Fiscal Year 2020 First-Quarter Financial Results

FISCAL YEAR 2020 FIRST-QUARTER FINANCIAL RESULTS

Nissan Motor Co., Ltd. July 28th, 2020

AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

2 FY20 1ST QUARTER SALES PERFORMANCE

China Jan-Mar base TIV *1 RETAIL VOLUME

22.50 M/S*2 5.5% 1,231

5.98 344

1.23 vs. FY19 vs. FY19 12.49 GLOBAL -44.5% 126 M/S*2 5.2% 5.31 643 GLOBAL -47.7% (4.43) 3.36 CHINA -43.9% 452 207 CHINA -39.9% 0.84 JAPAN -31.8% (351) NORTH 5.47 3.39 -36.0% -33.7% AMERICA 84 JAPAN (2.94) (-33.7%) GLOBAL (U.S.) (excl. China) NORTH GLOBAL 222 -50.8% (excl. China) -44.7% 135 AMERICA (-49.5%) 2.69 EUROPE -50.8% (177) (U.S.) -50.8% 4.51 -60.1% -51.0% 174 54 EUROPE (MILLION UNITS) (MILLION 2.21 OTHERS (THOUSAND UNITS) 77 OTHERS -55.9% FY19 FY20 FY19 FY20 1Q 1Q 1Q 1Q China Apr-Jun base

M/S*3 5.4% 22.07 vs. 2019 1,262 M/S*3 5.4% vs. 2019 5.55 15.10 GLOBAL -31.6% 375 827 GLOBAL -34.5% 5.97 CHINA +7.5% CHINA +4.1% 16.51 887 390 9.13 GLOBAL -44.7% 437 GLOBAL (excl. China) (excl. China) -50.8% (MILLION UNITS) (MILLION (THOUSAND UNITS) 2019 2020 2019 2020 APR – JUN APR – JUN APR – JUN APR – JUN *1: Nissan estimation *2: Market share 3 *3: Market share without US rental

PRODUCTION STATUS

JAPAN CHINA

407.7 342.5 379.7

168.5 56.7 60.9 63.7 25.0 21.7 13.0 (THOUSAND UNITS) (THOUSAND (THOUSAND UNITS) (THOUSAND

FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 Apr. Apr. May May Jun. Jun. 1Q 1Q 2Q 2Q (Jan. (Jan. (Apr. (Apr. to Mar.) to Mar.) to Jun.) to Jun.)

NORTH AMERICA EUROPE

132.7 114.8 106.7

61.1 44.4 46.2 41.7

2.1 8.4

(THOUSAND UNITS) (THOUSAND 0.0 UNITS) (THOUSAND 0.5 4.0

FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 Apr. Apr. May May Jun. Jun. Apr. Apr. May May Jun. Jun.

4 OPERATIONAL STATUS OF SALES OUTLETS

JAPAN CHINA

100% 100% 100% 100% 100% 100% 100% 100% OUTLETS OPEN OUTLETS OPEN

20’ Mar Apr May Jun 20’ Mar Apr May Jun * Nissan + Venucia + Infiniti

NORTH AMERICA EUROPE

92% 98% 82% 80% 69% 64% 35%

4% OUTLETS OPEN OUTLETS OPEN

20’ Mar Apr May Jun 20’ Mar Apr May Jun

* Nissan + Infiniti * G5+Russia (Nissan + Infiniti)

START OF PRODUCTION OF NEW MODELS

THI production for JPN / Asia Mar 2020 (SOP)

Kicks e-POWER

JPN production for USA / CAN Jun 2020 (SOP)

New Rogue

MEX Feb 2020 (SOP) / Jun 2020 (SOS) Sentra

Note) SOP : start of production, SOS : start of sales

6 SALES PERFORMANCE IN CORE MARKETS

Total M / S* Registered car M/S* Kei car M/S*  Significant increase in Kei share driven by Nissan ROOX introduced in March  Upward trend in registered car share expected to JAPAN increase further with introduction of Nissan Kicks e-POWER Total M / S* Retail volume

* FY20 1H M/S: 6.4%  Post COVID-19 lockdown, (+0.2pt vs FY19 1H) YoY sales volume growth for 3 consecutive months from April to June  Sales recovery driven by CHINA strong sales performance of Sylphy and Altima

Retail (excl. fleet) M/S* Fleet ratio Net revenue / unit  Excluding fleet, Nissan’s retail market share improved from April to June  Significant decrease in fleet volume to drive profitability

(Nissan Brand Only) (Nissan Brand  Net revenue / unit improved thanks to new Sentra, Versa, and Titan US * Market share 7

FY20 1ST QUARTER FINANCIAL PERFORMANCE (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

FY19 FY20 CHANGE (BILLION YEN) VARIANCE 1Q 1Q vs. FY19 (%) NET REVENUE 2,372.4 1,174.2 -1,198.2 -50.5% OPERATING PROFIT 1.6 -153.9 -155.5 - OP MARGIN 0.1% -13.1% NON-OPERATING 33.7 -78.4*1 ORDINARY PROFIT 35.3 -232.3 -267.6 - EXTRAORDINARY -8.4 -72.3*2 PROFIT BEFORE TAX 26.9 -304.6 -331.5 - TAXES -16.7 20.3 EFFECTIVE TAX RATE 61.9% 6.7% MINORITY INTEREST *3 -3.8 -1.3 NET INCOME *4 6.4 -285.6 -292.0 -

FREE CASH FLOW (AUTO) -385.5 -815.7 -430.2 -111.6%

(USD/JPY) 109.9 107.6 -2.3 FX RATE (EUR/JPY) 123.5 118.6 -4.9

*1: Includes loss in companies under equity method -84.7 billion yen *2: Includes loss on shutdowns and others due to COVID-19 (net) -33.2 billion yen and restructuring charges -40.1 billion yen *3: Net income attributable to non-controlling interests *4: Net income attributable to owners of the parent

8 FY20 1ST QUARTER FINANCIAL PERFORMANCE (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS (BILLION YEN)

EXTERNAL / EXPENSE/ SALES VOLUME COST

1.6 +3.5 -232.2 -153.9

+37.3 +35.9

FY19 FOREXVOLUME & MIX *1/ SELLING MONOZUKURI / FY20 2 1Q O.P. PARTS SALES / EXPENSE / FIXED COST * / CONSOLIDATED COST OTHER 1Q O.P. DEALER

*1 : Includes volume impact on incentives *2 : Excludes fixed marketing expense, which is included in selling expense / cost

LIQUIDITY STATUS

1. Auto cash and cash equivalent: 1,267.0 billion yen* Auto net cash: 235.2 billion yen*

2. Funding in response to COVID-19: Additional 182.4 billion yen in June/July 2020 (FY20 YTD total: 895.0 billion yen)

3. Bond issuance in Japan in July 2020: 70 billion yen

4. Unused committed credit lines : approx. 1.9 trillion yen as of end of June 2020

*as of end of June 2020, China JV equity basis, Auto cash and cash equivalent : 1,534.5 billion yen, auto net cash : 503.3 billion yen in management pro forma basis

10 AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

FY20 SALES OUTLOOK

FY20 outlook based on assumption of no 2nd wave from COVID-19 pandemic

TIV *1 RETAIL VOLUME M/S*2 5.75% 85.73 4,930 vs. FY19 vs. FY19 M/S*2 5.73% 72.04 GLOBAL -16.0% 4,125 GLOBAL -16.3% 24.31 1,547

22.41 CHINA -7.8% 5.04 1,475 CHINA -4.6% 534 19.67 4.67 JAPAN -7.4% (16.55) NORTH 520 15.50 -21.2% JAPAN -2.7% AMERICA 1,620 (13.00) (-21.4%) (U.S.) (1,237) 19.12 GLOBAL NORTH (excl. China) 1,235 -23.8% GLOBAL AMERICA (excl. China) 15.80 EUROPE -17.4% -19.2% (940) (U.S.) (-24.0%) -21.7% 521 400 EUROPE -23.2% 17.59 13.66 OTHERS -22.3% 708 495 OTHERS -30.1% (MILLION UNITS) (MILLION UNITS) (THOUSAND FY19 FY20 FY19 FY20 ACTUAL OUTLOOK ACTUAL OUTLOOK

*1: Nissan estimation *2: Market share 12 FY20 OUTLOOK (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

FY19 FY20 CHANGE (BILLION YEN) VARIANCE ACTUAL OUTLOOK vs. FY19 (%)

RETAIL VOLUME (K. units) 4,930 4,125 -805 -16.3%

RETAIL VOLUME (K. units) 3,383 2,650 -733 -21.7% excluding China

NET REVENUE 9,878.9 7,800.0 -2,078.9 -21.0%

OPERATING PROFIT -40.5 -470.0 -429.5 OP MARGIN -0.4% -6.0%

NET INCOME *1 -671.2 -670.0 +1.2 +0.2%

(USD/JPY) 108.7 105.7 -3.0 FX RATE *2 (EUR/JPY) 120.8 119.6 -1.2

*1: Net income attributable to owners of the parent *2: FX rate assumption after 2Q is 105 yen for USD / JPY and 120 yen for EUR / JPY

FY20 OUTLOOK (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS (BILLION YEN)

-40.5 -40.0 -470.0 -425.0

+120.5 -85.0

FY19 FOREX VOLUME & MIX *1/ SALES FINANCE / MONOZUKURI / FY20 ACTUAL PARTS SALES / REMARKETING *2 FIXED COST / OUTLOOK CONSOLIDATED OTHER O.P. DEALER O.P.

*1 : Includes volume impact on incentives *2 : Losses in lease residual values for vehicles primarily in the US

14 AGENDA

FY20 1Q RESULTS

FY20 OUTLOOK

NISSAN NEXT

NISSAN NEXT GOALS

FY20-23 TRANSFORMATION PLAN

STRATEGIC GOALS Ensure steady, profitable growth Capitalize on core competencies Enhance quality of business Ensure financial discipline Restore Nissan-ness

16 A NEW ROADMAP FOR SUSTAINABLE GROWTH

Rationalize Prioritize & Focus Right-sizing Core Markets Production Capacity Japan, China, North America 20% reduction / utilization ratio >80%

Streamlining product portfolio Core Products 20% reduction, product age < 4 years C/D/EV/Sports

Fixed Cost reduction Core Technologies -300 billion yen vs. FY18 Electrification / Advanced Driver Assist

Foundation Our DNA / Our Culture / Quality & Customer Focus

Leverage the Alliance new business model Strengthen business partnerships

PRODUCT MOMENTUM: 12 NEW MODELS

Rogue QX60 QX55

Ariya Pathfinder Frontier

Kicks e-POWER

Nissan Magnite Photo: Nissan Magnite concept

18 NEW CHAPTER FOR NISSAN

FY20-23 TRANSFORMATION PLAN

20 Appendix

(BILLION YEN) NET OPERATING TOTAL PENETRATION NET CREDIT REVENUE PROFIT ASSETS LOSS RATIO

298.5 10,367.7 263.9 63.0 9,234.6 56.4 48% 45%

1.04% 0.79%

FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q

FUNDING SOURCES AS OF JUNE 2020 • Strong profit and penetration results TOTAL FUNDING AMOUNT: 8,479 BILLION YEN Commercial Paper & Other • Credit losses expected to increase as 6.5% payment deferrals for consumers end Asset Backed Equity Securities 15.6% 28.0% • Strong liquidity

Bonds • Diversified funding and strong equity 17.8% Bank Loans position 32.1%

22 SALES FINANCING PENETRATION

(%) NFS NMAC NCF NRFM 100 90 80 70 60 37% 50 1% 33% 40 25% 3% 19% 30 6% 4% 48% 20 39% 39% 28% 10 26% 27% 27% 26% 0 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q

LEASE NFS: Nissan Financial Services, sales finance company in Japan RETAIL NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales Financing division of Nissan Canada Inc. NRFM: NR Finance Mexico, sales finance company in Mexico

SALES FINANCING NET CREDIT LOSS RATIO

FY19 FY20 VARIANCE 1Q 1Q

Lease: 0.03% Lease: 0.03% Lease: 0.00% NFS Retail: 0.08% Retail: 0.08% Retail: 0.00% Total: 0.07% Total: 0.07% Total: 0.00% Lease: 0.47% Lease: 0.70% * Lease: +0.23% NMAC Retail: 1.69% Retail: 1.18% * Retail: -0.51% Total: 1.13% Total: 0.96% * Total: -0.17%

Lease: 0.05% Lease: 0.08% Lease: +0.03% NCF Retail: 0.16% Retail: 0.21% Retail: +0.05% Total: 0.11% Total: 0.15% Total: +0.04%

NFS: Nissan Financial Services, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales Finance division of Nissan Canada Inc.

＊FY20 1Q net credit loss ratio for NMAC is based on new definition, which exclude vehicle repossession charges. Without the change, net credit loss ratio for FY20 1Q would have been 0.76% for lease,1.24% for retail and 1.02% for total.

24 SALES FINANCING OPERATING PROFIT & ASSET

(NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million MXN) FY19 FY20 VARIANCE 1Q 1Q

Asset: 1,434.2 Asset: 1,380.8 Asset: -53.4 NFS OP: 10.1 OP: 8.6 OP: -1.5

Asset: 59,979 Asset: 52,181 Asset: -7,798 NMAC OP: 228 OP: 273 OP: +45 Asset: 8,656 Asset: 8,546 Asset: -110 NCF OP: 55 OP: 54 OP: -1 Asset: 113,887 Asset: 116,859 Asset: +2,972 NRFM OP: 518 OP: 1,049 OP: +531

NFS: Nissan Financial Services, sales finance company in Japan NMAC: Nissan Motor Acceptance Corporation, sales finance company in US NCF: Sales Financing division of Nissan Canada Inc. NRFM: NR finance Mexico, sales finance company in Mexico

HEADLINE FINANCIAL RESULTS (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

(BILLION YEN) NET OPERATING NET *1 FREE NET CASH REVENUE PROFIT INCOME CASH FLOW (AUTO) (AUTO) 2,372.4 1,000.3

1,174.2

235.2

1.6 -153.9 6.4 -285.6 -385.5 -815.7 FY19 FY20 FY19 FY19 FY19 FY20 1Q 1Q 1Q 1Q -200.9 1Q 1Q FY20 LOSS IN -84.7 FY19 COMPANIES 1Q 1Q UNDER EQUITY METHOD FY20 FY20 1Q 1Q MANAGEMENT PRO FORMA BASIS *2: 2,667.1 1,325.8 40.1 -136.0 6.4 -285.6 -388.9-883.7 1,311.4 503.3

*1: Net income attributable to owners of parent *2: Based on continuation of proportionate consolidation of China JV

26 FY20 1ST QUARTER FINANCIAL PERFORMANCE (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

OPERATING PROFIT VARIANCE ANALYSIS (BILLION YEN)

FOREIGN EXCHANGE VOLUME SELLING IMPACT /MIX EXPENSES +3.5 -175.7 +35.9

CAD -1.2 (82.2 ⇒ 77.7) JPN -22.3 VOL*1: -23.5 JPN +1.6 INCENTIVES: -0.1 MIX: -2.4 OTHERS: +1.7 USD -1.0 (109.9 ⇒ 107.6) *2 INCENTIVES :+3.6US +7.9 INCENTIVES: -14.8 ARS -0.9 (2.51 ⇒ 1.59) US -90.6 VOL*1:-215.6 OTHERS: +22.7 MIX: +4.9 EUR +8.4 INCENTIVES: +0.7 RUB -0.5 (1.70 ⇒ 1.49) INCENTIVES*2: +120.1 OTHERS: +7.7 ⇒ MEX&CAN +2.1 MXN +3.9 (5.75 4.63) EUR -29.8 VOL*1:-68.4 CNY +1.5 (16.1 ⇒ 15.6) MIX: +0.5 OTHERS +15.9 INCENTIVES*2:+38.1 THB +0.6 (3.48 ⇒ 3.37) MEX&CAN -9.6 OTHERS +1.1 OTHERS -23.4 *1: Includes country mix *2: Volume impact on incentives

FY20 1ST QUARTER FINANCIAL PERFORMANCE (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

FREE CASH FLOW (AUTO BUSINESS) (BILLION YEN)

-202.9 -711.2 -815.7

-618.2

+157.6 -47.7 -108.0 +3.5

NET CASH AP / AR INVENTORY TAX / CASH FLOW CAPEX * OTHERS FREE INFLOW OTHER FROM CASH FROM P&L OPERATING OPERATING FLOW ITEMS ACTIVITIES ACTIVITIES

* CAPEX does not include finance lease-related investments

28 (EXCLUDING CHINA JV)

INVENTORY STATUS (THOUSAND UNITS)

1,000 830 810 830 800 800 580 600

400

200

0 2019 2020 2020 Jun. Sep. Dec. Mar. Jun.

Dealer inventory, except some minor countries Consolidated Nissan inventory, except some minor countries

NET CASH BY BUSINESS SEGMENT (TSE REPORT BASIS — CHINA JV EQUITY BASIS)

AS OF MARCH 31, 2020 AS OF JUNE 30, 2020

(BILLION YEN) AUTOMOBILE AUTOMOBILE SALES SALES & TOTAL & TOTAL FINANCING FINANCING ELIMINATIONS ELIMINATIONS

BORROWINGS FROM 874.3 7,033.7 7,908.0 1,394.5 6,539.5 7,934.0 THIRD PARTIES

INTERNAL LOAN TO SALES -444.3 444.3 0 -362.7 362.7 0 FINANCING (NET)

CASH AND 1,494.6 148.4 1,643.0 1,267.0 193.7 1,460.7 CASH EQUIVALENT

NET CASH 1,064.6 -7,329.6 -6,265.0 235.2 -6,708.5 -6,473.3

30 This presentation contains forward-looking statements, based on judgments and estimates that have been made on the basis of currently available information. By nature, such statements are subject to uncertainty and risk. Therefore, you are advised that the final results might be significantly different from the aforementioned statements due to changes in economic environments related to our business, market trends and exchange rate, etc.