(August 1,2008)
Fuji Heavy Industries Ltd.

<Reference for the 1st Quarter of FY2009 Consolidated Financial Results>

(in 100 millions of yen)
(in thousands of units)
  ACTUAL RESULTS
1st Quarter of FY 2008
Apr.2007 to Jun.2007		 ACTUAL RESULTS
1st Quarter of FY 2009
Apr.2008 to Jun.2008		 FORECAST
1st HALF of FY 2009
Apr.2008 to Sep.2008		 FORECAST
FY2009
Apr.2008 to Mar.2009
Net Sales
Domestic
Overseas		 3,182
1,124
2,059		 3,411
1,171
2,240		 7.2 %
4.2 %
8.8 %		 7,400
2,700
4,700		 4.4 %
9.9 %
1.5 %		 16,000
5,600
10,400		 1.8 %
2.9 %
1.1 %
Margin Percentage
Operating Income		 1.1%
35
 1.9%
65
84.0 %		 1.1%
80
(57.7) %
 1.4%
230
(49.6) %
Margin Percentage
Ordinary Income		 0.2%
6
 2.1%
71
1,030.5 %		 0.8%
60
(57.6) %
 1.3%
200
(56.0) %
Margin Percentage
Net Income		 －
(3)
 0.4%
14
－		 －
0
－
 0.6%
100
(45.9) %
Analysis of
increase/decrease
in operating income		   Gain factors
Improvement of sales volume &mixture and others 235
Decrease of R&D expenses 17

Loss factors
Increase of SG&A expenses and others 110
Foreign exchange 104
Reduction in cost &
Net of raw material price raise		 8
Gain factors
Improvement of sales volume &mixture and others 344
Decrease of R&D expenses 16

Loss factors
Foreign exchange 243
Increase of SG&A expenses and others 210
Reduction in cost &
Net of raw material price raise		 16
Gain factors
Improvement of sales volume &mixture and others 474

Loss factors
Foreign exchange 410
Increase of SG&A expenses and others 158
Reduction in cost & Net of raw material price raise 93
Increases of R&D expenses 40
Exchange rate YEN/US$ 119 103 103 102
Capital investment 104 132 360 700
Depreciation and amortization 148 157 320 660
R&D expenses 114 97 250 560
Interest bearing debt 3,492 3,073 2,750 3,045
Performance of operation   Net sales to increase
Net income to increase
Recorded high net sales		 Net sales to increase
Net income to decrease
Recorded high net sales		 Net sales to increase
Net income to decrease
Recorded high net sales
Domestic sales

Passenger Cars
Minicars		 44

14
30		 43

15
28		 (3.2) %

1.7 %
(5.6) %		 102

44
58		 2.8 %

26.1 %
(9.9) %		 213

98
115		 1.9 %

25.6 %
(12.3) %
Overseas sales

North America
Europe
Other		 75

40
15
20		 85

40
24
22		 12.9 %

(1.4) %
56.5 %
8.8 %		 188

94
48
47		 9.4 %

4.4 %
24.4 %
6.6 %		 423

223
102
99		 9.1 %

5.8 %
18.3 %
8.1 %
Total sales units 120 128 6.9 % 290 7.0 % 636 6.6 %

* Figures of Total Sales are the sum of retail sales units of the Japanese subsidiary dealers,
　wholesale units of the overseas subsidiary distributors, and wholesale units of FHI to other distributors/dearlers.

copyright (c) FUJI HEAVY INDUSTRIES Ltd. 2007 All Rights Reserved.