PERFORMANCE GROWTH MOMENTUM INVESTMENT FOR THE FUTURE 1 CEO 2 COO Performance Growth Momentum

Annual Re 2006 3 2005

PERFORMANCE GROWTH MOMENTUM INVESTMENT FOR THE FUTURE 1 CEO 2 COO 5 7 8 9 Performance 10 2005 12 2006 14 4 16 2005 28 2005 31 Growth Momentum 32 34 38 40 Investment for the Future 44 46 49 50 52 54 94 94 97 2006 CEO http://www.nissan-global.com/jp/ COMPANY/CSR/LIBRARY/SR/ http://www.nissan-global.com/jp/ IR/LIBRARY/AR/ http://www.nissan-global.com/jp/ ENVIRONMENT/index.html FINANCIAL SECTION http://www.nissan-global.com/jp/ IR/LIBRARY/FF/ http://www.nissan-global.com/jp/company/ IR http://www.nissan-global.com/jp/ir/ http://www.nissan-global.com/jp/plan/ http://www.nissan-global.com/jp/global/ http://www.nissan.co.jp/ http://www.nissan-global.com/jp/citizenship/

2001 2005 1 1 1 2005 2004 2003 2002 2001 2005 2006 3 31 2005 3 31 2004 3 31 2003 3 31 2002 3 31 2006 3 31 9,428,292 8,576,277 7,429,219 6,828,588 6,196,241 $80,584 871,841 861,160 824,855 737,230 489,215 7,452 518,050 512,281 503,667 495,165 372,262 4,428 1 2 126.94 125.16 122.02 117.75 92.61 1.08 3 105,661 94,236 74,594 50,800 27,841 903 3,087,983 2,465,750 2,023,994 1,808,304 1,620,822 $26,393 11,481,426 9,848,523 7,859,856 7,349,183 7,215,005 98,132 4 (372,893) (205,791) 13,603 107,952 431,714 (3,187) 183,356 183,607 123,748 127,625 125,099 1. 2006 3 31 1117 2. 1 111 2005 3 314,520,715,112 3. 4. 20012003215,8612004453,470 2005600,905 94,283 8,718 5,181 01 02 03 04 05 01 02 03 04 05 01 02 03 04 05 85,763 74,292 68,286 61,962 8,612 8,249 7,372 4,892 5,123 5,037 4,952 3,723 Nissan Annual Report 2005 1

Nissan Annual Report 2005 2 CEO 19991 2,0002005 6 3,000 VBM Value-Based Management 3 VBM 3 180 1999 VBM VBM VBM VBM 2 3 VBM

IRVBM IR 2005 2005 32006 31 27.2% 2004 2005 1,398 2005 2005 J.D. 2005 APEAL ALG36 G35 M 2004 2005 J.D. 2005 APEAL 1 J.D. 2005 CSI1 20032005 Nissan Annual Report 2005 3

2006 2006 8 G35 200623 VBM 1999 3TRS: Total Return to Shareholders) IR IR VBM 4 Nissan Annual Report 2005

COO COO: Chief Operating Officer CEO 3 4 GOM CEO CEO 53 COO PDCA-plan-docheck-action KPI KPI Nissan Annual Report 2005 5

Nissan Annual Report 2005 6 ROIC KPI COOGOM 1990 800 600 20052 2,500 15052 4 NNH 3 NSSW 20062 2006 LCV LCCs4

2006 6 27 Nissan Annual Report 2005 7

2 GOM 2 1,300 IT RSM SM3 RSM 3 B 8 Nissan Annual Report 2005

CFT CFT Nissan Annual Report 2005 9

PERFORMANCE Performance Performance LCV 10 Nissan Annual Report 2005

Nissan Annual Report 2005 11 PERFORMANCE

2005 PERFORMANCE 2005 180 2005 5.3%356 9,000 9 4,283 9.9 1.28,718 9.2 5,181582005 1,6713,729 3 3 2008420 ROIC 3 20% 12 Nissan Annual Report 2005

94,283 +9.9% 8,718 +1.2% 3,569 +5.3% PERFORMANCE 10.8% 11.1% 7.9% 10.0% 9.2% 01 02 03 04 05 85,763 74,292 68,286 61,962 01 02 03 04 05 8612 8,249 7,372 4,892 01 02 03 04 05 3,389 3,057 2,771 2,597 10.8% 7.9% 11.1% 10.0% 9.2% 2,597 4,200 3,389 3,569 +631 +181 19.8% ROIC20% 21.3% 20.1%* 19.4% 4.8% +791 12.7% 7.5% 1.4% 99 00 01 02 03 04 05 06 07 180 01 04 05 08 1.3% 99 00 01 02 03 04 05 06 07 180 *2003 Nissan Annual Report 2005 13

2006 PERFORMANCE 2006 10% 918 200623 G35 6,3902006 4.5%373 84 6,000 2.3%110 3.7%56 1,000 10.1%122 3,000 200611101135 6.9%10 750 0.9%8,800 8,700 5,230 5.55,500 4.9% 4,900 20 14 Nissan Annual Report 2005

2006 PERFORMANCE FX35/45 M 350Z G35 G35 (SM3) 3,730 +4.5% * 846 +0.5% 1,100 +2.3% 561 +3.7% 1,223 +10.1% 01 02 03 04 05 06 03 04 05 06 03 04 05 06 03 04 05 06 03 04 05 06 3,389 3,569 842 848 1,075 1,013 541 544 1,111 983 3,057 837 856 542 822 2,771 2,597 * Nissan Annual Report 2005 15

4 PERFORMANCE 4 1. 2005 M G35 6,000 14 8,000 2. LCV LCV840 LCVLCV LCV 750 600 450 300 187 203 182 234 312 3.3% 3.6% 4.0% 8.0% 434 +40% 10 8 6 4 150-0.5% 1.4% 2 0 00 01 02 03 04 07 0 3. LCCs 4. LCCs 16 Nissan Annual Report 2005

Status of Breakthroughs1 PERFORMANCE 2005 CEO 5 3 36 06 08 05 07 160 150 140 130 148 142 +4.6% 120 0 04 05 Nissan Annual Report 2005 17

2 2 FX CEO SUV 10 2008 V6 Nissan Annual Report 2005 18 PERFORMANCE

Status of Breakthroughs Nissan Annual Report 2005 19 2005 LCV 200431 2,0004 4043 4,000 8 407.7 3 4,000 0.3 2005 LCV LCV LCV GOM GOM 14LCV LCV LCV GOM 2010 LCV LCV 1 1 2 LCV LCV 500 400 % 300 200 100 0 10 8 6 4 2 0 00 01 03 02 05 04 07 180 400 +28.2% 8.0% 7.7% 434 +40% 2 PERFORMANCE

Nissan Annual Report 2005 20 2005 2 LCV SWAT LCV 2 LCV 180 6 40 OEM OEM2002 OEM AD OEM 8 OEM AD OEMOEM LCV 2 20062007 2 31 2007 200770 PERFORMANCE

Nissan Annual Report 2005 21 BRICs 2006 RNPO LCCs LCCs LCCs LCCs LCCs LCCs LCC LCCs 2005 LCCs s LCCs LCCs LCCs 15 2006 Status of Breakthroughs3 PERFORMANCE LCC

Status of Breakthroughs4 PERFORMANCE 2005 12 2005 4 2009 2005 6 2006 3 2006 22 Nissan Annual Report 2005

Nissan Annual Report 2005 23 THAILAND 2005 2004 20052006 2005 2 10 2005 13 200616 201 70 3,000 20064 5 3 2004 61 PERFORMANCE Shift_ 2006 5 Shift_

Nissan Annual Report 2005 24 1952 1997 1997 98 60 75 2006 3 5 6 7 20 PERFORMANCE

RUSSIA PERFORMANCE 2004 1 2005 634 6,500 350Z 4 2006 2 SUV 1 5,0002,500 32 10 2006 Nissan Annual Report 2005 25

Nissan Annual Report 2005 26 1,000 30 2 RCI 4 LCV 150 60 6010 3 2006 45 80 2006 6 7 2006 4x4 X-TRAIL5 SUV 20 45 7 10 14 470 2009 5 PERFORMANCE

INDIA PERFORMANCE 1 X-TRAIL 1 20042005100 10 11 GDP7 8 34 2010 200 X-TRAIL X-TRAIL X-TRAIL 45 X-TRAILCBU 111 CKD 3848 CBU CKD 52005160 X-TRAIL 1 A D 6 X-TRAIL Nissan Annual Report 2005 27

2005 PERFORMANCE 2005 1.15,1816 5.3%356 9,00020053 9 4,2839.9 3,010 1,178 1.2% 8,718 9.2 2005 1,178 772 63 343 153 210 204 529 1,600 1,000 690 226 169 70 370 102 3,9042004 3,411 3,45420043,797 12,000 11,000 10,000 9,000 8,000 8,612 04 O.P. +1,178 +210 +204 529 +1,600 +1,000 690 226 169 370 102 8,718 05 O.P. 28 Nissan Annual Report 2005

PERFORMANCE 672560 1,0122004848 324 259204 369255 8,090 2,544 31.4% 100% 365 5,18158 2005 16.6%11 4,814 17.2%5 1,3946 223 5,623 7,506 15.9%5 4,587 4,750 2,286 6,419 8,77022.1%4 8,517 6,6451,985 20052 4,6583 880 5,181 1,057 32.8% 26.9% 14,000 +11,063 2,222 +768 2,698 10,500 4,198 7,000 04 3,500 2,058 0 2,713 1,542 1,057 +42 05 527 +500 3,729 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 R&I S&P Moody s 9/01 4/02 9/02 4/03 9/03 4/04 9/04 4/05 9/05 4/06 AA A+ A A BBB+ BBB BBB BB+ Nissan Annual Report 2005 29

PERFORMANCE 1 1,060 2,222 2,713 1,057 1,5422005 3,7291,671 R&I 2006 5 16 A S&P2004 7 20 BBBBBB2004 1 29Baa3Baa 25 4,750 5% 495 4,476 2006 6 27 20041241 29 2 20061 342008 3 1 40 ROIC 19.4 3 20% 5.8% 4,775 4,750 5,000 5.5% 6 5.3% 4,476 4,273 5.6% 5.0% 3,981 3,779 4.8% 4,000 5 4.4% 3,543 4.2% 3,260 4.8% 4.6% 4.0% 4.1% 3,003 3.8% 3,000 2,621 4 2,3862,442 2,317 3.4% 2,056 2,000 99 00 01 02 03 04 05 01 3 50 40 30 20 10 0 0 99 7 8 14 19 24 34 40 00 01 02 03 04 05 06* 07* 180 29 30 Nissan Annual Report 2005

2005 2005IR PERFORMANCE 2005 200520041,099 20051,398 27.2 129 TRS: Total Return to Shareholders 29.8% 2005 2004 6 23 20052007 3 IR IR PER PER IR IR IR 2005 2005 3 31 =100 150 140 130 120 110 100 90 TOPIX Transportation Equipment Index TOPIX 80 4 5 6 7 8 9 10 11 12 1 2 3 2005 2006 5 2001 3 30 =100 200 150 100 50 TOPIX Transportation Equipment Index TOPIX 0 02 03 04 05 06 Nissan Annual Report 2005 31

GROWTH MOMENTUM Growth Momentum 32 Nissan Annual Report 2005

Nissan Annual Report 2005 33 GROWTH MOMENTUM

North America 2005NNA 100 6.1 20051,670 1 SUV SUV SUVSUV 7 4 2006 1,6501,690 2 NNA LCV Nissan Annual Report 2005 34 GROWTH MOMENTUM SVP

DNA 25 2008GT-R GT-R 2006 5GT- R GT-R GT-R 350ZZ GT-R 350Z GROWTH MOMENTUM 2008 Nissan Annual Report 2005 35

NISSAN GROWTH MOMENTUM VP 2005 6 107 5,000 SUV 5 2 SUV 1,100 N-REDI Nissan Retail Environment Design Initiative 35 50% N-REDI 10 N-REDI 36 Nissan Annual Report 2005

2005 19894 67 4 13 3,000 20 40 45 180 200 2005M 3 5,0004 G35 G35 G35 Nissan Annual Report 2005 37 INFINITI VP GROWTH MOMENTUM

Europe Nissan Annual Report 2005 38 2005 560672 3 3 2005 2005 OEM LCV 200454 4,000 54 1,000 2006 1 3 2006 2006 2008 36 15 EU SVP GROWTH MOMENTUM

SUV 2 10 4 2006 2006 2 9 2004 IT LCV GROWTH MOMENTUM Nissan Annual Report 2005 39

GOM GROWTH MOMENTUM DFL 50 2005 20042.6 15 8,000 J.D. 2005CSI 140 25% 25%200370 20 2004 9 2005 3 2005 2 6 1LCV 40 2005 2005 5 2004 2004 LCV 22006 5 11 12,000 1800 30400 250 350 2007 400 1 21.6 2 18 40 Nissan Annual Report 2005

36 1.6 12 15 27 36 2 ROIC 3 DFL GROWTH MOMENTUM Nissan Annual Report 2005 41

GOM Nissan Annual Report 2005 42 SM3OEM GOM GOM 2006 GOM 20065GOM 1990 GOM 2000 GOM 2005GOM80 GOM 2006 90 1617 100 1 7 WIN-WIN GROWTH MOMENTUM

Nissan Annual Report 2005 43 2005GOM6 GOM19% 24.1% 21.4% 2005 94,500 2006 1 X- TRAIL 2005 5 SUV 8 3,700 GROWTH MOMENTUM M45 GOM Synovate Platinum award 200517 103 123 GOM 2006

INVESTMENT FOR THE FUTURE 44 Nissan Annual Report 2005

Investment for the Future Investment for the Future INVESTMENT FOR THE FUTURE Nissan Annual Report 2005 45

Technology INVESTMENT FOR THE FUTURE 3 3 1 3 180 3 3 3 3 3 2005 201510 2015 4 1995 2015 1. 2. 3. 46 Nissan Annual Report 2005

6,000 5,000 4,000 3,000 4.0% 4.2% 3.8% 4.4% 4.8% 4.8% 4.6% 2,386 2,317 2,621 3,003 3,543 3,981 4,476 6 5 4 3 2,000 1,000 0 99 00 01 02 03 04 05 2 1 0 2015 CO2 2015200540% 3 3 FCV EV HEV HEV FCV EV 2004 2005 CVT CVTCO2 CVT 3.5 CVT 5%10% INVESTMENT FOR THE FUTURE 2015 3 2015 Nissan Annual Report 2005 47

5,000 4,000 3,000 2,000 1,000 10,000 8,000 6,000 4,000 2,000 0 99 00 01 02 03 04 0 99 00 01 02 03 04 INVESTMENT FOR THE FUTURE 1 SKY ITS ITS ITS 2015 30 2006 Safety Shield 48 Nissan Annual Report 2005

Quality J.D. 2006 IQS1612 3 70 LCCs 70 200425 2005 2008 1 2006 NTC FQC NTC 10 GQLT 2006 NSSW CSO GOM 1CSO LCV 2.0 GOM GOM GQLT Nissan Annual Report 2005 49 INVESTMENT FOR THE FUTURE

Intellectual Assets INVESTMENT FOR THE FUTURE 2 2004 CEO 2004 3 134 10 NRC NATC NTC 50 Nissan Annual Report 2005

2 3 2005 NISSAN YKK 2 IT IBM GE INVESTMENT FOR THE FUTURE Nissan Annual Report 2005 51

Sales Finance INVESTMENT FOR THE FUTURE 2005 NMAC 50 NFS362004 NCF 73 NRFM34 43 ABS 50ABS ABS BBBA A ALM NMAC IT 52 Nissan Annual Report 2005

(%) 75 60 50% 15% 3% 22% 42% 3% 35% 30% 27% 26% 17% 23% 0 04 05 04 05 04 05 NFS NMAC NCI 45 30 15 NFS: NMAC: Nissan Motor Acceptance Corporation NCI: Nissan Canada Inc. 7.5% ABS 4.4% ABS 39.3% * 5,447 * = 17.8% 5.1% 9.2% 9.8% 6.9% 56 30%40 35 35 2006 4 IS 6 INVESTMENT FOR THE FUTURE Nissan Annual Report 2005 53

FINANCIAL SECTION Financial Section 5 56 57 58 60 62 63 64 65 92 5 93 54 Nissan Annual Report 2005

Nissan Annual Report 2005 55 FINANCIAL SECTION

5 2001 2005 1 1 1 2005 2004 2003 2002 2001 2005 2006 3 31 2005 3 31 2004 3 31 2003 3 31 2002 3 31 2006 3 31 9,428,292 8,576,277 7,429,219 6,828,588 6,196,241 $80,584 871,841 861,160 824,855 737,230 489,215 7,452 518,050 512,281 503,667 495,165 372,262 4,428 1 2 126.94 125.16 122.02 117.75 92.61 1.08 3 105,661 94,236 74,594 50,800 27,841 903 3,087,983 2,465,750 2,023,994 1,808,304 1,620,822 $26,393 11,481,426 9,848,523 7,859,856 7,349,183 7,215,005 98,132 2,225,603 1,963,173 1,694,793 1,603,246 1,604,955 19,022 655,402 525,926 461,037 371,125 374,827 5,602 183,356 183,607 123,748 127,625 125,099 1. 2006 3 31 1117 2. 1 111 2006 3 314,520,715,112 3. 2005 2004 2003 2002 2001 2006 3 31 2005 3 31 2004 3 31 2003 3 31 2002 3 31 1 3,340,827 3,293,339 2,883,409 2,586,602 2,428,279 FINANCIAL SECTION 1,364,868 1,481,563 1,475,063 1,444,314 1,272,851 808,586 803,556 619,665 392,458 363,366 362,591 325,086 308,322 340,658 328,946 193,604 142,889 116,589 84,919 137,502 315,297 319,652 331,924 297,719 296,788 295,881 220,593 31,846 26,534 28,826 3,537,614 3,470,422 2,946,782 2,635,686 2,460,484 810,968 819,152 799,206 792,767 702,657 12 1,369,630 1,394,099 1,204,882 1,040,684 968,030 2 597,250 554,901 548,693 458,222 453,697 1 759,766 702,270 394,001 344,013 336,100 1. 2. 112 56 Nissan Annual Report 2005

2006 3 2004 4 CEO FINANCIAL SECTION Nissan Annual Report 2005 57

FINANCIAL SECTION (1) 9 1 3 1 43 18 5 17 (14 ) Chief Internal Audit Officer (CIAO) 19 3 18 3 15 25 6 14 3 16 3 44.3% 18 6 27 107 18 6 18 6 18 6 58 Nissan Annual Report 2005

(2) 14 16 () 16 4 17 EC 13 16 e- VTR Global Compliance Officer (GCO) (3) 15 6 19 104 17 6 21 106 26 600 17 6 21 1061 2,000 11 2,527686 4 3902 624 2 88 7480 (4) 2310321 510 14 FINANCIAL SECTION Nissan Annual Report 2005 59

20052004 3 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31 404,212 289,784 $ 3,454,803 19 22,149 23,916 189,308 48 3,989,748 3,489,545 34,100,410 5 856,499 708,062 7,320,504 749,646 628,087 6,407,231 6,022,254 5,139,394 51,472,256 6 816 8,516,356 7,461,812 72,789,368 (4,077,548) (3,664,865) (34,850,838) 4,438,808 3,796,947 37,938,530 819 351,667 335,628 3,005,701 51,719 26,293 442,043 8 616,978 550,261 5,273,316 FINANCIAL SECTION 1,020,364 912,182 8,721,060 11,481,426 9,848,523 $98,131,846 60 Nissan Annual Report 2005

3 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31 1 8 2,592,289 1,983,950 $22,156,316 7 1,532,320 1,384,163 13,096,752 81,112 61,762 693,265 13 105,987 63,563 905,872 540,001 481,276 4,615,393 4,851,709 3,974,714 41,467,598 8 2,225,603 1,963,173 19,022,248 9 267,695 508,203 2,287,991 132,107 122,990 1,129,120 630,436 556,992 5,388,342 3,255,841 3,151,358 27,827,701 285,893 256,701 2,443,530 10 1422 6,000,000,000 2005 20044,520,715,112 605,814 605,814 5,177,897 804,470 804,470 6,875,812 2,116,825 1,715,099 18,092,521 14,340 7,355 122,564 (204,313) (400,099) (1,746,264) 3,337,136 2,732,639 28,522,530 2005122,100,582 2004141,235,573 (249,153) (266,889) (2,129,513) 3,087,983 2,465,750 26,393,017 17 11,481,426 9,848,523 $98,131,846 FINANCIAL SECTION Nissan Annual Report 2005 61

200520042003 3 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31 9,428,292 8,576,277 7,429,219 $80,583,692 611 7,040,987 6,351,269 5,310,172 60,179,376 2,387,305 2,225,008 2,119,047 20,404,316 611) 1,515,464 1,363,848 1,294,192 12,952,684 871,841 861,160 824,855 7,451,632 17,359 14,934 10,321 148,368 (25,646) (26,656) (27,290) (219,197) 37,049 36,790 11,623 316,658 12 (91,562) (92,995) (83,012) (782,581) (62,800) (67,927) (88,358) (536,752) 809,041 793,233 736,497 6,914,880 13 274,463 179,226 137,745 2,345,838 (20,055) 78,837 81,295 (171,411) 254,408 258,063 219,040 2,174,427 (36,583) (22,889) (13,790) (312,675) 18 518,050 512,281 503,667 $ 4,427,778 FINANCIAL SECTION 62 Nissan Annual Report 2005

200520042003 3 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31 (4,520,715,112 ) 605,814 605,814 605,814 $ 5,177,897 804,470 804,470 804,470 $ 6,875,812 1,715,099 1,286,299 878,655 $14,658,966 518,050 512,281 503,667 4,427,778 (105,661) (94,236) (74,594) (903,085) (573) (404) (410) (4,897) 14 (10,090) 11,159 (21,019) (86,241) 2,116,825 1,715,099 1,286,299 $18,092,521 7,355 4,392 1,831 $ 62,863 6,985 2,963 2,561 59,701 14,340 7,355 4,392 $ 122,564 (400,099) (431,744) (320,276) $ (3,419,650) 195,786 31,645 (111,468) 1,673,386 (204,313) (400,099) (431,744) $ (1,746,264) (200520042003 4 1 141,235,573, 122,116,42654,512,876 ) (266,889) (245,237) (162,190) $ (2,281,103) (200620052004 3 31 19,134,991 19,119,14767,603,550 ) 17,736 (21,652) (83,047) 151,590 (200620052004 3 31 122,100,582 141,235,573122,116,426 ) (249,153) (266,889) (245,237) $ (2,129,513) 3,087,983 2,465,750 2,023,994 $26,393,017 FINANCIAL SECTION Nissan Annual Report 2005 63

200520042003 FINANCIAL SECTION 3 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31 809,041 793,233 736,497 $6,914,880 236,572 157,346 134,354 2,021,983 418,830 368,580 326,683 3,579,743 26,827 229,291 4,561 (6,464) 3,732 38,983 212 128 323 1,812 (21,080) (16,274) (11,591) (180,171) 104,265 73,220 63,423 891,154 (16,742) (24,038) (4,163) (143,094) 22,213 20,115 24,823 189,855 (40,223) (7,232) 7,113 (343,786) 11,145 11,795 13,936 95,256 63,564 65,103 67,262 543,282 (314,349) (82,924) (80,650) (2,686,744) 13,587 (115) 45,934 116,129 90,391 15,494 24,539 772,573 (311,685) (794,349) (463,110) (2,663,974) (117,120) (108,903) (28,220) (1,001,026) 88,129 152,213 68,879 753,239 1,068,138 616,928 929,764 9,129,385 21,034 16,098 10,699 179,778 (102,219) (71,318) (65,231) (873,667) (229,084) (192,293) (77,815) (1,957,983) 757,869 369,415 797,417 6,477,513 7,078 (12,370) (710) 60,496 (23,930) (31,896) (119,372) (204,530) 46,060 3,098 40,330 393,675 (3,549) (4,019) (3,741) (30,333) 3,225 4,860 4,766 27,564 (471,029) (461,146) (428,387) (4,025,889) 55,790 71,256 53,932 476,838 (953,285) (590,605) (476,613) (8,147,735) 264,124 173,812 191,105 2,257,470 (1,292) 4,705 7,697 192 40,214 (16,020) (500) (2,531) (136,923) (25,924) (23,930) (15,097) (221,573) (1,112,755) (865,035) (756,126) (9,510,726) 376,048 666,191 (137,575) 3,214,085 883,548 1,050,841 847,393 7,551,692 390,706 140,663 150,000 3,339,368 (809,466) (765,588) (627,238) (6,918,513) (200,840) (379,946) (93,456) (1,716,581) 1,321 30 11,291 (22,208) (33,366) (101,957) (189,812) 26,423 6,816 9,744 225,838 (76,071) (69,244) (84,742) (650,179) (105,661) (94,236) (74,594) (903,085) (6,487) (678) (712) (55,444) 606 (437) (603) 5,178 457,919 521,046 (113,740) 3,913,838 11,389 4,369 (2,604) 97,341 114,422 29,795 (75,053) 977,966 289,784 194,164 269,817 2,476,786 15 6 65,825 310 51 (910) 404,212 289,784 194,164 $3,454,803 64 Nissan Annual Report 2005

20052006 3 31 1. (a) (b) 20 (c) (d) 3 (e) 2(a) (f) (g) 2(f) (h) 2(c) (i) 15 2(b) (j) (k) (l) Nissan Annual Report 2005 65 FINANCIAL SECTION

(m) 2(e) (n) 10 22 (o) 2005 12 2006 5 1 FINANCIAL SECTION 2. (a) 2003 3 31 2003 4 1 2004 3 31 (b) 2003 4 1 2004 3 31 2,178 1,686 2,178 2004 3 31 18,132 21 (c) 2003 3 31 2003 4 1 2004 3 31 17,94338,910624 21,591 17,659 21 (d) 2004 3 31 2004 4 1 2005 3 31 112,074 2005 3 31 (e) 2005 3 31 66 Nissan Annual Report 2005

2005 4 1 2006 3 31 (f) 2005 4 1 26,827229,291 2006 3 31 21 3. 2006 3 311117 4. 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 488,600 538,029 $ 4,176,068... 3,589,127 3,026,788 30,676,299... (87,979) (75,272) (751,957)... 3,989,748 3,489,545 $34,100,410 5. 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 607,149 502,032 $5,189,308... 249,350 206,030 2,131,196... 856,499 708,062 $7,320,504 FINANCIAL SECTION Nissan Annual Report 2005 67

6. 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 740,716 781,693 $ 6,330,906... 1,513,774 1,435,423 12,938,239... 6,021,596 4,995,081 51,466,633... 240,270 249,615 2,053,590... 8,516,356 7,461,812 $72,789,368 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 15,570 20,530 $ 133,077... 322,391 295,345 2,755,479... 337,961 315,875 2,888,556... (187,405) (141,309) (1,601,752)... 150,556 174,566 $1,286,804 2006 3 313 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31... 635,344 514,261 449,254 $5,430,291 7. 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 983,594 939,786 $ 8,406,786... 548,726 444,377 4,689,966... 1,532,320 1,384,163 $13,096,752 FINANCIAL SECTION 8. 20062005 3 311 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 1,159,743 597,737 $ 9,912,333... 366,998 491,336 3,136,735 1... 1,007,025 836,545 8,607,051... 58,523 58,332 500,197... 2,592,289 1,983,950 $22,156,316 20062005 3 31 2.8%2.1% 68 Nissan Annual Report 2005

20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31 : 20124.1%... 1,583,358 1,351,212 $13,532,974 : 20262.2%... 680,536 658,823 5,816,547 20100.4%2.4%... 642,980 551,960 5,495,556 20114.6%5.6%... 205,573 80,543 1,757,034 20084.6%5.2%... 29,711 43,327 253,940 20064.1%4.7%... 15,416 13,574 131,761... 3,346 3,735 28,599... 130,231 154,876 1,113,085... 3,291,151 2,858,050 28,129,496 1... 1,065,548 894,877 9,107,248... 2,225,603 1,963,173 $19,022,248 3 31 2007... 1,007,025 $ 8,607,051 2008... 850,796 7,271,761 2009... 683,711 5,843,684 2010... 619,388 5,293,915... 3,160,920 $27,016,411 2006 3 31 548,3424,686,684 1,583,35813,532,974... 1,539,492 $13,158,051... 930,487 7,952,881... 1,660 14,188... 2,471,639 $21,125,120 2006 3 31106,201907,701106,092906,769 FINANCIAL SECTION Nissan Annual Report 2005 69

9. 2005 7 1 2006 3 3145,762391,128 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... (1,239,004) (1,217,260) $(10,589,778)... 817,371 500,815 6,986,077... (421,633) (716,445) (3,603,701)... 99,966 120,718 854,410... 120,920 154,689 1,033,505... (66,714) (66,720) (570,205)... (267,461) (507,758) (2,285,991)... 234 445 2,000... (267,695) (508,203) $ (2,287,991) 200620052004 3 31 200620052004 3 31 FINANCIAL SECTION 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31... 41,022 47,802 48,418 $350,615... 36,809 33,288 33,012 314,607... (29,581) (17,999) (15,523) (252,829)... 11,265 12,009 14,169 96,282... 12,542 12,298 18,689 107,197... (5,967) (5,431) (7,049) (51,000)... 2,476 179 57 21,162... 68,566 82,146 91,773 586,034... (772) (1,107) (5,594) (6,598)... 3,570 30,513... 71,364 81,039 86,179 $609,949 2005 2004 2006 3 31 2005 3 31... 2.1%- 2.3% 2.3%- 2.5%... 2.5%- 6.0% 2.5%- 9.5%... 3.0% 3.0%... 3.0%- 9.0% 2.2%- 9.5%... 915 915... 918 818 70 Nissan Annual Report 2005

10. 25%10% 20062005 3 3153,838460,154 25% 2006 5 1 11. 200620052004 3 31447,582 3,825,487398,148354,321 12. 2006 3 313 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31... 3,721 1,340 1,270 $ 31,803... 16,742 24,038 4,163 143,094... (22,213) (20,115) (18,449) (189,855)... 40,223 7,232 (7,113) 343,786... (34,836) 801 16,444 (297,744)... (11,145) (11,795) (13,936) (95,256) 9... 772 1,107 5,594 6,598... (9,404) (8,752) (26,164) (80,376)... (6,337) 2(f)... (26,827) (229,291)... (3,570) (30,513)... (18,332) (156,684)... (26,693) (80,514) (44,821) (228,143)... (91,562) (92,995) (83,012) $(782,581) FINANCIAL SECTION Nissan Annual Report 2005 71

13. 2005200441% 200342% 200620052004 3 31 2005 2004 2003 2006 3 31 2005 3 31 2004 3 31... 40.6% 40.6% 41.9% :... (1.0) (1.9) (5.5)... (3.1) (2.7) (4.3)... (2.7) (1.5) (2.0)... (1.9) (1.9) (0.6)... (0.5) (0.1) 0.2... 31.4% 32.5% 29.7% 20062005 3 31 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31 :... 20,343 24,660 $ 173,872... 157,319 172,379 1,344,607... 67,461 38,047 576,590... 454,878 379,543 3,887,846... 700,001 614,629 5,982,915... (38,880) (36,369) (332,308)... 661,121 578,260 5,650,607 :... (440,939) (379,924) (3,768,709)... (81,634) (88,840) (697,726)... (14,828) (5,971) (126,735)... (155,465) (128,577) (1,328,762)... (692,866) (603,312) (5,921,932)... (31,745) (25,052) $ (271,325) FINANCIAL SECTION 72 Nissan Annual Report 2005

14. 2006 3 313 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31 1(b)... 9,331 12,942 9,460 $79,752... (11,507) (4,700) (8,171) (98,350) 2(b)... (18,132)... (884) (369) (7,556)... (2,672) 1,104 (4,176) (22,838)... 1,646 2,182 14,068... (6,004) (51,317)... (10,090) 11,159 (21,019) $(86,241) 15. 2005 3 31 11 2005 2006 3 31... 69,926... 126,242... 196,168... (21,146)... (55,714)... (76,860) 2005 3 31 2005 2006 3 31... 106,744... 44,094... 150,838... (109,922)... (22,218)... (132,140) FINANCIAL SECTION Nissan Annual Report 2005 73

16. a) 2006 3 31 3 31 2007... 6,975 $ 59,615 2008... 20,913 178,744... 27,888 $238,359 b) 2006 3 31 3 31 2007... 329,177 $2,813,479 2008... 422,419 3,610,419... 751,596 $6,423,898 2 c 17. 2006 3 31... 3,666 $ 31,333... 221,778 1,895,538... 225,444 $1,926,871 2006 3 312,51521,496 2006 3 3112,252104,718 152,8791,306,658 2006 3 3115,627133,564137,252 1,173,094 FINANCIAL SECTION 74 Nissan Annual Report 2005

18. 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31 :... 126.94 125.16 122.02 $1.085... 125.96 124.01 120.74 1.077... 29.00 24.00 19.00 0.248 2005 2004 2005 2006 3 31 2005 3 31 2006 3 31... 753.40 604.49 $6.439 19. a) 20062005 3 31 20052006 3 31 :... 59 59 $504 $504 $... 59 59 $504 $504 $ 20042005 3 31 :... 201 201... 201 201 FINANCIAL SECTION Nissan Annual Report 2005 75

20052006 3 31... 4,646 29,549 24,903 $39,709 $252,556 $212,847... 19 20 1 162 171 9... 4,665 29,569 24,904 $39,871 $252,727 $212,856... 766 539 (227) $ 6,547 $ 4,607 $ (1,940)... 766 539 (227) $ 6,547 $ 4,607 $ (1,940)... 5,431 30,108 24,677 $46,418 $257,334 $210,916 20042005 3 31... 3,781 15,833 12,052... 19 20 1... 15 18 3... 3,815 15,871 12,056... 679 428 (251)... 214 191 (23)... 893 619 (274)... 4,708 16,490 11,782 b) 2005 2004 2003 2005 2006 3 31 2005 3 31 2004 3 31 2006 3 31... 6,156 2,032 4,048 $52,615... 305 1,225 1,500 2,607... (37) (13) (32) (316) c) 2006 3 31 FINANCIAL SECTION 1 5 20052006 3 31 1 5 10 10... 20... 59... 4... 20 4 59 76 Nissan Annual Report 2005

1 5 20052006 3 31 1 5 10 10... $171 $ $ $... 504... 34... $171 $34 $504 $ 20. (1) (2) (3) MRMC FINANCIAL SECTION Nissan Annual Report 2005 77

20062005 3 31 1) 20052006 3 31 ( ) ( ) : USD... 8,326 8,523 (197) $ 71,162 $72,846 $ (1,684) EUR... 1,117 1,134 (17) 9,547 9,692 (145) ZAR... 668 717 (49) 5,709 6,128 (419) GBP... 9 9 77 77 Others... 33 32 1 282 273 9 : EUR... 876 828 (48) 7,487 7,077 (410) USD... 3,078 3,082 4 26,308 26,342 34 Others... 174 168 (6) 1,487 1,436 (51) : EUR... 105,906 (253) (253) $905,179 $ (2,163) $ (2,163) GBP... 16,771 (16) (16) 143,342 (137) (137) USD... 37,049 422 422 316,658 3,607 3,607 AUD... 39,199 (605) (605) 335,034 (5,171) (5,171) HKD... 5,222 100 100 44,632 855 855 CAD... 4,106 (1,120) (1,120) 35,094 (9,573) (9,573) ZAR... 2,450 (27) (27) 20,940 (231) (231)... (1,811) $(15,479) FINANCIAL SECTION 20042005 3 31 ( ) : USD... 9,678 9,222 456 CAD... 7,122 7,201 (79) ZAR... 777 729 48 GBP... 3,100 3,075 25 : USD... 7,238 7,026 (212) : EUR... 116,844 (1) (1) USD... 107,144 662 662 AUD... 26,216 41 41 HKD... 5,307... 940 : 78 Nissan Annual Report 2005

2) 20052006 3 31 ( ) ( ) : /... 127,717 640 640 $1,091,598 $ 5,470 $ 5,470 /... 239,000 757 757 2,042,735 6,470 6,470 :... 515,208 $4,403,487... ( ) (5,823) (5,823) ( ) (49,769) (49,769)... 515,208 4,403,487... ( ) 5,823 5,823 ( ) 49,769 49,769... 1,397 $11,940 20042005 3 31 ( ) : /... 185,695 2,774 2,774 /... 192,885 3,287 3,287 :... 441,875... ( ) (7,289) (7,289)... 441,875... ( ) 7,289 7,289... 6,061 : FINANCIAL SECTION Nissan Annual Report 2005 79

21. 200620052004 3 31 20052006 3 31 I.... 8,895,143 533,149 9,428,292 9,428,292... 28,563 14,794 43,357 (43,357)... 8,923,706 547,943 9,471,649 (43,357) 9,428,292... 8,160,292 478,218 8,638,510 (82,059) 8,556,451... 763,414 69,725 833,139 38,702 871,841 II.... 7,152,144 5,710,239 12,862,383 (1,380,957) 11,481,426... 400,787 254,615 655,402 655,402... 26,794 33 26,827 26,827... 503,916 920,398 1,424,314 1,424,314 20052006 3 31 FINANCIAL SECTION I.... $76,026,863 $ 4,556,829 $ 80,583,692 $ $80,583,692... 244,129 126,444 370,573 (370,573)... 76,270,992 4,683,273 80,954,265 (370,573) 80,583,692... 69,746,086 4,087,333 73,833,419 (701,359) 73,132,060... $ 6,524,906 $ 595,940 $ 7,120,846 $ 330,786 $ 7,451,632 II.... $61,129,435 $48,805,462 $109,934,897 $(11,803,051) $98,131,846... $ 3,425,529 $ 2,176,197 $ 5,601,726 $ $ 5,601,726... $ 229,009 $ 282 $ 229,291 $ $ 229,291... $ 4,306,975 $ 7,866,649 $ 12,173,624 $ $12,173,624 20042005 3 31 I.... 8,177,841 398,436 8,576,277 8,576,277... 23,742 13,509 37,251 (37,251)... 8,201,583 411,945 8,613,528 (37,251) 8,576,277... 7,429,760 338,388 7,768,148 (53,031) 7,715,117... 771,823 73,557 845,380 15,780 861,160 II.... 6,646,594 4,596,322 11,242,916 (1,394,393) 9,848,523... 349,163 176,763 525,926 525,926... 469,283 582,468 1,051,751 1,051,751 80 Nissan Annual Report 2005

20032004 3 31 I.... 7,072,982 356,237 7,429,219 7,429,219... 22,916 9,752 32,668 (32,668)... 7,095,898 365,989 7,461,887 (32,668) 7,429,219... 6,340,631 301,179 6,641,810 (37,446) 6,604,364... 755,267 64,810 820,077 4,778 824,855 II.... 5,847,139 3,479,171 9,326,310 (1,466,454) 7,859,856... 313,289 147,748 461,037 461,037... 441,384 463,616 905,000 905,000 a) 2(b)2003 4 1 2004 3 31 1,686 b) 2(c)2003 4 1 2004 3 31 23721,805 21,568136,52246,986 55,581 33,35133,374 29,716236622922004 3 3115,645 c) 2(f)2005 4 1 2006 3 31 26,794229,009 33282 FINANCIAL SECTION Nissan Annual Report 2005 81

200620052004 3 31 1) 20052006 3 31... 392,505 11,707 404,212 $ 3,354,744 $ 100,059 $ 3,454,803... 22,051 98 22,149 188,470 838 189,308... 228,405 3,761,343 3,989,748 1,952,179 32,148,231 34,100,410... 847,243 9,256 856,499 7,241,393 79,111 7,320,504... 481,236 268,410 749,646 4,113,128 2,294,103 6,407,231... 1,971,440 4,050,814 6,022,254 16,849,914 34,622,342 51,472,256... 2,926,753 1,512,055 4,438,808 25,014,983 12,923,547 37,938,530... 401,520 1,866 403,386 3,431,795 15,949 3,447,744... 471,474 145,504 616,978 4,029,692 1,243,624 5,273,316... 5,771,187 5,710,239 11,481,426 $49,326,384 $48,805,462 $98,131,846 1... (608,176) 3,200,465 2,592,289 $ (5,198,086) $27,354,402 $22,156,316... 1,482,002 50,318 1,532,320 12,666,684 430,068 13,096,752... 90,428 15,559 105,987 772,889 132,983 905,872... 539,351 81,762 621,113 4,609,838 698,820 5,308,658... 1,503,605 3,348,104 4,851,709 12,851,325 28,616,273 41,467,598... 627,788 1,597,815 2,225,603 5,365,709 13,656,539 19,022,248... 677,426 352,812 1,030,238 5,789,966 3,015,487 8,805,453... 1,305,214 1,950,627 3,255,841 11,155,675 16,672,026 27,827,701... 2,808,819 5,298,731 8,107,550 24,007,000 45,288,299 69,295,299... 284,062 1,831 285,893 2,427,880 15,650 2,443,530 FINANCIAL SECTION... 514,489 91,325 605,814 4,397,342 780,555 5,177,897... 773,623 30,847 804,470 6,612,162 263,650 6,875,812... 1,855,971 260,854 2,116,825 15,863,000 2,229,521 18,092,521... 14,156 184 14,340 120,991 1,573 122,564... (230,780) 26,467 (204,313) (1,972,478) 226,214 (1,746,264)... (249,153) (249,153) (2,129,513) (2,129,513)... 2,678,306 409,677 3,087,983 22,891,504 3,501,513 26,393,017... 5,771,187 5,710,239 11,481,426 $49,326,384 $48,805,462 $98,131,846 82 Nissan Annual Report 2005

20042005 3 31... 280,176 9,608 289,784... 20,431 3,485 23,916... 296,364 3,193,181 3,489,545... 702,534 5,528 708,062... 388,956 239,131 628,087... 1,688,461 3,450,933 5,139,394... 2,774,719 1,022,228 3,796,947... 361,632 289 361,921... 427,389 122,872 550,261... 5,252,201 4,596,322 9,848,523 1... (552,052) 2,536,002 1,983,950... 1,343,000 41,163 1,384,163... 56,256 7,307 63,563... 485,753 57,285 543,038... 1,332,957 2,641,757 3,974,714... 626,437 1,336,736 1,963,173... 914,039 274,146 1,188,185... 1,540,476 1,610,882 3,151,358... 2,873,433 4,252,639 7,126,072... 256,656 45 256,701... 517,260 88,554 605,814... 774,403 30,067 804,470... 1,487,577 227,522 1,715,099... 7,189 166 7,355... (397,428) (2,671) (400,099)... (266,889) (266,889)... 2,122,112 343,638 2,465,750... 5,252,201 4,596,322 9,848,523 FINANCIAL SECTION Nissan Annual Report 2005 83

20052006 3 31... 302,471 2,231,295 2,533,766 $ 2,585,222 $19,070,898 $21,656,120... (968,451) 968,451 (8,277,359) 8,277,359... (665,980) 3,199,746 2,533,766 (5,692,137) 27,348,257 21,656,120... 381,346 326,861 708,207 3,259,368 2,793,683 6,053,051... 174,734 1,270,954 1,445,688 1,493,453 10,862,855 12,356,308...... 174,734 1,270,954 1,445,688 1,493,453 10,862,855 12,356,308... 129,512 719 130,231 1,106,940 6,145 1,113,085... 19,612 4,798,280 4,817,892 167,624 41,010,940 41,178,564... 392,505 11,707 404,212 3,354,744 100,059 3,454,803... (372,893) 4,786,573 4,413,680 (3,187,120) 40,910,881 37,723,761... 98,500 98,500 841,880 841,880... 129,512 719 130,231 1,106,940 6,145 1,113,085... (600,905) 4,785,854 4,184,949 $(5,135,940) $40,904,736 $35,768,796 FINANCIAL SECTION 20042005 3 31... 363,701 1,561,917 1,925,618... (973,169) 973,169... (609,468) 2,535,086 1,925,618... 320,602 172,523 493,125... 209,291 1,164,213 1,373,504...... 209,291 1,164,213 1,373,504... 153,960 916 154,876... 74,385 3,872,738 3,947,123... 280,176 9,608 289,784... (205,791) 3,863,130 3,657,339... 93,719 93,719... 153,960 916 154,876... (453,470) 3,862,214 3,408,744 84 Nissan Annual Report 2005

2) 20052006 3 31... 8,880,349 547,943 9,428,292 $75,900,419 $4,683,273 $80,583,692... 6,649,937 391,050 7,040,987 56,837,068 3,342,308 60,179,376... 2,230,412 156,893 2,387,305 19,063,351 1,340,965 20,404,316... 802,116 69,725 871,841 6,855,692 595,940 7,451,632... 9.0% 12.7% 9.2% 9.0% 12.7% 9.2%... (4,555) (11) (4,566) (38,932) (94) (39,026)... 739,962 69,079 809,041 6,324,462 590,418 6,914,880... 476,688 41,362 518,050 $ 4,074,256 $ 353,522 $ 4,427,778... (4,555) (11) (4,566) $ (38,932) $ (94) $ (39,026)... (3,952) (16) (3,968) (33,778) (137) (33,915)... (37,507) (37,507) (320,573) (320,573)... 36,904 5 36,909 315,419 43 315,462 20042005 3 31... 8,164,332 411,945 8,576,277... 6,094,196 257,073 6,351,269... 2,070,136 154,872 2,225,008... 787,603 73,557 861,160... 9.6% 17.9% 10.0%... (10,371) (11) (10,382)... 720,764 72,469 793,233... 472,680 39,601 512,281... (10,371) (11) (10,382)... (4,097) (20) (4,117)... (12,524) (12,524)... 6,250 9 6,259 20032004 3 31... 7,063,230 365,989 7,429,219... 5,098,056 212,116 5,310,172... 1,965,174 153,873 2,119,047... 760,045 64,810 824,855... 10.8% 17.7% 11.1%... (15,669) (30) (15,699)... 671,513 64,984 736,497... 465,329 38,338 503,667... (15,669) (30) (15,699)... (4,603) (20) (4,623)... (5,322) (5,322)... (5,744) (10) (5,754) FINANCIAL SECTION Nissan Annual Report 2005 85

3) 20052006 3 31... 739,962 69,079 809,041 $6,324,462 $ 590,418 $6,914,880... 400,787 254,615 655,402 3,425,529 2,176,197 5,601,726... 19,341 (331,026) (311,685) 165,308 (2,829,282) (2,663,974)... (468,999) 74,110 (394,889) (4,008,538) 633,419 (3,375,119)... 691,091 66,778 757,869 5,906,761 570,752 6,477,513... 50,765 50,765 433,889 433,889... 55,789 1 55,790 476,829 9 476,838... (456,550) (14,479) (471,029) (3,902,137) (123,752) (4,025,889)... (47,366) (905,919) (953,285) (404,838) (7,742,897) (8,147,735)... 37,523 226,601 264,124 320,709 1,936,761 2,257,470... (59,951) 831 (59,120) (512,401) 7,102 (505,299)... (419,790) (692,965) (1,112,755) (3,587,949) (5,922,777) (9,510,726)... 16,565 359,483 376,048 141,581 3,072,504 3,214,085... (228,985) 102,227 (126,758) (1,957,137) 873,735 (1,083,402)... 227,386 163,320 390,706 1,943,470 1,395,898 3,339,368... (183,960) 1,883 (182,077) (1,572,307) 16,094 (1,556,213)... (168,994) 626,913 457,919 (1,444,393) 5,358,231 3,913,838... 10,016 1,373 11,389 85,607 11,734 97,341... 112,323 2,099 114,422 960,026 17,940 977,966... 280,176 9,608 289,784 2,394,667 82,119 2,476,786... 6 6 51 51... 392,505 11,707 404,212 $3,354,744 $ 100,059 $3,454,803 FINANCIAL SECTION 86 Nissan Annual Report 2005

2004 (2005 3 31)... 720,764 72,469 793,233... 349,163 176,763 525,926... 17,131 (811,480) (794,349)... (207,813) 52,418 (155,395)... 879,245 (509,830) 369,415... 10,285 510 10,795... 71,256 71,256... (453,357) (7,789) (461,146)... (15,926) (574,679) (590,605)... 16,143 157,669 173,812... (79,115) 9,968 (69,147)... (450,714) (414,321) (865,035)... 174,500 491,691 666,191... (391,244) 296,551 (94,693)... 140,663 140,663... (191,998) 883 (191,115)... (408,742) 929,788 521,046... 4,427 (58) 4,369... 24,216 5,579 29,795... 190,135 4,029 194,164... 65,825 65,825... 280,176 9,608 289,784 FINANCIAL SECTION Nissan Annual Report 2005 87

2003 (2004 3 31)... 671,513 64,984 736,497... 313,146 147,891 461,037... (154) (462,956) (463,110)... 57,936 5,057 62,993... 1,042,441 (245,024) 797,417... 40,488 34 40,522... 53,827 105 53,932... (422,326) (6,061) (428,387)... (19,295) (457,318) (476,613)... 20,857 170,248 191,105... (101,534) (35,151) (136,685)... (427,983) (328,143) (756,126)... (306,969) 169,394 (137,575)... (244,774) 371,473 126,699... 120,000 30,000 150,000... (253,031) 167 (252,864)... (684,774) 571,034 (113,740)... (2,095) (509) (2,604)... (72,411) (2,642) (75,053)... 263,146 6,671 269,817... 310 310... (910) (910)... 190,135 4,029 194,164 FINANCIAL SECTION 88 Nissan Annual Report 2005

200620052004 3 31 20052006 3 31... 2,674,549 4,100,662 1,414,674 1,238,407 9,428,292 9,428,292... 2,194,405 138,585 82,632 13,928 2,429,550 (2,429,550)... 4,868,954 4,239,247 1,497,306 1,252,335 11,857,842 (2,429,550) 9,428,292... 4,478,536 3,852,304 1,430,127 1,194,714 10,955,681 (2,399,230) 8,556,451... 390,418 386,943 67,179 57,621 902,161 (30,320) 871,841... 5,961,342 5,751,652 746,016 798,533 13,257,543 (1,776,117) 11,481,426... $22,859,393 $35,048,393 $12,091,231 $10,584,675 $ 80,583,692 $ $80,583,692... 18,755,598 1,184,487 706,256 119,044 20,765,385 (20,765,385)... 41,614,991 36,232,880 12,797,487 10,703,719 101,349,077 (20,765,385) 80,583,692... 38,278,085 32,925,675 12,223,308 10,211,231 93,638,299 (20,506,239) 73,132,060... $ 3,336,906 $ 3,307,205 $ 574,179 $ 492,488 $ 7,710,778 $ (259,146) $ 7,451,632... $50,951,641 $49,159,419 $ 6,376,205 $ 6,825,068 $113,312,333 $(15,180,487) $98,131,846 20042005 3 31... 2,556,683 3,726,456 1,254,007 1,039,131 8,576,277 8,576,277... 1,981,104 81,794 51,109 7,622 2,121,629 (2,121,629)... 4,537,787 3,808,250 1,305,116 1,046,753 10,697,906 (2,121,629) 8,576,277... 4,196,667 3,392,676 1,249,110 996,529 9,834,982 (2,119,865) 7,715,117... 341,120 415,574 56,006 50,224 862,924 (1,764) 861,160... 5,590,397 4,714,272 799,778 637,065 11,741,512 (1,892,989) 9,848,523 20032004 3 31... 2,559,806 3,278,966 1,164,032 426,415 7,429,219 7,429,219... 1,725,491 35,384 31,690 4,663 1,797,228 (1,797,228)... 4,285,297 3,314,350 1,195,722 431,078 9,226,447 (1,797,228) 7,429,219... 3,932,835 2,914,529 1,146,549 412,938 8,406,851 (1,802,487) 6,604,364... 352,462 399,821 49,173 18,140 819,596 5,259 824,855... 4,805,718 3,664,382 607,926 219,109 9,297,135 (1,437,279) 7,859,856 FINANCIAL SECTION Nissan Annual Report 2005 89

a) 2(b)2003 4 1 2004 3 311,686 b) 2(c)2003 4 1 2004 3 3117,943 39,534 21,591137,184 c) 2(f)2005 4 1 2006 3 31 26,827229,291 200620052004 3 31 20052006 3 31... 4,014,475 1,414,929 1,655,630 7,085,034... 9,428,292... $34,311,752 $12,093,410 $14,150,684 $60,555,846... 80,583,692... 42.6% 15.0% 17.6% 75.2% FINANCIAL SECTION 20042005 3 31... 3,662,436 1,269,204 1,401,592 6,333,232... 8,576,277... 42.7% 14.8% 16.3% 73.8% 20032004 3 31... 3,222,497 1,201,035 773,248 5,196,780... 7,429,219... 43.4% 16.2% 10.4% 70.0% 90 Nissan Annual Report 2005

22. a) 28020280212005 6 212006 4 25 2006 5 8 1,52613.043 132,20013,220,000 b) 2006 6 27 2006 3 31 15.000.128... 65,979 $563,923... 390 3,333 FINANCIAL SECTION Nissan Annual Report 2005 91

Certified Public Accountants Hibiya Kokusai Bldg. 2-2-3, Uchisaiwai-cho Chiyoda-ku, Tokyo, Japan 100-0011 C.P.O. Box 1196, Tokyo, Japan 100-8641 Tel : 03 3503 1100 Fax: 03 3503 1197 20062005 3 31 2006 3 31 3 20062005 3 31 2006 3 31 3 12(a) (b)(c)2003 4 1 FINANCIAL SECTION 22(d)2004 4 1 32(e)(f)2005 4 1 2006 3 31 3 2006 6 27 92 Nissan Annual Report 2005

5 2001 2005 1 1 1 2005 2004 2003 2002 2001 2005 2006 3 31 2005 3 31 2004 3 31 2003 3 31 2002 3 31 2006 3 31 3,895,553 3,718,720 3,480,290 3,419,068 3,019,860 $33,295 254,159 231,764 245,836 316,059 242,279 2,172 240,593 102,415 80,713 72,869 183,449 2,056 1 2 54.88 23.24 18.15 16.09 45.61 0.47 1 3 29.00 24.00 19.00 14.00 8.00 0.25 1,827,030 1,685,893 1,709,705 1,798,716 1,829,052 $15,616 3,845,041 3,981,914 4,055,579 3,933,993 3,915,031 32,864 508,463 489,151 653,392 902,118 942,518 4,346 127,543 102,145 115,180 56,760 56,265 1,090 32,180 32,177 31,389 31,128 30,365 1. 2006 3 31 1117 2 1 111 2006 3 314,520,715,112 3 4 2005 129.00 FINANCIAL SECTION Nissan Annual Report 2005 93

2006 3 31 % 7,904 43.31 8,518 41.69 29,935 81.76 2,020 97.73 41,165 41.80 640 60.00 320 100.00 16,387 100.00 480 100.00 1,000 100.00 2,491 100.00 100 100.00 100 100.00 100 100.00 545 80.61 $1,791 100.00 $499 100.00 $16 100.00 $10 100.00 $34 100.00 CAN$68 100.00 FINANCIAL SECTION P17,056 100.00 94 Nissan Annual Report 2005

1,626 100.00 13 100.00 4 94.77 136 100.00 870 100.00 5 100.00 250 100.00 15 100.00 6 100.00 725 99.76 12 100.00 9 100.00 A$290 100.00 NZ$51 100.00 R39 100.00 Dh2 100.00 HK$16 100.00 RMB16,700 50.00 RMB8,401 100.00 TWD3,000 40.00 THB1,930 75.00 FINANCIAL SECTION 144 187 Nissan Annual Report 2005 95

% 5,654 20.43 1,086 15.52 16 18 FINANCIAL SECTION 96 Nissan Annual Report 2005

MC-America&MC-US CSR IR MC-J GOMMC-GOM & TCSX MC-Dealer MC-AFL SCM MC-E LCV 2006 6 27 FINANCIAL SECTION Nissan Annual Report 2005 97

104 8023 6 17 1 IR IR Tel 03 5565 2334 Fax 03 5565 2669 IR Tel 03 5565 2141 Fax 03 3546 2669 http://www.nissan-global.com/ IR http://www.nissan-global.com/jp/ir/ FINANCIAL SECTION 98 Nissan Annual Report 2005