Summarized below are the notional amounts and the estimated fair value of the derivative instruments outstanding at March 31, 2005 and 2004: Millions of yen Thousands of U.S. dollars Notional  Unrealized Notional  Unrealized Fiscal year 2004 (As of Mar. 31, 2005) amount Fair value gain (loss) amount Fair value gain (loss) Forward foreign exchange contracts Sell: US$ ....................................................................................................................... ¥ 9,678 ¥9,222 ¥456 $ 90,449 $586,187 $4,262 CAN$ ................................................................................................................... 7,122 7,201 (79) 66,561 67,299 (738) ZAR ....................................................................................................................... 777 729 48 7,262 6,813 449 GBP ...................................................................................................................... 3,100 3,075 25 28,972 28,738 234 Buy: CAN$ ................................................................................................................... — — — — — — US$ ....................................................................................................................... 7,238 7,026 (212) 67,645 65,664 (1,981) Currency swaps: Euro ....................................................................................................................... ¥116,844 ¥ (1) ¥ (1) $1,092,000 $ (9) $ (9) £ Stg. .................................................................................................................... — — — — — — US$ ....................................................................................................................... 107,144 662 662 1,001,346 6,187 6,187 AU$ ....................................................................................................................... 26,216 41 41 245,009 383 383 HK$ ...................................................................................................................... 5,307 — — 49,598 — — CAN$ ................................................................................................................... — — — — — — Total ..................................................................................................................................... — — ¥940 — — $8,787 1) Currency-related transactions Millions of yen Notional  Unrealized Fiscal year 2003  (As of Mar. 31, 2004) amount Fair value gain (loss) Forward foreign exchange contracts Sell: US$ ....................................................................................................................... ¥23,293 ¥22,778 ¥ 515 CAN$ ................................................................................................................... 7,959 7,932 27 ZAR ....................................................................................................................... 685 702 (17) Buy: CAN$ ................................................................................................................... 29,456 29,899 443 £ Stg. .................................................................................................................... — — — US$ ....................................................................................................................... 20,714 20,362 (352) Currency swaps: Euro ....................................................................................................................... ¥86,958 ¥ 347 ¥ 347 £ Stg. .................................................................................................................... 35,732 58 58 US$ ....................................................................................................................... 21,185 298 298 CAN$ ................................................................................................................... 1,129 (97) (97) Total ..................................................................................................................................... — — ¥1,222 Note: The notional amounts of the forward foreign exchange contracts and currency swaps presented above exclude those entered into to hedge receiv- ables and payables denominated in foreign currencies which have been translated and are reflected at their corresponding contracted rates in the accompanying consolidated balance sheets. FINANCIAL SECTION Nissan Annual Report 2004 90