Innovation & Power of brand Year 2 Power 88 Performance Corporate Data Corporate Governance 08 Message from the CFO NISSAN Annual Report 2012 Looking at the financial metrics, consolidated net revenues reached 9.4 trillion yen, up 7.2% from  the previous year. Operating profit stood at 545.8 billion yen and our net income was 341.4 billion yen— both of these measures are above the fiscal 2010 levels despite the significant negative year-on- year impact of the strong yen. Additionally, we generated strong automotive free cash flow of 379.5  billion yen. As a result, we increased our automotive net cash position to 619.8 billion yen. These  results are all the more striking when viewed in the context of the performance of the other  significant Japanese automotive companies during the same timeframe.  Primarily, I will continue to work with Nissan’s leadership so that we can deliver exceptional results.  Nissan Power 88 represents an opportunity to grow our business, both geographically and in terms  of our products and technology. An important part of my job is making sure we have the capital for  this growth, which requires investment in new products, factories, distribution networks and sales  finance activities. In this regard, we will continue actions to sustain our free cash flow generation  and to strengthen our balance sheet.  Additionally, I will work with the management team to drive the achievement of benchmark  efficiency throughout our value chain. This involves close cooperation among Nissan’s leadership  and its teams to establish business models with clear objectives that will ensure that we meet our  mid-term goals. From my perspective, our goals of 8% market share and 8% operating profit margin are not things  to balance one against the other. When we pursue growth in sales volume or market share in the  right way, our premise is that it will lead to improved profitability. At Nissan, we have a disciplined  process in which investments are carefully scrutinized. We also have a robust business planning  process in which we review our strategies and investments, as well as risks and opportunities, in the  context of our changing business environment which allows us to identify parts of our plans that  need increased focus and ways to improve them. In this way, we can react to changing business  conditions in real time—a capability that has been successfully tested following the financial crisis  touched off in 2008 and in the wake of the natural disasters of 2011.  The strategies and objectives of our mid-term business plan are designed to significantly enhance  shareholder value through business growth that drives higher revenue and profits as well as strong  sustained free cash flow generation. In this way we will enhance enterprise value while at the same  time maintaining a strong balance sheet and providing shareholders an attractive dividend.  Reflecting our confidence in the plan, and in spite of the current volatile and fragile global  economic environment, in May this year (2012) we announced our intention to increase the fiscal  2012 dividend by 25% to 25 yen per share. Over the Nissan Power 88 period, we have targeted a  minimum dividend payout ratio of 25% of net income, and we will continue to work to improve our  credit rating and strengthen our balance sheet further. Under this policy and our current outlook for  the Power 88 period, we project that the dividend per share will rise over the course of the mid-term  plan. What are your thoughts on shareholder value? How do you balance growth in market share and operating margin? What are the main areas of your focus to ensure success for the plan? Joseph G. Peter Chief Financial Officer