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Nissan Motor Acceptance Corporation ABS Investor Materials Disclaimer All-New 2020 Nissan Versa Nissan Motor Acceptance Corporation ABS Investor Materials Disclaimer This presentation (the “Presentation”) is based on information provided by Nissan Motor Acceptance Corp. (“NMAC” or the “Company”) to the best of its knowledge. This Presentation may not be photocopied, reproduced, or distributed to others at any time without the prior written consent of the Company. This Presentation and other information made available in connection with the evaluation of the Company is not all-inclusive and does not contain all of the information that you may consider material or desirable in evaluating the Company. This Presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about NMAC’s beliefs and expectations, are forward- looking statements. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” or similar expressions. These statements may include, among others, statements regarding NMAC’s or Nissan Motor Co., Ltd.’s (Nissan Motor) expected business outlook, anticipated financial and operating results, business strategy and means to implement the strategy, objectives, the amount and timing of future capital expenditures, financing plans, working capital needs and sources of liquidity. Forward-looking statements are only predictions and are not guarantees of performance. These statements are based on management’s beliefs and assumptions, which in turn are based on currently available information. These assumptions could prove inaccurate. Forward-looking statements also involve risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Many of these factors are beyond NMAC’s ability to identify, control or predict. Undue reliance should not be placed on any forward-looking statements, which are based on current expectations. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them in light of new information or future events. Nissan Motor’s and NMAC’s fiscal years end on March 31. References to “FY17” are to the fiscal year ended March 31, 2018 and references to “FY18” are to the fiscal year ending March 31, 2019. References in this Presentation to “$” are to U.S. dollars and references to “¥” or “Yen” are to Japanese Yen. Agenda • Nissan Motor Limited Performance and Strategy • Nissan Motor Acceptance Corp (“NMAC”) Overview • ABS Performance Update • Treasury and Liquidity Update 2 Nissan Motor FY18 Financial Results • Date of Establishment: December 26, 1933 • Market Capitalization: $29,345M* • Ratings: Moody’s A3(-)/P1 ; S&P A-/A-1(-) (BILLION YEN) (BILLIONNET YEN) OPERATING NET ** FREE NET CASH REVENUE PROFIT INCOME CASH FLOW (AUTO) (AUTO) 11,951.2 11,574.2 1,769.1 746.9 1,598.2 US TAX 574.8 REFORM 231.8 407.0 318.2 319.1 *** 515.1 191.1 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 *Market Capitalization as of July 24th, 2019 ** Net income attributable to owners of the parent *** Excludes 207.7 billion yen one-time impact from US Tax Reform 3 Nissan Motor FY18 Sales Performance: Global TOTAL INDUSTRY VOLUME * RETAIL VOLUME vs. FY17 M/S*2 6.2% vs. FY17 M/S*2 6.0% 93.52 92.09 GLOBAL -1.5% 5,770 5.20 5,516 GLOBAL -4.4% 5.26 JAPAN +1.2% 584 596 JAPAN +2.1% 27.35 26.60 CHINA -2.7% 1,520 1,564 CHINA +2.9% NORTH -1.4% 20.85 20.56 AMERICA (17.31) (17.17) (U.S.) (-0.8%) 2,091 NORTH -9.3% (1,593) 1,897 AMERICA (1,444) (U.S.) (-9.3%) 19.98 20.03 EUROPE +0.3% 756 643 EUROPE -14.9% 20.14 19.63 OTHERS -2.5% 819 815 OTHERS -0.4% (MILLION UNITS) (MILLION (THOUSAND UNITS) FY17 FY18 FY17 FY18 * Nissan’s estimation ** Market Share 4 Strong Market Performance Nissan continues to focus on profitable market share growth. U.S. Market Share 1999-2018 U.S. New Vehicle Sales FY18 10.0% 20% 8.4% 16.9% 9.0% 14.4% 15% 14.0% 8.0% 12.7% 7.0% 10% 9.4% 8.4% 6.0% 7.5% 5.0% 5% 3.4% 4.0% 2.0% 1.8% 3.9% 3.0% 0% For Fiscal Years Ended March 31st, 1999 – 2019 Source: Internal Reporting (previously Automotive News) For Fiscal Year Ended March 31st, 2019 5 Corporate Ratings A+/A1 A/A2 A-/A3 BBB+/Baa1 BBB/Baa2 S&P Moody’s BBB-/Baa3 BB+/Ba1 CURRENT RATINGS Long Term Credit Rating Short Term Credit Rating Outlook Moody’s A3 P-2 Negative Standard & Poor’s A- A-2 Negative 6 Alliance Structure • Founded in 1999 the alliance continues to be the longest-lasting cross-cultural collaboration among major automakers • Combined sales by Renault-Nissan-Mitsubishi rose 1.4% to 10.76 million units in 2018 – one in nine of all cars and light commercial vehicles sold worldwide • As a result, the alliance benefits from increased economies of scale and the brand benefit of being a part of one of the world’s leading automotive groups • As part of the Alliance 2022 mid-term plan, Renault-Nissan-Mitsubishi is continuing to forecast that annual synergies will exceed €10 billion by the end of 2022 Renault holds a 43.4% stake in Nissan. Nissan holds a 15% stake in Renault. Nissan holds a 34% equity stake in Mitsubishi Motors. 7 Agenda • Nissan Motor Limited Performance and Strategy • Nissan Motor Acceptance Corp (“NMAC”) Overview • ABS Performance Update • Treasury and Liquidity Update 8 Volume Trends – U.S. Only New Vehicle Penetration Contracts Outstanding 2,511 2,601 2,369 2,477 67% 70% 2,114 64% 63% 58% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 (Thousands) For the Fiscal Years ended March 31st Note: Vehicles financed through NMAC and IFS 9 NMAC Loan Origination Trends – U.S. Only NMAC continues to maintain a high quality of bookings in its retail loan portfolio Retail Loan Total Portfolio New Bookings - Retail Tier Distribution as of Mar 31st (660+ FICO) 48% 78% 81% 80% 81% 81% 9% 8% 8% 8% 8% 6% 4% 2% Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6 Tier 7 Tier 8 Tier 9 FY14 FY15 FY16 FY17 FY18 740+ 720-739 700-719 680-699 660-679 640-659 620-639 600-619 <600 Credit Tier For the Fiscal Years ended March 31st Note: Tier % in dollars. Tier distribution percentages may not total 100% due to rounding 10 Retail Loan Origination Characteristics APR Distribution Weighted Average FICO 36% 44% 48% 57% 71% 27% 734 734 734 31% 23% 731 24% 727 13% 37% 30% 24% 20% 17% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 < 2.0% 2.0% - 3.99% >= 4.0% Weighted Average FICO Weighted Average Original Term New vs. Near-New/Used 11% 12% 16% 19% 24% 89% 88% 69 70 84% 81% 76% 67 67 68 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 Weighted Average Original Term New Near-New/Used For the Fiscal Years ended March 31st 11 Average Loan Principal Outstanding & Net Losses – U.S. Only 20% $29.3 18% $28.2 $27.9 $26.2 16% $22.2 14% 12% 10% 8% 6% 4% 1.37% 1.48% 0.82% 1.12% 0.77% 2% 0% FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Avg. Principal Amount Outstanding ($ in Billions) Net Losses as a % of Avg. Principal Outstanding For the Fiscal Years ended March 31st 12 NMAC Lease Origination Trends – U.S. Only NMAC continues to maintain a high quality of bookings in its lease asset portfolio Retail Lease Total Portfolio New Bookings - Lease Tier Distribution as of Mar 31st (660+ FICO) 59% 88% 85% 85% 87% 88% 9% 9% 7% 6% 4% 3% 2% 4% Tier 1 Tier 2 Tier 3 Tier 4 Tier 5 Tier 6 Tier 7 Tier 8 Tier 9 FY14 FY15 FY16 FY17 FY18 740+ 720-739 700-719 680-699 660-679 640-659 620-639 600-619 <600 Credit Tier For the Fiscal Years ended March 31st Note: Tier % in dollars. Tier distribution percentages may not total 100% due to rounding 13 Average Lease Principal Outstanding & Net Losses – U.S. Only $21.9 $21.8 $20.6 $18.4 $17.3 0.59% 0.47% 0.50% 0.26% 0.34% FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Avg. Principal Amount Outstanding ($ in Billions) Net Losses as a % of Avg. Principal Outstanding For the Fiscal Years ended March 31st 14 NMAC Floorplan Penetration & Dealer Count NMAC Dealer Penetration Floorplan Dealer Count 703 703 697 688 690 55% 54% 54% 54% 54% FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18 For the Fiscal Years ended March 31st 15 NMAC Avg. Floorplan Receivables & Net Losses $8.0 $7.6 $7.3 $6.9 $7.0 $6.8 $6.0 $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 0.05% 0.02% 0.00% 0.13% 0.07% $0.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Avg. Principal Amount Outstanding ($ in Billions) Net Losses as a % of Avg. Principal Outstanding For the Fiscal Years ended March 31st 16 Floorplan Portfolio Characteristics . Inventory under 4 months has consistently represented the largest portion of the portfolio . Dealer Monthly Payment Rates have remained consistent during the previous five years Days in Inventory Average MonthlyState Payment 1 Rate 1-120 Days 121-180 Days 181-270 Days 270+ Days 7% 6% 6% 6% 7% 12% 11% 14% 15% 17% 43% 42% 78% 79% 77% 76% 74% 40% 38% 36% FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 Distribution of Wholesale Ratings New vs.
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