Nissan Motor Co., Ltd. November 8 , 2018 · O.P.-7.2-30.0 MONOZUKURI & OTHERS FY17 FOREX 2Q O.P. Markets with good progress - Japan: smooth recovery from FY17 issues - China: Steady

Nissan Motor Co., Ltd. November 8th, 2018

www.nissan-global.com © Copyright NISSAN MOTOR CO., LTD. All rights reserved. 2

(TSE REPORT BASIS — CHINA JV EQUITY BASIS)

* NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

NET REVENUE

OPERATING PROFIT

NET INCOME *

FREECASH FLOW

(AUTO)

NET CASH(AUTO)

2,892.1 2,816.1

128.5

101.2

141.6130.4 127.1

1,760.01,563.5

(BILLION YEN)

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

-4.8


SALES PROFIT

2Q Operating ProfitVariance Analysis

(BILLION YEN)

SALESPERFORMANCE

+9.9

FY18 2Q O.P.

-30.0-7.2

MONOZUKURI& OTHERS

FOREXFY17 2Q O.P.

Markets with good progress- Japan: smooth recovery from FY17 issues- China: Steady growth, resulting in higher

market share- Thailand & Philippines: first step in ASEAN

sales recovery- Latin America: first step for growth

Markets where we are addressing issues- US & Europe

DETERIORATIONOF VOLUME/MIX:-14.4

IMPROVEMENT OF SELLING EXP.:+7.2

RAW MATERIAL:-26.9

COST ITEMS:+32.5

R&D / MFG EXP.:-29.4

OTHERS: +33.7

*2: INCLUDES REDUCTION OF SELLING EXPENSE DUE TO DECREASE IN VOLUME*3: INCLUDES PURCHASE COST REDUCTION AND PRODUCT ENRICHMENT

*3

*1RETAILVOLUME

WHOLESALEVOLUME

（TH

OU

SAN

D U

NIT

S）

Gap61

*1: INCLUDES CHINA

*1

*2


CHINA

NORTHAMERICA

(U.S.)

EUROPE

OTHERS

JAPAN 0.0%

+5.1%

-1.2%(-0.6%)

+4.3%

+1.2%

GLOBALvs. FY17+2.3%

GLOBAL

TIV *1

9.86 9.98

9.86 10.28

10.74 10.62

12.60 13.23

2.48 2.48

(MIL

LIO

N U

NIT

S)

FY181H

FY171H

*2: MARKET SHARE

CHINA

NORTHAMERICA

(U.S.)

EUROPE

OTHERS

JAPAN +0.5%

+10.7%

-9.0%

(-9.1%)

-12.1%

+4.3%

GLOBAL

390 407

375 330

1,035 942

651 720

283 285

vs. FY17

(TH

OU

SAN

D U

NIT

S)

(8.84) (8.79)

(779) (709)

2,6832,733 -1.8%46.5945.55

6.0%M/S*25.8%M/S*2

*1: NISSAN ESTIMATION

RETAIL VOLUME

FY181H

FY171H


RETAIL VOLUME

283 285

(TH

OU

SAN

D U

NIT

S)

+0.5%

JAPAN

MARKET SHARE

11.4 11.5

(%)

+0.1 point

TIV: 2.48 million units, 0.0%

Sales: 285 k units, +0.5%

Market share: 11.5%, +0.1 point

NISSAN LEAF

SERENA e-POWERNOTE e-POWERNote: No.1 new registered

vehicle in Japan in 1H

FY171H

FY171H

FY181H

FY181H


* 2: PV AND LCV ONLY

FY18 1H (Jan. to Jun.)

TIV : 13.23 million units, +5.1%

Sales : 720 k units, +10.7%


*2

* 1: PV: RETAIL SALES BASE, LCV: WHOLESALE BASE

*1

CHINA

RETAIL VOLUME *1

651 720

(TH

OU

SAN

D U

NIT

S)

+10.7%

MARKET SHARE

5.2 5.4

(%)

+0.2 point

FY18 3Q (Jul. to Sep.)

TIV : 6.13 million units, -5.4%

Sales : 375 k units, +1.6%


*2

*1

SylphyX-Trail

FY171H

FY171H

FY181H

FY181H


FY171H

FY181H

NORTH AMERICA

US TIV: 8.79 million units, -0.6% Sales: 709 k units, -9.1% Market share: 8.1%, -0.7 point

Canada TIV: 1.14 million units, -2.8% Sales: 82 k units, +1.8% Market share: 7.2%, +0.3 point

Mexico TIV: 0.69 million units, -5.1% Sales: 150 k units, -13.6% Market share: 21.7%, -2.2 points

Rogue New Altima

779 709-9.1%

8.8 8.1

(%)

-0.7 point

FY171H

FY181H

US RETAIL VOLUME

US MARKET SHARE

(TH

OU

SAN

D U

NIT

S)


EUROPE (INCLUDING RUSSIA)

Europe excluding Russia TIV: 9.38 million units, +3.5% Sales: 280 k units, -14.3% Market share: 3.2%, -0.4 point

Russia TIV: 0.90 million units, +12.8% Sales: 50 k units, +2.4% Market share: 5.6%, -0.5 point

RETAIL VOLUME

375 330

(TH

OU

SAN

D U

NIT

S)

-12.1%

MARKET SHARE

3.8 3.4

(%)

-0.4 point

Qashqai

FY171H

FY171H

FY181H

FY181H NISSAN LEAF


OTHER MARKETS

Kicks

RETAIL VOLUME

390 407

(TH

OU

SAN

D U

NIT

S)

+4.3%

Sales: 407 k units, +4.3%

Asia & Oceania: 158 k units, -4.3% (TIV: +6.4%)

Latin America: 113 k units, +21.1% (TIV: +6.5%)

Middle East: 84 k units, -2.4% (TIV: -22.5%)

Africa & others: 52 k units, +13.3% (TIV: -10.3%)

Patrol

FY171H

FY181H



(BILLION YEN) FY171H

FY181H VARIANCE CHANGE

vs. FY17 (%)

NET REVENUE 5,652.5 5,532.7 -119.8 -2.1%

OPERATING PROFITOP MARGINNON-OPERATING

281.85.0%

87.7

210.33.8%119.6

-71.5 -25.4%

ORDINARY PROFITEXTRAORDINARY

369.5-4.5

329.9-6.0

-39.6 -10.7%

PROFIT BEFORE TAXTAXESEFFECTIVE TAX RATEMINORITY INTEREST *1

365.0-79.0

21.6%-9.5

323.9-66.7

20.6%-10.9

-41.1 -11.2%

NET INCOME *2FX RATE

276.5111.0126.3

246.3110.3129.8

-30.2-0.7

+3.5

-10.9%

*1: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS*2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

(USD/JPY)(EUR/JPY)



OPERATING PROFIT VARIANCE ANALYSIS(BILLION YEN)

*1: INCLUDES PURCHASE COST REDUCTION AND PRODUCT ENRICHMENT

FOREX

+29.5

+74.1

-49.3

FY17 1H O.P.

FY18 1H O.P.

-23.8

-53.9-48.1

COST ITEMS

SALESPERFORMANCE

R & D /MFG EXP.

OTHER ITEMS

RAWMATERIAL

*1

128.5 -26.9 101.2+33.72Q -30.0 +32.5 -7.2-29.4

VOLUME / MIX : -136.0

SELLING EXP. : +112.2



(BILLION YEN)FREE CASH FLOW (AUTO BUSINESS)

-36.4

+336.2

+148.5

-29.0

-213.0

-187.7

NET CASHINFLOW FROM

P&L ITEMS

AP / AR INVENTORY TAX /OTHER

OPERATINGACTIVITIES

CASH FLOWFROM

OPERATINGACTIVITIES

CAPEX*

242.7

OTHERS FREECASHFLOW

* CAPEX DOES NOT INCLUDE FINANCE LEASE-RELATED INVESTMENTS

-91.4


(EXCLUDING CHINA JV)

850 810860

790870

0

200

400

600

800

1,000

2015Jun. Sep. Dec.

2016Mar. Jun.

CONSOLIDATED NISSAN INVENTORY, EXCEPT SOME MINOR COUNTRIES

DEALER INVENTORY, EXCEPT SOME MINOR COUNTRIES

(THOUSAND UNITS)

970 990

880 910860

0

200

400

600

800

1,000

2017Sep. Dec.

2018Mar. Jun. Sep.

CONSOLIDATED NISSAN INVENTORY, EXCEPT SOME MINOR COUNTRIESDEALER INVENTORY, EXCEPT SOME MINOR COUNTRIES

INVENTORY STATUS(THOUSAND UNITS)

590570

610560 510


(TSE REPORT BASIS — CHINA JV EQUITY BASIS )

1,769.1

1,551.7 1,563.5

0

300

600

900

1,200

1,500

1,800

Mar. Jun. Sep.

2018

FX: USD/JPYEND OF MONTH

(BILLION YEN)

110.５106.2

1,635.0 1,645.61,760.0

0

300

600

900

1,200

1,500

1,800

Mar. Jun. Sep.

2017

FX: USD/JPYEND OF MONTH

(BILLION YEN)

112.0112.2 112.7 113.6


(MANAGEMENT PRO FORMA BASIS *1)

*1: BASED ON CONTINUATION OF PROPORTIONATE CONSOLIDATION OF CHINA JV*2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

NET REVENUE

OPERATING PROFIT

NET INCOME *2

FREECASH FLOW

(AUTO)

NET CASH(AUTO)

3,190.8 3,169.9

165.4152.3

141.6130.4

145.4

1,958.81,841.6

(BILLION YEN)

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

FY172Q

FY182Q

17.3

OPM:4.8%

OPM:5.2%

6,222.9 6,199.8351.1 306.7

276.5 246.3 273.7 1,958.8 1,841.61.8OPM:5.6%

OPM:4.9%1H:


20

25

3033

42

48

53

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18(Forecast)

1H28.5

2H28.5

DIV

IDEN

DPE

RSH

ARE

(YEN

)

+7.5% 57

Appendix


Group Finance(Inter-Company)

11.9%

Commercial Paper4.7%

S/T Loan3.8%

L/T Loan19.9%

Bonds21.9%

ABS On B/S20.8%

ABS Off B/S1.0%

Equity16.0%

(AS OF SEPTEMBER 2018)

TOTAL FUNDING AMOUNT: 10,246 BILLION YEN


NFS: NISSAN FINANCIAL SERVICES, SALES FINANCE COMPANY IN JAPANNMAC: NISSAN MOTOR ACCEPTANCE CORPORATION, SALES FINANCE COMPANY IN USNCF: SALES FINANCING DIVISION OF NISSAN CANADA INC.NRFM: NR FINANCE MEXICO, SALES FINANCE COMPANY IN MEXICO

29% 30% 33% 28%35% 37%

47% 47%4% 5%

30%29%

34%38%

FY171H

FY181H

FY171H

FY181H

FY171H

FY181H

FY171H

FY181H

NFS NMAC NCF NRFM100

90

80

70

60

50

40

30

20

10

0

(%)

LEASE

RETAIL


NET CREDIT LOSS RATIO

FY171H

FY181H VARIANCE

NFS

NMAC

NCF

NFS: NISSAN FINANCIAL SERVICES, SALES FINANCE COMPANY IN JAPANNMAC: NISSAN MOTOR ACCEPTANCE CORPORATION, SALES FINANCE COMPANY IN USNCF: SALES FINANCING DIVISION OF NISSAN CANADA INC.

Lease:0.09%Retail:0.02%






Lease:-0.01%Retail:

+0.01%

Lease:+0.07%Retail:-0.11%

Lease:-0.06%Retail:-0.05%


FY171H

FY181H VARIANCE

NFS

NMAC

NCF

NRFM

NFS: NISSAN FINANCIAL SERVICES, SALES FINANCE COMPANY IN JAPANNMAC: NISSAN MOTOR ACCEPTANCE CORPORATION, SALES FINANCE COMPANY IN USNCF: SALES FINANCING DIVISION OF NISSAN CANADA INC.NRFM: NR FINANCE MEXICO, SALES FINANCE COMPANY IN MEXICO

(NFS : billion yen, NMAC : million USD, NCF : million CAD, NRFM : million MXN)

Asset:16.2OP:

1,322.6

Asset:449OP:

65,890

Asset:121OP:

7,332

Asset:1,683OP:

118,323

Asset:18.6OP:

1,410.1

Asset:588OP:

62,597

Asset:96OP:

8,345

Asset:1,883OP:

125,654

Asset:+2.4OP:

+87.5

Asset:+139OP:

-3,293

Asset:-25OP:

+1,013

Asset:+200OP:

+7,331

OPERATING PROFIT & ASSET



* NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

NET REVENUE

OPERATING PROFIT

NET INCOME *

FREECASH FLOW

(AUTO)

NET CASH(AUTO)

5,652.5 5,532.7

281.8

210.3

276.5246.3 239.7

1,760.01,563.5

(BILLION YEN)

FY171H

FY181H

FY171H

FY181H

FY171H

FY181H

FY171H

FY181H

FY171H

FY181H

-36.4


FOREIGN EXCHANGE IMPACT

TRY -15.3 (31.3 ⇒ 22.6)

ARS -8.0 (6.75 ⇒ 4.13)

RUB -6.6 (1.91 ⇒ 1.73)

USD -4.2 (111.0⇒ 110.3)

BRL -3.8 (34.8 ⇒ 29.3)

THB -3.3 (3.28 ⇒ 3.40)

OTHERS -8.1

-49.3

VOLUME/MIX

-136.0

SELLINGEXPENSES

+112.2

JPN -3.2 VOL*: -6.0MIX: +2.8

US -122.8 VOL*: -120.3MIX: -2.5

EUR -54.0 VOL*: -55.8MIX: +1.8

MEX&CAN -9.4

OTHERS +53.4

JPN +5.5 INCENTIVES: +7.4OTHERS: -1.9

US +65.6 INCENTIVES: +74.2OTHERS: -8.6

EUR+32.0 INCENTIVES: +26.3OTHERS: +5.7

MEX&CAN +3.6

OTHERS +5.5

* INCLUDES COUNTRY MIX




CHINA

NORTHAMERICA

(U.S.)

EUROPE

OTHERS

JAPAN +1.1%

+8.2%

-3.3%(-3.1%)

+1.6%

-5.4%

GLOBALvs. FY17+0.5%

GLOBAL

TIV *1

(MIL

LIO

N U

NIT

S)

FY182Q

FY172Q

*2: MARKET SHARE

CHINA

NORTHAMERICA

(U.S.)

EUROPE

OTHERS

JAPAN +1.6%

+14.3%

-8.4%

(-8.6%)

-11.5%

+2.2%

GLOBAL

vs. FY17

(TH

OU

SAN

D U

NIT

S)

(4.42) (4.28)

(377)(344)

1,3741,383 -0.7%22.4622.346.2%M/S*2 6.1%M/S*2

*1: NISSAN ESTIMATION

RETAIL VOLUME

FY182Q

FY172Q

1.28

5.34

5.96

4.61

5.16

1.29

5.16

6.44

4.88

4.69

152

502

336

202

190

155

460

384

206

168



(BILLION YEN) FY172Q

FY182Q VARIANCE CHANGE

vs. FY17 (%)

NET REVENUE 2,892.1 2,816.1 -76.0 -2.6%

OPERATING PROFITOP MARGINNON-OPERATING

128.54.4%51.4

101.23.6%69.8

-27.3 -21.3%

ORDINARY PROFITEXTRAORDINARY

179.9-1.0

171.0-7.5

-8.9 -4.9%

PROFIT BEFORE TAXTAXESEFFECTIVE TAX RATEMINORITY INTEREST *1

178.9-33.2

18.5%-4.1

163.5-27.7

17.0%-5.4

-15.4 -8.6%

NET INCOME *2FX RATE

141.6111.0130.4

130.4111.4129.6

-11.2+0.4-0.8

-7.9%

*1: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS*2: NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

(USD/JPY)(EUR/JPY)




FOREX

+33.7+32.5

-30.0

FY17 2Q O.P.

FY18 2Q O.P.

-7.2

-26.9-29.4

R & D /MFG EXP.

OTHER ITEMS

RAWMATERIAL

COST ITEMS

SALES PERFORMANCE

*1

*1: INCLUDES PURCHASE COST REDUCTION AND PRODUCT ENRICHMENT

VOLUME / MIX : -67.9

SELLING EXP. : +60.7


FOREIGN EXCHANGE IMPACT

TRY -9.6 ( 31.6 ⇒ 20.1)

ARS -4.8 (6.43 ⇒ 3.55)

RUB -3.7 (1.88 ⇒ 1.70)

MXN -3.1 (6.23⇒ 5.87)

BRL -2.8 (35.1⇒ 28.2)

OTHERS -6.0

-30.0

VOLUME/MIX

-67.9

SELLINGEXPENSES

+60.7

JPN -0.1 VOL*: -3.8MIX: +3.7

US -44.3 VOL*: -42.3MIX: -2.0

EUR -45.5 VOL*: -41.3MIX: -4.2

MEX&CAN -3.4

OTHERS +25.4

JPN +0.1 INCENTIVES: +1.7OTHERS: -1.6

US +27.6 INCENTIVES: +32.1OTHERS: -4.5

EUR+21.4 INCENTIVES: +16.7OTHERS: +4.7

MEX&CAN +3.6

OTHERS +8.0

* INCLUDES COUNTRY MIX





(BILLION YEN)FREE CASH FLOW (AUTO BUSINESS)

-4.8

+141.6+14.0

-10.6

-55.6

-89.7

NET CASHINFLOW FROM

P&L ITEMS

AP / AR INVENTORY TAX /OTHER

OPERATINGACTIVITIES

CASH FLOWFROM

OPERATINGACTIVITIES

CAPEX*

89.4

OTHERS FREECASHFLOW

* CAPEX DOES NOT INCLUDE FINANCE LEASE-RELATED INVESTMENTS

-4.5



(BILLION YEN)

AS OF MARCH 31, 2018 AS OF SEPTEMBER 30, 2018

AUTOMOBILE&

ELIMINATIONSSALES

FINANCING TOTALAUTOMOBILE

&ELIMINATIONS

SALESFINANCING TOTAL

BORROWINGSFROMTHIRD PARTIES

571.5 7,166.9 7,738.4 809.0 7,281.4 8,090.4

INTERNAL LOANTO SALESFINANCING (NET)

-1,200.0 1,200.0 0 -1,215.5 1,215.5 0

CASH ANDCASH EQUIVALENT 1,140.6 65.4 1,206.0 1,157.0 49.2 1,206.2

NET CASH 1,769.1 -8,301.5 -6,532.4 1,563.5 -8,447.7 -6,884.2


This presentation contains forward-looking statements, based on judgments andestimates that have been made on the basis of currently available information. Bynature, such statements are subject to uncertainty and risk. Therefore, you are advisedthat the final results might be significantly different from the aforementionedstatements due to changes in economic environments related to our business, markettrends and exchange rate, etc.

Documents

Nissan Motor Co., Ltd. November 8 , 2018 · O.P.-7.2-30.0 MONOZUKURI & OTHERS FY17 FOREX 2Q O.P. Markets with good progress - Japan: smooth recovery from FY17 issues - China: Steady