REPORT OF INDEPENDENT AUDITORS Zi SHIN NIHON & Co. ERNST & YOUNG INTERNATIONAL # Certified Public Accountants ibi i Bldg, Be ht Chiyoda-ku, Tokyo 100-0011 C.P.O. Box 1196, Tokyo 100-8641 @ Phone:03 3503-1100 ax: - Fax: 03 3503-1197 The Board of Directors Nissan Motor Co., Ltd. We have audited the accompanying consolidated balance sheets of Nissan Motor Co., Ltd. and consolidated subsidiaries as of March 31, 2005 and 2004, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in the period ended March 31, 2005, all expressed in yen. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Nissan Motor Co., Ltd. and consolidated subsidiaries at March 31, 2005 and 2004, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 2005 in conformity with accounting principles generally accepted in Japan.  As described in Note 2, effective April 1, 2003, the Company and certain subsidiaries changed their methods of accounting for inventories, retirement benefits and noncancelable lease transactions, and effective April 1, 2004, the Company and certain consolidated subsidiaries changed their method of accounting for freight and shipping costs. The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2005 are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 3. Supplemental Information June 21, 2005 Nissan Annual Report 2004 104 Erna 2 Fon bho Nf FINANCIAL SECTION