Subaru Reports Best Ever Sales for 2003

- Company sells its 4 millionth vehicle in US to close record-setting year -

CHERRY HILL, N.J., Jan. 6 -- Subaru of America, Inc., the only car company that features Symmetrical All-Wheel Drive as standard equipment on every vehicle in its product line, today marked major milestones with year-end 2003 sales. Subaru set an all-time sales record, selling a total of 186,819 units in 2003, up 4 percent from last year. Subaru also posted best ever sales for Forester and Baja and topped off its record setting year by selling its 4 millionth vehicle in the United States.

"2003 was a tremendously successful year for Subaru," said Fred D. Adcock, Executive Vice President, Subaru of America, Inc. "We are very pleased with our results and would like to congratulate our dealers on delivering best ever year-end sales, best ever Forester and Baja sales, as well as the achievement of our 4 millionth vehicle sale in the company's history."

Subaru Forester set an all-time record in 2003 with 59,761 units, up 11 percent from last year. Subaru Legacy recorded 79,839 unit sales, while Outback accounted for 54,930 units. Subaru Impreza recorded strong sales of 36,525 total units, while Baja set a best-ever total of 10,694 units for the year.

For the month of December 2003, Subaru recorded total sales of 15,275 units, up 2 percent from December 2002. Subaru Forester was up 14 percent over prior years with sales of 5,296 units, while the Subaru Impreza recorded a sales gain of 11 percent with 2,997 units. Subaru Legacy posted sales of 6,288 units, while the Outback accounted for 4,457 units. Baja made sales gains with 694 units sold in December -- up 23 percent from the same month last year.

"In 2003, Subaru of America, Inc. recorded its best ever revenue of $4.2 billion," said Thomas J. Doll, Executive Vice President and Chief Financial Officer, Subaru of America, Inc. "Even with the challenging sales environment and the increasingly competitive marketplace, we have continued to sustain strong sales growth."

For additional information about Subaru of America, Inc. and Subaru vehicles, visit our media website at www.media.subaru.com.

About Subaru of America, Inc.

Subaru of America, Inc. is a wholly-owned subsidiary of Fuji Heavy Industries Ltd. of Japan. Headquartered near Philadelphia, the company markets and distributes all-wheel drive Subaru vehicles, parts and accessories through a network of nearly 600 dealers across the United States. Subaru is the only car company that features Symmetrical All-Wheel Drive as standard equipment on every vehicle in its product line.