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) 5 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 9 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 11 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 13 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 15 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 17 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 19 FY20-23 TRANSFORMATION PLAN 20 Appendix 21 (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.