Innovation & Power of brand Year 2 Power 88 Performance Corporate Data Corporate Governance 19 NISSAN Annual Report 2012 Financial Review Credit rating Sales finance Investment policy 600 (Billions of yen) 450 300 150 0 8 6 4 2 0 (%) ’10 399.3 ’11 ’12 (Forecast) 428 485 ’09 386 ’03 4.8% 354 ’05 448 4.7% ’04 398 4.6% 4.6% 4.5% 4.7% 5.1% ’08 456 5.4% ’07 458 4.2% ’06 465 4.4% R&D EXPENDITURES % of net revenue R&D 7/11 7/12 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 10/03 4/04 10/04 4/05 10/05 4/06 10/06 4/07 10/07 4/08 10/08 4/09 10/09 4/10 10/10 4/11 AA- A+ A A- BBB+ BBB BBB- BB+ R&I S&P Moody’s CORPORATE RATINGS Nissan’s long-term credit rating with R&I is A with a positive outlook. S&P’s long-term credit rating for  Nissan is BBB+ with a stable outlook. Nissan’s rating with Moody’s is A3 with a stable outlook. Due to the increase in retail sales, total financial assets of the sales finance segment increased by  13.6 % to 5,014.9 billion yen from 4,414.3 billion yen in fiscal 2011. The sales finance segment  generated 140.1 billion yen in operating profits in fiscal 2011 from 100.4 billion yen in fiscal 2010. Capital expenditures totaled 406.4 billion yen, which was 4.3% of net revenue. Despite the natural  disaster, the company used capital expenditures in order to ensure Nissan’s future  competitiveness. R&D expenditures totaled 428 billion yen. These funds were used to develop new technologies  and products. One of the company’s strength is its extensive collaboration and development  structure with Renault’s R&D team, resulting from the Alliance.