FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

April 25, 2006

Carlos GhosnPresident & CEO

FY05 financial results NISSAN Value-Up update

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

AgendaAgenda

FY05 sales performance

FY05 financial performance

NISSAN Value-Up update

FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Global retail sales

0

1,500

2,000

3,000

3,500

2,500

FY01 FY02 FY03

3,389

2,530

3,057

(tho

usan

d un

its)

FY05

3,569+5.3%

FY05 sales performance

FY99 FY00 FY04

NRPNISSAN

Value-Up

2,771

NISSAN 180

2,5972,633

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Retail sales: Japan

0

200

400

800

1,000842

-0.7%848

(tho

usan

d un

its)

600

FY04 FY05

Industry TIV: 5.9 million (+0.7%)

FY05 sales performance

Market share 14.4% (-0.2 point)

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Industry TIV: 17.0 million (+0.8%)

Retail sales: U.S.

0

300

600

1,200

1,500

1,075+6.1%

1,013

(tho

usan

d un

its)

900

FY04 FY05

FY05 sales performance

Market share: 6.3% (+0.3 point)

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

0

80

100

140

160

120

FY02 FY03 FY04

(tho

usan

d un

its)

FY05

U.S. : Infiniti sales

132

96

124

134+1.3%

FY05 sales performance

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

0

200

300

500

600541

-0.6%544

(tho

usan

d un

its)

400

FY04 FY05

Retail sales: Europe

Industry TIV: 20.5 million (+3.5%)

FY05 sales performance

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

(tho

usan

d un

its)

Retail sales: General Overseas Markets*

GOM

FY05 sales performance

*Including Mexico and Canada

0FY04 FY05

200

400

800

1000

600

1,111+13.0%

983

FY04 FY05

China

194

297+53.4%

115

182

94

PC sales

LCV sales100

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

(tho

usan

d un

its)

Middle East Thailand

FY04 FY05

Latin America Taiwan

70

46

105

Australia

54-14.8%

67 65-7.1%

41-11.1%

63

83+24.1%

126+20.2%

0

20

60

40

80

100

Retail sales: General Overseas Markets FY05 review

120

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Agenda

FY05 sales performance

FY05 financial performance

NISSAN Value-Up update

FY06 outlook

Agenda

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

FY04 FY05(billion yen)

FOREXfor FY05

¥113.3/$1¥136.9/€1

Change

Consolidated net revenue 9,428.3 +9.9%8,576.3

Consolidated operating profit 871.8 +1.2%861.2

Operating margin 9.2% -0.8points10.0%

FY05 financial performance

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Impact on operating profit

FY05 financial performance

(bill

ion

yen)

800.0

850.0

900.0

950.0

1,000.0

1,050.0

1,100.0

1,150.0

FY05O.P.871.8

FY04O.P.861.2

Purchasingcost

reduction+160.0

R&Dexpenses

-22.6

Manufacturing expenses

-16.9

FOREX+117.8

Salesexpenses

(Incl. incentives)

-52.9

Price/volumemix

+20.4

Productenrichment & regulations

-69.0

Warrantyexpenses

-37.0

G&A others-10.2

Scope of

consolidation+21.0

Raw materialEnergy Cost

-100.0

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Operating profit by region (billion yen)

Eliminations: FY04 -0.4, FY05 : -32.4

FY05FY04

100

50

0

EUROPE

FY05FY04

GOM (Including Mexico)

84.8

U.S. (+CAN)

FY05FY04

379.7

FY04

JAPAN

FY05

400

200

0

341.1

390.4

FY05 financial performance

101.2

345.4

56.0 67.2

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

FY04 FY05(billion yen) Change

Consolidated net revenue 9,428.3

Consolidated operating profit 871.8

+9.9%

+1.2%

Operating margin 9.2% -0.8points

8,576.3

861.2

Non-operating loss -25.9 -20.4-5.5

Net extraordinary loss -36.9 +25.5-62.4

Ordinary profit 845.9 -1.1%855.7

10.0%

FOREXfor FY05

¥113.3/$1¥136.9/€1

FY05 financial performance

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

FY04 FY05(billion yen) Change

CAPEX 475.0 -0.5%477.5

R&D 447.6 +12.4%398.1

Income before tax 809.0 +2.0%793.3

Minority interest -36.5 -13.6-22.9

Taxes -254.4 +3.7-258.1

Tax rates 31.4% -1.1points32.5%

Net income 518.1 +1.1%512.3

Depreciation 307.1 +19.3%257.4

FY05 financial performance

Net cash (auto business) 372.9 +167.1205.8FOREXfor FY05

¥113.3/$1¥136.9/€1

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

0

10%

15%

5%

20%

25%

NISSAN 180 NISSAN Value-UpNRP

7.5%

19.8%21.3%

12.7%

ROIC average of 20%

FY00 FY02 FY03 FY04 FY05 FY06 FY07FY01FY99

Return on invested capital (auto)

COPFixed assets

+ Net working capital

ROIC(Auto)

=

20.1%*

*Same scope of co nsolid atio n as P&L, excluding chang e of cash co mpar ed to FY03

1.3%

NISSAN Value-Up commitments

19.4%

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

29

NISSAN 180 NISSAN Value-UpNRP

Div

iden

d pe

r sh

are

/ ye

n

19

14

24

40

34

7

0

8

Nissan Value-Up Dividend policy

FY99 FY00 FY01 FY02 FY03 FY07*

20

10

40

0

30

FY04 FY05 FY06*

*Forecast

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

AgendaAgenda

FY05 sales performance

FY05 financial performance

NISSAN Value-Up update

FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

0

2

4

6

8

10

12

-3 -2 -1 0 1 2

Global Market Share Change from 1999 (%)

CO

P m

argi

n (%

)

GM

RENAULT

PSADCX

HONDA

BMW

HYUNDAI

FORD

VW

◆ Nissan ◆ Competitors in 2004

1999

2000

2001

20022003

2004 2007

NRP

NISSAN180

Top level operating profit margin

NISSAN Value-Up commitments

3

NISSANValue-Up

TOYOTA

as of March 2004

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

+791

2,597

3,389

Global sales volume

0

2,000

1,000

FY01 FY04 FY08*

4,000

3,000

Tho

usan

d un

its

4,200 commitment

*Forecast

+811

NISSAN Value-Up commitments

NISSAN 180 NISSAN Value-UpNRP

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

0

10%

15%

5%

20%

25%

NISSAN 180 NISSAN Value-UpNRP

7.5%

19.8%21.3%

12.7%

ROIC average of 20%

FY00 FY02 FY03 FY04 FY05 FY06 FY07FY01FY99

Return on invested capital (auto)

COPFixed assets

+ Net working capital

ROIC(Auto)

=

20.1%*

*Same scope of co nsolid atio n as P&L, excluding chang e of cash co mpar ed to FY03

1.3%

NISSAN Value-Up commitments

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Leading Competitive Countries

Light Commercial Vehicles

Infiniti globally recognized luxury brand

Geographic expansion

Major breakthroughs NISSAN Value-Up update

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Infiniti globally recognized luxury brandNISSAN Value-Up update

0

130

135

145

150148

+3.9%

142

(tho

usan

d un

its)

140

FY04 FY05

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Infiniti Retail Environment Design Initiative

Launch in Korea : July 2005

Infiniti globally recognized luxury brandNISSAN Value-Up update

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Infiniti globally recognized luxury brandNISSAN Value-Up update

Taiwan

Middle East

North America

Japan*

*Japan launch under study after NISSAN Value-Up

China 07

Russia Fall 06

Korea July 05Europe 08

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

NISSAN 180 NISSAN Value-UpNRP

Light Commercial VehiclesNISSAN Value-Up update

8.0%

tho

usan

d un

its

FY00 FY03 FY07*0

300

400

200

100

0

6%

4%

8%

2%

Co

nsol

idat

ed o

pera

ting

mar

gin

FY01 FY02 FY04 FY05

7.7%

400+28.2%

434+40%

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Light Commercial VehiclesNISSAN Value-Up Update

specialized LCV dealerships being put in place

Japan

specialized LCV dealerships to be introduced

Europe dedicated team in place to implement strategy

North America

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Thailand

China

Egypt

Maximize opportunities, minimize costsFY05 outsource and off-shore = 14 billion yen in savings

India

RomaniaHungary

Vietnam Mexico

Mercosur

BreakthroughNISSAN Value-Up updateLeading Competitive Countries

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Geographic expansionNISSAN Value-Up Update

Pakistan

Thailand

Gulf Countries

Eastern Europe

Jun 05: new subsidiary

IndiaDec 05: Sunny SOP

Egypt

March 06: New PV technical center 06: Production capacity expansion

China

Apr 05: new sales company

Ukraine

09: Start of new manufacturing plant in St. Petersburg

Russia

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

NISSAN Value-Up Update

90 billion yen investment to renovate R&D facilities in JapanNew engineering facility to open April 06

Design Center renovated by fall 06

Expansion in R&D

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Sales Volume

Calendar year 2005 (Passenger cars + LCVs)

0 2 4 6 8

Toyota

GM

Renault-Nissan

6.1

DCX

Ford

VAG

million of veh icle s

Evolution of market cap. global automakers

April 24 2006 / End of FY1998*March 99 for Japanese co.Dec. 98 for European co.

0 100 200 300 400 500

DCX

GM

Ford

VAG

Renault

Nissan

%

Honda

Toyota

-10010

NISSAN Value-Up Update

BMW

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

AgendaAgenda

FY05 sales performance

FY05 financial performance

NISSAN Value-Up update

FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

New product launchesFY06 outlook

SOS basisApr.-Mar. basis

2nd half

8

9 new models

1st half

1

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

AltimaSentra

Infiniti G35

New product launches – U.S.FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

JapanMiniLCV

New carSkyline

North AmericaEuropeCabstar

Compact CrossoverNote

Infiniti FX35/45 Infiniti M

SentraAltima

Infiniti G35Versa

（Tiida in Mex)

General Overseas MarketsGOM new car

Sylphy350Zcpe

TiidaLatio

Pick up

SentraAltima

Infiniti G35Sunny (SM3)

New product launches by region SOS / April – March basis

FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

3,730+4.5%

Global retail sales objectiveFY06 outlook

0FY03 FY04 FY05

3,389

(tho

usan

d un

its)

3,569

2,000

2,500

3,500

4,000

3,000

3,057

*Including Mexico and Canada

FY06**

Industry TIV: 63.9 million (+0.8%)

+2.3% U.S.1,100

+0.5% Japan846

+3.7% Europe561

+10.1% GOM*1,223

**Forecast

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

Opportunities

NISSAN Value-UpVolatility in exchange rates

Higher commodity prices

Higher energy prices

Higher interest rates

Higher level of incentives

Risks

FY06 outlook

FY 2004 Third Quarter Rev iewFY05 f inanc ial result s/ NISSAN Value-Up Ap ril 25, 2006

FY05 FY06(billion yen) Change

Consolidated net revenue 10,075.0 +6.9%9,428.3

Net income 523.0 +0.9%518.1

Ordinary profit 870.0 +2.8%845.9

FOREXfor FY06

¥110.0/$1¥135.0/€1

R&D sales ratio

490.04.9%

+9.5%447.64.7%

CAPEXsales ratio

550.05.5%

+15.8%475.05.0%

Consolidated operating profit 880.0 +0.9%871.8

FY06 outlook