We will make a transition to human capital management, with the vision and mission behind ISUZU
ID as our starting point.
We will establish a human capital management infrastructure based on global standards andinvest in human resources that focus on “Reliability x Creativity.” This will lead to further businessgrowth.
After formulating IX (Isuzu Transformation) from the ideals of ISUZU ID, and defining roles andresponsibilities, we will develop the foundations of function-oriented organization, human capital strategy,and personnel system.
In addition, we will transform to human capital management and enhance DX capability as the firstconcrete initiatives in IX.
On both fronts, we will aim to globalize our human capital, and manage the group from a global
perspective, support the individual growth of our employees, and secure talent, in order totransform and expand our collective value.
◆P.37 Transformation to human capital management

We will establish a foundation for comprehensive human capital management, such as for job
assignments, putting the right person in the right place, fair evaluation and compensation, and career
support – all integrated into a new HR system.
From April this year, we will implement the system at the management level of Isuzu only, and from
April next year, the system will be rolled out to the entire company.
As a group, we will promote organizational integration among group companies, including UDfrom April this year,
and expand the deployment of the new HR system to the management level of the group from April
next year, and to the entire group from April the year after.
◆P.38 Enhancement of DX capability

With respect to DX,
we will enhance our DX capability necessary to promote our business strategy, through thedevelopment of technologies and services for new business development and initiatives toimprove the efficiency of current business operations.
By upskilling and reskilling, securing talent, and shifting resources in cooperation with each partner,
we will become a group that creates innovation using digital technology,
to expand and transform the value we provide to the world.
◆P.39 Toward the realization of ISUZU ID

In closing, here is a summary of how we want to work toward the Realization of ISUZU ID.
Across seven areas, we aim fulfill our ISUZU ID mission of being No.1 in, sustainability, customer
satisfaction, employee engagement, and social impact.
We have also defined the expected results by 2030 for each of the seven areas.
Through these initiatives, the entire Isuzu Group will embody “Moving the World—for You” andevolve as a whole across these seven areas.
◆P.41 Conceptual image of IX

Isuzu Group will continue to transform itself, flexibly responding to diversifying customer needs and achanging business environment under Isuzu Transformation (IX), our growth plan towards 2030.
And as a commercial mobility solutions company, we will leverage “Reliability x Creativity”,
leading the way in addressing challenges faced by customers and society around the world.
This concludes my presentation, thank you for listening.