Subaru Corporation · TSE:7270

Subaru — Fuji Heavy Industries — FY2005 Earnings Presentation

14 slides from Subaru's earnings presentation, May 9, 2006

1. Slide 1: FY2005 Results Briefing

   2006 5 9 0 http://ir.fhi.co.jp/index.html 1 http://ir.fhi.co.jp/index.html 1

2. Slide 2: Consolidated sales volumes and P/L

   2005 3 2006 3 104.0 97.7 6.3 150.0 132.5 17.5 254.0 230.2 23.9 193.9 193.6 0.4 16.5 16.4 0.1 60.5 64.7 +4.2 35.4 36.5 +1.1 21.2 30.0 +8.8 327.6 341.2 +13.6 SIA 13.2 0 13.2 594.8 571.4 23.4 SIA 2 http://ir.fhi.co.jp/index.html P/L ( ) 2005 3 2006 3 14,465 14,764 +299 6,271 6,041 230 8,194 8,722 +528

3. Slide 3: Operating income change and net sales by segment

   (616) 132 (489) 244 86 61 33 69 128 583 FHI:93 420 SIA:35 163 2005 3 2006 3 4 http://ir.fhi.co.jp/index.html ( ) 2005 3 2006 3 13,196 13,292 +0.7% 594 818 +37.7% 468 524 +12.0% 206 130 36.9% 14,465 14,764 +2.1% 5 http://ir.fhi.co.jp/index.html 3

4. Slide 4: SOA and SIA results

   ( ) 2005 3 2006 3 8,868 8,881 +0.1% 5,448 5,724 +5.1% 149 158 +6.0% 14,465 14,764 +2.1% 6 http://ir.fhi.co.jp/index.html (million US$) SOA(1 12 ) CY04 CY05 $4,357 $4,687 +331 10 19 9 2 4 6 ( ) 186.3 194.0 +7.7 SIA(1 12 ) CY04 CY05 $2,427 $2,602 +175 57 22 +35 74 169* 94 ( ) 118.7 119.0 +0.3 ( ) (13.

5. Slide 5: Non-consolidated results and details

   ( ) 2005 3 2006 3 141 124 17 69 33 36 SIA - 14 +14 48 42 6 9 125 239 +114 31 30 1 4 - 4 66 178 +112 106 +16 116 131 8 http://ir.fhi.co.jp/index.html ( ) 2005 3 2006 3 23 93 +70 14 39 +25 5 53 +47 248 274 +26 - 23 +23 - 80 +80 - 71 +71 Saab - 41 +41 9 http://ir.fhi.co.jp/index.html 5

6. Slide 6: Balance sheet and cash flow

   B/S ( ) 2005 3 2006 3 13,575 13,484 91 6,491 6,192 299 7,084 7,292 +208 4,122 3,741 381 4,711 4,655 56 22 415 393 34.7% 34.5% 0.2% D/E 0.87 0.80 0.07 10 http://ir.fhi.co.jp/index.html ( ) 2005 3 2006 3 CF 573 1,375 +802 CF 898 758 +140 CF 324 617 +941 CF +262 889 1,151 77 193 116 1,317 1,124 193 11

7. Slide 7: Fourth quarter results

   2005 3 2006 3 4Q 4Q 31.6 28.6 3.0 43.4 37.4 6.0 75.0 66.0 9.0 53.7 59.1 +5.4 3.7 4.7 +1.0 15.5 17.3 +1.9 9.2 8.6 0.5 5.9 7.1 +1.1 88.0 96.8 +8.9 SIA 0 0 0 163.0 162.9 0.1 SIA 12 http://ir.fhi.co.jp/index.html P/L ( ) 2005 3 2006 3 4Q 4Q 3,961 4,369 +408 1,816 1,760 56 2,146 2,609 +464 155 208 +52 15

8. Slide 8: Fourth quarter operating income change

   (214) 7 (170) 84 69 7 7 37 15 FHI:27 207 SIA: 0 155 52 2005 3 2006 3 4Q 4Q 14 http://ir.fhi.co.jp/index.html ( ) 2005 3 2006 3 480.9 466.7 14.2 Saab 8.0 1.7 6.3 272.8 244.7 28.0 108.1 106.3 1.8 164.6 138.4 26.2 212.5 224.7 +12.2 115.3 119.8 +4.5 600.6 589.2 11.3 15 http://ir.fhi.co.jp/index.html 8

9. Slide 9: Sales volume by region

   16 http://ir.fhi.co.jp/index.html 2006 3 2007 3 48.3 47.8 0.5 65.6 77.7 +12.2 113.9 125.6 +11.7 81.1 88.0 +6.9 7.2 8.3 +1.1 30.7 29.9 0.8 18.0 18.2 +0.2 13.4 12.3 1.1 150.4 156.7 +6.2 264.3 282.2 +17.9 1 6 17 http://ir.fhi.co.jp/index.html 9

10. Slide 10: SIA and domestic sales data

    ( ) 2006 3 2007 3 6,671 7,100 +429 174 130 44 135 160 +25 80 130 +50 109 /$ 110 /$ +1 /$ 18 http://ir.fhi.co.jp/index.html 2 24 49 SIA:2 82 103 174 130 44 2006 3 2007 3 19 http://ir.fhi.co.jp/index.html 10

11. Slide 11: FY2006 forecast

    2006 3 2007 3 97.7 96.9 0.8 132.5 166.6 +34.1 230.2 263.5 +33.4 193.6 202.6 +9.0 16.4 17.6 +1.3 64.7 65.3 +0.6 36.5 36.9 +0.3 30.0 24.8 5.2 341.2 347.3 +6.1 571.4 610.8 +39.4 1 12 20 http://ir.fhi.co.jp/index.html ( ) 2006 3 2007 3 14,764 15,500 +736 6,041 6,400 +359 8,723 9,100 +377 583 500 83 468

12. Slide 12: SOA and SIA forecast

    27 50 107 71 FHI:16 96 SIA:11 583 500 83 2006 3 2007 3 22 http://ir.fhi.co.jp/index.html (million US$) SOA(1 12 ) 2005 2006 $4,687 $4,933 +246 19 22 +41 4 17 +21 ( ) 194.0 201.0 +7.0 SIA(1 12 ) 2005 2006 $2,602 $2,493 109 22 11 +33 169* 3 +172 ( ) 119.0 117.0 2.0 (2 1 12 ) 23 http://ir.fhi.co.jp/ind

13. Slide 13: Forecast operating income change and IR information

    ( ) 2006 3 2007 3 466.7 485.4 +18.7 Saab 1.7 0.4 1.3 244.7 263.8 +19.0 106.3 95.8 10.5 138.4 168.0 +29.6 224.7 220.2 4.5 119.8 114.6 5.2 589.2 597.6 +8.3 24 http://ir.fhi.co.jp/index.html IR RSS URL http://ir.fhi.co.jp/index.html English http://ir.fhi.co.jp/english/index.html 25 http://ir.fhi.co.jp/

14. Slide 14: http://www.fhi.co.jp/fina/

    http://www.fhi.co.jp/fina/ 14

Fuji Heavy Industries — FY2005 Earnings Presentation on 6ix