<Reference for the 3rd Quarter of FY2009 (Apr. 2008 to Dec. 2008) Consolidated Financial Results>

(Feb. 4, 2009)
Fuji Heavy Industries Ltd.

(in 100 millions of yen)
(in thousands of units)

RESULTS
3rd Quarter of FY2008
Apr. 2007 to Dec. 2007

RESULTS
3rd Quarter of FY2009
Apr. 2008 to Dec. 2008

RESULTS
FY2008
Apr. 2007 to Mar. 2008

FORECAST
FY2009
Apr. 2008 to Mar. 2009

Net Sales
Domestic
Overseas

11,053
3,694
7,359

11,067
3,681
7,387

0.1%
(0.4)%
0.4%

15,723
5,440
10,284

14,400
5,200
9,200

8.4%
(4.4)%
(10.5)%

Margin Percentage
Operating Income

3.3%

366

0.9%

(72.9)%

2.9%

457

(90)

Margin Percentage
Ordinary Income

3.0%

327

0.8%

(72.5)%

2.9%

454

(90)

Margin Percentage
Net Income

1.6%

179

(148)

1.2%

185

(190)

Analysis ofincrease/decrease
in operating income
changes

Gain factors

Improvement of sales volume & mixture and others
Decrease of R&D expenses

273

43

Loss factors

Loss on currency exchange
Increase of SG&A expenses
and others
Reduction in cost,
net of raw material price raise

330
232

21

Gain factors

Improvement of sales volume & mixture and others others
Decrease of R&D expenses

54

40

Loss factors

Loss on currency exchange
Increase of SG&A expenses
and others
Reduction in cost,
net of raw material price raise

465
149

27

Foreign Exchange Rate YEN/US$

118

104

116

101

Capital Expenditures

405

433

563

600

Depreciation and Amortization

478

474

655

640

R&D Expenses

384

340

520

480

Interest bearing debt

3,316

3,210

3,045

3,600

Performance of operation

Net Sales to increase
Net Income to decrease
Recorded high net sales

Net Sales to decrease
Net Income to decrease

Domestic Sales

Passenger Cars
Minicars

144

51
93

131

50
81

(9.3)%

(1.9)%
(13.4)%

209

78
131

179

71
108

(14.2)%

(9.6)%
(17.0)%

Overseas Sales

North America
Europe
Other

273

149
58
65

292

153
67
73

7.2%

2.1%
16.0%
11.3%

388

210
86
92

376

207
73
95

(3.2) %

(1.5)%
(14.6)%
3.9%

Total sales units

417

423

1.5%

597

555

(7.0) %

*	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.
*	Exchange rate is the non-consolidated base of Fuji Heavy Industries Ltd..