ISUZU

Financial Statements for the period ended 31.03.2008 (IFRS) and notes
Prepared in Accordance with International Financial Reporting Standards (IFRS) TO THE BOARD OF DIRECTORS OF ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ Introduction We have reviewed the accompanying consolidated balance sheet of ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ as of March 31, 2008 and related consolidated income statement, consolidated changes in equity statement, consolidated cash flow statement for the three month then ended and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of these financial statements in accordance with financial reporting standards published by Capital Markets Board. Our responsibility is to express a conclusion on these interim financial statements based on our review. Scope of Review We conducted our review in accordance with the auditing standards published by Capital Markets Board applicable for limited review engagements. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope then an audit conducted in accordance with the auditing standards published by Capital Markets Board and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has to come to our attention that causes us to believe that the accompanying interim consolidated financial information does not give a true and fair view of the financial position of ANADOLU ISUZU OTOMOTİV SANAYİ VE TİCARET ANONİM ŞİRKETİ as at March 31, 2008, and of its consolidated financial performance and its consolidated cash flows for the three - month ended in accordance with the financial reporting standards published by Capital Markets Board. (Istanbul, May 22, 2008) AGD BAĞIMSIZ DENETİM VE DANIŞMANLIK S.M.M.M. A.Ş. An Independent Member of Baker Tilly International METİN ETKİN Certified Public Accountant

BALANCE SHEET (YTL)
BALANCE SHEET (YTL)		Reviewed	Audited
ASSETS	Notes	31.03.2008	31.12.2007
Current Assets		280.783.155	244.813.859
Cash and Cash Equivalents	6	143.048.765	83.947.315
Financial Investments	7	0	0
Trade Receivables	10	62.892.330	94.609.968
Receivables from Financial Operations	12	0	0
Other Receivables	11	2.892.034	2.509.599
Inventories	13	66.890.156	62.677.694
Biological Assets	14	0	0
Other Current Assets	26	5.059.870	1.069.283
(Sub Total)		280.783.155	244.813.859
Fixed Assets Held for Sale Purposes	34	0	0
Non-Current Assets		67.131.366	68.201.046
Trade Receivables	10	89.077	21.862
Receivables from Financial Operations	12	0	0
Other Receivables	11	84.157	76.785
Financial Investments	7	3.898	3.898
Investments Evaluated by Equity Method	16	0	0
Biological Assets	14	0	0
Investment Properties	17	0	0
Tangible Fixed Assets	18	63.327.698	65.127.798
Intangible Fixed Assets	19	770.295	629.666
Goodwill	20	2.340.995	2.340.995
Deferred Tax Assets	35	0	0
Other Non-Current Assets	26	515.246	42
TOTAL ASSETS		347.914.521	313.014.905

BALANCE SHEET (YTL)
BALANCE SHEET (YTL)		Reviewed	Audited
LIABILITIES	Notes	31.03.2008	31.12.2007
I. Short Term Liabilities		128.770.104	103.836.501
Financial Liabilities (net)	8	17.884.764	14.983.176
Other Financial Liabilities	9	0	0
Trade Payables	10	98.667.556	73.022.458
Other Payables	11	5.065.876	9.987.338
Payables to Financial Operations	12	0	0
Government Grant and Assistance	21	0	0
Current Period Tax Liability	35	2.376.279	0
Provisions	22	4.490.203	5.463.653
Other Short-term Liabilities	26	285.426	379.876
(Sub-Total)		128.770.104	103.836.501
Liabilities related to Fixed Assets held for Sale Purposes	34	0	0

Long-Term Liabilities		9.448.259	9.535.747
Financial Liabilities	8	0	0
Other Financial Liabilities	9	0	0
Trade Payables	10	0	0
Other Payables	11	0	0
Payables to Financial Operations	12	0	0
Government Grant and Assistance	21	0	0
Provisions	22	0	0
Provision for Employment Termination Indemnities	24	6.632.039	6.481.154
Deferred Tax Liabilities	35	1.741.519	1.979.892
Other Long-term Liabilities	26	1.074.701	1.074.701
SHAREHOLDERS' EQUITY	27	209.696.158	199.642.657
Parent Company Shareholders' Equity		209.684.612	199.632.537
Paid-in Capital		25.419.707	25.419.707
Adjustments regarding Share Capital of Participations (-)		0	0
Inflation Adjustment Differences of Shareholders' Equity		86.901.880	86.901.880
Share Premiums		1	1
Value Increase Funds		0	0
Foreign Currency Translation Differences		0	0
Restricted Reserves Assorted from Profit		13.781.687	12.945.322
Previous Years' Profits		73.529.262	49.159.213
Net Profit for the Period		10.052.075	25.206.414
Minority Interests	27	11.546	10.120
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		347.914.521	313.014.905

CONSOLIDATED STATEMENT OF INCOME (YTL)	Notes
		Reviewed	Reviewed
		31.03.2008	31.03.2007
CONTINUED OPERATIONS
Sales Revenue	28	152.316.500	86.722.468
Cost of Sales (-)	28	(123.915.940)	(73.395.163)
Gross Profit from Business Operations		28.400.560	13.327.305
Interest, charge, premiums, commissions and other income		0	0
Interest, charge, premiums, commissions and other expenses (-)		0	0
Gross Profit from Financial Operations		0	0
GROSS PROFIT		28.400.560	13.327.305
Marketing, Sales and Distribution Expenses (-)	29	(11.537.374)	(6.705.020)
General Administration Expenses (-)	29	(4.693.187)	(4.422.594)
Research and Development Expenses (-)	29	(2.129.493)	(1.131.183)
Other Operating Income	31	1.136.626	1.013.894
Other Operating Expenses (-)	31	(574.035)	(937.678)
OPERATING PROFIT		10.603.097	1.144.724
Share in Profit / (Loss) of Investments Evaluated According to Equity Method		0	0
Financial Income	32	18.026.236	2.091.617
Financial Expenses (-)	33	(16.075.486)	(1.659.613)
CONTINUED OPERATIONS PROFIT BEFORE TAXATION		12.553.847	1.576.728
Continued Operations Tax Income / (Expense)		(2.500.346)	(360.241
- Tax Income / (Expense) for the Period	35	(2.738.719)	(920.174)
- Deferred Tax Income/ (Expense)	35	238.373	559.933
CONTINUED OPERATIONS PROFIT		10.053.501	1.216.487
DISCONTINUED OPERATIONS		0	0
Discontinued Operations Profit After Taxation		0	0
PROFIT FOR THE PERIOD		10.053.501	1.216.487
Distribution of Profit for the Period	27	10.053.501	1.216.487
Minority Interest		1.426	(111)
Parent Company Share		10.052.075	1.216.598
Earnings Per Share	36	0,40	0,05

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Audited	Registered Share Capital	Inflation Adjustment Differences of Shareholders' Equity	Total Paid İn Capital	Restricted Reserves From Profit	Special Reserves
As of January 1 ,2007:	16.946.471	95.229.263	112.175.734	8.479.030	145.853
Transfer of Previous Year's Profit	-	-	-	2.756.220	-
Capital Increase	-	-	-	-	-
Income From Sales of Subsidiary Shares and Fixed Assets Held for Addition to Share capital	-	-	-	-
Dividend Paid	-	-	-	-	-
Period Profit	-	-	-	-	-
As of March 31 ,2007:	16.946.471	95.229.263	112.175.734	11.235.250	145.853

As of January 1 ,2008:	25.419.707	86.901.880	112.321.587	11.235.250	0
Transfer of Previous Year's Profit	-	-	-	836.365	-
Capital Increase				-
Income From Sales of Subsidiary Shares and Real-Estate Held for Addition to Share Capital	-	-		-	-
Dividend Paid	-	-		-	-
Net Profit of Period	-	-		-	-
As of March 31 ,2008:	25.419.707	86.901.880	112.321.587	12.071.615	0

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
Audited	Previous Years' Profits & Losses	Period Profit	Total Shareholders' Equity of Parent Company	Minority Interest	EQUITY
As of January 1 ,2007:	68.551.088	0	189.351.705	9.112	189.360.817
Transfer of Previous Year's Profit	(2.756.220)	-		-	0
Capital Increase	-	-	-	-	0
Income From Sales of Subsidiary Shares and Fixed Assets Held for Addition to Share capital	-	-	-	-	0
Dividen Paid	(14.923.667)	-	(14.923.667)	(1.916)	(14.925.583)
Period Profit	-	1.216.598	1.216.598	(111)	1.216.487
As of March 31 ,2007:	50.871.201	1.216.598	175.644.636	7.085	175.651.721

As of January 1 ,2008:	50.869.286	25.206.414	199.632.537	10.120	199.642.657
Transfer of Previous Year's Profit	24.370.049	(25.206.414)	-	-	0
Capital Increase	-	-	-	-	0
Income From Sales of Subsidiary Shares and Real-Estate Held for Addition to Share Capital	-	-	-	-	0
Divident Paid	-	-		-	0
Net Profit of Period	-	10.052.075	10.052.075	1.426	10.053.501
As of March 31 ,2008:	75.239.335	10.052.075	209.684.612	11.546	209.696.158

CONSOLIDATED STATEMENT OF CASH FLOWS	31.03.2008	31.03.2007
Cash Flows from Operating Activities
Net Profit / (Loss)	10.052.075	1.216.598
Adjustments to Reconcile Net Earnings To Cash Flow:
Depreciation (+)	2.970.670	3.033.242
Amortization	62.972	54.786
Provision For Termination Indemnity	150.885	363.701
Taxes	2.500.346	360.241
Provision For Doubtful Receivables	364	83
Provision For Diminutionin Value Of Subsidiaries	0	0
Provision For Interest Income	(541.607)	(93.977)
Provision For Interest Expenses	669.214	389.106
Income/Expense Not Causing Fund Inflow	1.155.630	1.394.006
(Profit) / (Loss) Net From Sales of Fixed Assets	95.509	332.343
Net Operating Profit Before Increase in Assets and Liabilities:	17.116.058	7.050.129
Increase/(Decrease) in Assets and Liabilities:
Net (Increase)/Decrease in Trade Receivables	31.799.940	1.830.580
Net (Increase)/Decrease in Inventories	(4.212.462)	(5.732.526)
Net (Increase)/Decrease in Other Current Assets	(4.380.394)	(2.011.948)
Net (Increase)/Decrease in Other Non-Current Assets	(515.204)	(9.816)
Net (Increase)/Decrease in Trade Payables	25.645.098	9.237.150
Net (Increase)/Decrease in Other Payables	(5.415.357)	(1.384.549)
Taxes Paid	(2.240.530)	719.054
Termination Indemnities Paid	0	0
Net Cash Inflow Provided From Operating Activities:	57.797.149	9.698.074
Investment Activities:
Disposal/(Acquisition) of Financial Assets Ready to Sale	0	0
Tangible Fixed Assets Acquisition	(1.266.079)	(422.699)
Intangible Fixed Assets Acquisition	(203.601)	(23.984)
Increase in Other Non-Current Assets	0	0
Net Cash Used in Investing Activities:	(1.469.680)	(446.683)
Financial Activities:
Dividend Paid	0	0
Interest Paid	0	0
Interest Received	0	0
Net Increase/(Decrease) in Bank Loans	2.232.374	(395.889)
Inflation Effects	0	0
Net Cash Provided From / (Used in) Financial Activities	2.232.374	(395.889)
Net Increase in Cash and Cash Equivalents	58.559.843	8.855.502
Beginning Balance Of Cash and Cash Equivalents	83.947.315	48.855.597
Inflation Effects	0	0
Ending Balance of Cash and Cash Equivalents	142.507.158	57.711.099

The accompanying policies and explanatory notes are an integral part of the consolidated financial statements.

	Notes About The Financial Tables I
	Notes About The Financial Tables II
	Notes About The Financial Tables III