04 Corporate Governance Corporate Data Performance Innovation & Power of brand Year 2 Power 88 Message from the CEO NISSAN Annual Report 2012 In 2011, valuable progress was achieved with our current partners, and new partnership were  established. Together with Renault, we delivered an incremental €1.75 billion of additional synergies.  As part of our growing partnership with Russian partner AvtoVAZ, we invested €400 million to  produce five vehicles across three brands at the Togliatti facility. The Alliance announced an all-new  entry Infiniti model to be created using Daimler’s latest vehicle architecture, and we will manufacture  engines for Mercedes and Infiniti at Nissan’s Decherd engine plant in the United States.  In partnership with Ashok Leyland, we started production of the Dost, a compact and affordable pickup  truck that will help us grow our LCV presence in the Indian market. And with Mitsubishi, Nissan  established a new joint venture to lead the design and engineering of an all-new mini car in Japan.   During 2012, Nissan will completely renew three large-volume global models. The first is the  new Altima, which was revealed in April at the New York International Auto Show. In total, we will  launch 10 all-new vehicles in 2012 including the Pathfinder, Sylphy/Sentra, NV350 Caravan and  a long wheelbase version of the Infiniti M sedan.  Of the 90 new technologies we will launch during Nissan Power 88, 15 will start this year,  including an expanded multi-sensing system built on our Around View Monitor image processing  technology. We will also launch our next-generation XTRONIC continuously variable transmission  (CVT). Nissan is the recognized global leader in CVTs, and this latest generation provides a fuel- economy benefit of up to 10% compared to the current model. Fuel-saving technologies are part  of our Blue Citizenship program that guides our environmental, safety and philanthropic actions.  During Nissan Power 88 we will invest 70% of our advanced R&D budget into environmental  technologies, including those focused on delivering zero-emission leadership. We will continue our expansion into new and emerging markets during 2012. We are launching  the first product from our new Chinese local brand, Venucia, which allows us to compete for the  first time in the four million strong entry segment of the Chinese market. In Russia, together with  our partners Renault and AvtoVAZ, Nissan is working toward a 40% share. We expanded our  relationship with AvtoVAZ last May (2012), and in the second half of this year (2012), we will  launch our first entry-level car built locally at the AvtoVAZ plant in Togliatti, the Almera.  At the same time, by no means are we neglecting our premium business. We opened the new  global headquarters for Infiniti in Hong Kong in May 2012. In the same year, we will add new  markets for Infiniti, such as Chile and Australia, as we drive toward our sales target of 500,000  units across 70 markets by 2016. Under Nissan Power 88, we have made both brand power and sales power specific focuses for the  company. A strong brand helps our business in every measurable area of the sales and marketing  process, from overall opinion to purchase intention to the revenue we generate from every vehicle  sold. We will also focus on enhancing overall opinion. Based on the high statistical correlation  between overall opinion and market share, this measurement, combined with revenue growth, is the  most cost-effective yardstick for growing our market share. Our efforts are being recognized: last  year Nissan was named both a top 100 global brand and the most improved brand by the influential  Interbrand Group. This year, we rolled out our first-ever global brand campaign in locations like major  international airports, reaching hundreds of millions of people with the same consistent message.   Our focus on sales power is driving the expansion of our dealer network in high-growth and  emerging markets, using a proven, scientific geomarketing strategy to optimize dealer coverage and  increase customer convenience. This year, we will expand our global network by opening 750 new  dealer locations, the largest annual increase during Nissan Power 88. We will also increase our  sales per outlet, as it is a key measure of operational efficiency.  As we start the new fiscal year, Nissan stands as a company unleashed for success and ready to  accelerate growth in all core markets its growth. Together with a stronger brand, investments in  products, technologies and global capacity, we have the tools to achieve Nissan Power 88 and  beyond. You can continue to expect the best from Nissan. Carlos Ghosn President and Chief Executive Officer A Bright Future for the Nissan Brand