NISSAN Value-Up

FY04 financial results NISSAN Value-Up

April 25, 2005

President and CEO Carlos Ghosn

FY04 financial results / NISSAN Value-Up April 25, 2005 Agenda

FY04 sales performance FY04 financial performance FY05 outlook NISSAN 180 progress NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 Global retail sales volume

3,400 3,388 3,200 +10.8% 1990: Record sales 3,107 3,000 3,057

2,800 2,771 2,600 Thousand units 2,633 2,597 2,400 2,530

2,200 FY99 FY00 FY01 FY02 FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 Global production

3,400 3,378 3,200 +10.2% Record production 3,085 3,000 3,064

2,800 2,737 2,600

Thousand units 2,614 2,400 2,402 2,469 2,200 FY99 FY00 FY01 FY02 FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 sales performance Japan

Fuga 1,000 “RJC Car of the Year” 983 800 837 848 +1.4% 600

400

Thousand units Industry TIV: 5.8 million (-1.2%) March Cube 200 Nissan share: 14.6% (+0.4 point)

0 Tiida Note FY03 FY04 4 models in top 10 monthly sales ranking

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 sales performance United States

Frontier 1,000 1,013 +18.4% 800 859

600

Pathfinder 400

Thousand units Industry TIV: 16.9 million (+0.4%) 200 Nissan share: 6.0% (+0.9 point) Titan Altima 0 FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 Infiniti sales performance

140

120 132 124 +6.5% 100

80 96 78 60 76 71 Thousand units

0 FY99 FY00 FY01 FY02 FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 sales performance Europe

1,000

800 Industry TIV: 19.8 million (+4.2%) Nissan share: 2.7% (-0.2 point) 600 X-TRAIL 542 544 400 +0.3% Thousand units 200

0 Pickup FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 sales performance General Overseas Markets*

1,000 983 800 +19.5% 822

600 Teana “Car of the Year 2005”

400 Thousand units 200 China sales: 194,000 (+92.7%) Including Dong Feng LCVs

0 FY03 FY04

*Including Mexico and Canada

FY04 financial results / NISSAN Value-Up April 25, 2005 Agenda

FY04 sales performance FY04 financial performance FY05 outlook NISSAN 180 progress NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance

(Billion yen) FY03 FY04 Change

Consolidated net revenue 7,429.2 8,576.3 +15.4%

Consolidated operating profit 824.9 861.2 +4.4%

Operating margin 11.1% 10.0% -1.1points

FOREX ￥107.6/$1 for FY04 ￥134.4/€1

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Impact on operating profit

Sales expenses -114

1,000

900 Billion yen Forex -78 800 FY03 FY04 O.P. Volume/mix +284 O.P. 824.9 Scope of consolidation 861.2 +31

FY04 financial results / NISSAN Value-Up April 25, 2005 Incentives in the U.S.: Autodata

5,000

4,000 GMGM ChryslerChrysler

3,000 FordFord

NISSAN 2,000 $ per unit ToyotaToyota 1,000 HondaHonda

0 1999 2000 2001 2002 2003 2004 2005

FY04 financial results / NISSAN Value-Up April 25, 2005 Incentives in the U.S.: CNW

FordFord 5,000 GMGM

4,000 ChryslerChrysler ToyotaToyota 3,000 HondaHonda

2,000 $ per unit NISSAN 1,000

0 1999 2000 2001 2002 2003 2004 2005

FY04 financial results / NISSAN Value-Up April 25, 2005 Comparison of incentives

Ford 5000 Ford GM CNW GM 4000 ChryslerChrysler 3000 ToyotaToyota 2000 HondaHonda 1000 NISSANNISSAN 0 5000 Autodata GM $ per unit 4000 GM ChryslerChrysler 3000 FordFord 2000 NISSANNISSAN 1000 ToyotaToyota HondaHonda 0 1999 2000 2001 2002 2003 2004 2005

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Impact on operating profit Sales Product expenses enrichment -114 -92

1,000 Manufacturing expenses -15 G&A Purchasing R&D and 900 cost expenses others reduction -44 -25.7 Warranty

Billion yen +131 Forex expenses -78 -41 800 FY03 Volume/mix FY04 OP +284 OP 824.9 Scope of 861.2 consolidation +31

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Operating profit by region Billion yen

JAPAN U.S. (+CAN) 400

352.5 341.1 351.8 379.7 200

0 FY03 FY04 FY03 FY04

EUROPE GOM (Including Mexico) 400

200 84.8 49.2 56 66 0 FY03 FY04 FY03 FY04

Eliminations: FY03 +5.4, FY04: -0.4

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance

(Billion yen) FY03 FY04 Change Net non-operating expenses -15.2 -5.5 +9.7 Financial costs -15.7 -10.4 +5.3 Ordinary profit 809.7 855.7 +5.7% Net extraordinary losses -73.2 -62.5 +10.7 Net income before tax 736.5 793.2 +7.7% Taxes -219.0 -258.0 -39.0 Minority interests -13.8 -22.9 -9.1 Net income 503.7 512.3 +1.7%

FOREX for FY04 ￥107.6/$1, ￥134.4/€1

FY04 financial results / NISSAN Value-Up April 25, 2005 Net cash flow (automotive)

Billion yen 800

700 Investing activities 600 -450.7

500 Operating activities 400 Cash +879.2 Financing 300 activities Free -209.1 200 cash flow 100 205.8 0 -13.6 Net debt at Net cash at -100 beginning of FY03 end of FY04 Debt

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Net automotive debt

2,500 2,100 2,000

1,500 1,349.7 Under new accounting 1,000 952.7 standards

Billion yen 500 431.7

0 13.6 -8.6 -205.8 -215.9 -453.5

FY98FY99 FY00 FY01 FY02 FY03 FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Return on invested capital (ROIC)

25% 21.3% 20.1%* 20% 19.8%

15% 12.7%

10% COP 7.5% ROIC = Fixed assets 5% (Auto) + Net working capital + Cash on hand 1.3% 0 FY99 FY00 FY01 FY02 FY03 FY04

*Same scope of consolidation as P&L, excluding change of cash compared to FY03

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial performance Dividend policy

40 40 34 30 29 24 20 19 14

10 7 8 Dividend per share / yen / share per Dividend

0 0 FY99 FY00 FY01 FY02 FY03FY04 FY05* FY06* FY07*

*Forecast

FY04 financial results / NISSAN Value-Up April 25, 2005 Agenda

FY04 sales performance FY04 financial performance FY05 outlook NISSAN 180 progress NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 FY05 outlook

3,500 3,618 3,000 3,388 +6.8% 3,057 2,500 2,771 2,597 2,000

1,500

Thousand units 1,000 TIV assumption: 61 million (+0.7%)

500

0 FY01 FY02 FY03 FY04 FY05*

*Forecast

FY04 financial results / NISSAN Value-Up April 25, 2005 FY05 new models

Japan Europe Serena 350Z Roadster Otti Murano Compact wagon Pathfinder M-class sedan U.S./Canada Navara Minicar Micra C+C GOM Quest Infiniti MLafesta Pathfinder Tiida hatchback Interstar Navara Tiida sedan Xterra

FY04 financial results / NISSAN Value-Up April 25, 2005 FY05 outlook 3,618 +6.8% 3,500

3,000 3,388 1,088 +10.7% GOM 3,057 (+Mexico, Canada) 2,500 2,771 2,597 +1.1% Europe 2,000 550

1,500 1,047 +3.3% U.S.

Thousand units 1,000 TIV assumption: 61 million (+0.7%)

500 933 + 10% Japan 0 FY01 FY02 FY03 FY04 FY05*

*Forecast

FY04 financial results / NISSAN Value-Up April 25, 2005 FY05 outlook

Risks Opportunities Volatility in exchange NISSAN Value-Up rates Higher interest rates Higher commodity prices Higher energy prices Higher level of incentives Uncertainty on level of growth in U.S. and Japanese markets

FY04 financial results / NISSAN Value-Up April 25, 2005 FY05 outlook

(Billion yen) FY04 FY05(FC) Change Consolidated net revenue 8,576.3 9,000 +4.9% Consolidated operating profit 861.2 870 +1.0% Ordinary profit 855.7 860 +0.5% Net income 512.3 517 +0.9% CAPEX 477.5 540 +13.1% R&D expenses 398.1 450 +13.0% ROIC 20.1% 20% ---- or above

FOREX ￥105/$1 for FY05 ￥130/€1

FY04 financial results / NISSAN Value-Up April 25, 2005 Agenda

FY04 sales performance FY04 financial performance FY05 outlook NISSAN 180 progress NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN 180 commitments

1 million additional units worldwide

98% operating margin

90 net automotive debt at end FY04

FY04 financial results / NISSAN Value-Up April 25, 2005 Progress toward NISSAN 180 sales

4,000 3,597

3,000

2,000 1,809 1,403

Thousand units 1,120 1,000 849 553 274 0 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN 180 Market coverage expansion

Kubistar Armada 350Z Titan Full-size SUV & Truck

Primastar Interstar LCVs Moco Clipper Mini Murano FX35/45 Crossovers

Teana

Tiida Note New Compacts

FY04 financial results / NISSAN Value-Up April 25, 2005 Agenda

FY04 sales performance FY04 financial performance FY05 outlook NISSAN 180 progress NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 Track toward great company

NRP NISSAN 180 NISSAN Value-Up

“Revive our “Complete revival “Value up with company ” on track for sustained profitable growth” performance”

Commitments • Profitability in FY00 • +1M units by 9/05 • 4.2M units in FY08 • Operating profit • 8% operating profit • Top level operating margin>4.5% in FY02 margin profit margin • 50% debt reduction • 0 automotive debt • ROIC average 20% by FY02

FY04 financial results / NISSAN Value-Up April 25, 2005 Evolutionary plan Core elements of NISSAN 180

Maximized More More alliance revenue Less quality with cost and Renault speed

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments

Profit commitment Top level operating profit margin among global automakers in FY05-07

To sustain performance

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments Top level operating profit margin

12 2003 N180 2004 2007 10 2002 NISSAN TOYOTA Value-Up NRP 8 BMW HYUNDAI 2001

6 HONDA RENAULT

4 2000

COP margin (%) margin COP PSA DCX FORD 2 VW 1999 GM ◆ Nissan ◆ Competitors in 2004 0 -3 -2 -1 0 1 2 Global Market Share Change from 1999 (%)

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments

Profit commitment Top level operating profit margin among global automakers in FY05-07

Volume commitment 4.2 million sales in FY08

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments Global sales volume

4,000 +812 4,200 commitment 3,000 +791 3,388

2,597 2,000

Thousand units 1,000

0 FY01 FY04 FY08*

*Forecast

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments

Profit commitment Top level operating profit margin among global automakers in FY05-07

Volume commitment 4.2 million sales in FY08

Return on invested capital 20% average ROIC over the plan

FY04 financial results / NISSAN Value-Up April 25, 2005 Financial metrics comparison

Strong cash flow 6 Nissan 5 BMW Honda PSA Toyota DCX VW 4 Top profitability 3 2 Weak liquidity Average investment 1

0 Average rating: A

S) ebt / ROA ROE D t Maturity n/CAPEX /Total Debt io rge Coverage/ Total Asset * t EBITA Margin a * R&D/Revenue Asset Turnover RCF*/Ne FCF/Total Debt RCF*/Total Debt Ch Cash/Debt (B Deprecia Adj. Cash* Fixed Adj. Cash*

*Retained cash flow: Cash flow from operation – change in working capital - dividend **Adjusted cash: Cash + marketable securities + VEBA (Voluntary employee’s beneficiary association) Source: Moody’s Rating Methodology: Global Auto Industry (Sept. 2004) Analysis: NISSAN IR

FY04 financial results / NISSAN Value-Up April 25, 2005 Financial metrics comparison

Strong cash flow 6 Nissan 5 BMW Honda PSA Toyota DCX VW 4 Top profitability 3 2 Weak liquidity Average investment 1

0 Average rating: A

FY04 financial results / NISSAN Value-Up April 25, 2005 Financial metrics comparison

Strong cash flow 6 Nissan 5 BMW Honda PSA Toyota DCX VW 4 Top profitability 3 2 Weak liquidity Average investment 1

0 Average rating: A

FY04 financial results / NISSAN Value-Up April 25, 2005 Financial metrics comparison

Strong cash flow 6 Nissan 5 BMW Honda PSA Toyota DCX VW 4 Top profitability 3 2 Weak liquidity Average investment 1

0 Average rating: A

FY04 financial results / NISSAN Value-Up April 25, 2005 Inter-company loan From auto to finance

35.7% 35% 33.0% 1,050

30% 900 23.1% 25% 750

20% 600 Billion yen Billion 15% 450

10% 300 % of inter-company% of loan 5% 150

0% 0 FY02 FY03 FY04

% of inter-company loan = inter-company loan/total funding excluding equity

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up commitments Return on invested capital (auto)

25% 21.3% ROIC average of 20% 20% 19.8% 20.1%*

15% 12.7%

10% COP ROIC 7.5% = Fixed assets 5% (Auto) + Net working capital 1.3% 0 FY99 FY00FY01 FY02 FY03 FY04 FY05 FY06 FY07 NRP NISSAN 180 NISSAN Value-Up *Same scope of consolidation as P&L, excluding change of cash compared to FY03

FY04 financial results / NISSAN Value-Up April 25, 2005 Key assumptions

Total industry volume up to 63 million units in FY07

Foreign exchange rate FY05 105￥/$ 130￥/€ FY06, FY07 100￥/$ 120￥/€

FY04 financial results / NISSAN Value-Up April 25, 2005 New global product launches

NISSAN 180 NISSAN Value-Up

New Products 31 28

Start of Production 44 70

FY04 financial results / NISSAN Value-Up April 25, 2005 NISSAN Value-Up 28 all-new models

10 new conquest models 18 2828 replacement models

FY04 financial results / NISSAN Value-Up April 25, 2005 Breakthrough Infiniti global tier-1 luxury brand

Russia

China North America Middle Japan* East Korea Taiwan

*Japan launch after NISSAN Value-Up

FY04 financial results / NISSAN Value-Up April 25, 2005 Breakthrough Light Commercial Vehicles

CARAVAN ATLAS AD Van

CABSTAR CIVILIAN 22 Nissan-badged models

FY04 financial results / NISSAN Value-Up April 25, 2005 Breakthrough Light Commercial Vehicles

600 8.0% 8%

450 6% 434 4.0% +40% 300 3.6% 4% 3.3% 312 234 Thousand units 150 187 203 182 2%

1.4% Consolidated operating margin 0 -0.5% 0 FY00FY01 FY02 FY03 FY04 FY07*

FY04 financial results / NISSAN Value-Up April 25, 2005 Breakthrough Leading Competitive Countries (LCCs)

Hungary Romania China India Egypt Vietnam Mexico Thailand

Mercosur

Maximize opportunities, minimize costs

FY04 financial results / NISSAN Value-Up April 25, 2005 Breakthrough Geographic expansion

Russia Eastern Europe Gulf Countries China Egypt Pakistan IndiaThailand

FY04 financial results / NISSAN Value-Up April 25, 2005 Opportunities Environmental technologies

NOx & HC Emission CO2 Emission

EV SU-LEV = CVT = HEV

ULEV ULEV

80％ SU-LEV 40％ EV 1 million 200,000 By March 06 CVTs hybrids

FY04 financial results / NISSAN Value-Up April 25, 2005 Opportunities New safety approach Safety Shield

10 new safety technologies in the next three years

FY04 financial results / NISSAN Value-Up April 25, 2005 FY04 financial results / NISSAN Value-Up April 25, 2005