Financial Information as of March 31, 2018

(The English translation of the

“Yukashoken-Houkokusho” for
the year ended March 31, 2018)

Nissan Motor Co., Ltd.

 Table of Contents
Page
Cover .......................................................................................................................................................................... 1

Part I Information on the Company .......................................................................................................... 2

1. Overview of the Company ......................................................................................................................... 2

1. Key financial data and trends........................................................................................................................ 2
2. History .......................................................................................................................................................... 4
3. Description of business ................................................................................................................................. 6
4. Information on subsidiaries and affiliates ..................................................................................................... 7
5. Employees................................................................................................................................................... 13

2. Business Overview ...................................................................................................................................... 14

1. Management policy, management environment, and issues to be tackled, etc. .......................................... 14
2. Business and other risks .............................................................................................................................. 14
3. Analysis of financial position, operating results and cash flows by management ...................................... 19
4. Important business contracts ....................................................................................................................... 24
5. Research and development activities .......................................................................................................... 25

3. Equipment and Facilities ......................................................................................................................... 27

1. Overview of capital expenditures ............................................................................................................... 27
2. Major equipment and facilities ................................................................................................................... 27
3. Plans for new additions or disposals ........................................................................................................... 28

4. Corporate Information ............................................................................................................................. 29

1. Information on the Company’s shares ........................................................................................................ 29
2. Acquisition of treasury stock ...................................................................................................................... 34
3. Dividend policy .......................................................................................................................................... 35
4. Changes in the market price of the Company’s shares ............................................................................... 35
5. Members of the Board of Directors and Statutory Auditors ....................................................................... 36
6. Corporate governance ................................................................................................................................. 39

5. Financial Information ............................................................................................................................... 48

1. Consolidated Financial Statements ............................................................................................................. 49
2. Non-Consolidated Financial Statements ................................................................................................... 103

6. Information on Transfer and Repurchase of the Company’s Stock .................................... 118

7. Reference Information on the Company ......................................................................................... 119

1. Information on the parent company or equivalent of the Company.......................................................... 119
2. Other reference information ...................................................................................................................... 119

Part II Information on Guarantors for the Company .................................................................... 120

Independent Auditor’s Report .....................................................................................................................121

Internal Control Report

Confirmation Note
【Cover】

【Document Submitted】 Securities Report (“Yukashoken-Houkokusho”)

【Article of the Applicable Law Requiring Article 24, Paragraph 1 of the Financial Instruments and
Submission of This Document】 Exchange Law
【Filed to】 Director, Kanto Local Finance Bureau

【Date of Submission】 June 28, 2018

【Business Year】 119th Fiscal Year (From April 1, 2017 To March 31, 2018)

【Company Name】 Nissan Jidosha Kabushiki-Kaisha

【Company Name (in English)】 Nissan Motor Co., Ltd.

【Position and Name of Representative】 Hiroto Saikawa, President

【Location of Head Office】 2, Takaracho, Kanagawa-ku, Yokohama-shi, Kanagawa

【Phone No.】 (045) 523-5523 (switchboard)

【Contact for Communications】 Chie Saito, Manager, Consolidation Accounting Group,

Budget and Accounting Department

【Nearest Contact】 1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi, Kanagawa

【Phone No.】 (045) 523-5523 (switchboard)

【Contact for Communications】 Chie Saito, Manager, Consolidation Accounting Group,

Budget and Accounting Department

【Place Where Available for Public Tokyo Stock Exchange, Inc.

Inspection】 2-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo

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Part I Information on the Company
1. Overview of the Company

1. Key financial data and trends

(1) Consolidated financial data

Fiscal year 115th 116th 117th 118th 119th

Year ended March 31, 2014 March 31, 2015 March 31, 2016 March 31, 2017 March 31, 2018
Millions
Net sales 10,482,520 11,375,207 12,189,519 11,720,041 11,951,169
of yen
Millions
Ordinary income 527,189 694,232 862,272 864,733 750,302
of yen
Net income attributable to Millions
389,034 457,574 523,841 663,499 746,892
owners of parent of yen
Millions
Comprehensive income 796,533 719,903 75,107 615,950 740,338
of yen
Millions
Net assets 4,671,528 5,247,262 5,140,745 5,167,136 5,688,735
of yen
Millions
Total assets 14,703,403 17,045,659 17,373,643 18,421,008 18,746,901
of yen
Net assets per share Yen 1,035.06 1,152.83 1,132.61 1,242.90 1,377.05

Basic earnings per share Yen 92.82 109.15 125.00 165.94 190.96

Diluted earnings per share Yen 92.82 109.14 124.99 165.94 190.96
Net assets as a percentage of
% 29.5 28.4 27.2 26.4 28.7
total assets
Rate of return on equity % 9.6 10.0 11.0 13.8 14.6

Price earnings ratio Times 9.91 11.21 8.33 6.47 5.78

Cash flows from operating Millions
728,123 692,747 927,013 1,335,473 1,071,250
activities of yen
Cash flows from investing Millions
(1,080,416) (1,022,025) (1,229,280) (1,377,626) (1,147,719)
activities of yen
Cash flows from financing Millions
396,925 245,896 530,606 320,610 36,810
activities of yen
Cash and cash equivalents at Millions
832,716 802,612 992,095 1,241,124 1,206,000
end of the period of yen
Employees 142,925 149,388 152,421 137,250 138,910
( ) represents the average number of (21,750) (20,381) (19,007) (19,366) (19,924)
Number
part-time employees not included in 147,939 151,710 154,700 138,917 140,603
the above numbers (22,642) (20,748) (19,343) (19,716) (20,290)
Notes: 1. Net sales are presented exclusive of consumption tax.
2. Staff numbers, which are presented as the lower numbers in the “Employees” line, include those of unconsolidated
subsidiaries accounted for by the equity method as reference data.

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 (2) Non-consolidated financial data

Fiscal year 115th 116th 117th 118th 119th

Year ended March 31, 2014 March 31, 2015 March 31, 2016 March 31, 2017 March 31, 2018
Millions
Net sales 3,737,844 3,516,415 3,493,419 3,729,335 3,750,617
of yen
Millions
Ordinary income 457,281 540,154 388,799 551,995 197,958
of yen
Millions
Net income 425,494 491,570 251,009 585,951 129,044
of yen
Millions
Common stock 605,813 605,813 605,813 605,813 605,813
of yen
Number of shares issued Thousands 4,520,715 4,520,715 4,494,715 4,220,715 4,220,715
Millions
Net assets 2,144,281 2,472,951 2,490,984 2,600,382 2,527,453
of yen
Millions
Total assets 4,726,430 4,993,336 4,961,612 5,138,385 5,057,592
of yen
Net assets per share Yen 477.04 550.20 557.81 620.39 602.86
Cash dividends per share
Yen 30 33 42 48 53
(Interim cash dividends
(Yen) (15) (16.5) (21) (24) (26.5)
included herein)
Basic earnings per share Yen 94.77 109.48 55.92 136.80 30.79

Diluted earnings per share Yen 94.77 109.48 55.92 136.79 30.79
Net assets as a percentage of
% 45.3 49.5 50.2 50.6 50.0
total assets
Rate of return on equity % 21.7 21.3 10.1 23.0 5.0

Price earnings ratio Times 9.71 11.18 18.62 7.85 35.86

Cash dividends as a
% 31.66 30.14 75.11 35.09 172.14
percentage of net income
Employees
( ) represents the average number of 23,085 22,614 22,471 22,209 22,272
Number
part-time employees not included in (2,858) (2,704) (3,068) (4,398) (5,239)
the above numbers

Note: Net sales are presented exclusive of consumption tax.

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2. History

December 1933 Jidosha Seizo Co., Ltd., predecessor of Nissan Motor Co., Ltd. was established with invested capital of
¥10 million in Takaracho, Kanagawa-ku, Yokohama-shi, through the joint capital investment of Nippon
Sangyo K.K. and Tobata Imono K.K.
May 1934 Construction of the Yokohama Plant was completed.
June 1934 The Company changed its name to Nissan Motor Co., Ltd.
April 1935 First vehicle was manufactured off the production line through the integrated production at the Yokohama
Plant.
August 1943 Construction of the Fuji Plant (formerly the Yoshiwara Plant) was completed.
September 1944 The head office was moved to Nihonbashi, Tokyo, and the Company changed its name to Nissan Heavy
Industries, Ltd.
January 1946 The headquarters moved to Takaracho, Kanagawa-ku, Yokohama-shi.
August 1949 The Company changed its name to Nissan Motor Co., Ltd.
January 1951 The Company’s stock was listed on the Tokyo Stock Exchange.
May 1951 The Company acquired an interest in Shin-Nikkoku Kogyo Co., Ltd. (currently Nissan Shatai Co., Ltd.; a
consolidated subsidiary).
May 1958 Exportation of passenger cars to the United States of America was commenced.
September 1960 Nissan Motor Corporation in U.S.A. was established.
September 1961 Nissan Mexicana, S.A. de C.V. (currently a consolidated subsidiary), a joint venture with Marubeni-Iida
Co., Ltd. (currently Marubeni Corporation) was established in Mexico City, Mexico.
March 1962 Construction of the Oppama Plant was completed.
March 1965 The Company acquired an interest in Aichi Machine Industry Co., Ltd. (currently a consolidated
subsidiary).
May 1965 Construction of the Zama Plant was completed.
August 1966 The Company merged Prince Motor Company and, accordingly, the Murayama Plant and others became
a part of the Company.
July 1967 Construction of the Honmoku Wharf (a base for exporting) was completed.
January 1968 The headquarters moved to the Company’s new building in the Ginza area of Tokyo.
March 1971 Construction of the Tochigi Plant was completed.
October 1973 Construction of the Sagamihara Parts Center was completed.
June 1977 Construction of the Kyushu Plant was completed.
January 1980 The Company acquired an interest in Motor Iberica, S.A. (currently Nissan Motor Iberica, S.A.; a
consolidated subsidiary) in Spain.
July 1980 Nissan Motor Manufacturing Corporation U.S.A. was established.
November 1981 The Nissan Technical Center was completed.
November 1981 Nissan Motor Acceptance Corporation (currently a consolidated subsidiary) was established.
November 1982 Construction of the Aguascalientes plant of Nissan Mexicana, S.A. de C.V. was completed.
February 1984 Nissan Motor Manufacturing (UK) Ltd. (currently a consolidated subsidiary) was established.
November 1984 Construction of the Oppama Wharf was completed.
April 1989 Nissan Europe N. V. was established in the Netherlands.
January 1990 Former Nissan North America, Inc. was established in the United States of America.
May 1991 Construction of Kanda Wharf was completed.
January 1994 Construction of the Iwaki Plant was completed.
April 1994 The business in the North America region was reorganized and Nissan North America, Inc. (currently a
consolidated subsidiary) was newly established.
October 1994 The Company established Nissan Middle East F.Z.E. (currently a consolidated subsidiary), a regional
headquarter in Middle East.
March 1995 Production of vehicles was discontinued at the Zama Plant.

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December 1998 Nissan North America, Inc. merged with Nissan Motor Corporation in U.S.A.
March 1999 The Company and Renault (currently an affiliate accounted for by the equity method) signed an agreement
for a global alliance in automobile business, including equity participation.
July 1999 The Company sold its business related to the Fuji Plant to TransTechnology Ltd., which merged with
JATCO Co., Ltd. into JATCO TransTechnology (currently JATCO Ltd., a consolidated subsidiary).
April 2000 Nissan North America, Inc. merged with Nissan Motor Manufacturing Corporation U.S.A.
March 2001 Production of vehicles was discontinued at the Murayama Plant.
March 2002 Renault increased its stake in the Company to 44.4%.
March 2002 The Company acquired an interest in Renault through Nissan Finance Co., Ltd. (currently a consolidated
subsidiary).
March 2002 The Company established Renault Nissan BV, a management organization with Renault.
August 2002 Nissan Europe S.A.S. (currently Nissan Automotive Europe; a consolidated subsidiary) was established
to reorganize business in Europe.
March 2003 The Company liquidated Nissan Europe N.V.
May 2003 Nissan North America, Inc. established a new plant in Canton, Mississippi.
July 2003 Dongfeng Motor Co., Ltd. (currently an affiliate accounted for by the equity method) commenced its
operations in China.
April 2004 The Company made Siam Nissan Automobile (currently Nissan Motor (Thailand) Co., Ltd., a consolidated
subsidiary) into a subsidiary through underwriting of third party allocation of new shares.
May 2004 A plant of Dongfeng Motor Co., Ltd., was completed in Huadu, China.
January 2005 The Company made Calsonic Kansei Corporation into a subsidiary through underwriting of third party
allocation of new shares.
December 2007 Renault Nissan Automotive India Private Limited (currently a consolidated subsidiary) was established.
January 2008 Nissan International SA (currently a consolidated subsidiary) began managing sales and manufacturing
operations in Europe.
August 2009 The Global Headquarters moved to Yokohama.
April 2010 The Company entered into an agreement with Renault and Daimler AG on a strategic cooperative
relationship including equity participation.
July 2011 The Company established Nissan Motor Asia Pacific Co., Ltd. (currently a consolidated subsidiary), a
regional headquarter in ASEAN.
August 2011 Nissan Motor Kyushu Co., Ltd. (currently a consolidated subsidiary) was incorporated from the Kyushu
Plant of the Company as its parent organization.
November 2013 Construction of the second plant of Nissan Mexicana, S.A. de C.V. (currently a consolidated subsidiary),
was completed in Aguascalientes, Mexico.
April 2014 Construction of a plant of Nissan Do Brasil Automóveis Ltda. (currently a consolidated subsidiary) was
completed in Resende, Brazil.
May 2014 Construction of the second plant of PT. Nissan Motor Indonesia (currently a consolidated subsidiary) was
completed in Purwakarta, Indonesia.
May 2016 The Company entered into an agreement with Mitsubishi Motors Corporation on a strategic cooperative
relationship including equity participation.
October 2016 The Company acquired an interest in Mitsubishi Motors Corporation (currently an affiliate accounted for
by the equity method) through underwriting of third-party allocation of new shares.
March 2017 The tender offer for the shares of Calsonic Kansei Corporation came into effect and all Calsonic Kansei
Corporation’s shares held by the Company were sold to CK Holdings Co., Ltd.
June 2017 The Company established Nissan-Mitsubishi B.V., a joint venture company with Mitsubishi Motors
Corporation.

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 3. Description of business

The Nissan Group (the “Group” or “Nissan”) consists of the Company, subsidiaries, affiliates, and other associated
companies. Its main businesses include manufacturing and sales of vehicles and automotive parts. In addition, the
Group provides sales finance services to support sales activities of the above businesses.

The Group has established the Global Nissan Head Office to function as its global headquarters. It decides group
resource allocation to the above respective businesses and manages their business operations group-wide. Also it
operates the Global Nissan Group through six Regional Management Committees and handles cross-regional matters
such as research & development, purchasing, manufacturing, and so forth.

The Group’s structure is summarized as follows:

Global Nissan Group

Customers

① Nissan Group Domestic Dealers

* Kanagawa Nissan Motor Co., Ltd.
Global Nissan (Regional Management Committees) * Nissan Motor Sales Co., Ltd.
Head Office etc.

Japan China North Central and Europe Africa, Nissan Group Overseas Distributors
Asia America South Middle East * ② Nissan Motor Asia Pacific Co., Ltd.
Oceania ③ ⑩ America ⑬ and India * ③ Nissan (China) Investment Co., Ltd.
* ④ Yulon Nissan Motor Co., Ltd.
Sales/Marketing ①② ④ ⑤ ⑥ * ⑤ Nissan Canada, Inc.
* ⑥ Nissan Middle East F.Z.E.
Product Planning etc.

Nissan Group Vehicle Manufacturers & Distributors

R&D * ⑦ Nissan Motor (Thailand) Co., Ltd.
* ⑧ PT. Nissan Motor Indonesia
Manufacturing/Logistics ⑦⑧⑰⑱㉑ ⑨㉑ ⑪㉑ ⑫ ⑭⑲⑳㉑ ⑮⑯ ** ⑨ Dongfeng Motor Co., Ltd.
Automotive

* ⑩ Nissan North America, Inc.

* ⑪ Nissan Mexicana, S.A. de C.V.
Purchasing
* ⑫ Nissan Do Brasil Automóveis Ltda.
* ⑬ Nissan International SA
Accounting/Finance * ⑭ Nissan Manufacturing RUS LLC.
* ⑮ Nissan South Africa (Pty) Ltd.
Human Resources * ⑯ Renault Nissan Automotive India
Private Limited
Corporate Support Nissan Group Vehicle Manufacturers
* ⑰ Nissan Shatai Co., Ltd.
* ⑱ Nissan Motor Kyushu Co., Ltd.
Sales Finance ㉒ ㉓ * ⑲ Nissan Motor Manufacturing (UK) Ltd.
* ⑳ Nissan Motor Iberica, S.A.
etc.
Partner Nissan Group Sales Finance Companies
Renault ㉑ Nissan Group Parts Manufacturers
** * ㉒ Nissan Financial Services Co., Ltd. * Aichi Machine Industry Co., Ltd.
** Mitsubishi
Motors * ㉓ Nissan Motor Acceptance Corporation * JATCO Ltd.
Corporation etc. Parts & Material etc.
& Service Suppliers
* Consolidated subsidiaries
** Companies accounted for by the equity method
• In addition to the above companies, *Nissan Trading Co., Ltd., *Nissan Network Holdings Co., Ltd. and others are included in the Group.
• The Group’s consolidated subsidiary listed on the domestic stock exchanges among above mentioned is as follows:
Nissan Shatai Co., Ltd. – Tokyo

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 4. Information on subsidiaries and affiliates
(1) Consolidated subsidiaries
Relationship with NML
Percentage of voting rights
held by NML Concurrent positions/offices
Name of company Location Capital Description of principal held by directors
business Loans Business transactions Leasing of fixed assets
(Indirect
Percentage holdings) Transferred Concurrent Dispatched
Millions of yen % % Number Number Number Millions of yen
Manufacturing and
＃☆ Hiratsuka-shi, Manufacturing products Mutually leasing land and
Nissan Shatai Co., Ltd. Kanagawa 7,905 selling automobiles 50.01 (0.01) 3 ― ― None on behalf of NML buildings with NML
and parts
Nissan Motor Kyushu Kanda-machi, Entrusted manufacturing Manufacturing products Leasing of land, buildings
Miyako-gun, 10 100.00 ― 1 2 3 None and production facilities
Co., Ltd. Fukuoka automobiles and parts on behalf of NML etc. owned by NML

Aichi Machine Industry Atsuta-ku, Manufacturing and Selling automotive parts

8,518 selling automotive 100.00 ― 3 1 ― None None
Co., Ltd. Nagoya-shi parts to NML
Manufacturing and Leasing of land, buildings
JATCO Ltd. Fuji-shi, Shizuoka selling automotive None Selling automotive parts and production facilities
29,935 74.96 ― 5 1 ― to NML
parts owned by NML
Samukawa-machi, Manufacturing and
Selling automotive parts Leasing of production
Nissan Kohki Co., Ltd. Koza-gun, 2,020 selling automotive 97.73 ― 8 ― ― None to NML facilities owned by NML
Kanagawa parts
Development,
Automotive Energy Zama-shi, manufacturing and Selling automotive parts Leasing of land and
Supply Corporation Kanagawa 2,345 selling automotive 51.00 ― ― 4 1 None to NML buildings owned by NML
parts
Extending loans to
Nissan Group Finance Nishi-ku, Finance to group Leasing of buildings
Co., Ltd. Yokohama-shi 90 companies 100.00 (100.00) ― 5 1 None NML’s domestic owned by NML
subsidiaries
Importing, exporting Importing automotive
Totsuka-ku, and selling
Nissan Trading Co., Ltd. Yokohama-shi 320 automobiles, parts and 100.00 ― 4 ― ― None parts on behalf of None
NML
other
Providing loans and
Financing retail and
＃ Mihama-ku, wholesale of other for sales finance Leasing company vehicles
Nissan Financial Services 16,388 100.00 ― 2 3 1 None services for vehicles
Co., Ltd. Chiba-shi automobiles and manufactured by the to NML
automobile leases
Company
Developing,
Chigasaki-shi, manufacturing and Purchasing products Leasing of land and
Autech Japan, Inc. Kanagawa 480 selling limited edition 100.00 ― 3 3 ― None manufactured by NML buildings owned by NML
automobiles
Business management
of the domestic sales
network, as well as Leasing and entrusted Leasing land and buildings
Nissan Network Holdings Nishi-ku, selling, purchasing, None management of real for employees’ welfare
Co., Ltd. Yokohama-shi 90 100.00 (7.68) 2 2 ―
leasing and entrusted estate facilities to NML
management of real
estate

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 Relationship with NML
Percentage of voting rights
held by NML Concurrent positions/offices
Description of principal
Name of company Location Capital business held by directors
Loans Business transactions Leasing of fixed assets
(Indirect
Percentage Transferred Concurrent Dispatched
holdings)
Millions of yen % % Number Number Number Millions of yen
Nishi-ku, Finance to group 370,422 funded as Lending for the group
Nissan Finance Co., Ltd. 2,491 100.00 ― ― 5 1 loan provided for None
Yokohama-shi companies working capital domestic subsidiaries
Kanagawa Nissan Motor Nishi-ku, Selling automobiles and Purchasing products
90 100.00 (100.00) 2 2 1 None None
Co., Ltd. Yokohama-shi parts manufactured by NML
Nissan Motor Sales Co., Selling automobiles and Purchasing products
Minato-ku, Tokyo 480 100.00 ― 3 ― 1 None None
Ltd. parts manufactured by NML
Nissan Parts Chuo Sales Ota-ku, Tokyo Selling parts for None Purchasing parts for None
Co., Ltd. 545 automobile repairs 84.05 (37.81) 7 1 1 repairs from NML
Purchasing automobiles
Nissan Car Rental Nishi-ku,
Solutions Co., Ltd. Yokohama-shi 90 Car rentals 100.00 (100.00) 2 2 1 None for car rental business None
from NML
Other domestic consolidated subsidiaries 55 companies

Total domestic consolidated subsidiaries 71 companies

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 Relationship with NML
Percentage of voting rights
held by NML Concurrent positions/offices
Description of principal
Name of company Location Capital business held by directors
Loans Business transactions Leasing of fixed assets
(Indirect
Percentage Transferred Concurrent Dispatched
holdings)
% % Number Number Number Millions of yen
☆ Montigny-le- Holding company for
Millions of Euro European subsidiaries
Nissan Automotive Bretonneux, 1,626 and pan-European 100.00 (48.00) ― ― ― None None None
Europe S.A.S. Yvelines, France
operational support
☆
Amsterdam, Millions of Euro Holding company for 300,874 funded as
Nissan International The Netherlands 1,932 subsidiaries 100.00 ― ― １ ― working capital None None
Holdings B.V.
Nissan West Europe Voisins-le- Millions of Euro Selling automobiles and Purchasing products
Bretonneux, 100.00 (100.00) ― ― ― None None
S.A.S. Yvelines, France 6 parts manufactured by NML
Rickmansworth,
Nissan Motor (GB) Ltd. Hertfordshire, Millions of £ stg. Selling automobiles and None Purchasing products None
136 parts 100.00 (100.00) ― ― ― manufactured by NML
United Kingdom
Sunderland,
☆ Millions of Euro Holding company for
Nissan Holding (UK) Ltd. Tyne & Wear, 871 British subsidiaries 100.00 (100.00) ― ― ― None None None
United Kingdom
Millions of Euro Selling automobiles and Purchasing products
Nissan Italia S.R.L. Rome, Italy 6 parts 100.00 (100.00) ― ― ― None manufactured by NML None
Manufacturing and
selling automobiles
Sunderland, Millions of £ stg. and parts, as well as
Nissan Motor Tyne & Wear, vehicle development, None Purchasing products None
Manufacturing (UK) Ltd. 100.00 (100.00) ― ― 2 manufactured by NML
United Kingdom 250 technical survey,
evaluation and
certification in Europe
Managing sales and
Nissan International SA Rolle, Vaud, Millions of Euro manufacturing None Purchasing products None
Switzerland 37
100.00 (100.00) ― ― ― manufactured by NML
operations in Europe
Manufacturing and
☆ Millions of Euro Purchasing products
Nissan Motor Iberica, S.A. Barcelona, Spain 726
selling automobiles 99.79 (93.23) ― ― 1 None manufactured by NML None
and parts
Nissan Iberia, S.A. Barcelona, Spain Millions of Euro Selling automobiles and None Purchasing products None
12 parts
100.00 (100.00) ― ― ― manufactured by NML
Millions of Manufacturing and
Nissan Manufacturing Sankt-Petersburg, Purchasing products
RUS LLC. Russia Rubles selling automobiles 100.00 (100.00) ― ― ― None manufactured by NML None
31,300 and parts
Managing subsidiaries
☆◎ in North America and
Nissan North America, Franklin, Tennessee, Millions of US$ manufacturing and 147,918 funded as Purchasing products None
U.S.A. 1,792
100.00 ― ― 1 1 capital expenditure manufactured by NML
Inc. selling automobiles
and parts
Providing loans and
Financing retail and
Nissan Motor Acceptance Franklin, Tennessee, Millions of US$ wholesale of 78,050 funded as other for sales finance
100.00 (100.00) ― 3 ― services for vehicles None
Corporation U.S.A. 500 automobiles and working capital manufactured by the
automobile leases
Company

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 Relationship with NML
Percentage of voting rights
held by NML Concurrent positions/offices
Description of principal
Name of company Location Capital business held by directors
Loans Business transactions Leasing of fixed assets
(Indirect
Percentage Transferred Concurrent Dispatched
holdings)
% % Number Number Number Millions of yen
Nissan Global Thousands of Providing casualty
Hamilton, Bermuda US$ Casualty insurance 100.00 (100.00) ― 4 ― None None
Reinsurance Ltd. 120 insurance
Selling automobiles and
parts, financing retail
Mississauga, Millions of Can$ Purchasing products
Nissan Canada, Inc. Ontario, Canada 81 and wholesale of 100.00 (9.09) ― 1 ― None manufactured by NML None
automobiles and
automobile leases
☆
Mexico D.F., Millions of Manufacturing and 31,872 funded as Purchasing products
Nissan Mexicana, S.A. de MX Peso selling automobiles 100.00 (100.00) ― 5 1 None
C.V. Mexico 17,049 and parts capital expenditure manufactured by NML
☆ Manufacturing and
Nissan Do Brasil Rio de Janeiro, Millions of BRL selling automobiles None Purchasing products None
Brazil 6,555 100.00 (99.00) ― ― 5 manufactured by NML
Automóveis Ltda. and parts
Dandenong,
Nissan Motor Co. Victoria, Millions of A$ Selling automobiles and None Purchasing products None
(Australia) Pty. Ltd. 290 parts 100.00 (100.00) ― ― ― manufactured by NML
Australia
Millions of EG£ Manufacturing and
Nissan Motor Egypt 6th of October City, Purchasing products
S.A.E. Egypt (L.E.) selling automobiles 100.00 (0.00) ― ― 2 None manufactured by NML None
2,720 and parts
Manufacturing and
Nissan South Africa (Pty) Rosslyn, Millions of Rand selling automobiles None Purchasing products None
Ltd. South Africa 3 100.00 (100.00) ― ― ― manufactured by NML
and parts

Nissan New Zealand Ltd. Auckland, Millions of NZ$ Selling automobiles and
100.00 ― ― ― ― None Purchasing products None
New Zealand 51 parts manufactured by NML
Managing operation in
Millions of Dh. Middle East and Purchasing products
Nissan Middle East F.Z.E. Dubai, UAE 2 selling automobiles 100.00 ― ― 1 ― None manufactured by NML None
and parts
Oragadam,
Nissan Motor India Millions of INR Selling automobiles and 2,320 funded as Purchasing products
Kanchipuram 10,300 parts 100.00 (100.00) ― 1 ― capital expenditure manufactured by NML None
Private Limited District, India
☆
Oragadam, Manufacturing and
Renault Nissan Millions of INR Purchasing products
Automotive India Private Kanchipuram 57,732 selling automobiles 70.00 (45.00) ― ― 1 None manufactured by NML None
District, India and parts
Limited
Kota Bukit Indah, Manufacturing and
PT. Nissan Motor Millions of IDR 3,700 funded as Purchasing products
Indonesia Purwakarta, 2,592,390 selling automobiles 75.00 ― ― 1 2 capital expenditure manufactured by NML None
Indonesia and parts
Purchasing products
Nissan Motor (Thailand) Bangsaothong, Millions of THB Manufacturing and manufactured by NML
Samutpraken, selling automobiles 75.00 ― ― ― 2 None None
Co., Ltd. Thailand 1,944 and parts and selling finished
cars to NML

- 10 -
 Relationship with NML
Percentage of voting rights
held by NML Concurrent positions/offices
Description of principal
Name of company Location Capital business held by directors
Loans Business transactions Leasing of fixed assets
(Indirect
Percentage Transferred Concurrent Dispatched
holdings)
% % Number Number Number Millions of yen
※ Miaoli, Republic of Millions of TWD Selling automobiles and Purchasing products
Yulon Nissan Motor Co., 40.00 ― ― 2 2 None None
Ltd. China 3,000 parts manufactured by NML
☆ Managing business in
Nissan (China) Investment Beijing, China Millionsof CNY China and selling None Purchasing products None
8,476 100.00 ― ― 5 ― manufactured by NML
Co., Ltd. automobiles
Management and
Bangsaothong,
Nissan Motor Asia Pacific Samutprakarn, Millions of THB operational support in None Purchasing products None
225 ASEAN and selling 100.00 ― ― 1 3 manufactured by NML
Co., Ltd. Thailand automobiles and parts
Millions of CLP Selling automobiles and 2,461 funded as Purchasing products
Nissan Chile SpA Santiago, Chile 24,269 parts 100.00 ― ― ― ― working capital manufactured by NML None

Nissan Otomotiv Millions of TRY Selling automobiles and Purchasing products

Istanbul, Turkey 106 parts 100.00 (100.00) ― 1 ― None manufactured by NML None
Anonim Sirketi
Buenos Aires, Millions of ARS Selling automobiles and Purchasing products
Nissan Argentina S.A. Argentine 5,105 parts 100.00 (99.99) ― ― ― None
manufactured by NML
None

Other foreign consolidated subsidiaries 90 companies

Total foreign consolidated subsidiaries 122 companies

Total consolidated subsidiaries 193 companies

- 11 -
(2) Affiliates accounted for by the equity method

Relationship with NML

Percentage of voting rights
Concurrent positions/offices
Description of principal held by NML
Name of company Location Capital held by directors
business Loans Business transactions Leasing of fixed assets
(Indirect
Percentage Transferred Concurrent Dispatched
holdings)
% % Number Number Number Millions of yen
#
Shinagawa-ku, Millions of yen Selling automobiles Purchasing products
Nissan Tokyo Sales 34.03 (34.03) 2 1 ― None manufactured by NML None
Tokyo 13,752 and parts
Holdings Co., Ltd.
Boulogne, Manufacturing and Mutual production and
# (Note 5) Millions of Euro
Billancourt, 1,127 selling automobiles 15.39 (15.39) ― 1 ― None joint development of None
Renault
France and parts vehicles and parts
Dongfeng Motor Co., Wuhan, Hubei, Millions of CNY Manufacturing and Purchasing products
selling automobiles 50.00 (50.00) ― 3 ― None None
Ltd. China 16,700 and parts manufactured by NML
Mutually leasing land,
# Minato-ku, Millions of yen Manufacturing and Mutual production and buildings and
Mitsubishi Motors selling automobiles 34.00 ― 1 3 ― None joint development of
Corporation Tokyo 284,382 and parts vehicles and parts production facilities
with NML
Other affiliates accounted for by the equity method 26 companies

Total affiliates accounted for by the equity method 30 companies

Notes: 1. Companies marked ☆ are specified subsidiaries.

2. Companies marked ＃ submit their securities registration statements or securities reports.
3. Net sales (excluding intercompany sales within the Group) of the company marked ◎ (Nissan North America, Inc.) exceeded 10% of consolidated net sales for the year ended
March 31, 2018. Therefore, the key financial data for Nissan North America, which consolidates the financial data for its 19 subsidiaries and affiliates, are shown below.
(1) Net sales ¥5,528,384 million
(2) Ordinary income ¥122,789 million
(3) Net income ¥246,619 million
(4) Net assets ¥1,101,664 million
(5) Total assets ¥8,440,185 million
4. Although the percentage of their voting rights held directly and indirectly by NML is equal to, or less than, 50%, the companies marked ※ have been consolidated because they
are substantially controlled by NML.
5. Although the exercise of voting rights of the shares in Renault directly and indirectly held by the Company is restricted in accordance with the Commercial Code of France, the
Company has accounted for its investment in Renault by the equity method as the Company exercises significant influence over Renault’s financial and operating policies through
its participation in a jointly and equally owned management company (Renault-Nissan BV) and through its Board members (comprising 50% of Renault-Nissan BV’s Board of
Directors). This joint venture company is treated as an affiliate because it has the power to decide business issues of importance to both Renault and Nissan based on the Articles
of Incorporation of each company or on an agreement on business administration. And also Renault is treated as other associated company because it holds 43.7% of the voting
rights of the Company.

- 12 -
5. Employees

(1) Consolidated companies

(As of March 31, 2018)
Geographical segment Number of employees

Japan 59,431 (15,440)

North America 36,080 (2,138)

(the United States of America

18,289 (13)
included therein)

Europe 16,807 (1,544)

Asia 20,807 (655)

Other overseas countries 5,785 (147)

Total 138,910 (19,924)

Notes: 1. The number of employees presented above represents full-time employees. The figures in parentheses represent
the average number of part-time employees during the year ended March 31, 2018, and are not included in the
number of full-time employees.
2. The number of employees engaged in sales finance business was 3,771 (100).

(2) The Company

(As of March 31, 2018)
Average age Average years of service Average annual salary
Number of employees
(Years) (Years) (Yen)
22,272 (5,239) 42.5 19.4 8,184,466

Notes: 1. The number of employees presented above represents full-time employees. The figures in parentheses represent
the average number of part-time employees during the year ended March 31, 2018, and are not included in the
number of full-time employees.
2. The average annual salary for employees includes bonuses and overtime pay.
3. All the figures above are for the automobile business.

(3) Trade union

Most of the Company’s employees are affiliated with the NISSAN MOTOR WORKERS’ UNION, for which the governing
body is the ALL NISSAN AND GENERAL WORKERS UNIONS, and the Japanese Trade Union Confederation
(RENGO) through the CONFEDERATION OF JAPAN AUTOMOBILE WORKERS’ UNIONS. The labor-management
relations of the Company are stable, and the number of union members was 25,377 including those of Nissan Motor Kyushu
Co., Ltd. as of March 31, 2018.
At most domestic Group companies, employees are affiliated with their respective trade unions on a company basis, and
the governing body is the ALL NISSAN AND GENERAL WORKERS UNIONS.
At foreign Group companies, employees’ rights to select their own trade unions are respected according to the relevant
labor laws and labor environment in each country.

- 13 -
2. Business Overview
1. Management policy, management environment, and issues to be tackled, etc.

(1) Management policy and business strategies

Guided by the vision of Enriching people’s lives, the Group aims to provide unique and innovative products and services
that deliver superior measurable values to all stakeholders under the Alliance.
The Group announced on November 8, 2017, the new midterm plan “Nissan M.O.V.E. to 2022” designed to guide the
company toward profitable growth over the next six years, and to prepare for further growth beyond the plan as the evolution
continues. The new plan expresses that the Group will keep on moving and evolving toward the future, and it stands for the
following drivers:
• Mobility
• Operational Excellence
• Value to Customers
• Electrification
The mission under “Nissan M.O.V.E. to 2022” is to be built on the strong business foundations of “Nissan Power 88”, and
leverage the benefits of our Alliance with Renault and Mitsubishi Motors Corporation, in order to;
1. Achieve sustainable growth, while delivering healthy profitability and strong free cash flow
2. Lead the technology and business evolution in the automotive industry, backed by our technology DNA
In June 2017, the Company and Mitsubishi Motors Corporation established a jointly and equally owned company, Nissan-
Mitsubishi B.V. (“NMBV”) in the Netherlands, to explore, promote, coordinate and incentivize synergies between the
companies. The Board of Directors of NMBV consists of 3 directors, the initial members are Carlos Ghosn, who serves as
the Chairman and CEO, Hiroto Saikawa, and Osamu Masuko.
For its contribution to synergy generation, NMBV will receive a service fee. In addition to the operational cost of its work
and the remuneration of its directors and employees, NMBV is also expected to incentivize employees of its members who
contribute to synergy development.
The Group will fulfill its mission by engaging in “Nissan M.O.V.E. to 2022” with in mind of the technology evolution
coming in the next 10 to 15 years, as well as the significant changes in the market and evolving customer expectations.

(2) Operating and financial issues to be addressed

Operating and financial issues to be addressed by the Group occurring during the fiscal year ended March 31, 2018 are as
follows.
The Group submitted the detailed reports to Ministry of Land, Infrastructure, Transport and Tourism (MLIT) on November
17, 2017 and March 9, 2018, as a result of the investigation and implementation on countermeasures, in order to prevent
recurrence of the issues discovered in the vehicle inspection process for vehicles produced for the Japan market at the
Group’s six vehicle production plants in Japan, identified during the on-site inspection performed by MLIT in September
2017.
The Group is committed to putting safety first. The Group conducted a third-party investigation, studied recurrence
preventive measures, and is implementing such measures thoroughly, thereby making a concerted effort to regain the trust
of customers and stakeholders.

2. Business and other risks

With regard to disclosure in the Business Overview, Financial Information and other parts of this Securities Report, the
significant items which may affect the decisions of our investors can be grouped under the following risk factors.
Any future forecasts included in the following descriptions are based on the estimates or judgment of the Group as of June
28, 2018.
1. Rapid changes in the global economy and economic climate
(1) Economic factors
The demand for products and services provided by the Group is strongly affected by the economic conditions in each
country or market in which they are offered for sale. Although the Group strives to predict change in economic climate
and demands precisely and to take necessary measures in the major markets like as Japan, China, the United States of
America, Mexico, Europe, Asia, Central and South America, Middle East and Africa in case of greater-than-anticipated
downturn such as global economic crisis, it could have a significant effect on the Group’s financial position and business
performance.
(2) Situation regarding resources and energy
The demand for products and services provided by the Group largely varies depending on rapid changes in the situation
surrounding various resources and energy as represented by the hike of crude oil prices. If gasoline prices continue to rise,
consumer demand is forecast to shift to products with better fuel consumption and overall demand could decline in case
of further hikes in gasoline prices. Any greater-than-anticipated fluctuations in such resources or the energy situation could
have an effect on the Group’s financial position and business performance due to deterioration in operating performance
and/or opportunity loss.
- 14 -
 2. Rapid changes and moves in the automotive market
The automobile industry is currently experiencing intensified market competition worldwide. To win given such intense
competition, the Group maximizes its efforts in all aspects of technology development, product development and
marketing strategy to timely provide products that address customer needs. Nevertheless, the failure to timely address
customer needs or improper responses to environmental and/or market changes could have a significant effect on the
Group’s financial position and business performance.
Demand might decrease or change due to the progress of negative factors such as a decline in population, the aging society
and a dwindling birthrate in a mature market, whereas demand might considerably increase in emerging markets. These
changes or trends might generate favorable results for the Group with a rise in business opportunities but could result in
an adverse effect on the Group’s financial position and business performance due to an excessive dependency on certain
products and/or regions unless appropriate forward-looking steps are undertaken.
Furthermore, in recent years, autonomous driving (AD) technology has been onboard several vehicle models and some
products are currently being marketed. Should this AD technology be proven safe and evolve as a new product that will
create added value, it will bring about strong momentum for future growth toward the next-generation automotive society.
To this end, it is indispensable to cooperate with regulatory agencies in each country, and for automobile manufacturers
and the companies with cutting-edge technologies to collaborate in formulating new rules for driving on public roads. On
the other hand, countries and vehicle manufacturers are facing fierce competition in the development of new technology,
which could have a significant effect on the Group’s business performance and financial position due to possible increases
in development expenses and vehicle costs.
In the future, the conventional business model of “automobile manufacturers produce and sell vehicles as hardware,
whereas customers purchase, own and use such vehicles” is expected to change substantially with the propagation of
several promising business categories such as car sharing, ride sharing and robot taxi service.
In addition, it is expected that the core added value of cars, that is, the performance of vehicles as hardware, might shift
to software-based value such as “what kind of experience can cars provide to customers including services related to cars.”
As a result, the appeal of the software might become the key to differentiation, thereby making the know-how and expertise
of the Group in the development and mass-production of vehicles, which have been our strengths, less significant source
of added value. Looking ahead to such expected innovations, we are seeing new competitors from outside the car-making
industry.
In response to such recent moves, the Group is taking diverse measures such as proactive investments in development;
recruiting and fostering a variety of human resources; strategic collaboration with companies in other business sectors;
and the promotion of open innovations with startup enterprises. These initiatives aim to promote hardware evolution
(electrification, intelligent car, advancing autonomous driving and enhancing connectivity functions) and software
upgrades (added value by upgrading connected functions).
Nevertheless, the failure to sufficiently address changes due to innovations in a speed and scope beyond our forecasts
could lead to a weakened position relative to new competitors and the loss of a competitive edge for our products.

3. Risks related to the financial market

(1) Fluctuations in foreign currency exchange rates
The Group’s finished cars, are produced in 20 countries and regions, and are sold in more than 170 countries. The Group’s
procurement activities for raw materials, parts/components and services are conducted in many countries.
As the consolidated financial statements of the Group are calculated and presented in Japanese yen, the appreciation of
the yen against other currencies adversely affects Group’s financial business performance, in general. In contrast, the
depreciation of the yen against other currencies favorably affects Group’s financial business performance. Any sharp
appreciation of the currencies of countries where the Group manufactures vehicles could lead to increases in production
costs that would adversely affect the Group’s competitiveness.
(2) Hedging of currency, interest rate and commodity price risks
The rise in market interest rates and/or in the cost of capital procurement due to the Group’s decreased rating by credit
rating agencies could have an effect on the Group’s financial position and business performance.
The Group may utilize derivative transactions for the purpose of hedging its exposure to risks such as fluctuations in the
foreign exchange rates of its receivables and payables denominated in foreign currencies, the interest rates of floating
interest-bearing debt funded at variable interest rates and fluctuations in commodity prices. Although the Group can hedge
against these risks by using derivatives transactions, the Group might miss potential gains that could result from seizing
the market opportunities to profit from such fluctuation in exchange rates, interest rates and commodity prices.
(3) Marketable securities price risk
The Group may hold marketable securities for certain reasons including strategic holding, relationship management and
cash management, and there is a price fluctuation risk for such securities. Therefore, price fluctuation in the stock and
bond markets could affect the Group’s business performance and financial position.
(4) Liquidity risk
The Group endeavors to raise funds from various sources such as an accumulation of internal cash generation, loan
commitment agreements with financial institutions and diversification of funding sources and geographies for fund-raising
by formulating relevant internal rules so that the Group can ensure an appropriate level of liquidity even if environmental
changes beyond normal expectation occur in the financial market. However, market environment could entail a greater-
than-anticipated level of risk that might hinder the smooth execution of the initially planned financing, thereby having an
adverse effect on the Group’s financial position and business performance.

- 15 -
(5) Sales financing business risk
Sales financing is an integral part of the Group’s business. Global Sales Financing Business Unit provides strong support
to its automotive sales, while maintaining high profitability and a sound and stable financial condition through strict risk
management policies. However, the Sales Financing companies inevitably have high exposure to interest-rate risk, residual
value risk and credit risk. Accordingly, these risk factors could entail a greater-than-anticipated level of risk, which could
adversely affect the Group’s financial position and business performance.
(6) Counterparty credit risk
The Group does business with a variety of local counterparties including sales companies, financial institutions and
suppliers in many regions around the world. The Group is exposed to the risk that such counterparties could default on
their obligations. The Group manages to mitigate its own counterparty credit risk by conducting a comprehensive ongoing
assessment of these counterparties based on their financial information. Nonetheless, should unprecedented conditions
such as bankruptcies of sales companies, financial institutions and suppliers be triggered by a global economic crisis that
could adversely affect the Group’s financial position and business performance.
(7) Employee retirement benefit expenses and obligations
The amounts of retirement benefit obligation and related expenses of the Group, which are provided for retirement benefits
of employees of the Group companies, are calculated using various actuarial assumptions including the discount rate
applied, the long-term expected rates of return on plan assets and other factors. When the Group’s actual results differ
from those assumptions or when any of the assumptions change, the resulting effects will be accumulated and recognized
regularly over future periods; therefore, the cumulative effect could adversely affect the recognition of expenses and
liabilities recorded in future periods.

4. Risks related to business strategies and maintenance of competitive edge

(1) Risks involved in international activities and overseas expansion
The Group’s products finished cars are produced in 20 countries and regions, and are sold in more than 170 countries. It
is possible that the Group’s global manufacturing and marketing activities will be extended in the future to other countries
and regions mainly in the emerging nations. The Group forecasts and sufficiently evaluates a wide variety of risks inherent
in conducting business in overseas markets including the factors noted below. Nevertheless, each of these factors could
entail unpredictable risks or a greater-than-anticipated level of risk at any place in our overseas presence without achieving
the planned rate of capacity utilization and/or profitability, which could have effects on the Group’s financial position and
business performance.
• Unfavorable political or economic factors
• Legal or regulatory changes
• Changes in corporate income tax, customs duties and/or other tax system
• Labor disputes including strikes
• Difficulties in recruiting and retaining talented human resources
• Social turmoil due to terrorism, war, coup, demonstrations, rebellion, large-scale natural disaster, epidemic disease or
other destabilizing factors
(2) Research and development
The Group’s technology must be useful, pragmatic and user friendly. To this end, the Group anticipates the nature and
scope of the market demand and then prioritizes and invests in the development of new technologies. However, any sudden
and greater-than-anticipated changes in its business environment or in customer preferences or a relative decline in its
competitive edge in development could impact negatively on customer acceptance with these new technologies, which
could have a significant effect on the Group’s business performance.
(3) Collaboration with other corporations
The Group may collaborate with other corporations that have excellent technologies to effectively acquire higher
competitiveness within the short term. However, the anticipated results might not be achieved depending on the market
environment of the business field concerned and/or changes in technological trends and the progress of collaborative
activities with allied partners, which could adversely affect the Group’s business performance.

(4) Quality of products and services

To provide products and services of superior quality, the Group endeavors to ensure and enhance maximum quality
through detailed management systems from the standpoint of research and development, manufacturing and services.
However, the adoption of new technology to propose higher added value might cause unexpected quality-related issues
such as product liability and recalls for products after sales of a product start even if it has been repeatedly tested prior to
its launch with maximum care. If the AD technology is developed and its use becomes quickly widespread in the future,
the responsibility of automobile manufacturers might be brought into question in connection with the decline in drivers
engaged in driving. Although the Group has insurance policies to assure the source of funding product liability claims to
a certain extent, this does not necessarily mean that all damages are fully covered. If the recalls that the Group has
implemented for the benefit of customers’ safety become significant in volume and amount, the Group would not only
incur significant additional expenses but also experience damage to its brand image, which could adversely affect its
financial position and business performance.

- 16 -
(5) Environmental and safety-related restrictions and Corporate Social Responsibility (CSR)
The automobile industry worldwide is influenced by a broad spectrum of environmental and safety related regulations
governing the emission levels of exhaust fumes, CO2/fuel economy guidelines, noise level, chemical substance
management, recycling and water resources. These regulations have become increasingly stringent. Since the Paris
Agreement was adopted in 2015, the framework for reduction of CO2 which affects climate changes, from the entire value
chain, including business activities, products and procurement, has been reinforced. In particular, CO2 emissions when
vehicles are used, accounting for approximately 80% of the total, are significantly higher compared to the emissions
derived from ordinary corporate activities, and therefore might trigger risks such as climate change-related regulations in
the near future (CO2 emissions for vehicles in use were 127,666 kton-CO2 of the 154,040 kton-CO2 in emissions for the
entire value chain, both actual performance for fiscal year 2016). Indeed, compliance with such regulations is obvious to
industrial corporations, and it is becoming common to comply with autonomous guidelines and stricter objectives are
required in an increasing number of fields as part of CSR. Although the Group is actively committed in inside and outside
of the Group to several continuous environmental activities based on the Nissan Green Program 2022, the medium-term
environmental action plan, the burden of ongoing development and investments has been increasing to ensure and/or
maintain an advantageous position against competitors. As a consequence, a further rise in these costs could have an
impact on the Group’s financial position and business performance.
Furthermore, even if the aforementioned initiatives are addressed by the Group, in case our stakeholders such as
shareholders and customers do not evaluate that such initiatives provide a certain competitive edge for the Group, a
negative impact on stock prices and/or sales might result, which could considerably affect the Group’s financial position
and business performance.

(6) Critical lawsuits and claims

It is possible that the Group could encounter a variety of claims or lawsuits with counterparties and/or third parties in the
course of conducting business. With respect to various lawsuits and claims that the Group might encounter, the possibility
exists that the Group’s assertion may not be accepted or that the outcome may be significantly different from that
anticipated. As a result, any such judgment verdict or settlement could significantly affect the Group’s financial position
and business performance.

(7) Limit of protecting intellectual assets

The Group owns a wide variety of proprietary technologies and has the expertise to differentiate the Group’s products
making them unique from those of its competitors. These assets have proven their value in the growth of the Group’s
business and will continue to be of value in the future. The Group strives to protect its intellectual property assets. However,
in certain markets, the Group may encounter difficulty in protecting its own technologies.
The Group established the Intellectual Property Department to protect intellectual assets in such markets, strengthen
activities to protect the Group’s intellectual property rights, accumulate new intellectual assets and perform various
activities to protect and create the Brands. However, cases may arise where the Group finds itself unable to prohibit others
from abusing or infringing on its intellectual assets by imitating and manufacturing or selling similar products.

(8) Recruitment and retaining of talented human resources

The Group considers human resources to be the most important corporate assets. The Group therefore focuses its efforts
on recruiting talented people globally, enhancing the development of human resources and implementing fairer and more
transparent performance evaluation systems. However, industrial competition to secure talented people is intense. Should
appropriate recruitment and/or retaining of such desirable human resources not go according to plan, such an unsuccessful
personnel development strategy could adversely affect and reduce the competitiveness of the Group on a long-term basis.

(9) Compliance and reputation

In the wake of the issue of the improper treatment of the vehicle inspection for vehicles at domestic production plants,
which took place in 2017, the Group conducted a third-party investigation, studied recurrence preventive measures, and
is implementing such measures thoroughly, thereby making a concerted effort to regain the trust of customers and
stakeholders.
However, compliance issues apply to any and all actions of all employees and it is difficult to completely prevent such
incidents unless every employee truly understands the importance of compliance and acts everyday with compliance in
mind.
The number of laws, regulations and rules that should be observed is increasing year by year, whereas expectations relative
to CSR in contemporary society are also increasing. Even if the perpetrator of an improper act is its secondary or tertiary
supplier or distributor, or in the case when such incidents happen regarding products that were distributed in channels
other than the regular sales route anticipated by the Group, the Group could be criticized for social responsibility and
delayed, insufficient and/or improper responses on compliance-related issues could adversely affect the confidence and/or
reputation of the Group, thereby adversely affecting the Group’s business performance through, for example, a possible
decline in sales resulting from a damaged reputation.

- 17 -
5. Continuation of business
(1) Large-scale natural disasters
The Group’s corporate headquarters and many of its manufacturing facilities are located in Japan, where the statistically
proven probability of earthquakes is higher than in many other countries. The Group has developed basic guidelines on
earthquake risk management, and has organized a global task force, which is composed of major members of the
Management Council, to direct disaster prevention and recovery activities. In addition, the Group has been strengthening
its manufacturing facilities with anti-seismic reinforcement. However, if an unexpectedly severe earthquake were to hit
one of the Group’s key facilities causing a halt in production, this would significantly affect the Group’s financial position
and business performance.
The Group also addresses preventive measures and the improvement of emergency response systems to prepare for risks
other than earthquakes, including typhoons, floods, volcanic eruption and epidemics of new types of influenza.
Nevertheless, if any of these risk factors occurs or spreads on an unprecedented scale, such risk could adversely affect the
Group’s financial position and business performance.
In the wake of the Great East Japan Earthquake and the Kumamoto Earthquake that occurred recently, various unforeseen
risks emerged as listed below.
• The risk that plant operations could be restricted, to a significant extent, because a scheduled power failure is forcibly
implemented or a long-term power shortage continues.
• The risk that plant employees and/or suppliers could not restore operations or operate facilities within areas of limited
or no access, in which people cannot restore or operate facilities based on an evacuation directive to restrict or prohibit
entry due to radioactive pollution from a nuclear power generation plant.
• The risk that the acceptance of parts and/or products could be rejected or postponed by customers because of radioactive
pollution, as well as the risk of sluggish sales due to harmful rumors.
• The risk of tsunamis, for which damage projections (e.g., the height of a tsunami and the scope of the expected
devastated areas) are now much more severe than previously anticipated, in the event of any significant earthquakes
such as the “Nankai Trough Earthquake”.
• The risk that a supplier of the Group could be damaged by an earthquake in one of many active fault zones in Japan,
significantly limiting plant operations.

The Group is currently studying and addressing effective countermeasures to solve these problems. However, these risks
often cannot be handled by the Group alone and may entail certain costs to implement actions, and therefore could have an
impact on the Group’s financial position and business performance.

(2) Purchase of raw materials and parts

The Group purchases raw materials, parts/components and services from many suppliers by reason of its business structure.
In recent years, the use of rare metals, of which production volume is extremely small and production mines are limited
to a small number of countries or regions, has been increasing, in association with the implementation of new technologies.
The unpredictable fluctuation of market conditions resulting from a drastic change in the supply-demand balance or a
radical change in the political situation of a production country could entail a greater-than-anticipated level of risk in the
stable procurement of necessary raw materials, parts/components or services on an ongoing basis, which could adversely
affect the Group’s financial position and business performance.

(3) Dependency on specific suppliers

If procurement of higher technology or higher quality is pursued at more competitive pricing, actual orders might
sometimes concentrate on only one or a small limited number of suppliers. Although the Group has reviewed its supply
chains, including secondary and tertiary suppliers, and addressed their reinforcement measures, a possible suspension of
supply due to any unforeseen accident or any delay or deficit in supply could lead to the forced suspension of the Nissan
Group’s production plants, thereby adversely affecting the Group’s financial position and business performance.

(4) Computer information system

Almost all the Group’s business activities depend on computerized information systems, and such information systems
and networks have become increasingly complicated and sophisticated. Nowadays, it is impossible to process routine
business operations without services available through these system networks. Given such circumstances, various
incidents such as large-scale natural disasters, fires and electricity shutdowns could be risk factors that are detrimental to
the Group’s information systems. In addition, artificial threats have been rising rapidly, including computer virus infection
and increasingly sophisticated cyber-attacks.
To cope with these risk factors, the Group has taken a variety of hardware-based and software-oriented measures,
including the preparation of Business Continuity Plan (“BCP”) and the improvement of security countermeasures.
However, the possible occurrence of any greater-than-anticipated disaster, cyber-attack or infection from a computer virus
could cause incidents such as the suspension of business operations due to system outage, the disappearance of important
data, and theft or leakage of confidential information and/or private information. Consequently, such incidents could
adversely affect the Group’s financial position, as well as the Group’s business performance and/or the reputation of
reliability.

- 18 -
3. Analysis of financial position, operating results and cash flows by management

(1) Overview of the operating results, etc.

The overview of the Group’s financial position, operating results and cash flows (hereinafter the “operating results, etc.”)
is as follows:

1) Financial position and operating results

The global industry volume totaled 93.52 million units for the current fiscal year, an increase of 1.9% year on year. Global
sales of the Group for the year ended March 31, 2018, increased by 2.6% year on year to 5,770 thousand units. Net sales of
the Group for the year ended March 31, 2018, totaled ¥11,951.2 billion, which represents an increase of ¥231.2 billion (2.0%)
relative to net sales for the prior fiscal year. Operating income was ¥574.8 billion for the current fiscal year, a decrease of
¥167.4 billion (22.6%) from the prior fiscal year.
Net non-operating income was ¥175.5 billion for the current fiscal year, increasing by ¥53.0 billion from the prior fiscal year.
As a result, ordinary income reached to ¥750.3 billion, decreased by ¥114.4 billion (13.2%) compared with the prior fiscal
year. Net special losses of ¥39.6 billion were recorded for the current fiscal year, deteriorating by ¥140.1 billion from the
prior fiscal year. Income before income taxes decreased by ¥254.5 billion (26.4%) to ¥710.7 billion compared with the prior
fiscal year. Finally, net income attributable to owners of parent for the year ended March 31, 2018, was ¥746.9 billion, an
increase of ¥83.4 billion (12.6%) from the prior fiscal year.

2) Cash flows

Cash and cash equivalents at the end of the current fiscal year decreased by ¥35.1 billion (2.8%) from the end of the prior
fiscal year to ¥1,206.0 billion. This reflected ¥1,071.3 billion in net cash provided by operating activities, ¥1,147.7 billion
in net cash used in investing activities and ¥36.8 billion in net cash provided by financing activities, as well as an increase
of ¥4.5 billion in the effects of foreign exchange rate movements on cash and cash equivalents.

3) Production, orders received and sales

a. Actual production

Number of vehicles produced (units) Change Change

Location of manufacturers
Prior fiscal year Current fiscal year (units) (%)

Japan 1,015,033 985,541 (29,492) (2.9)

The United States of America 990,938 899,483 (91,455) (9.2)

Mexico 863,915 787,876 (76,039) (8.8)

The United Kingdom 518,471 487,269 (31,202) (6.0)

Spain 124,880 98,579 (26,301) (21.1)

Russia 39,475 50,921 11,446 29.0

Thailand 116,794 133,937 17,143 14.7

Indonesia 25,465 19,134 (6,331) (24.9)

Philippines 3,772 6,523 2,751 72.9

India 317,347 239,043 (78,304) (24.7)

South Africa 30,590 32,733 2,143 7.0

Brazil 51,265 95,714 44,449 86.7

Egypt 16,733 16,598 (135) (0.8)

Total 4,114,678 3,853,351 (261,327) (6.4)

Note: The figures represent the production figures for the 12-month period from April 1, 2017 to March 31, 2018.

b. Orders received

Information on orders received has been omitted as the products manufactured after the related orders are received are
immaterial to the Group.

- 19 -
 c. Actual sales

Number of vehicles sold

(on a consolidated basis: units) Change Change
Sales to
(units) (%)
Prior fiscal year Current fiscal year
Japan 535,747 564,264 28,517 5.3

North America 2,163,031 2,049,310 (113,721) (5.3)

(the United States of America
1,604,053 1,520,622 (83,431) (5.2)
included therein)
Europe 791,482 792,641 1,159 0.1

Asia 395,333 386,637 (8,696) (2.2)

Other overseas countries 523,161 536,133 12,972 2.5

Total 4,408,754 4,328,985 (79,769) (1.8)

Note: The figures in China and Taiwan, which are included in “Asia,” represent the sales figures for the 12-month
period from January 1 to December 31, 2017. Those sold in Japan, North America, Europe, Other overseas
countries and Asia (excluding China and Taiwan) represent vehicles sold for the 12-month period from April
1, 2017 to March 31, 2018.

(2) Analysis and discussions of the Group’s operating results from the viewpoint of management

The following analysis and discussions of the Group’s operating results, etc., from the viewpoint of management are, in
principle, based on the consolidated financial statements.
Any future forecasts included in the following descriptions are based on the best estimates or judgment of the Group as of
June 28, 2018, the date of filing this Securities Report.

1) Significant accounting policies and estimates

The Group’s consolidated financial statements are prepared in accordance with accounting principles generally
accepted in Japan. The preparation of consolidated financial statements requires management to select and apply the
accounting policies and to make certain estimates which affect the amounts of the assets, liabilities, revenues and
expenses reported in the consolidated financial statements and accompanying notes. Although management believes
that the estimates made reasonably reflect past experience as well as present circumstances, the actual results could
differ substantially because of the uncertainty inherent in those estimates.
The significant accounting policies applied by the Group in the preparation of the consolidated financial statements
are explained in “5. Financial Information [Significant accounting policies].” In management’s opinion, the following
significant accounting policies could materially affect the estimates made in the consolidated financial statements:
a) Allowance for doubtful accounts
Allowance for doubtful accounts is provided to cover losses on bad debts based on an estimate of the collectability of
receivables. The Group may need to increase the allowance or incur losses on bad debts if the financial circumstances
of its customers were to deteriorate and if their ability to pay their debts was thus impaired.
b) Accrued warranty costs
Accrued warranty costs is provided to cover the cost of all services anticipated to be incurred during the entire warranty
period in accordance with the warranty contracts and based on historical experience. The Group places a high priority
on safety and does its best to enhance safety from the standpoint of research and development, manufacturing and
sales service. However, if the estimates of future warranty costs were significantly different from the actual costs
incurred due to product defects and other variables, the Group could incur a loss on the provision of additional accrual
for warranty costs.
c) Retirement benefit expenses
The amounts of retirement benefit obligation and related expenses of the Group, which are provided for retirement
benefits of employees of the Group companies, are calculated using various actuarial assumptions including the
discount rate applied, the long-term expected rates of return on plan assets and other factors. When the Group’s actual
results differ from those assumptions or when any of the assumptions change, the resulting effects will be accumulated
and recognized regularly over future periods. The cumulative effect could adversely affect the recognition of expenses
and liabilities recorded in future periods.

- 20 -
2) Perception, analysis and discussions of the operating results, etc., for the current fiscal year
The results of perception, analysis and discussions of the Group’s operating results and financial position, for the current
fiscal year are as follows:

(Operating results)
a. Net sales
Consolidated net sales for the current fiscal year were ¥11,951.2 billion, an increase of ¥231.2 billion (2.0 %) year on
year. A major revenue-increasing factor was the impact of currency translation on overseas revenue.

b. Operating income
Consolidated operating income totaled ¥574.8 billion, a decrease of ¥167.4 billion (22.6%) from the prior fiscal year,
and operating income as a percentage of net sales was 4.8% for the current fiscal year.

Major profit-decreasing factors in the change of consolidated operating income were the impact of the vehicle
inspection incident in Japan, an increase in selling expenses including inventory adjustment at a U.S. sales company
and a hike in raw material prices despite cost-saving efforts.

c. Non-operating income and expenses

Consolidated net non-operating income amounted to ¥175.5 billion for the current fiscal year, increasing by ¥53.0
billion from net non-operating income of ¥122.5 billion for the prior fiscal year. This result was mainly attributable
to an increase in equity in earnings of affiliates.

d. Special gains and losses

Consolidated net special losses of ¥39.6 billion were recorded for the current fiscal year, deteriorating by ¥140.1
billion from net special gains of ¥100.5 billion for the prior fiscal year. This was mainly attributable to the gain on
sales of shares of subsidiaries and affiliates that was recorded for the prior fiscal year.

e. Income taxes
Income taxes for the current fiscal year decreased by ¥317.7 billion from the prior fiscal year to a negative ¥53.0
billion attributable to the effect from the enforcement of the Tax Cuts and Jobs Act in the United States of America.

f. Net income attributable to owners of parent

Net income attributable to owners of parent for the current fiscal year increased by ¥83.4 billion (12.6 %) from the
prior fiscal year to ¥746.9 billion.

(Business segments)
a. Automobiles
The Group’s worldwide automobile sales (on a retail basis) for the year ended March 31, 2018, increased by 144
thousand units (2.6%) from the prior fiscal year to 5,770 thousand units. The number of vehicles sold in Japan
increased by 4.8% to 584 thousand units. Vehicles sold in China increased by 12.2% to 1,520 thousand units. Those
sold in North America including Mexico and Canada decreased by 1.8% to 2,091 thousand units, those sold in Europe
decreased by 2.6% to 756 thousand units and those sold in other overseas countries increased by 1.3% to 819 thousand
units.
Net sales in the automobile segment (including intersegment sales) for the current fiscal year increased by ¥122.7
billion (1.1%) from the prior fiscal year to ¥11,027.9 billion.
Operating income amounted to ¥335.6 billion for the year ended March 31, 2018, a decrease of ¥199.1 billion (37.2%)
from the prior fiscal year. Major profit-decreasing factors were an additional losses related to the vehicle inspection
issue at plants in Japan, an increase in sales and marketing expenses including the dealer inventory adjustment in the
United States of America, and an increase in raw material cost despite the cost reduction efforts.

b. Sales finance
Net sales in the sales finance segment (including inter-segment sales) for the year ended March 31, 2018 increased
by ¥166.1 billion (16.9%) to ¥1,149.3 billion. Operating income increased by ¥31.4 billion (17.1%) from the last year
to ¥215.3 billion. A major profit-increasing factor was an increase in profit of sales finance companies in the United
States of America.

- 21 -
(Geographic segment)
a. Japan
In Japan market, the total industry volume (“TIV”) increased by 2.4% year on year to 5.20 million units. The Group’s
sales increased by 4.8% from the prior fiscal year to 584 thousand units due to favorable sales of “NOTE e-POWER,”
“SERENA e-POWER,” and new “Nissan LEAF,” as well as “DAYZ” and “DAYZ Roox,” all of which contributed
to the overall sales increase, despite the negative effects of recalls and temporary production/shipment suspension
due to the vehicle inspection incident. As a result, the Group’s market share increased to 11.2%, up 0.2 percentage
point year on year. Net sales in Japan (including intersegment sales) for the current fiscal year decreased by ¥71.2
billion (1.5%) from the prior fiscal year to ¥4,647.2 billion. Operating income decreased by ¥125.9 billion (30.7%)
from the prior fiscal year to ¥284.2 billion. A major profit-decreasing factor was the impact of the vehicle inspection
incident, despite a profit increase attributable to the favorable effects of foreign exchange rate movements.

b. North America
In North America market, including Mexico and Canada, TIV decreased by 1.2% to 20.85 million units. The Group’s
sales in North America decreased by 1.8% to 2,091 thousand units. Net sales in North America (including
intersegment sales) for the current fiscal year increased by ¥70.2 billion (1.1%) to ¥6,421.9 billion. Operating income
decreased by ¥87.6 billion (30.5%) from the prior fiscal year to ¥200.1 billion. Major profit-decreasing factors were
an increase in sales and marketing expenses including the dealer inventory adjustment and a decrease in the number
of vehicles sold.
Meanwhile, in the United States of America market, TIV decreased by 1.0% to 17.31 million units. However, the
Group sold 1,593 thousand units, up 0.7% from the prior fiscal year, supported by favorable sales of “Rogue” and
“Rogue Sport.” The Group’s market share increased by 0.2 percentage point to 9.2%.

c. Europe
In Europe market, TIV increased by 2.7% to 19.98 million units. The Group sold 652 thousand units in Europe,
excluding Russia, down 4.6% from the prior fiscal year despite the contribution of “Qashqai” and “Micra.” The
Group’s market share decreased by 0.2 percentage point to 3.6%. Meanwhile, the Group’s sales in Russia market
increased by 12.0% to 105 thousand units, reflecting signs of a recovery against the lingering economic uncertainty.
Net sales in Europe (including intersegment sales) for the current fiscal year were ¥2,092.0 billion, an increase of
¥171.4 billion (8.9%) from the prior fiscal year. Operating income of ¥14.3 billion was recorded for the current fiscal
year, improving by ¥39.5 billion from the prior fiscal year. A major improvement factor was a reduction in purchasing
costs despite an increase in sales and marketing expenses.

d. Asia
Sales volume in Asia and Oceania market, excluding China, decreased by 2.8% to 331 thousand units. Net sales in
Asia and Oceania (including intersegment sales) for the current fiscal year decreased by ¥55.9 billion (3.5%) from
the prior fiscal year to ¥1,553.7 billion. Operating income for the current fiscal year was ¥53.6 billion, a decrease of
¥8.3 billion (13.5%) from the prior fiscal year.
In China market, TIV increased by 1.8% to 27.35 million units. The Group’s sales in China increased by 12.2% from
the prior fiscal year to 1,520 thousand units, driven by sales of “X-Trail” and “Sylphy,” accounting for a market share
of 5.6%, up 0.6 percentage point year on year. The operating results of Chinese joint venture, Dongfeng Motor Co.,
Ltd., is reflected as a gain on the equity in earnings of affiliates in Non-operating income.

e. Other overseas countries

In other markets, the Group’s sales volume increased by 1.3% to 819 thousand units. The Group’s sales volume in
Latin America market was excellent, increasing by 14.3% year on year to 208 thousand units. The Group’s sales
volume in Africa and the other markets, increased by 8.8% to 96 thousand units. Meanwhile, sales volume in the
Middle East decreased to 184 thousand units, down 7.1%, slightly better than the TIV decrease of 9.2%. Net sales in
other markets (including intersegment sales) for the current fiscal year decreased by ¥16.7 billion (1.6%) from the
prior fiscal year to ¥1,006.2 billion. An operating loss of ¥14.0 billion was recorded for the current fiscal year,
improving by ¥1.8 billion from the prior fiscal year. A major improvement factor was an increase in profit in Latin
America.

- 22 -
 The mission of the six-year midterm plan “Nissan M.O.V.E. to 2022” announced on November 8, 2017 is to achieve
sustainable growth and to lead the technology and business evolution of the automotive industry. Because China market is
one of the most important markets for the global automotive market today, this midterm plan of 8% operating margin,
which is one of the Group’s KPIs, is based on the proportionate consolidation of the Chinese joint venture. By the end of
the plan, the Group aims to grow revenues to ¥16,500 billion, and generate a cumulative ¥2,500 billion of automotive free
cash flow, with 8% operating margin. In the current fiscal year, which is the first year of the midterm plan, the operating
margin was 5.6%, revenues were ¥13,315 billion, free cash flows in the automobile business was positive ¥482.7 billion
under the proportionate consolidation of the Chinese joint venture.

(Analysis of sources of capital and liquidity)

a. Cash flows

(Cash flows from operating activities)

Net cash provided by operating activities decreased by ¥264.2 billion to ¥1,071.3 billion in the current fiscal year from
¥1,335.5 billion provided in the prior fiscal year. This was mainly due to a decrease in income before income taxes and a
reduced range of increase in trade notes and accounts payable despite a reduced range of increase in sales finance
receivables.

(Cash flows from investing activities)

Net cash used in investing activities decreased by ¥229.9 billion to ¥1,147.7 billion in the current fiscal year from ¥1,377.6
billion used in the prior fiscal year. This was mainly attributable to a decrease in purchase of investment securities.

(Cash flows from financing activities)

Net cash provided by financing activities was ¥36.8 billion in the current fiscal year, a decrease in cash inflows of ¥283.8
billion compared with ¥320.6 billion provided in the prior fiscal year. This was mainly due to a decrease in proceeds from
long-term borrowings.

As the cash and cash equivalents in the automobile business at the end of the current fiscal year exceeded interest-bearing
debt, the Group had net cash of ¥1,769.1 billion in the cash position, and the free cash flows in the automobile business for
the current fiscal year were positive ¥407.0 billion.

b. Financial policies

Financial activities within the Group are managed centrally by the Treasury Department of the Company, which functions
as the global treasurer. Several activities are underway within the Group to improve funding efficiency through the
implementation of a global cash management system.
The Group has developed a basic financial strategy under which the Group raises funds from appropriate sources and
maintains an appropriate level of liquidity and a sound financial position so that the Group can make investments in research
and development activities, capital expenditures and its finance business on a timely basis. In fiscal year 2018 (From April
1, 2018 To March 31, 2019), the Group plans to invest ¥540.0 billion in capital expenditures, which will be financed out
of its own funds.

It is necessary to pay careful attention to the liquidity of funds in view of the drastic environmental changes in the financial
markets and other relevant concerns. However, as the Group has entered into loan commitment agreements with major
international banks in addition to the cash and cash equivalents as above, the Group believes that a level of liquidity
sufficient to meet the Group’s funding requirements is being maintained.
Whether or not the Group can raise funds without collateral and the related costs depends upon the credit rating of the
Group. Currently, the Group’s credit rating is investment grade; however, this favorable rating is not presented herein with
the intention of inviting the purchase or holding of the Group’s debt securities.

- 23 -
4. Important business contracts

Date on which
Company which entered
Counterparty Country Agreement agreement entered
into agreement
into
Nissan Motor Co., Ltd. Overall alliance in the automobile
(Filer of this Securities Renault France business including equity March 27, 1999
Report) participation
Nissan Motor Co., Ltd. Daimler AG Germany Agreement on a strategic cooperative
(Filer of this Securities relationship including equity April 7, 2010
Report) Renault France participation
Nissan Motor Co., Ltd. Mitsubishi Overall alliance in the automobile
(Filer of this Securities Motors Japan business including equity May 25, 2016
Report) Corporation participation

- 24 -
5. Research and development activities
The Group has been proactively conducting research and development activities in diverse fields such as global
environmental conservation and safety to realize the durable motorized society.
The research and development costs of the Group amounted to ¥495.8 billion for this fiscal year.
The Group’s research and development organization and the results of its activities are summarized as follows:

(1) Research and development organization

The Group’s domestic research and development activities are promoted by Nissan Shatai Co., Ltd., and NISSAN
AUTOMOTIVE TECHNOLOGY CO., LTD., for vehicle development and by Aichi Machine Industry Co., Ltd., JATCO Ltd.,
etc. for unit development, under the designated delegation of roles and via close collaboration with the Company, for which
the central R&D body is the Nissan Technical Center (in Atsugi-shi, Kanagawa).
In the Western countries, Nissan North America, Inc. in the United States of America, Nissan Mexicana, S.A. de C.V. in
Mexico, Nissan Motor Manufacturing (UK) Ltd. in the United Kingdom and Nissan Motor Iberica, S.A. in Spain design and
develop several vehicle models. The Nissan Research Center Silicon Valley (NRC-SV) office in the United States engages
in the research of autonomous driving vehicles and our state-of-the-art Information and Communication Technology (ICT)
development.
In Asia, Nissan (China) Investment Co., Ltd., Dongfeng Motor Co., Ltd., a joint venture in China with Dongfeng Motor
Group Co., Ltd., Yulon Nissan Motor Co., Ltd., a joint venture in Taiwan with Yulon Motor Co., Ltd., Nissan Motor Asia
Pacific Co., Ltd. in Thailand and Renault Nissan Technology and Business Centre India Private Limited in India design and
develop several vehicle models.
Nissan Do Brasil Automóveis Ltda. in South America and Nissan South Africa (Pty) Ltd. in South Africa partially engage
in the development of locally produced vehicles.
Nissan, Mitsubishi Motors Corporation and Renault share respective roles in the development of next-generation
technologies, platforms and powertrains to accelerate their common use in the pursuit of further efficiency in management
resources under the Alliance 2022 mid-term plan released in September 2017. Meanwhile, as for the strategic cooperative
relationship with Daimler AG, the Company is working on sharing powertrains and platforms for common use.

(2) New vehicles under development

In Japan, the Group launched new “NISSAN LEAF” models equipped with the “ProPILOT” autonomous driving technology
in single-lane traffic, “ProPILOT Park” advanced automated parking system and “e-Pedal” function, which allows the driver
to accelerate or decelerate using only the accelerator pedal. The Group mounted the ProPILOT system on the “X-Trail” and
added e-POWER models to the “SERENA.” Overseas, the Group launched the new “NISSAN LEAF,” added a King Cab
model to the “Titan” and mounted the ProPILOT system on the “Rogue” in North America. The Group launched a new
“NISSAN LEAF” model in Europe and the “Terra” frame-based SUV, “Kicks” and “NAVARA” in China. In addition, the
Group launched new models of the “QX50” equipped with a VC-Turbo (variable-compression) engine under the “INFINITI”
brand and the “CROSS” compact cross-over SUV under the “Datsun” brand.

(3) Development of new technologies

As specific initiatives to address environmental issues under the NISSAN GREEN PROGRAM 2022, a mid-term
environmental action plan, we will promote the development of electric vehicles (EVs), technological innovation of
manufacturing, including motorization of vehicles; maximization of the value and utilization of resources and cars; and
innovative technologies and services. We aim to realize the establishment of a new relationship between mobility and people
and society.
As for the “development of EVs,” the sales volume of the “NISSAN LEAF” being launched in 51 countries and regions has
increased steadily. As of March 2018, cumulative global sales totaled 320 thousand units and global sales volume of
NISSAN’s overall EV vehicles including the “e-NV200” model, the “e30” model under the “Venucia” brand and models
under Dongfeng brand surpassed 380 thousand units. In fiscal year 2017, the new “NISSAN LEAF,” with new lithium-ion
batteries onboard, which enable a cruising distance of 400 km (in the JC08 mode), was launched in Japan, the United States
of America and Europe and has been highly acclaimed in every region. In Japan, the new NISSAN LEAF was awarded the
Car Technology of the Year by the JAPAN AUTOMOTIVE HALL OF FAME. It also received the “Best of Innovation
award winners for 2018” at the Consumer Electronics Show 2018 and the “2018 World Green Car” award at the 2018 New
York International Auto Show in the United States of America, and the “Best Electric Car” award at the 2018 What Car?
Awards in Europe. In addition, the “e-NV200,” Nissan’s second EV model, had been launched in 28 countries including
some in Europe and Japan as of March 2018. Its commercial applications have expanded, such as operation of the e-NV200
model as taxis in Barcelona, Spain, and Amsterdam, Netherlands. This model is also used for various commercial purposes
in Japan including shipping services by delivery companies in urban areas and by local municipalities.

- 25 -
In the “motorization of vehicles,” the e-POWER system equipped on the “NOTE” for the first time in fiscal year 2016 has
been extensively adopted for the “SERENA,” which was awarded the ENERGY CONSERVATION GRAND PRIZE for
fiscal year 2017. The e-POWER system offers full electric motor drive, meaning that the wheels are completely driven by
the electric motor. The “NOTE e-POWER” achieved best-in-class fuel economy (*1) compared to conventional hybrid
vehicles under urban conditions in which the vehicles are frequently driven, as optimal driving performance is achieved by
an engine whose sole function is to generate electricity to power its 100% electric motor drive system.
As for “technological innovation of manufacturing,” our VC-Turbo engine, the world's first production-ready variable
compression ratio engine, was equipped onboard the “QX50” under the INFINITI brand. The VC-Turbo engine swiftly
selects the optimum compression ratio with an advanced multi-link system, seamlessly adjusting the piston’s top dead center,
offering power, strong torque and efficiency, on demand.
The Group also focuses on reduction of car body weight by applying new technology. NISSAN has achieved weight
reduction of vehicles with thin body thickness by using high-tensile strength steel, including the adoption of the world’s first
1.2G-class steel that allows the coexistence of high strength and high formability features. The use of high-tensile strength
steel was extended to the “INFINITI Q50” model (“Skyline” in Japan), as well as to the “Murano” model and the “INFINITI
Q60” model in North America, which have been launched previously. We will promote the enhanced use of high-tensile
strength steel and raise its adoption rate to 25% for new model vehicles that will be launched in 2017 and later. During fiscal
year 2017, the Group applied ultra-high-tensile strength steel of the Super-High-Formability (SHF) 980 MPa-class to the
“INFINITI QX50” modela first among global automobile manufacturers. This has realized both improved driving
performance and reduced car body weight.
The Group is also committed to “maximization of the value and utilization of resources and cars.” EV’s fusion with society
by connecting with power transmission lines (“grid”) contributes to optimizing energy supply throughout the grid. At present,
more than 7,000 power conditioner units for EV have been installed in Japan, and EVs are utilized to manage energy
consumption at many households, stores and buildings under the “Vehicle to Home (V2H)” initiative. Moreover, many EVs
are used in Japan, the United States of America and a number of European countries to supply electricity to buildings as part
of the “Vehicle to Building (V2B)” initiative, and the number of participants in this project is increasing. Furthermore,
several proactive initiatives to further enhance EV value are under way, including the use of a smart charge system jointly
with electric power companies and demonstrative experiments for the “Vehicle to Grid (B2G)” initiative.
Regarding safety, the Group aimed to achieve the goal of reducing by half the number of Nissan-automobiles-related deaths
(compared to 1995) by 2015 via the analysis of actual traffic accidents. This goal has been achieved in Japan, the United
States of America and Europe (the United Kingdom). At present, the Group continues to conduct diverse activities targeting
further reducing by half the above number of Nissan-automobiles-related deaths by 2020 in Japan, the United States of
America and Europe (the United Kingdom), with zero fatalities as the ultimate goal. To this end, with a perspective of
reducing the number of traffic accidents, the Group has been promoting the development of a technology that allows the
vehicle to support its passengers to stay away from danger based on “Safety Shield,” which is a sophisticated and positive
approach to safety issues.
In Japan, the “NOTE e-POWER (X grade)” model obtained the highest evaluation (ASV++) under the Japan New Car
Assessment Program (JNCAP). In the United States of America, the “INFINITI QX60,” “Murano,” “Altima,” “Maxima”
and “Pathfinder” models obtained the highest evaluation (5 Star) under the United States New Car Assessment Program
(US-NCAP). In Europe, the “Micra (Safety Pack)” model obtained the highest evaluation (5 Star) under the European New
Car Assessment Program (Euro NCAP).
Moreover, the Company promotes the adoption of the autonomous driving technology that can be expected to significantly
reduce the number of traffic accidents and launched in August 2016 a new “SERENA” model with the ProPILOT technology,
which is designed for highway use in single-lane traffic, onboard. ProPILOT will help ease driver workload by introducing
a combination of accelerator, braking and steering that can be operated in full automatic mode in two scenes: i) driving on
congested roads and ii) long-time cruising. In Japan, the adoption of the ProPILOT was extended onboard to the “X-Trail”
model and the new “NISSAN LEAF” model during 2017. Consequently, the sales volume of models with the ProPILOT
onboard exceeded an aggregate total of 120 thousand units by March 31, 2018. The Group is globally active in extensively
adopting the ProPILOT onboard the new “QX50,” “Rogue” and “NISSAN LEAF” in the United States of America, and
onboard the “NISSAN LEAF” and “Qashqai” in Europe. In the near future, the Group will put the multi-lane control AD
technology into practical use, enabling cars to autonomously change lanes on highways. In addition, the Group publicly
released its schedule to launch 20 vehicle models with the ProPILOT onboard in 20 markets by 2022 and expects the sales
volume of car models with the ProPILOT onboard to exceed one million units annually by 2022. Furthermore, since March
2018, a demonstrative experiment utilizing unmanned, autonomous driving vehicles for “Easy Ride,” a new traffic service
under joint development with DeNA Co., Ltd., has started in the Minato Mirai area in Yokohama-shi, Kanagawa.
The Group will always be actively involved in research and development activities designed to launch new and highly
competitive products on the market and to pioneer advanced technologies for the future with the aim of achieving the targets
in the Nissan M.O.V.E. to 2022.
*1: At the time of launch: 26.2 km/L for the “SERENA e-POWER” (Japanese standards)

- 26 -
3. Equipment and Facilities
1. Overview of capital expenditures
The Group (the Company and its consolidated subsidiaries) invested ¥485.4 billion during this fiscal year, in particular, to
accelerate the development of new products, safety and environmental technology and on efficiency improvement of the
production system.

2. Major equipment and facilities

The Group’s major equipment and facilities are summarized as follows:
Notes: 1. “Other” in net book value consists of tools, furniture and fixtures and construction in progress.
2. “Number of employees” indicates the number of full-time employees. The figures in parentheses represent the
average number of part-time employees during the year ended March 31, 2018, and are not included in the
number of full-time employees.
(1) The Company
(As of March 31, 2018)
Net book value
Number of
Location Address Description Land Buildings Machinery
Other Total employees
Area Amount & structures & vehicles
2
(m ) (Millions of (Millions of (Millions of (Millions of (Millions of (Persons)
yen) yen) yen) yen) yen)
Kanagawa-ku and
Tsurumi-ku, Automobile parts 2,214
Yokohama Plant 505,434 370 25,014 38,491 3,057 66,932
Yokohama-shi, production facilities (784)
Kanagawa
Oppama Plant
Yokosuka-shi, Vehicle production 2,528
(including the 1,844,577 29,150 30,838 18,593 4,586 83,167
Kanagawa facilities (1,017)
Research Center)
Kaminokawa-cho, Vehicle production 3,619
Tochigi Plant 2,912,774 4,289 20,110 31,664 10,864 66,927
Tochigi facilities (1,578)
Nissan Motor
Kanda-machi, Vehicle production 81
Kyushu Co., Ltd. 2,355,196 29,849 28,996 17,735 6,696 83,276
Fukuoka facilities (23)
(Note 1)
Iwaki-shi, Automobile parts 491
Iwaki Plant 205,489 3,545 6,423 13,448 1,584 25,000
Fukushima production facilities (261)
Atsugi-shi and
9,307
Head Office Isehara-shi, R&D facilities 1,356,180 25,419 72,143 28,747 19,175 145,484
(943)
departments and Kanagawa
other Nishi-ku,
1,940
Yokohama-shi, Head office 10,000 6,455 18,503 1,108 2,093 28,159
(232)
Kanagawa
Notes: 1. All of the vehicle production facilities are lent to Nissan Motor Kyushu Co., Ltd., to which manufacturing of the
Company’s products is entrusted.
2. The above table has been prepared based on the location of the equipment.
3. The figures for each plant include those at adjoining facilities for employees’ social welfare, warehouses and
laboratories and the related full-time employees.

(2) Domestic subsidiaries

(As of March 31, 2018)
Net book value
Company Location Address Description Land Buildings Machinery Number of
Other Total
Amount & structures & vehicles employees
Area (Millions (Millions (Millions (Millions (Millions (Persons)
(m2) of yen) of yen) of yen) of yen) of yen)
Automobile
Fuji Office
Fuji-shi, parts 5,190
JATCO Ltd. 1,023,808 16,051 24,133 42,147 21,078 103,409
and other Shizuoka, etc. production (841)
facilities
Hiratsuka-shi, Vehicle
Nissan Shatai Shonan Plant 1,900
Kanagawa, production 649,312 12,166 10,485 18,625 9,923 51,199
Co., Ltd. and other (337)
etc. facilities
Aichi Automobile
Atsuta-ku,
Machine Atsuta Plant parts 1,606
Nagoya-shi, 396,654 26,618 9,457 23,521 5,161 64,757
Industry Co., and other production (315)
Aichi, etc.
Ltd. facilities
Nissan
Yokohama-shi, Facilities for
Network Head office 41
Kanagawa, automobile 3,379,227 366,048 83,013 82 3,883 453,026
Holdings Co., and other (3)
etc. sales, etc.
Ltd.

- 27 -
(3) Foreign subsidiaries
(As of March 31, 2018)
Net book value
Company Location Address Description Land Buildings & Machinery & Number of
Other Total employees
Area Amount structures vehicles
(Millions (Millions (Millions (Millions (Millions (Persons)
(m2)
of yen) of yen) of yen) of yen) of yen)
Production
Production plant for Smyrna, Tennessee, facilities for
Nissan North 16,696
vehicles and parts Canton, Mississippi, vehicles, 25,887,621 8,100 71,401 154,330 182,493 416,324
America, Inc. parts and (8)
and other facilities USA, etc.
others
Production
Production plant for Morelos, Mexico, facilities for
Nissan Mexicana, 12,576
vehicles and parts and Aguascalientes, vehicles, 5,972,997 6,263 22,862 47,922 74,001 151,048
S.A. de C.V. parts and (1,950)
and other facilities Mexico
others
Production
Nissan Motor Production plant for Barcelona, Madrid, facilities for 4,695
vehicles and 591,062 955 16,560 30,271 42,493 90,279
Iberica, S.A. vehicles and parts Spain, etc. (277)
parts
Nissan Motor Sunderland, Tyne Production
Production plant for facilities for 6,749
Manufacturing & Wear, United vehicles and 2,861,491 1,611 19,235 33,404 47,772 102,022
vehicles and parts (1,173)
(UK) Ltd. Kingdom parts
Renault Nissan Oragadam, Production
Production plant for facilities for 5,652
Automotive India Kanchipuram vehicles and 2,468,582 3,120 16,055 43,632 15,465 78,272
vehicles and parts (0)
Private Limited District, India parts
Nissan Motor Bangsaothong, Production
Production plant for facilities for 4,328
(Thailand) Co., Samutpraken, vehicles and 995,164 1,089 6,364 12,957 35,363 55,773
vehicles and parts (35)
Ltd. Thailand parts
Production
Nissan Production plant for facilities for
Sankt-Petersburg, vehicles and 2,102
Manufacturing vehicles and parts 1,650,603 317 11,601 7,311 4,922 24,151
Russia parts and (29)
RUS LLC. and other facilities
others
Production
Production plant for facilities for
Nissan Do Brasil Resende, Rio de vehicles and 2,327
vehicles and parts 2,738,167 3,726 28,259 4,168 17,610 53,763
Automóveis Ltda. Janeiro, Brazil parts and (1)
and other facilities
others
Kota Bukit Indah, Production
PT. Nissan Motor Production plant for facilities for 1,860
Purwakarta, vehicles and 233,327 774 2,313 5,762 5,175 14,024
Indonesia vehicles and parts (464)
Indonesia parts

Note: In addition to the above, other major leased assets are presented as follows:

Major leased assets

Lease Fees
Company Location Address Lessor Description Area (Thousands
(m2) of yen/month)
Information System Atsugi-shi,
Nissan Motor Co., Ltd. Fujitsu Limited Building 24,624 78,658
Center Kanagawa
Nissan Motor Iberica, Zona Franca Association of
Part of the plant site Barcelona, Spain Land 518,000 18,403
S.A. Industrial Area

Notes: 1. Lease fees are presented exclusive of consumption tax.

2. Employees working in or with the leased assets are included in “Major equipment and facilities” above.
Information by reportable segments
Net book value
Number of
Reportable segments Land Buildings & Machinery &
Other employees
Amount structures vehicles Total
Area
(m2) (Millions (Millions (Millions (Millions (Millions (Persons)
of yen) of yen) of yen) of yen) of yen)
3,771
Sales finance 24,374 34 2,095 2,634,609 4,837 2,641,575
(100)

Note: There was no major idle equipment or facility at present.

3. Plans for new additions or disposals

(1) New additions and renovations
In fiscal year 2018 (From April 1, 2018 To March 31, 2019), the Group plans to invest ¥540.0 billion in capital expenditures,
which will be financed out of its own funds.
(2) Disposals and sales
Except for disposals and sales conducted in the course of the Group’s routine renewal of its equipment and facilities, there
is no plan for significant disposals or sales.

- 28 -
4. Corporate Information
1. Information on the Company’s shares

(1) Number of shares and other

1) Number of shares
Number of shares authorized to be
Type
issued
Common stock 6,000,000,000

Total 6,000,000,000

2) Number of shares issued

Number of shares issued
Stock exchanges on
Type As of June 28, 2018 which the Company is Description
As of March 31,
(filing date of this listed
2018
Securities Report)
The number of shares
First Section of the
Common stock 4,220,715,112 4,220,715,112 constituting a standard
Tokyo Stock Exchange
unit is 100
Total 4,220,715,112 4,220,715,112 — —

- 29 -
(2) Status of the share subscription rights
1) Stock option plans
The Company has adopted a stock option plan (the “Plan”) under which share subscription rights are granted to employees
of the Company in accordance with the Corporate Law.
The details of the Plan which were approved at the annual general meetings of the shareholders are summarized as follows:
The Plan under Articles 236, 238 and 239 of the Corporate Law
Resolution at 108th annual general meeting of the shareholders:
Date for resolution June 20, 2007
Individuals covered by the Plan and number
Employees of the Company 121
of individuals
Number of share subscription rights *1 4,991 units [―]
Type of shares to be issued upon the exercise
Common stock: 499,100 shares [―]
of the share subscription rights and number
The number of shares constituting a standard unit is 100.
of shares *1
Amount to be subscribed upon the exercise
¥97,500 (¥975 per share) *2
of the share subscription rights *1
Exercise period *1 From May 17, 2010 To April 23, 2018
Upon the exercise of the share subscription
Issue price: ¥975
rights, issue price and amount per share to
Amount per share to be credited to common stock: ¥488
be credited to common stock (Yen) *1
Conditions for the exercise of the share  Partial exercise of each share subscription right is not allowed.
subscription rights *1  Individuals to whom the share subscription rights are granted (the
“Holders”) must continue their service with the Company or its
subsidiaries or affiliates in the state of being employed or entrusted until
the share subscription rights become exercisable.
 The Holders shall achieve their own predetermined performance targets.
 A Holder shall not be able to exercise his/her share subscription rights in
case he/she violates any applicable laws or various internal rules of the
Company, etc.
 A Holder shall not be able to exercise his/her share subscription rights in
case he/she is subject to a disciplinary action equivalent to or more
serious than a suspension of attendance, which is stipulated in the
Working Regulations of the Company, etc.
 A Holder shall not be able to exercise his/her share subscription rights in
case he/she abandons the share subscription rights.
The details concerning conditions  to  above and certain other conditions
shall be as set forth in the “Share subscription rights Allocation Agreement”
executed and entered into by and between the Company and each Holder
based on a resolution of the Board of Directors.
Transfer of share subscription rights *1 Any and all transfers of share subscription rights must be approved by the
Board of Directors of the Company.
Matters relating to the issuance of share
subscription rights as a result of —
organizational restructuring action *1
*1 The table above describes the Plan details at the end of the current fiscal year (March 31, 2018). The changes made from the
end of the current fiscal year to the end of the month preceding the filing date of this Securities Report (May 31, 2018) are
noted in [ ], and they are as of the end of the month preceding the filing date of this Securities Report. The exercise period
ended as of April 23, 2018, and there were no relevant matters at the end of the month preceding the filing date of this
Securities Report.
*2 If either of the cases 1) or 2) below takes place on or after the date for issuance, the exercise price shall be adjusted by
applying the following formula (hereinafter the “Exercise Price Adjustment Formula”), respectively, with the resulting
fractions less than ¥1 to be rounded up.
1) If the Company conducts a stock split or a reverse stock split for the Company shares of common stock:
Adjusted exercise price = Exercise price before adjustment × 1
Ratio of stock split/reverse stock split
2) If the Company issues shares of common stock or disposes of its treasury stock at prices less than the then-current market price
(excluding cases of i) the purchase of treasury stock of shares under Article 194 (Request from shareholders who own stocks of
less than a standard unit against the Company to sell shares so that such shareholder’s shares become one unit of shares) of the
Corporate Law, ii) conversion of securities to be converted or convertible to the Company’s shares of common stock or iii) share
subscription rights with which the holder can request issuance of the Company’s shares of common stock) (including those attached
to the bonds with share subscription rights)).
Adjusted Exercise Number of shares Number of shares to be issued × Exercise price per share
+
exercise = price before × already issued Market price per share
price adjustment Number of shares already issued + Number of shares to be issued

- 30 -
 2) Right plans
Not applicable

3) Other share subscription rights

Not applicable

(3) Exercise status of bonds with share subscription rights containing a clause for exercise price adjustment
Not applicable

(4) Changes in the number of shares issued and the amount of common stock and other
Changes in the Balance of the Changes in Balance of
Changes in Balance of
number of shares number of shares additional paid additional paid
Period issued issued
common stock common stock
-in capital -in capital
(Thousands) (Thousands) (Millions of yen) (Millions of yen) (Millions of yen) (Millions of yen)
From April 1, 2015 To
(26,000) 4,494,715 ― 605,813 ― 804,470
March 31, 2016 (Note)
From April 1, 2016 To
(274,000) 4,220,715 ― 605,813 ― 804,470
March 31, 2017 (Note)
Note: Decrease due to retirement of treasury stock

(5) Details of shareholders

(As of March 31, 2018)
Status of shares (1 unit = 100 shares)
Foreign Foreign Stocks of
National and
Classification Financial Securities Other shareholders shareholders Individuals less than a
local Total
institutions companies corporations (other than (individuals and other standard unit
governments
individuals) only)
Number of
shareholders ― 206 59 2,296 898 547 442,871 446,877 ―
(Persons)
Number of
shares held ― 7,356,863 847,725 909,901 26,495,557 15,540 6,575,743 42,201,329 582,212
(Units)
Shareholding
― 17.43 2.01 2.16 62.78 0.04 15.58 100.00 ―
Ratio (%)
Note: Treasury stock of 28,426,038 shares is included in “Individuals and other” at 284,260 units, and in “Stocks of less than
a standard unit” at 38 shares.

- 31 -
 (6) Principal shareholders
(As of March 31, 2018)
Number of shares
(excluding
Number of treasury stock)
Name Address shares held held as a
percentage of
total shares issued
(Thousands) (%)
13-15 QUAI ALPHONSE LE GALLO
Renault S.A. 92100 BOULOGNE BILLANCOURT,
(Standing agent: Settlement & Clearing Services FRANCE 1,831,837 43.7
Division, Mizuho Bank, Ltd.) (Shinagawa Intercity A Bldg., 2-15-1
Konan, Minato-ku, Tokyo)
THE CHASE MANHATTAN BANK, N.A., WOOLGATE HOUSE, COLEMAN
LONDON SPECIAL ACCOUNT NO. 1 STREET, LONDON EC2P 2HD,
(Standing agent: Settlement & Clearing Services ENGLAND 144,346 3.4
Division, Mizuho Bank, Ltd.) (Shinagawa Intercity A Bldg., 2-15-1
(Note) Konan, Minato-ku, Tokyo)
The Master Trust Bank of Japan, Ltd. 2-11-3 Hamamatsu-cho, Minato-ku,
128,846 3.1
(Trust account) Tokyo
Japan Trustee Services Bank, Ltd.
1-8-11 Harumi, Chuo-ku, Tokyo 109,318 2.6
(Trust account)
Japan Trustee Services Bank, Ltd.
1-8-11 Harumi, Chuo-ku, Tokyo 59,204 1.4
(Trust account 9)
1-6-6 Marunouchi, Chiyoda-ku, Tokyo
Nippon Life Insurance Company (Nippon Life securities management
(Standing agent: The Master Trust Bank of portion) 54,029 1.3
Japan, Ltd.) (2-11-3 Hamamatsu-cho, Minato-ku,
Tokyo)
Japan Trustee Services Bank, Ltd.
1-8-11 Harumi, Chuo-ku, Tokyo 45,070 1.1
(Trust account 5)
STATE STREET BANK WEST CLIENT - 1776 HERITAGE DRIVE, NORTH
TREATY 505234 QUINCY, MA 02171, U.S.A.
40,397 1.0
(Standing agent: Settlement & Clearing Services (Shinagawa Intercity A Bldg., 2-15-1
Division, Mizuho Bank, Ltd.) Konan, Minato-ku, Tokyo)
Japan Trustee Services Bank, Ltd.
1-8-11 Harumi, Chuo-ku, Tokyo 33,880 0.8
(Trust account 7)
Japan Trustee Services Bank, Ltd.
1-8-11 Harumi, Chuo-ku, Tokyo 33,492 0.8
(Trust account 1)
Total ― 2,480,419 59.2

Note: Daimspain, S.L. substantially holds 140,142 thousand shares of the Company although those shares are in custody of
THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO. 1 on the shareholders’ register.

- 32 -
(7) Status of voting rights

1) Shares issued
(As of March 31, 2018)
Number of shares Number of voting rights
Classification Description
(Shares) (Units)
(Treasury stock)
Common stock ― ―
Shares with full voting rights 28,426,000
(Treasury stock, etc.) (Crossholding stock)
Common stock ― ―
238,800
Shares with full voting rights Common stock
41,914,681 ―
(Others) 4,191,468,100
Stocks of less than a standard Common stock
― ―
unit 582,212
Total shares issued 4,220,715,112 ― ―

Total voting rights held by all

― 41,914,681 ―
shareholders
Note: “Stocks of less than a standard unit” include 38 shares of treasury stock and 30 crossholding shares.

Crossholding stocks of less than a standard unit (As of March 31, 2018)
Shareholder Number of shares

Kai Nissan Motor Co., Ltd. 30

2) Treasury stock, etc.

(As of March 31, 2018)
Number of Number of
shares held shares held % of
Shareholders Addresses of shareholders Total
under own under the interest
name names of others
Shares Shares Shares %
Treasury stock: 2 Takara-cho, Kanagawa-ku, Yokohama-
shi, Kanagawa
28,426,000 ― 28,426,000 0.67
Nissan Motor Co., Ltd.
Crossholding stock:
Kochi Nissan Prince Motor Sales Co.,
Ltd.
2-21 Asahi-cho, Kochi-shi, Kochi 105,600 ― 105,600 0.00

Kai Nissan Motor Co., Ltd. 706 Kamiimai-cho, Kofu-shi, Yamanashi 37,800 44,900 82,700 0.00
1-1-8 Hanazono-cho, Takamatsu-shi,
Kagawa Nissan Motor Co., Ltd.
Kagawa
4,800 100 4,900 0.00

NDC Sales Co., Ltd. 2-39-1 Mimomi, Narashino-shi, Chiba 45,600 ― 45,600 0.00

Total 28,619,800 45,000 28,664,800 0.68

Note: The shares included in “Number of shares held under the names of others” represents those held by Nissan’s
crossholding share association (address: 1-1-1 Takashima, Nishi-ku, Yokohama-shi, Kanagawa). (Fractional
numbers under 100 have been omitted.)

- 33 -
2. Acquisition of treasury stock

Type of shares: Acquisition of shares of common stock under Article 155, Item 7 of the Corporate Law

(1) Acquisition of treasury stock based on a resolution approved at the annual general meeting of the shareholders
Not applicable

(2) Acquisition of treasury stock based on a resolution approved by the Board of Directors
Not applicable

(3) Acquisition of treasury stock not based on a resolution approved at the annual general meeting of the shareholders or
on a resolution approved by the Board of Directors

Number of shares Total amount

Classification
(Thousands) (Millions of yen)
Treasury stock acquired during the current fiscal year 6 6

Treasury stock acquired during the period for

1 0
acquisition
Note: “Treasury stock acquired during the period for acquisition” does not include the number of stocks of less than a
standard unit purchased during the period from June 1, 2018, to the filing date of this Securities Report.

(4) Current status of the disposition and holding of acquired treasury stock
Current fiscal year Period for acquisition
Total Total
Number of disposition Number of disposition
Classification
shares amount shares amount
(Thousands) (Millions of (Thousands) (Millions of
yen) yen)
Acquired treasury stock for which subscribers
― ― ― ―
were solicited
Acquired treasury stock that was disposed of ― ― ― ―
Acquired treasury stock for which transfer of
shares was conducted in association with ― ― ― ―
merger/stock exchange/corporate separation
Other (Acquired treasury stock that was
disposed of instead of issuing shares due to 1,392 1,407 ― ―
the exercise of share subscription rights)
Number of shares of treasury stock held 28,426 ― 28,427 ―

- 34 -
3. Dividend policy

The Company positions the return of profits to shareholders as one of the most important management policies, and
adherence to a globally competitive dividend standard is Nissan’s strategy as well as a key that defines its relationship with
shareholders.
The Company’s basic policy on the distribution of dividends from surplus is twice annually, that is, an interim dividend
and a year-end dividend, as the Company has determined in its articles of association that the Company may distribute
interim dividends as stipulated in Article 454, Paragraph 5, of the Corporate Law. The final decision-making organization
is the Board of Directors for the interim dividend, and a general meeting of the shareholders for the year-end dividend.
As for the distribution of dividends from surplus for the year ended March 31, 2018, the Company’s interim dividend was
¥26.5 per share and the year-end dividend was ¥26.5 per share. As a result, the Company’s annual dividend was ¥53 per
share.
The Company intends to apply its internal reserve to preparations for future business development and R&D costs.

Note: Dividends from surplus for which the record date belongs to the fiscal year ended March 31, 2018, are as follows:
Total dividend amount
Date of resolution Dividend per share (Yen)
(Millions of yen)
Board of Directors meeting held on
103,658 26.5
November 8, 2017
Annual general meeting of the
103,627 26.5
shareholders held on June 26, 2018
Note: Total dividends were obtained by deducting the amount corresponding to the equity of Renault shares held by the Company.

4. Changes in the market price of the Company’s shares

(1) Highest and lowest prices during the past five years

115th 116th 117th 118th 119th

fiscal year fiscal year fiscal year fiscal year fiscal year
Year-end March 2014 March 2015 March 2016 March 2017 March 2018

Highest (Yen) 1,250 1,303.5 1,350.0 1,220.0 1,197.0

Lowest (Yen) 824 856.0 923.3 893.1 996.2

Note: The above prices are those quoted on the First Section of the Tokyo Stock Exchange.

(2) Highest and lowest prices during the past six months

Month October 2017 November December January 2018 February March

Highest (Yen) 1,114.5 1,121.5 1,130.0 1,197.0 1,178.0 1,131.5

Lowest (Yen) 1,054.5 1,060.5 1,076.5 1,128.0 1,103.5 1,073.5

Note: The above prices are those quoted on the First Section of the Tokyo Stock Exchange.

- 35 -
5. Members of the Board of Directors and Statutory Auditors

12 males, 1 female (female ratio of 8%), 9 Japanese, 4 Foreigners.

Term of Number of
Name
Function Position Career profile office shares owned
(Date of birth)
(period) (Thousands)
Represent- Carlos Ghosn 1996 October Joined Renault
ative (March 9, 1954) 1996 December Executive Vice President of Renault
Director, 1999 June Director and COO of the Company
Director 2000 June President and COO of the Company
Chairman 2001 June President and CEO of the Company
2003 June Co-Chairman, President and CEO of the Company
2005 April President and CEO of Renault
President and Chairman of Renault Nissan B.V. Two
2008 June Chairman, President and CEO of the Company years
2009 May Chairman and CEO of Renault (Current position) from 3,139
June
2016 December Director and Chairman of Mitsubishi Motors
2017
Corporation (Current position)
2017 April Director and Chairman of the Company (Current
position)
2017 May Chairman and CEO of Renault Nissan B.V.
(Current position)
2017 June Chairman and CEO of Nissan- Mitsubishi B.V.
(Current position)
Represent- CEO Hiroto Saikawa 1977 April Joined the Company
ative (November 14, 2000 October General Manager of Purchasing Strategy Dept. of
Director, 1953) the Company
Director 2003 April Senior Vice President of the Company
President 2005 April Executive Vice President of the Company
2005 June Director and Executive Vice President of the
Company Two
2006 May Director of Renault years
2013 April Director, Executive Vice President and CCO of the from 48
Company June
2014 April Director and CCO of the Company 2017
2015 June Director, Vice Chairman and CCO of the Company
2016 November Co-CEO of the Company
2017 April Director, President and CEO of the Company
(Current position)
2017 June Director of Nissan- Mitsubishi B.V. (Current
position)
Represent- Greg Kelly 1988 March Joined Nissan North America, Inc.
ative (September 15, 1993 August Director of Personnel Dept., Nissan North America,
Director 1956) Inc.
2000 April Senior Director of Personnel Dept., Nissan North
America, Inc.
Two
2005 October Vice President (in charge of personnel and
years
organizational development) of Nissan North
from 1
America, Inc.
June
2008 April Corporate Vice President of the Company
2017
2009 April Senior Vice President of the Company
2012 June Director and Senior Vice President of the Company
2014 April Director and Alliance EVP, Senior Vice President
of the Company
2015 February Director of the Company (Current position)
Director Executive Hideyuki 1980 April Joined the Company
Vice Sakamoto 2005 April Project Manager of Vehicle Design Engineering
Two
President (April 15, 1956) Dept. No.3 of the Company
years
2008 April Corporate Vice President of the Company
from 28
2012 April Senior Vice President of the Company
June
2014 April Executive Vice President of the Company
2017
2014 June Director and Executive Vice President of the
Company (Current position)

- 36 -
 Term of Number of
Name
Function Position Career profile office shares owned
(Date of birth)
(period) (Thousands)
Director Toshiyuki Shiga 1976 April Joined the Company
(September 16, 1999 July General Manager of Corporate Planning Dept.
Two
1953) and Alliance Coordination Office of the Company
years
2000 April Senior Vice President of the Company
from 110
2005 April COO of the Company
June
2005 June Director and COO of the Company
2017
2013 November Director and Vice Chairman of the Company
2017 June Director of the Company (Current position)
Director Jean-Baptiste 1982 September Joined Renault Two
Duzan 1992 January Senior Vice President of Renault years
(September 7, 2009 June Retired from Renault from 1
1946) 2009 June Director of the Company (Current position) June
2017
Director Bernard Rey 1988 Project Director of Renault
(September 6, 1998 Officer in charge of International Dept. of Renault Two
1946) 1999 April Vice President of the Company years
2000 April Senior Vice President of the Company from 1
2007 April Senior Vice President of Renault June
2011 November Retired from Renault 2017
2014 June Director of the Company (Current position)
Director Keiko Ihara 2013 January Fédération Internationale de l'Automobile (FIA)
(July 4, 1973) Asian representative for the Women in
Motorsports Commission and female
representative for the FIA Drivers Commission
(Current position)
2015 April Member of Industrial Structure Council, Japan
Ministry of Economy, Trade and Industry (Current One year
position) from
―
2015 July Member of Japan House Advisory Board, Japan June
Ministry of Foreign Affairs (Current position) 2018
2015 September Guest Associate Professor at Keio University
Graduate School of Media Design (KMD)
(Current position)
2016 June Outside Director of SOFT99 corporation (Current
position)
2018 June Director of the Company (Current position)
Director Masakazu 1973 April Joined Ministry of International Trade and Industry
Toyoda 2003 August Director-General, Commerce and Information
(June 28, 1949) Policy Bureau of Ministry of Economy, Trade and
Industry (METI)
2006 July Director General, Trade Policy Bureau, METI
2007 July Vice-Minister for International Affairs, METI
2008 August Secretary-General, The Cabinet Secretariat’s One year
Strategic Headquarters for Space Policy from
―
2008 November Special Advisor to the Cabinet June
2010 July Chairman & CEO, Institute of Energy Economics, 2018
Japan (Current position)
2011 June Outside Auditor of Nitto Denko Corporation
(Current position)
2015 March Outside Director of CANON ELECTRONICS INC.
(Current position)
2018 June Director of the Company (Current position)
Statutory Standing Hidetoshi Imazu 1972 April Joined the Company
Auditor (May 15, 1949) 1998 April General Manager, Chassis Engineering Div. of the
Company
Four
2002 April Senior Vice President of the Company
years
2007 April Executive Vice President of the Company
from 65
2007 June Director and Executive Vice President of the June
Company 2018
2014 April Director of the Company
2014 June Statutory Auditor of the Company (Current
position)

- 37 -
 Term of Number of
Name
Function Position Career profile office shares owned
(Date of birth)
(period) (Thousands)
Statutory Standing Motoo Nagai 1977 April Joined Industrial Bank of Japan, Limited
Auditor (March 4, 1954) 2005 April Executive Officer of Mizuho Corporate Bank, Ltd.
2007 April Managing Executive Officer of Mizuho Corporate
Four
Bank, Ltd.
years
2011 April Deputy President (Executive Officer) of Mizuho
from 7
Trust & Banking Co., Ltd.
June
2011 June Deputy President (Executive Officer and Director)
2018
of Mizuho Trust & Banking Co., Ltd.
2014 June Statutory Auditor of the Company (Current
position)
Statutory Standing Tetsunobu Ikeda 1977 April Joined The Bank of Yokohama, Ltd.
Auditor (January 30, 2004 June Executive Officer, The Bank of Yokohama, Ltd.
1955) 2007 June Representative Director, The Bank of Yokohama,
Ltd. Four
years
2008 November Director and President of Hamagin Tokai Tokyo
from ―
Securities Co., Ltd.
June
2015 April Director and President of Sky Ocean Asset
2018
Management Co., Ltd.
2018 June Statutory Auditor of the Company (Current
position)
Statutory Part-time Shigetoshi 1964 April Joined The Sanwa Bank, Limited
Auditor Andoh 1990 June Director of The Sanwa Bank, Limited
(March 30, 1993 December Managing Director of The Sanwa Bank, Limited
1942) 1996 June Senior Managing Director of The Sanwa Bank,
Limited Four
1999 July Director and President of TOYO KOGYO Co., Ltd. years
2001 June Director and Executive Vice President of Nippon from 17
Shinpan Co., Ltd. June
2002 November Chairman of Nippon Shinpan Co., Ltd. 2016
2004 June Chairman of Hitachi Zosen Corporation
2010 June Counselor of Hitachi Zosen Corporation
2012 June Statutory Auditor of the Company (Current
position)

Total 3,417

Notes: 1. Jean-Baptiste Duzan, Keiko Ihara and Masakazu Toyoda are outside directors of the Company.
2. Tetsunobu Ikeda, Motoo Nagai and Shigetoshi Andoh are outside statutory auditors.
3. The Company sets up a Corporate Officer system in order to revitalize the Board of Directors by segregating decision-making and control
functions from the executive functions and to enable capable individuals to be appointed based solely on their ability.
The number of Corporate Officers is 51, consisting of 27 Japanese and 24 foreigners, of which two are women (female ratio of 4% of the corporate
officers), and including the 3 directors listed above (Carlos Ghosn, Hiroto Saikawa and Hideyuki Sakamoto). The 48 other members are as follows:
Hiroshi Karube (CFO); Philippe Klein (CPLO); Jose Munoz (CPO); Yasuhiro Yamauchi (CCO); Christian Vandenhende, Tsuyoshi Yamaguchi
and Daniele Schillaci (Executive Vice Presidents); Hitoshi Kawaguchi, Takao Asami, Jun Seki, Jose Luis Valls, Takashi Hata, Roland Krueger,
Arun Bajaj, Asako Hoshino, Rakesh Kochhar, Hari Nada, Noboru Tateishi, Alfonso Albaisa, Peyman Kargar, Denis Le Vot, Gianluca De
Ficchy, Kunio Nakaguro, Atul Pasricha and Makoto Uchida (Senior Vice Presidents); Joji Tagawa, Yusuke Takahashi, Roel De Vries, Tony
Laydon, Mitsuro Antoku, Toshihiro Hirai, Hiroshi Nagaoka, Akihiro Otomo, Kent O’Hara, Leon Dorssers, Atsuhiko Hayakawa, Yoshikazu
Nakai, Kinichi Tanuma, Haruhiko Yoshimura, Yukio Ito, Catherine Perez, Jose Roman, Carlos Servin, Tony Thomas, Seiji Honda, Eiichi
Akashi, Ivan Espinosa and Shohei Yamazaki (Corporate Vice Presidents), and Haruyoshi Kumura and Shunichi Toyomasu as Fellows.

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6. Corporate governance

(1) Status of corporate governance

Basic corporate governance policy
Corporate governance is one of the important responsibilities of the Company’s management, and its most important role is to
clarify the duties and responsibilities of the members of the management team. At the Company, clear management objectives
and policies are published for the benefit of the shareholders and investors, and achievements and results are announced early
and with as much transparency as possible. The enhancement of corporate governance by full and fair disclosure is the
responsibility of management.

a) Corporate governance system

(1) Summary of the Company’s corporate governance system and the reason for adopting this system
The Company adopts a corporate governance system, under which oversight by the Board of Directors and audits by the
Statutory Auditors shall be executed, and a Corporate Officer system for the purpose of pursuing transparency and
improving of flexibility, clarifying managerial responsibility and ensuring appropriate supervision to and audits of Directors’
execution of duties.
The Company’s Board of Directors makes decisions on important business operations and supervises the execution of
duties by the respective Directors. The number of Directors is nine (9), of which three (3) are Outside Directors. The
structure of the Board of Directors is simplified in the pursuit of more efficient and flexible management, and the authority
for business execution is clearly delegated as much as possible to corporate officers and employees. Furthermore, several
conference bodies have been established to deliberate and discuss important corporate matters and the execution of daily
business affairs.
The Company has established the Board of Statutory Auditors, which consists of four (4) Statutory Auditors including three
(3) Outside Statutory Auditors, to properly audit the execution of Directors’ duties. Three (3) of the four (4) Statutory
Auditors are full-time Statutory Auditors. Three (3) of them are highly independent.
(2) Status of the Company’s internal control systems
The Company focuses on highly transparent management internally and externally, and aims to conduct consistent and
efficient management to firmly achieve its specific commitments. Under this basic policy, the Company’s Board of
Directors has resolved “systems to ensure proper and appropriate corporate operations of the Company and its group
companies” in accordance with the Corporate Law and the Corporate Law Enforcement Regulations, and appointed a
Director or Directors who are in charge of internal control system. The summary and status of such systems are as follows.
i) Systems to ensure efficient and management of business activities by the Directors
a. The Company has a Board of Directors, which decides material business activities of the Company and oversees the
activities of the individual Directors. In addition, Statutory Auditors who comprise the Board of Auditors audit the
activities of the Directors.
b. The Company’s Board of Directors is relatively small, so it is structured with a transparent and logical system of
delegation is implemented, by which the authority to perform business activities are properly delegated to corporate
officers and other employees.
c. The Company uses a proven system of an Executive Committee where key issues such as business strategies, important
transactions and investments are reviewed and discussed, as well as other committee meetings where operational
business issues are reviewed and discussed.
d. For review and discussion of the regional and specific business area operations, the Company utilizes Management
Committees.
e. In order to promote cross functional activities, cross functional teams - CFTs - are organized. CFTs detect problems
and challenge and propose solutions to line organizations.
f. The Company implements an objective and transparent Delegation of Authority procedure for the purpose of speeding
up and clarifying the decision making processes as well as ensuring consistent decisions.
g. The Company ensures the efficient and effective management of its business by determining and sharing management
policy and business direction through establishment of the mid-term management plan and the annual business plan.
ii) Systems to ensure compliance of Directors’ and employees’ activities with Laws and articles of association
a. The Company implements the “Global Code of Conduct”, which explains acceptable behaviors of all employees
working at the group companies of the Company worldwide and promotes understanding of our rules of conduct.
b. In order to ensure rigorous and strict compliance with the code of conduct, the Company and its group companies offer
educational programs such as an e-learning system.
c. With regard to members of the Board of Directors as well as corporate officers of the Company, the Company establishes
“Guidance for Directors and Corporate Officers regarding Compliance”, which explains the acceptable behaviors of the
members of the Board of Directors and the corporate officers.
d. The Company stands firm and take appropriate actions against anti-social forces or groups. If any Director, corporate
officer or employee is approached by such forces or groups, the said individual shall promptly report such matter to
his/her superiors and specific committee, and shall follow their instructions.

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 e. All Directors, corporate officers and employees are encouraged to use good conduct, and to neither directly nor
indirectly, be involved in any fraud blackmail or other improper or criminal conduct. In cases of becoming aware of
any such impropriety or illegal activity, or the risk thereof, in addition to acting resolutely against it, he/she shall
promptly report such matter to his/her respective superiors and specific committee, and shall follow their instructions.
f. For the purpose of monitoring and ensuring compliance with the code of conduct, the Company establishes the Global
Compliance Committee.
g. The Company implements a hotline system with internal and external points of contact, by which the employees are
able to submit their opinions, questions and requests, as well as report an act that may be suspected as a violation of
compliance, freely and directly to the Company’s management.
h. The Company is committed to continually implementing relevant company rules, including, for example, the “Global
Rules for the Prevention of Insider Trading” and the “Rules for the Protection of Personal Information”. The Company
continually offers education programs to employees as part of its program to promote the understanding and compliance
with such corporate rules.
i. The Company is committed to improve and enhance the internal control systems to ensure accuracy and reliability of
its financial reports in accordance with the Financial Instruments and Exchange Law together with its related rules and
standards.
j. The Company establishes a department specialized in internal audit for the purpose of regularly monitoring the Company
and Group companies’ businesses and their compliance with laws, their respective articles of association and the codes
of corporate conduct.
k. Diverse activities related to the Renault-Nissan alliance including those regarding the jointly operated functions are
conducted under the direction and oversight of the Board of Directors, the Executive Committee and the relevant
Corporate Officers of the Company. The relevant decision making is conducted based on the “Delegation of Authority”
procedures by the Board of Directors, the relevant Corporate Officers or employees of the Company in accordance with
the applicable laws and regulations.
iii) Rules and systems for proper management of risk and loss
a. The Company minimizes the possibility of occurrences of risk and, if they occur, mitigates the magnitude of losses by
sensing such risks as early as possible and implementing appropriate countermeasures. In order to achieve such
objectives, the Company and its Group companies implement the “Global Risk Management Policy.”
b. Management of material company-wide risks is assigned primarily to the members of the Risk Management Committee,
who are responsible to implement necessary measures such as preparing relevant risk management manual.
c. Concerning the management of other specific business risks beyond those supervised directly by the Risk Management
Committee, they are handled by each manager in the business function who will evaluate, prepare and implement the
necessary measures to minimize such risks.
iv) Systems to ensure accurate records and the retention of information of Directors’ execution of business
a. The Company prepares full and accurate minutes of meetings of the Board of Directors of the Company in accordance
with laws and the board regulations and ensures they are retained and managed in a secure environment.
b. In performing business activities by various divisions and departments, matters to be decided pursuant to the
“Delegation of Authority” are decided by either electronic system or written documents, and are retained and managed
either electronically or in writing.
c. While the departments in charge are responsible for proper and strict retention and management of such information,
Directors, Statutory Auditors and others of the Company have access to any records as required for the purpose of
performing their business activities.
d. The Company works to streamline the “Information Security Policy” and a “Global Information Management Policy,”
enhance proper and strict retention and management of information and prevent improper use of information and
unintended disclosure of such information. Furthermore, the Company has an Information Security Committee which
is engaged in overall management of information security in the Company and makes decisions on information security
matters.
v) Systems to ensure proper and legitimate business activities of the group companies
(A) Systems to ensure the efficient execution and management of business activities by Directors of the group companies
a. The Company establishes various Management Committees which are trans-group organizations in order to ensure
proper, efficient and consistent Group management.
b. In management committee meetings, the Company provides group companies with important information and shares
with them management policies; this ensures that the business decisions of all group companies are made efficiently
and effectively.
c. The group companies implement an objective and transparent Delegation of Authority procedures.
(B) Systems to ensure compliance of activities of Directors and employees of the group companies to laws and regulations
and articles of association
a. Group companies implement each company’s code of conduct in line with the Global Code of Conduct, establish a
compliance committee and ensure full compliance with all laws and our corporate code of conduct. The Global
Compliance Committee regularly monitors these companies and works to ensure further strict compliance with laws,
the articles of association and the corporate behavior. In addition, group companies implement a hotline system which
ensures that employees are able to directly communicate to the group company or to the Company directly their opinions,
questions and requests.

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 b. The internal audit department of the Company periodically carries out local audits on the business of group companies
for the purpose of monitoring and confirming legal compliance, relevant articles of association as well as management
of business risks. Major group companies establish their own internal audit departments and perform internal audits
under the supervision of the Company’s internal audit department.
c. The Company’s Statutory Auditors and group companies’ Statutory Auditors have periodic meetings to share
information and exchange opinion for the purpose of ensuring effective auditing of the group companies.
d. In particular, the scope and frequency of internal audits and other monitoring activities on the business of the group
companies may vary reasonably because of, for example the size, nature of the business, and materiality of such group
companies.
(C) Rules and systems for proper management of risk and loss of the group companies
a. The group companies implement the Global Risk Management Policy.
b. Management of risks related to the group companies that might have an impact on the entire Group is assigned mainly
to the members of the Risk Management Committee, who are responsible to implement specific measures.
c. Concerning the management of other risks related to the group companies, each group company is responsible to
monitor, manage and implement the necessary measures to minimize such risks.
(D) Systems for Directors of the group companies to report business activities to the Company
The Company requests the group companies to report and endeavors to maintain certain important business matters of the
group companies, through multiple routes, including, (i) the systems stated in (A) through (C) above and (ii) relations and
cooperation between each function of the Company and the corresponding function of the other group companies.

vi) Organization of employee(s) supporting the Company’s Statutory Auditors, systems showing their independence from the
Company’s Directors, and systems to ensure effectiveness of the Company’s Statutory Auditors’ instruction to them
a. The Company has the Auditors’ Office to support the activities of the Company’s Statutory Auditors. Dedicated
manager(s) is assigned and performs his/her duties under the supervision and responsibility of the Statutory Auditors.
b. The Statutory Auditors make appraisal of dedicated manager’s performance, and his/her move to another department
and his/her disciplinary action are subject to prior approval of the Board of Statutory Auditors.
vii) Systems to report business issues to the Company’s Statutory Auditors and systems to ensure to prevent disadvantageous
treatment of those who made such report
(A) Systems for the Company’s Directors and employees to report business issues to the Company’s Statutory Auditors
a. The Company’s Statutory Auditors determine their annual audit plan and perform their audit activities in accordance
with that plan. The annual audit plan includes schedules of reports by various divisions. Directors and employees make
reports in accordance with the annual audit plan.
b. When the Company’s Directors detect any incident which could have a materially negative impact on the Company,
they are required to immediately report such incidents to the Company’s Statutory Auditors.
c. In addition, the Company’s Directors and employees are required to make an ad-hoc report to the Company’s Statutory
Auditors regarding the situation of business activities when so requested.
d. The internal audit department periodically reports to the Company’s Statutory Auditors its internal audit plan and the
results of the internal audits performed.

(B) Systems for Directors, Statutory Auditors and employees of the group companies and those who received a report from the
group companies to report business issues to the Company’s Statutory Auditors
a. The Company’s Statutory Auditors and group companies’ Statutory Auditors have periodic meetings to share information
and exchange opinions for the purpose of ensuring effective auditing of group companies and group companies’ Statutory
Auditors report the matters which could affect the entire group and other matters to the Company’s Statutory Auditors.
b. Directors and employees of the group companies promptly make a report to the Company’s Statutory Auditors regarding
the situation of business activities when so requested by the Company’s Statutory Auditors.
c. The Company’s Directors and employees (including, those in the internal audit department), as stated in (A) of this Section,
report to the Company’s Statutory Auditors business activities of each group company reported through the systems
mentioned in Section v) above.

(C) Systems to ensure to prevent disadvantageous treatment of those who made a report as stated in (A) and (B) above on the
basis of making such report
The Company prohibits disadvantageous treatment of those who made a report as stated in i) and ii) above on the basis of
making such report. The Company takes the necessary measures to protect those who made such report and takes strict actions,
including, disciplinary actions, against Directors and employees of the Company and its group companies who gave
disadvantageous treatment to those who made such report.

viii) Policy for payment of expenses or debt with respect to the Company’s Statutory Auditors’ execution of their duties, including
the procedures of advancement or reimbursement of expenses
In accordance with Corporate Law, the Company promptly makes advance payment of expenses or makes payment of debt
with regard to the Company’s Statutory Auditors’ execution of their duties if so requested by the Statutory Auditors except
where it proves that the expense or debt relating to such request is not necessary for the execution of the duties of the Statutory
Auditors. Every year the Company establishes a budget with regard to the Company’s Statutory Auditors’ execution of their
duties for the amounts deemed necessary.

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 ix) Systems to ensure effective and valid auditing by the Company’s Statutory Auditors
a. At least 50% of the Company’s Statutory Auditors are Outside Statutory Auditors to ensure effective and independent
auditing. The Statutory Auditors hold periodical meetings in order to exchange and share information and their
respective opinions. Ad-hoc meetings are also held whenever deemed necessary.
b. The Statutory Auditors have periodical meetings with Representative Directors (including the President) and exchange
views and opinions.
(3) Outline of the limited liability contract (Agreement set forth in Article 427, Paragraph 1, of the Corporate Law)
The Company’s articles of association stipulates that the Company may enter into the agreement with Directors (excluding
Executive Directors and the like) and Statutory Auditors limiting their liability as prescribed in Article 423, Paragraph 1 of
the Corporate Law and, pursuant to the said agreement, the liability limit shall be ¥5 million or the statutory minimum,
whichever is higher. According to this Article, the Company entered into the said agreement with three (3) Directors
(excluding Executive Directors and the like) and four (4) Statutory Auditors.

b) Internal audits and corporate audits by the Statutory Auditors

The Company has the global internal audit function (14 persons in the Company and approximately 90 persons globally), an
independent group, to handle internal auditing tasks. Under the control of the Chief Internal Audit Officer, audit teams set
up in each region carry out efficient, effective auditing of the Company’s activities on a group-wide and global basis.
Audits are conducted based on the audit plans, which have been approved by the Executive Committee, and the audit results
are reported to the relevant corporate officers related to the audits. The audit results are regularly reported to the Statutory
Auditors.
Each Statutory Auditor oversees the execution of duties of the respective Directors in compliance with the Company’s audit
standard and guidelines as stipulated by the Board of Statutory Auditors. In addition, the Company has set up the Statutory
Auditors’ Office, the staff of which assists the Statutory Auditors in conducting their duties. The Statutory Auditors oversee
the execution of the Directors’ duties by attending the Board of Directors’ meetings and other significant meetings and
hearing from the Directors on their business reports regularly and whenever necessary. The Statutory Auditors also meet
regularly with the Representative Directors to exchange opinions on wide range of issues. The Statutory Auditors Motoo
Nagai, Tetsunobu Ikeda and Shigetoshi Andoh have years of experience of working for a financial institution, and have an
extensive knowledge of finance and accounting.
The Board of Statutory Auditors endeavors to enhance audit efficiency by sharing information among the Statutory Auditors.
The Statutory Auditors also receive regular reports on the results of inspections and audit plans from, and exchange opinions
with, the internal audit department. Such information is taken into consideration for statutory audit. In addition, the Statutory
Auditors receive similar reports from the independent auditors, as well as detailed explanations on the status of the quality
control of internal audits, to confirm whether their oversight is at a suitable level. There is no difference or distinction between
Outside Statutory Auditors and other Statutory Auditors with regard to the auditing system of Statutory Auditors and their
mutual collaboration with relevant internal control departments and the independent Auditors.

c) Outside Directors and Outside Statutory Auditors

The Company has three (3) Outside Directors and three (3) Outside Statutory Auditors.
There are no special relations of interest between each Outside Director and the Company.
Jean-Baptiste Duzan once served as Senior Vice President of Renault. There is an agreement entered into by and between
Renault and the Company with regard to an overall alliance in the automobile business including equity participation. At the
end of the current fiscal year, Renault held 43.4% of the Company’s shares (number of shares held as a percentage of total
shares issued) and the Company held 15.0% of Renault’s shares (number of shares held as a percentage of total shares issued,
including those under indirect shareholdings). In addition, one (1) incumbent board member concurrently serves as Director
at the Company and Renault, and two (2) ex-officers of Renault serve as Director of the Company. Although the Company
and Renault had transactions such as selling and purchasing automotive parts for the fiscal year ended March 31, 2018, the
disclosure of a summary is omitted because such transactions may be judged to have no impact on the judgment of
shareholders and investors in view of the transaction scale thereof. There are no other relations of interest between Renault
and the Company.
Outside Director Masakazu Toyoda is the Chairman & CEO of the Institute of Energy Economics, Japan. Although the
Institute of Energy Economics, Japan, and the Company had transactions for the fiscal year ended March 31, 2018, the
disclosure of a summary is omitted because such transactions may be judged to have no impact on the judgment of
shareholders and investors in view of the transaction scale thereof. There are no other relations of interest between the
Institute of Energy Economics, Japan, and the Company.
The Company has appointed Jean-Baptiste Duzan as Outside Director assuming that he would give valuable advice on the
Company’s businesses based on the broad and sophisticated perspective from his abundant experience as a manager and his
wide-ranging insight.
Outside Director Keiko Ihara has played active roles in various international motor races as a well-known female racecar
driver and has been actively engaged in the development of the automobile industry and human resource development
through motor sports. She has also provided suggestions and engaged in activities related to a variety of fields such as
education, the environment and future mobility as a council member and policy advisor for governmental and municipal
agencies by capitalizing on the female perspective. The Company has appointed Keiko Ihara as Outside Director judging
that her knowledge is extremely valuable to the Company’s management and will lead to the further growth of the Company.

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Outside Director Masakazu Toyoda successively held important posts including Vice-Minister for International Affairs,
METI, and Special Advisor to the Cabinet, and therefore has abundant experience and knowledge in diverse fields such as
the economy, international trade and energy, as well as a track record of giving managerial advice to many corporations. The
Company has appointed Masakazu Toyoda as Outside Director judging that his objective and sophisticated expertise is
extremely valuable to the Company’s management and will lead to the further growth of the Company.
There are no special relations of interest between each Outside Statutory Auditor and the Company.
Outside Statutory Auditor Motoo Nagai is currently an Outside Director of ORGANO CORPORATION and an Outside
Statutory Auditor of Nisshin Seifun Group Inc. (Holding Company), and was once the Managing Executive Officer of
Mizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.), and the Deputy President (Executive Officer and Director) of
Mizuho Trust & Banking Co., Ltd. Although ORGANO CORPORATION and the Company had transactions for the fiscal
year ended March 31, 2018, the disclosure of a summary is omitted because such transactions may be judged to have no
impact on the judgment of shareholders and investors in view of the transaction scale thereof. There are no relations of
interest between Nisshin Seifun Group Inc. (Holding Company) and the Company. Although Mizuho Bank, Ltd., and the
Company had transactions such as cash in banks or borrowings for the fiscal year ended March 31, 2018, the disclosure of a
summary is omitted because such transactions may be judged to have no impact on the judgment of shareholders and
investors in view of the transaction scale thereof. Although Mizuho Trust & Banking Co., Ltd., and the Company had
transactions such as cash in banks and others for the fiscal year ended March 31, 2018, the disclosure of a summary is omitted
because such transactions may be judged to have no impact on the judgment of shareholders and investors in view of the
transaction scale thereof. There are no other relations of interest between ORGANO CORPORATION, Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co., Ltd., and the Company.
Outside Statutory Auditor Tetsunobu Ikeda was once a Representative Director of The Bank of Yokohama, Ltd.,
Representative Director and President of Hamagin Tokai Tokyo Securities Co., Ltd., and Representative Director and
President of Sky Ocean Asset Management Co., Ltd. Although The Bank of Yokohama, Ltd., and the Company had
transactions such as cash in banks or borrowings for the fiscal year ended March 31, 2018, the disclosure of a summary is
omitted because such transactions may be judged to have no impact on the judgment of shareholders and investors in view
of the transaction scale thereof. There are no other relations of interest between The Bank of Yokohama, Ltd., and the
Company. There are no relations of interest between Hamagin Tokai Tokyo Securities Co., Ltd., and Sky Ocean Asset
Management Co., Ltd., and the Company.
Outside Statutory Auditor Shigetoshi Andoh was once the Chairman of Hitachi Zosen Corporation. There are no relations of
interest between Hitachi Zosen Corporation and the Company.
The Company has appointed them as Outside Statutory Auditors judging that they will perform their duties based on a broad
and sophisticated perspective given their abundant experience and wide-ranging insight as managers.
The number of the Company’s shares owned by each of the Outside Director and Statutory Auditors is stated in “5. Members
of the Board of Directors and Statutory Auditors”.
The Company endeavors to appoint and ensure highly independent Outside Directors and Statutory Auditors who would
have no conflicts of interest with ordinary shareholders with reference to the standards regarding the independency of
independent directors and auditors at the Tokyo Stock Exchange (the standards set forth in III 5. (3)-2 in the “Guidelines on
Listing Management, etc.”), although the Company has not specifically stipulated standards or guidelines regarding
independency from the Company for the purpose of designating Outside Directors and Statutory Auditors.

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d) Compensation paid to Directors and Statutory Auditors

Compensation paid to the Company’s Directors consists of an amount of remuneration in cash and share appreciation rights
(SARs) as resolved at the 104th annual shareholders’ meeting held on June 19, 2003. The cash remuneration is limited to a
maximum of ¥2,990 million per annum as resolved at the 109th annual shareholders’ meeting held on June 25, 2008. The
amount to be paid to each Director is determined in function of the Director’s contributions to Company performance and in
reference to a regular benchmarking of executive pay of a peer group of large multi-national companies conducted by the
Company’s compensation consultant, Towers Watson.
Directors are eligible to earn SARs as an incentive to boost in a sustainable way the profitable growth of the Company. To
earn the SARs for which they are eligible Directors must achieve objectives that are directly related to achievement of the
Company’s business plan. This incentive is limited to the equivalent of up to 6 million shares of the Company’s common
stock per annum as resolved at the 114th annual shareholders’ meeting held on June 25, 2013.
The remuneration paid to the Statutory Auditors is limited to a yearly amount of ¥220 million as resolved at the 117th annual
shareholders’ meeting held on June 22, 2016. This compensation is designed within this limit to promote stable and
transparent auditing.

For the current fiscal year, the amounts disbursed to the Directors and the Statutory Auditors were as follows:
<Total remuneration by each position>
(Millions of yen)
Total Basic
Category SAR Numbers
Remuneration Remuneration
Directors
1,654 1,564 90 8
(except for Outside Directors)
Statutory Auditors
101 101 ― 2
(except for Outside Statutory Auditors)
Outside Directors and
102 102 ― 4
Outside Statutory Auditors

<Individuals whose remuneration exceeds ¥100 million>

(Millions of yen)
Total Basic
Name Position Category SAR
Remuneration Remuneration
Carlos Ghosn Director The Company 735 735 ―
Hiroto Saikawa Director The Company 499 499 ―
Note: The above mentioned amount of share appreciation rights (SAR) is the expense recorded based on the fair value,
calculated by using the share price as of March 31, 2018. Payment is not fixed with the fair value.
<The procedures to determine the amount of remuneration>
Compensation of each Director is based on each Director’s compensation contracts, performance, and benchmarks of
executive pay surveys conducted by the Company’s compensation consultants, which is then consulted with the
representative directors and approved by the chairman of the Board of the Company.

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e) Status of stocks held
i) Stocks for investment held for any purposes other than pure investment purpose
Number of stocks: 38
Total of the amounts recorded in the balance sheet: ¥154,946 million
ii) Holding classification, stocks, number of shares held, amount recorded in the balance sheet and holding purpose of the
stocks for investment held for any purposes other than pure investment purposes
(Prior fiscal year)
Specific stocks for investment
Amount recorded in the
Number of shares held by
Stocks balance sheet Holding Purpose
the Company
(Millions of yen)
Maintain a strategic cooperative
Daimler AG 16,448,378 136,131
relationship
Tan Chong Motor Maintain a relationship in manufacturing
37,333,324 1,710
Holdings Berhad and sales

Star Flyer Inc. 60,000 213 Maintain a trade relationship

Maintain a relationship in automotive parts

MITSUBA Corporation 729 1 supply

Note: There are four (4) applicable specific stocks for investment inclusive of those for which the amount recorded in the
balance sheet is less than one-hundredth (1/100) of common stock.
“Amount recorded in the balance sheet” of Tan Chong Motor Holdings Berhad and the following two (2) companies
is less than one-hundredth (1/100) of common stock.
Stocks subject to deemed holding
Amount recorded in the
Number of shares held by
Stocks balance sheet Holding purpose
the Company
(Millions of yen)
Renesas Electronics Contribute to retirement benefit trust,
25,000,000 29,175 Reserve the voting rights by instruction
Corporation
IBJ Leasing Company, Contribute to retirement benefit trust,
1,750,000 4,158
Limited Reserve the voting rights by instruction
Contribute to retirement benefit trust,
MITSUBA Corporation 1,742,000 3,811
Reserve the voting rights by instruction

(Current fiscal year)

Specific stocks for investment
Amount recorded in the
Number of shares held by
Stocks balance sheet Holding Purpose
the Company
(Millions of yen)
Maintain a strategic cooperative
Daimler AG 16,448,378 148,346
relationship
Tan Chong Motor Maintain a relationship in manufacturing
37,333,324 1,725
Holdings Berhad and sales
Star Flyer Inc. 60,000 290 Maintain a trade relationship
Maintain a relationship in automotive parts
MITSUBA Corporation 729 0
supply
Note: There are four (4) applicable specific stocks for investment inclusive of those for which the amount recorded in the
balance sheet is less than one-hundredth (1/100) of common stock.
“Amount recorded in the balance sheet” of Tan Chong Motor Holdings Berhad and the following two (2) companies
is less than one-hundredth (1/100) of common stock.
Stocks subject to deemed holding
Amount recorded in the
Number of shares held by
Stocks balance sheet Holding purpose
the Company
(Millions of yen)
IBJ Leasing Company, Contribute to retirement benefit trust,
1,750,000 5,250
Limited Reserve the voting rights by instruction
Contribute to retirement benefit trust,
MITSUBA Corporation 1,742,000 2,381
Reserve the voting rights by instruction
iii) Stocks for investment held solely for investment purpose
Not applicable

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f) Audit of financial statements
The Company appoints Ernst & Young ShinNihon LLC as its independent auditors. The Certified Public Accountants
engaged in the audit of financial statements are as follows:

The name of the Certified Public Accountants engaged in the financial statement audit
Designated Liability-Limited and Engagement Partner Yoji Murohashi
Designated Liability-Limited and Engagement Partner Takeshi Hori
Designated Liability-Limited and Engagement Partner Koji Fujima
Designated Liability-Limited and Engagement Partner Masayuki Nakamura

※As the years of continuous service in audit are less than seven years for all the Certified Public Accountants, the relevant
statement is omitted.
※Ernst & Young ShinNihon LLC has taken its own autonomous measures so that each Engagement Partner is not
involved in the audit of the Company’s financial statements for a period over a predetermined tenure.
Assistants to the audit of the financial statements were 33 Certified Public Accountants and 78 others, including successful
applicants who have passed the Certified Public Accountants examination and system specialists.

g) Requisite number of Directors

The Company stipulates in its articles of association that not less than six (6) Directors shall be elected.

h) Requirement of a resolution for electing Directors

The Company stipulates in its articles of association that a resolution for the election of Directors shall be adopted by a
majority vote of shareholders present holding not less than one-third (1/3) of the shares with voting rights held by
shareholders entitled to exercise their voting rights, with regard to the requirement of a resolution for electing Directors.

i) Decision-making organization for payment of interim dividends

The Company has determined in its articles of association that the Company may, upon resolution by the Board of Directors,
distribute interim dividends so that the Company may flexibly distribute profits to shareholders.

j) Decision-making organization for acquisition of the Company’s shares

The Company has determined in its articles of association that the Company may acquire its own shares through market
transactions by a resolution of the Board of Directors as stipulated in Article 165, Paragraph 2 of the Corporate Law, so that
the Company can conduct flexible and agile capital policies.

k) Exemption from liabilities of the Directors and the Statutory Auditors

The Company has determined in its articles of association, as stipulated in Article 426, Paragraph 1 of the Corporate Law,
that the Company may, by a resolution of the Board of Directors, release Directors (including ex-Directors) and Statutory
Auditors (including ex-Statutory Auditors) from liabilities as stipulated in Article 423, Paragraph 1 of the Corporate Law, to
the extent permitted by laws and regulations, so that they can fully demonstrate their roles expected in executing their duties.

- 46 -
(2) Content of audit fee

a) Content of the remuneration to the Certified Public Accountants engaged in the financial statements audit
(Millions of yen)
Prior fiscal year Current fiscal year
Remuneration to be Remuneration to be Remuneration to be Remuneration to be
Category
paid for auditing paid for non-audit paid for auditing paid for non-audit
and attestation services and attestation services
The Company 506 4 520 4
Consolidated
397 11 254 18
subsidiaries
Total 903 15 774 22

b) Content of other important remuneration

(Prior fiscal year)

Several overseas consolidated subsidiaries paid a total of ¥2,139 million as the remuneration to be paid for auditing and
attestation and ¥112 million as the remuneration to be paid for non-audit services to respective Ernst & Young auditing
firms that belong to the global Ernst & Young network, of which Ernst & Young ShinNihon LLC is a group member.

(Current fiscal year)

Several overseas consolidated subsidiaries paid a total of ¥2,087 million as the remuneration to be paid for auditing and
attestation and ¥362 million as the remuneration to be paid for non-audit services to respective Ernst & Young auditing
firms that belong to the global Ernst & Young network, of which Ernst & Young ShinNihon LLC is a group member.

c) Content of the non-audit services provided by the Certified Public Accountants engaged in the financial statement audit to
the submitter of this Securities Report (the Company)

(Prior fiscal year)

The Company pays remuneration for the non-audit services provided by the Certified Public Accountants regarding their
advice on translation into English of the materials for disclosure and so forth.

(Current fiscal year)

The Company pays remuneration for the non-audit services provided by the Certified Public Accountants regarding their
advice on translation into English of the materials for disclosure and so forth.

d) Policy on determining the audit fee

Audit fee is appropriately determined with due consideration for audit plan, audit scope, the time necessary for audit and
so forth, having the Board of Statutory Auditors’ consent, not to spoil the independency of the Certified Public Accountants
engaged in the financial statements audit.

- 47 -
5. Financial Information

1. Basis of preparation of the consolidated financial statements and the non-consolidated financial statements

(1) The consolidated financial statements of the Company are prepared in accordance with the Ministry of Finance Ordinance
No. 28, 1976 “Regulations Concerning the Terminology, Forms and Preparation Methods of Consolidated Financial
Statements” (hereinafter the “Regulations for Consolidated Financial Statements”).

(2) The non-consolidated financial statements of the Company are prepared in accordance with the Ministry of Finance
Ordinance No. 59, 1963 “Regulations Concerning the Terminology, Forms and Preparation Methods of Non-
Consolidated Financial Statements” (hereinafter the “Regulations for Non-Consolidated Financial Statements”).
As the Company falls under the category of a company filing financial statements prepared in accordance with special
provisions, the non-consolidated financial statements of the Company are prepared in accordance with Article 127 of the
Regulations for Non-Consolidated Financial Statements.

2. Auditing and attestation

The consolidated and the non-consolidated financial statements for the fiscal year ended March 31, 2018 (from April 1,
2017 to March 31, 2018) were audited by Ernst & Young ShinNihon LLC, in accordance with Article 193-2, Paragraph
1 of the Financial Instruments and Exchange Law.

3. Particular efforts to secure the appropriateness of the consolidated financial statements

(1) To ensure correct understanding of and to correspond appropriately to any changes in accounting standards, etc., the
Company gathers information by acquiring membership in the Financial Accounting Standards Foundation and other
means.

(2) To properly prepare consolidated financial statements and other documents according to the accounting principles
generally accepted as fair and reasonable in Japan, the Company improves its internal regulations and ensures that these
regulations are disseminated and observed.

(3) To prepare financial reports in accordance with the International Financial Reporting Standards (IFRSs), the Company
has developed unified accounting standards for the Group for circulation among its consolidated companies and
supplements these standards by providing information on important accounting matters that require particular attention.
This information is accessible to said companies whenever necessary as a guide for preparing their financial reports.
Currently, the Company’s consolidated companies prepare their financial reports for consolidation in accordance with
the IFRSs as part of the reports submitted to the Company. These reports are reviewed through analytical and other
methods by the Company’s accounting managers, who have specialized expertise on the IFRSs, and any reports found
imperfect must be corrected and resubmitted.
The Group’s unified accounting standards are regularly updated to reflect any relevant revisions to the IFRSs. In addition,
the Company ensures that its consolidated companies are kept informed of such updates and, regarding particularly
important revisions, prepares accounting instructions and educates the accounting personnel of the consolidated
companies as needed. As a part of the activities, the accounting personnel participates IFRSs seminars organized by audit
firms and other organizations, thereby accumulating specialized expertise within the Company.
The Company responds to the invitation for public comments on exposure drafts conducted by the International
Accounting Standards Board (IASB) and attends the meetings of the Global Preparers Forum, an advisory body to the
IASB, thereby keeping on top of forthcoming revisions to the IFRSs. The Company’s opinion from the viewpoint of a
preparer of financial statements has contributed to the preparation, revision and global expansion of the IFRSs.

- 48 -
1. Consolidated Financial Statements

(1) Consolidated financial statements

① Consolidated balance sheets
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Assets
Current assets
Cash on hand and in banks 1,122,484 1,134,838
Trade notes and accounts receivable 808,981 739,851
Sales finance receivables ※3,※6 7,340,636 ※3,※6 7,634,756
Securities 121,524 71,200
Merchandise and finished goods 911,553 880,518
Work in process 73,409 91,813
Raw materials and supplies 288,199 318,218
Deferred tax assets 156,457 152,452
Other ※6 746,650 ※6 775,771
Allowance for doubtful accounts (107,344) (116,572)
Total current assets 11,462,549 11,682,845
Fixed assets
Property, plant and equipment
Buildings and structures, net 609,769 600,675
Machinery, equipment and vehicles, net ※2 3,342,305 ※2 3,392,134
Land 599,626 598,780
Construction in progress 177,394 209,237
Other, net 546,127 464,808
Total property, plant and equipment ※1,※3 5,275,221 ※1,※3 5,265,634
Intangible fixed assets ※4 127,807 ※4 128,782
Investments and other assets
Investment securities ※5 1,158,676 ※5 1,264,532
Long-term loans receivable 16,036 12,654
Net defined benefit assets 8,456 10,552
Deferred tax assets 176,354 175,940
Other 197,757 207,764
Allowance for doubtful accounts (1,848) (1,802)
Total investments and other assets 1,555,431 1,669,640
Total fixed assets 6,958,459 7,064,056
Total assets 18,421,008 18,746,901

- 49 -
 (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Liabilities
Current liabilities
Trade notes and accounts payable 1,578,594 1,646,638
Short-term borrowings ※3 980,654 ※3 802,952
Current portion of long-term borrowings ※3 1,339,982 ※3 1,152,719
Commercial papers 430,019 402,918
Current portion of bonds 368,101 396,637
Lease obligations 31,565 25,766
Accrued expenses 1,112,591 1,114,053
Deferred tax liabilities 2 2
Accrued warranty costs 110,086 115,568
Other 1,102,626 1,087,133
Total current liabilities 7,054,220 6,744,386
Long-term liabilities
Bonds 1,493,159 1,887,404
Long-term borrowings ※3 3,103,803 ※3 3,053,712
Lease obligations 20,398 16,248
Deferred tax liabilities 601,398 395,026
Accrued warranty costs 128,394 120,210
Net defined benefit liability 369,346 352,861
Other ※7 483,154 ※7 488,319
Total long-term liabilities 6,199,652 6,313,780
Total liabilities 13,253,872 13,058,166
Net assets
Shareholders’ equity
Common stock 605,814 605,814
Capital surplus 817,464 815,913
Retained earnings 4,349,136 4,908,747
Treasury stock (140,697) (139,970)
Total shareholders’ equity 5,631,717 6,190,504
Accumulated other comprehensive income
Unrealized holding gain and loss on securities 57,778 68,179
Unrealized gain and loss from hedging instruments 7,154 9,537
Adjustment for revaluation of the accounts of the
consolidated subsidiaries based on general price (13,945) (13,945)
level accounting
Translation adjustments (687,841) (733,571)
Remeasurements of defined benefit plans (133,016) (135,967)
Total accumulated other comprehensive income (769,870) (805,767)
Share subscription rights 391 84
Non-controlling interests 304,898 303,914
Total net assets 5,167,136 5,688,735
Total liabilities and net assets 18,421,008 18,746,901

- 50 -
② Consolidated statements of income and consolidated statements of comprehensive income

Consolidated statements of income

(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)

Net sales 11,720,041 11,951,169

Cost of sales ※1,※2 9,422,551 ※1,※2 9,814,001
Gross profit 2,297,490 2,137,168
Selling, general and administrative expenses
Advertising expenses 313,406 304,328
Service costs 79,125 74,569
Provision for warranty costs 131,059 122,135
Other selling expenses 251,378 251,593
Salaries and wages 402,202 410,156
Retirement benefit expenses 20,809 17,883
Supplies 4,083 4,413
Depreciation and amortization 50,773 53,928
Provision for doubtful accounts 88,550 90,461
Amortization of goodwill 1,818 1,057
Other 212,059 231,885
Total selling, general and administrative expenses ※1 1,555,262 ※1 1,562,408
Operating income 742,228 574,760
Non-operating income
Interest income 15,868 21,092
Dividends income 9,416 6,663
Equity in earnings of affiliates 148,178 205,645
Derivative gain 33,419 ―
Miscellaneous income 20,914 15,938
Total non-operating income 227,795 249,338
Non-operating expenses
Interest expense 14,128 12,670
Derivative loss ― 5,001
Exchange loss 65,289 26,772
Credit liquidation costs 10,906 13,854
Miscellaneous expenses 14,967 15,499
Total non-operating expenses 105,290 73,796
Ordinary income 864,733 750,302

- 51 -
 (Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)

Special gains
Gain on sales of fixed assets ※3 7,114 ※3 10,408
Gain on sales of shares of subsidiaries and affiliates 111,502 ―
Gain on transfer of business 9,788 ―
Other 8,663 2,184
Total special gains 137,067 12,592
Special losses
Loss on sales of fixed assets ※4 9,256 ※4 4,149
Loss on disposal of fixed assets 11,253 10,644
Loss on sales of investment securities 3,865 259
Impairment loss ※5 5,532 ※5 16,166
Compensation for supplier investment ― 13,612
Other 6,737 7,321
Total special losses 36,643 52,151
Income before income taxes 965,157 710,743
Income taxes-current 275,818 140,571
Income taxes-deferred (11,179) (193,485)
Total income taxes 264,639 (52,914)
Net income 700,518 763,657
Net income attributable to non-controlling interests 37,019 16,765
Net income attributable to owners of parent 663,499 746,892

- 52 -
Consolidated statements of comprehensive income

(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)

Net income 700,518 763,657

Other comprehensive income
Unrealized holding gain and loss on securities (4,172) 8,359
Unrealized gain and loss from hedging instruments 11,532 2,563
Translation adjustments (98,614) (77,501)
Remeasurements of defined benefit plans 31,740 3,933
The amount for equity method company portion (25,054) 39,327
Total other comprehensive income ※1 (84,568) ※1 (23,319)
Comprehensive income 615,950 740,338
(Breakdown of comprehensive income)
Comprehensive income attributable to owners of
585,880 721,255
parent
Comprehensive income attributable to non-controlling
30,070 19,083
interests

- 53 -
③ Consolidated statements of changes in net assets
Prior fiscal year (From April 1, 2016 To March 31, 2017)
(Millions of yen)
Accumulated other comprehensive
Shareholders' equity
income
Unrealized gain
Total Unrealized
Retained and loss from
Common stock Capital surplus Treasury stock shareholders' holding gain and
earnings hedging
equity loss on securities
instruments
Balance at the beginning of
605,814 805,646 4,150,740 (148,684) 5,413,516 64,030 (4,486)
current period
Changes of items during the
period
Cash dividends paid (182,803) (182,803)
Net income attributable to
663,499 663,499
owners of parent
Purchase of
(277,859) (277,859)
treasury stock
Disposal of
11,835 7,284 19,119
treasury stock
Retirement of
(17) (278,545) 278,562 ―
treasury stock
Changes in the scope
40 40
of consolidation
Changes in the scope
(3,795) (3,795)
of equity method
Net changes of items
other than those in (6,252) 11,640
shareholders’ equity
Total changes of items
11,818 198,396 7,987 218,201 (6,252) 11,640
during the period
Balance at the end of
605,814 817,464 4,349,136 (140,697) 5,631,717 57,778 7,154
current period

Accumulated other comprehensive income

Adjustment for
revaluation of the Total Share
accounts of the Remeasurements accumulated Non-controlling Total net
Translation subscription
consolidated of defined other interests assets
adjustments rights
subsidiaries based benefit plans comprehensive
on general price income
level accounting
Balance at the beginning of
(13,945) (582,363) (155,487) (692,251) 502 418,978 5,140,745
current period
Changes of items during the
period
Cash dividends paid (182,803)
Net income attributable to
663,499
owners of parent
Purchase of
(277,859)
treasury stock
Disposal of
19,119
treasury stock
Retirement of
―
treasury stock
Changes in the scope
40
of consolidation
Changes in the scope
(3,795)
of equity method
Net changes of items
other than those in (105,478) 22,471 (77,619) (111) (114,080) (191,810)
shareholders’ equity
Total changes of items
(105,478) 22,471 (77,619) (111) (114,080) 26,391
during the period
Balance at the end of
(13,945) (687,841) (133,016) (769,870) 391 304,898 5,167,136
current period

- 54 -
Current fiscal year (From April 1, 2017 To March 31, 2018)
(Millions of yen)
Accumulated other comprehensive
Shareholders' equity
income
Unrealized gain
Total Unrealized
Retained and loss from
Common stock Capital surplus Treasury stock shareholders' holding gain and
earnings hedging
equity loss on securities
instruments
Balance at the beginning of
605,814 817,464 4,349,136 (140,697) 5,631,717 57,778 7,154
current period
Changes of items during the
period
Cash dividends paid (197,541) (197,541)
Net income attributable to
746,892 746,892
owners of parent
Purchase of
(730) (730)
treasury stock
Disposal of
232 1,457 1,689
treasury stock
Change in subsidiaries’
interests by purchase of 1,040 1,040
its treasury stock
Change in an affiliated
company’s interests in its (2,823) (2,823)
subsidiary
Change in US GAAP
(ASU2018-02) in
10,260 10,260
relation to the Tax Cuts
and Jobs Act
Net changes of items
other than those in 10,401 2,383
shareholders’ equity
Total changes of items
(1,551) 559,611 727 558,787 10,401 2,383
during the period
Balance at the end of
605,814 815,913 4,908,747 (139,970) 6,190,504 68,179 9,537
current period

Accumulated other comprehensive income

Adjustment for
revaluation of the Total Share
accounts of the Remeasurements accumulated Non-controlling Total net
Translation subscription
consolidated of defined other interests assets
adjustments rights
subsidiaries based benefit plans comprehensive
on general price income
level accounting
Balance at the beginning of
(13,945) (687,841) (133,016) (769,870) 391 304,898 5,167,136
current period
Changes of items during the
period
Cash dividends paid (197,541)
Net income attributable to
746,892
owners of parent
Purchase of
(730)
treasury stock
Disposal of
1,689
treasury stock
Change in subsidiaries’
interests by purchase of 1,040
its treasury stock
Change in an affiliated
company’s interests in its (2,823)
subsidiary
Change in US GAAP
(ASU2018-02) in
(10,260) (10,260) ―
relation to the Tax Cuts
and Jobs Act
Net changes of items
other than those in (45,730) 7,309 (25,637) (307) (984) (26,928)
shareholders’ equity
Total changes of items
(45,730) (2,951) (35,897) (307) (984) 521,599
during the period
Balance at the end of
(13,945) (733,571) (135,967) (805,767) 84 303,914 5,688,735
current period

- 55 -
④ Consolidated statements of cash flows
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Cash flows from operating activities
Income before income taxes 965,157 710,743
Depreciation and amortization (for fixed assets excluding leased
391,798 388,427
vehicles)
Depreciation and amortization (for long term prepaid expenses) 22,910 31,264
Depreciation and amortization (for leased vehicles) 426,349 469,540
Impairment loss 5,532 16,166
Increase (decrease) in allowance for doubtful receivables 22,959 12,558
Provision for residual value risk of leased vehicles (net changes) 63,049 40,716
Interest and dividends income (25,284) (27,755)
Interest expense 119,310 168,206
Equity in losses (earnings) of affiliates (148,178) (205,645)
Loss (gain) on sales of fixed assets 2,142 (6,259)
Loss on disposal of fixed assets 11,253 10,644
Loss (gain) on sales of investment securities 3,865 (53)
Loss (gain) on sales of shares of subsidiaries and affiliates (111,502) ―
Loss (gain) on transfer of business (9,788) ―
Decrease (increase) in trade notes and accounts receivable (42,584) 73,149
Decrease (increase) in sales finance receivables (765,894) (530,842)
Decrease (increase) in inventories (32,660) 9,612
Increase (decrease) in trade notes and accounts payable 296,060 108,330
Retirement benefit expenses 26,707 11,028
Payments related to net defined benefit assets and liability (24,517) (24,025)
Other 190,498 76,234
Subtotal 1,387,182 1,332,038
Interest and dividends received 24,467 28,203
Proceeds from dividends income from affiliates accounted for
127,772 134,300
by equity method
Interest paid (117,213) (159,578)
Income taxes paid (86,735) (263,713)
Net cash provided by operating activities 1,335,473 1,071,250
Cash flows from investing activities
Net decrease (increase) in short-term investments (2,119) 3,868
Purchase of fixed assets (503,745) (398,797)
Proceeds from sales of fixed assets 72,814 39,742
Purchase of leased vehicles (1,293,840) (1,430,561)
Proceeds from sales of leased vehicles 512,375 645,167
Payments of long-term loans receivable (1,581) (555)
Collection of long-term loans receivable 2,096 732
Purchase of investment securities (270,228) (26,207)
Proceeds from sales of investment securities ― 10,168
Proceeds from (payments for) sales of subsidiaries’ shares
97,055 ―
resulting in changes in the scope of consolidation
Net decrease (increase) in restricted cash 4,779 9,124
Proceeds from transfer of business 9,582 ―
Other (4,814) (400)
Net cash used in investing activities (1,377,626) (1,147,719)

- 56 -
 (Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings 16,119 (147,508)
Proceeds from long-term borrowings 1,724,688 1,413,908
Proceeds from issuance of bonds 878,641 858,002
Repayments of long-term borrowings (1,369,795) (1,463,828)
Redemption of bonds (344,009) (362,911)
Proceeds from non-controlling shareholders 1,275 ―
Purchase of treasury stock (277,419) (6)
Proceeds from sales of treasury stock 128 1,357
Repayments of lease obligations (26,265) (34,633)
Cash dividends paid (182,803) (197,541)
Cash dividends paid to non-controlling interests (99,950) (15,757)
Purchase of treasury stock of subsidiaries ― (14,273)
Net cash provided by financing activities 320,610 36,810
Effects of exchange rate changes on cash and cash equivalents (34,875) 4,535
Increase (decrease) in cash and cash equivalents 243,582 (35,124)
Cash and cash equivalents at beginning of the period 992,095 1,241,124
Increase due to inclusion in consolidation 5,447 ―
Cash and cash equivalents at the end of the period ※1 1,241,124 ※1 1,206,000

- 57 -
 [Notes to Consolidated Financial Statements]
(Basis of consolidated financial statements)
1. Scope of consolidation
(1) Number of consolidated companies: 193
• Domestic companies: 71
• Overseas companies: 122
The names of principal consolidated companies are omitted here because they are provided in “4. Information on
subsidiaries and affiliates” under “1. Overview of the Company.”
NRFM Holdings LLC has been newly established and included in the scope of consolidation in the current fiscal year.
Nissan Motor Light Truck Co., Ltd., which was a consolidated subsidiary in the prior fiscal year, has been dissolved
due to a merger and excluded from the scope of consolidation in the current fiscal year.
(2) Number of unconsolidated subsidiaries: 69
• Domestic companies: 49
Nissan Arc Ltd. and others
• Overseas companies: 20
JATCO Korea Engineering Corp. and others
These unconsolidated subsidiaries are immaterial in terms of their total assets, sales, net income or loss, retained
earnings and others, and do not have a significant effect on the consolidated financial statements. As a result, they have
been excluded from consolidation.
2. Equity method
(1) Number of companies accounted for by the equity method: 47
• Unconsolidated subsidiaries: 17 (12 domestic and 5 overseas companies)
Nissan Arc Ltd. and others
• Affiliates: 30 (20 domestic and 10 overseas companies)
Renault, Dongfeng Motor Co., Ltd., Mitsubishi Motors Corporation, Nissan Tokyo Sales Holdings Co., Ltd. and
others
(2) Number of companies not accounted for by the equity method: 71
• Unconsolidated subsidiaries: 52
Nissan Shatai Computer Service Co., Ltd. and others
• Affiliates: 19
Nissan Hiroshima Car Refine Center Co., Ltd. and others
These companies are not accounted for by the equity method, as their impact is not significant on the consolidated net
income or loss, consolidated retained earnings and others.
(3) No adjustments are made to the financial statements of the companies accounted for by the equity method even if their
accounting period is different from that of the Company.
3. Accounting period of consolidated subsidiaries
(1) The following consolidated companies close their books of account at:
December 31:
Nissan Mexicana, S.A. de C.V.
Nissan Export de Mexico
NR Finance Mexico, S.A. de C.V. SOFOM ER
NR Finance Services, S.A. de C.V
ANZEN, Insurance Broker, S.A. de C.V.
Nissan Do Brasil Automóveis Ltda.
Nissan Argentina S.A.
Nissan Chile SpA
Aprite (GB) Ltd.
Nissan Manufacturing RUS LLC.
Nissan Motor Ukraine Ltd.
Yulon Nissan Motor Co., Ltd.
Nissan (China) Investment Co., Ltd.
Dongfeng Nissan Auto Finance Co., Ltd.
Nissan Shanghai Co., Ltd.
JATCO Mexico, S.A. De C.V.
Dongfeng Nissan Auto Finance Company Individual Auto Mortgage Loan Securitization Trust
VINZ Retail Auto Mortgage Loan Securitization Trust
Nissan Guangzhou Co., Ltd.
(2) Of these 19 companies, Nissan Mexicana, S.A. de C.V. and 11 other subsidiaries are consolidated by using their financial
statements as of the parent fiscal year end which are prepared solely for consolidation purposes. Yulon Nissan Motor
Co., Ltd. and 6 other subsidiaries are consolidated by using their financial statements as of their respective fiscal year
end, and necessary adjustments are made to their financial statements to reflect any significant transactions from January
1 to March 31.

- 58 -
4. Significant accounting policies
(1) Valuation methods for assets
①Securities
Held-to-maturity securities:
Held-to maturity securities are stated at amortized cost.
Other securities:
Marketable securities:
Marketable securities classified as other securities are carried at fair value with any changes in unrealized
holding gain or loss, net of the applicable income taxes, directly included in net assets. Costs of securities
sold are calculated by the moving average method.
Non-marketable securities:
Non-marketable securities classified as other securities are carried at cost determined by the moving average
method.
Investments in limited liability partnerships and similar investments, defined as securities by Article 2, Section 2
of the Financial instruments and Exchange Law, are recognized at the net amount corresponding to the owning
portion under the equity method based on the latest available financial statements of the partnerships.
②Derivative financial instruments
Derivative financial instruments are stated at fair value.
③Inventories
Inventories are primarily stated at cost determined by the first-in and first-out method (cost of inventories is written-
down when their carrying amounts become unrecoverable).

(2) Depreciation of property, plant and equipment

Depreciation of self-owned property, plant and equipment is calculated principally by the straight-line method based
on the estimated useful lives and the estimated residual value determined by the Company.
Depreciation of leased assets is calculated by the straight-line method based on either the estimated useful lives or the
lease terms and the estimated residual value determined by the Company.

(3) Basis for significant reserves

①Allowance for doubtful accounts
Allowance for doubtful accounts is provided based on past experience for normal receivables and on an estimate of
the collectability of receivables from companies in financial difficulty.
②Accrued warranty costs
Accrued warranty costs are provided to cover the cost of all services anticipated to be incurred during the entire
warranty period in accordance with the warranty contracts and based on past experience.

(4) Accounting for retirement benefits

For calculating the retirement benefit obligation, the benefit formula basis has been adopted for attributing projected
benefits to periods.
Past service cost is being amortized as incurred by the straight-line method over periods which are shorter than the
average remaining years of service of the eligible employees (principally 6 to 15 years).
Actuarial gain and loss are amortized in the year following the year in which actuarial gain and loss are recognized by
the straight-line method over periods which are shorter than the average remaining years of service of the eligible
employees (principally 9 to 29 years). Certain foreign consolidated subsidiaries have adopted the corridor approach for
actuarial gain and loss, and amortize them over the average remaining years of services of the eligible employees or
the average life expectancy of the eligible employees.
Actuarial gain and loss and past service cost that are yet to be recognized as gain or loss are recorded as remeasurements
of defined benefit plans presented in accumulated other comprehensive income of the net assets section, after being
adjusted for tax effects.

(5) Reporting of significant revenue and expenses

Reporting of revenue from finance lease transactions
Interest income is recognized over the fiscal years concerned.

(6) Foreign currency translation

Receivables and payables denominated in foreign currencies are translated into yen at the rates of exchange in effect
at the balance sheet date, and differences arising from the translation are charged or credited to income.
Assets and liabilities of the foreign consolidated subsidiaries are translated into yen at the rates of exchange in effect
at the balance sheet date, and revenue and expense accounts are translated at the average rates of exchange in effect
during the year. Differences arising from the translation are presented as translation adjustments and non-controlling
interests in the net assets section.

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 (7) Hedge accounting method
①Hedge accounting method
Primarily, deferred hedge accounting is applied for derivative instruments.
Short-cut method, “Furiate-Shori,” is applied for forward exchange contracts which are qualified for such treatment
and related to the hedged items other than foreign currency denominated accounts receivables.
Special treatment, “Tokurei-Shori,” is applied for interest rate swaps which are qualified for such treatment.
②Hedging instruments and hedged items
· Hedging instruments.....Derivative transactions
· Hedged items..... Mainly receivables and payables denominated in foreign currencies and others.
③Hedging policy
Based on the internal risk management rules and authority regarding derivative transactions, expected risks such as
fluctuations in foreign exchange and interest rate are hedged within certain extent.
④Assessment of hedge effectiveness
The assessment of hedge effectiveness is omitted when the terms of hedged items are substantially same as those of
hedging instruments.

(8) Amortization of goodwill

Goodwill and negative goodwill in consolidated subsidiaries and in companies accounted for by the equity method
which had occurred before March 31, 2010 have been amortized over periods not exceeding 20 years determined based
on their expected life.
However, immaterial differences are charged or credited to income in the year of acquisition.
Negative goodwill in consolidated subsidiaries and in companies accounted for by the equity method which had
occurred after April 1, 2010 has been recorded as profit in the year of acquisition.

(9) Cash and cash equivalents in the consolidated statements of cash flows
Cash and cash equivalents consist of cash on hand, cash in banks which can be withdrawn at any time and short-term
investments with a maturity of three months or less when purchased which can easily be converted to cash and are
subject to little risk of change in value.

(10) Accounting for consumption taxes

Transactions subject to consumption taxes are recorded at amounts exclusive of consumption taxes.

(11) Adoption of consolidated taxation system

The Company and some of its subsidiaries have been adopted the consolidated taxation system.

(Changes in accounting policies)

The “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (Accounting Standards
Update No. 2018-02 issued by Financial Accounting Standards Board (FASB) on February 14, 2018) has been optionally
applied from the fiscal year ended March 31, 2018, at overseas consolidated subsidiaries that apply US GAAP prior to the
mandatory effective date. Consequently, the stranded tax effects resulting from application of the new federal corporate
income tax rate by the Tax Cuts and Jobs Act reclassified from accumulated other comprehensive income to retained earnings.
As a result, as of the end of the fiscal year ended March 31, 2018, accumulated other comprehensive income decreased by
¥10,260 million and retained earnings increased by the same amount.
There is no impact on the consolidated statement of income and per share information for the fiscal year ended March 31,
2018.

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(Accounting standards to be adopted)

1. Domestic subsidiaries and affiliates

(1) “Accounting Standard for Revenue Recognition” (Accounting Standards Board of Japan (ASBJ) Statement No. 29,
March 30, 2018) and
“Implementation Guidance on Accounting Standard for Revenue Recognition” (ASBJ Guidance No. 30, March 30,
2018)
① Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in
the United States jointly developed comprehensive accounting standards for revenue recognition and published the
“Revenue from Contracts with Customers” (IFRS 15 in the IASB and ASU 2014-09 in the FASB) in May 2014.
Given that IFRS 15 will be applied from a fiscal year starting on or after January 1, 2018 and that ASU 2014-09
will be applied from a fiscal year starting after December 15, 2017, the Accounting Standards Board of Japan (ASBJ)
has developed comprehensive accounting standards for revenue recognition and published them in step with the
Implementation Guidance.
The basic policy of the ASBJ in setting accounting standards for revenue recognition is to incorporate the basic
principles of IFRS 15 as a starting point, considering that comparability between financial statements is one benefit
of consistency with this standard, and, to the extent that they do not impair comparability, adding alternative
treatment for items requiring consideration due to conventional practices in Japan.
② Scheduled date of adoption
To be applied from the fiscal year ending March 2022.
③ Effect of adoption
The effect of adoption of the aforementioned standard and guidance on the Company’s consolidated financial
statements is under evaluation.

(2) “Implementation Guidance on Tax Effect Accounting” (ASBJ Guidance No. 28, February 16, 2018) and
“Implementation Guidance on Recoverability of Deferred Tax Assets” (ASBJ Guidance No. 26, February 16, 2018)
① Overview
Taxable temporary differences relating to shares, etc., of subsidiaries in non-consolidated financial statements are
recognized as deferred tax liabilities, except when the sales, etc. of the investments are at the discretion of the parent
company or companies investing in the subsidiaries and they have no intention of conducting such sales, etc. in the
foreseeable future.
② Scheduled date of adoption
To be applied from the fiscal year ending March 2019.
③ Effect of adoption
The adoption of the aforementioned guidance on the Company’s consolidated balance sheets is estimated an increase
in retained earnings by approximately ¥13.0 billion at the beginning of the fiscal year.

2. Foreign subsidiaries and affiliates

(1) IFRS 15, “Revenue from Contracts with Customers” and
FASB Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers”
① Overview
The aforementioned standards require an entity recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the entity expects to be entitled in
exchange for those goods or services. Compared with the current standards, the new standards require more steps
of judgments and estimates. Those judgments and estimates include an identification of performance obligation in
contracts, an estimation of variable consideration included in transaction price and an allocation of the transaction
price to each performance obligation.
② Scheduled date of adoption
To be applied from the fiscal year ending March 2019.
③ Effect of adoption
The effect of adoption of the aforementioned standards on the Company’s consolidated financial statements is under
evaluation.

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 (2) IFRS 9, “Financial Instruments” and
FASB Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments” and
others
① Overview
The aforementioned standards revise the provisions relating to the classification and measurement of financial
instruments and require the recognition of impairment losses on financial assets using the expected credit loss model.
② Scheduled date of adoption
IFRS 9, “Financial Instruments” will be applied from the fiscal year ending March 2019.
ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” will be applied from the fiscal year ending
March 2021.
③ Effect of adoption
The effect of adoption of the aforementioned standards on the Company’s consolidated financial statements is under
evaluation.

(3) IFRS 16, “Leases” and

FASB Accounting Standards Update (ASU) 2016-02, “Leases”
① Overview
The aforementioned standards require a lessee to recognize assets or liabilities generally for all leases on the balance
sheet, whereas no significant changes were made in the accounting for a lessor.
② Scheduled date of adoption
To be applied from the fiscal year ending March 2020.
③ Effect of adoption
The effect of adoption of the aforementioned standards on the Company’s consolidated financial statements is under
evaluation.

(Changes in presentation)

1. Consolidated statements of income

“Insurance income,” which was presented as a separate account under “Special gains” in the prior fiscal year, has been
included in “Other” in the current fiscal year due to its decreased financial materiality.
To reflect this change, ¥7,204 million of “Insurance income” under “Special gains” in the prior fiscal year has been
reclassified into “Other” in the consolidated statement of income for the prior fiscal year provided herein.

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(For consolidated balance sheets)
1 ※1 Accumulated depreciation of property, plant and equipment (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Accumulated depreciation of property, plant and equipment 5,124,899 5,371,958
(Accumulated depreciation of leased assets included) 72,461 84,533

2 ※2 “Machinery, equipment and vehicles, net” includes the following assets leased to others under lease agreements.
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Assets leased to others under lease agreements (lessor) 2,623,111 2,677,762

3 ※3 Assets pledged as collateral and liabilities secured by the collateral

(1) Assets pledged as collateral (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
2,414,838 2,181,010
Sales finance receivables
(2,414,838) (2,181,010)
836,552 703,043
Property, plant and equipment
(774,585) (698,052)
Total 3,251,390 2,884,053
(2) Liabilities secured by the above collateral (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
512,861 341,103
Short-term borrowings
(512,861) (341,103)
Long-term borrowings 1,914,195 1,969,456
(including the current portion) (1,850,529) (1,962,669)
Total 2,427,056 2,310,559
The above figures in parentheses represent the values of assets pledged as collateral and liabilities secured by the collateral that
correspond to nonrecourse debts.

4 Guarantees and others

Prior fiscal year (As of March 31, 2017)
(1) Guarantees
Balance of liabilities guaranteed
Guarantees Description of liabilities guaranteed
(Millions of yen)
Employees ※39,851 Guarantees for employees’ housing loans and others
13 foreign dealers 214 Guarantees for loans and others
Total 40,065
※ Allowance for doubtful accounts is provided for these loans mainly based on past experience.
(2) Commitments to provide guarantees
Balance of commitments
Guarantees to provide guarantees Description of liabilities guaranteed
(Millions of yen)
Hibikinada Development Co., Ltd. 72 Commitments to provide guarantees for loans

Current fiscal year (As of March 31, 2018)

(1) Guarantees
Balance of liabilities guaranteed
Guarantees Description of liabilities guaranteed
(Millions of yen)
Employees ※33,529 Guarantees for employees’ housing loans and others
43 foreign dealers 1,144 Guarantees for loans and others
Total 34,673
※ Allowance for doubtful accounts is provided for these loans mainly based on past experience.
(2) Commitments to provide guarantees
Balance of commitments
Guarantees to provide guarantees Description of liabilities guaranteed
(Millions of yen)
Hibikinada Development Co., Ltd. 53 Commitments to provide guarantees for loans

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5 Contingent Liabilities
・Lawsuits related to Takata’s airbag inflators
Mainly in the United States (“U.S.”) and Canada various putative class action lawsuits, civil lawsuits and lawsuits by states related to
Takata’s airbag inflator have been filed against the Company, consolidated subsidiaries and other Original Equipment Manufacturers. The
lawsuits allege that the subject airbag inflators did not function properly, and seek, among others, damages for economic losses, incurred
costs, decline in the value of vehicles, and, in certain cases, personal injury as well as punitive damages. Most of the class action lawsuits in
the U.S. were transferred to the U.S. District Court for the Southern District of Florida and consolidated into a multi-district litigation
(“MDL”). The Company and Nissan North America, Inc. (“NNA”) have agreed to a proposed settlement that would resolve the US class
actions that are pending against them in the MDL, through a number of customer-focused programs. In September 2017, the court in the
MDL granted preliminary approval to the proposed settlement. The total payment amount for the settlement will be $87.9 million to be paid
over four years. The discounted obligation has been recorded for $86.6 million in the current fiscal year. In February 2018, the court in MDL
granted final approval to the proposed settlement. Regarding the lawsuits other than the above, management has not recognized a provision
for loss contingencies because as of the date of this report it is not possible to reasonably estimate the amount, if any, of any potential future
losses because there are some uncertainties, such as these lawsuits are still in progress.

6 Discounted notes receivables (Millions of yen)

Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Discounted notes receivables 12 ―

7 ※4 “Intangible fixed assets” include goodwill. (Millions of yen)

Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Goodwill 7,764 6,719

8 ※5 Investments in unconsolidated subsidiaries and affiliates (Millions of yen)

Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Investments in stock of unconsolidated
1,009,055 1,108,471
subsidiaries and affiliates
(Investments in stock of joint ventures
413,352 419,419
included)

9 ※6 “Sales finance receivables” and “Other current assets” include lease receivables and lease investment assets.

(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Lease receivables 44,508 44,445
Lease investment assets 53,567 49,763

10 The amount of unused balances of overdrafts and loan commitment agreements entered into by consolidated subsidiaries
are as follows. (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Total credit lines of overdrafts and loans 250,716 285,743
Loans receivable outstanding 131,292 194,602
Unused credit lines 119,424 91,141

Since many of these facilities expire without being utilized and the related borrowings are sometimes subject to a review of
the borrowers’ credibility, any unused amount will not necessarily be utilized at the full amount.

11 ※7 “Other” of Long-term liabilities includes updated amount of retirement benefits for directors and statutory auditors in the
books of the Company covered under the resolution approved at ordinary general meeting of the shareholders held on
June 20, 2007.

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(For consolidated statements of income)
1 ※1 Total research and development costs (Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)

Research and development costs included

in manufacturing costs and selling, 490,354 495,824
general and administrative expenses

2 ※2 The ending inventory balance represents after write-down of book value when their carrying amounts become unrecoverable,
and the write-down (after offsetting the reversal of the prior fiscal year’s write-down) are as follows.
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Cost of sales 2,121 3,802 (gain)

3 ※3 Gain on sales of fixed assets

Prior fiscal year (From April 1, 2016 To March 31, 2017)

Gain on sales of fixed assets primarily consisted of a gain on sale of land of ¥4,334 million and a gain on sale of machinery,
equipment and vehicles of ¥2,620 million.

Current fiscal year (From April 1, 2017 To March 31, 2018)

Gain on sales of fixed assets primarily consisted of a gain on sale of machinery, equipment and vehicles of ¥9,260 million.

4 ※4 Loss on sales of fixed assets

Prior fiscal year (From April 1, 2016 To March 31, 2017)

Loss on sales of fixed assets primarily consisted of a loss on sale of machinery, equipment and vehicles of ¥8,548 million.

Current fiscal year (From April 1, 2017 To March 31, 2018)

Loss on sales of fixed assets primarily consisted of a loss on sale of machinery, equipment and vehicles of ¥3,500 million.

5 ※5 Impairment loss
Prior fiscal year (From April 1, 2016 To March 31, 2017)

The following loss on impairment of fixed assets was recorded.

Amount
Usage Type Location
(Millions of yen)
Buildings and structures, Machinery, Japan, Europe and Asia
Idle assets 4,959
equipment and vehicles and others (Total 14 locations)
Assets to be
Buildings and structures and others Japan (Total 9 locations) 573
disposed of
The Group bases its grouping for assessing the impairment loss on fixed assets on its business segments (automobiles and sales
financing) and the regional segments that are mutually complementary with each other. However, the Group determines whether
an asset is impaired on an individual asset basis if the asset is considered idle or if it is to be disposed of.
The Company and some of its consolidated subsidiaries have recognized an impairment loss on idle assets and assets to be
disposed of by reducing their net book value to the respective recoverable value of each asset. Such loss amounted to ¥5,532
million and has been recorded as special losses in the accompanying consolidated statements of income. This impairment loss
consisted of losses of ¥4,959 million on idle assets (buildings and structures—¥265 million; machinery, equipment and
vehicles—¥188 million; and others—¥4,506 million) and losses of ¥573 million on assets to be disposed of (buildings and
structures—¥476 million and others—¥97 million).
The recoverable value of these assets was measured based on values including net sells value, which was estimated based on an
appraisal value for the idle assets and those to be disposed of.

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Current fiscal year (From April 1, 2017 To March 31, 2018)

The following loss on impairment of fixed assets was recorded.

Amount
Usage Type Location
(Millions of yen)
Japan, Europe and Asia
Idle assets Land, intangible fixed assets and others 16,086
(Total 14 locations)
Assets to be
Buildings and structures and others Japan (Total 3 locations) 80
disposed of
The Group bases its grouping for assessing the impairment loss on fixed assets on its business segments (automobiles and sales
financing) and the regional segments that are mutually complementary with each other. However, the Group determines whether
an asset is impaired on an individual asset basis if the asset is considered idle or if it is to be disposed of.
The Company and some of its consolidated subsidiaries have recognized an impairment loss on idle assets and assets to be
disposed by reducing their net book value to the respective recoverable value of each asset. Such loss amounted to ¥16,166
million and has been recorded as special losses in the accompanying consolidated statements of income. This impairment loss
consisted of losses of ¥16,086 million on idle assets (land—¥546 million; intangible fixed assets—¥11,014 million; and others—
¥4,526 million) and losses of ¥80 million on assets to be disposed of (buildings and structures—¥48 million and others—¥32
million).
The recoverable value of these assets was measured by net sales value. Property, plant and equipment of idle assets and assets to
be disposed were estimated based on an appraisal value and intangible fixed assets of idle assets were estimated as zero because
future use will not be expected.

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 (For consolidated statements of comprehensive income)
※1 Reclassification adjustments and tax effects concerning other comprehensive income
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Unrealized holding gain and loss on securities:
Amount arising during the period (5,804) 12,103
Reclassification adjustments for gains and losses realized in net income (344) 0
Before tax-effect adjustment (6,148) 12,103
Amount of tax effects 1,976 (3,744)
Unrealized holding gain and loss on securities (4,172) 8,359
Unrealized gain and loss from hedging instruments:
Amount arising during the period 15,002 (17,400)
Reclassification adjustments for gains and losses realized in net income 2,828 21,492
Adjustments of acquisition cost for assets (456) (341)
Before tax-effect adjustment 17,374 3,751
Amount of tax effects (5,842) (1,188)
Unrealized gain and loss from hedging instruments 11,532 2,563
Translation adjustments:
Amount arising during the period (84,634) (77,501)
Reclassification adjustments for gains and losses realized in net income (13,980) ―
Before tax-effect adjustment (98,614) (77,501)
Amount of tax effects ― ―
Translation adjustments (98,614) (77,501)
Remeasurements of defined benefit plans:
Amount arising during the period 28,457 (5,230)
Reclassification adjustments for gains and losses realized in net income 21,356 9,713
Before tax-effect adjustment 49,813 4,483
Amount of tax effects (18,073) (550)
Remeasurements of defined benefit plans 31,740 3,933
The amount for equity method company portion:
Amount arising during the period (26,717) 39,126
Reclassification adjustments for gains and losses realized in net income 1,663 201
Before tax-effect adjustment (25,054) 39,327
Amount of tax effects ― ―
The amount for equity method company portion (25,054) 39,327
Total other comprehensive income (84,568) (23,319)

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(For consolidated statements of changes in net assets)

Prior fiscal year (From April 1, 2016 To March 31, 2017)

1. Shares issued and outstanding / Treasury stock

(Thousands of shares)
At the beginning of At the end of current
Types of share Increase Decrease
current fiscal year fiscal year
Shares issued:
4,494,715 ― (274,000) 4,220,715
Common stock (Note 1)
Treasury stock:
326,219 275,057 (292,251) 309,025
Common stock (Note 2)
Notes: 1 Details of the decrease are as follows: (Thousands of shares)
Decrease due to retirement of treasury stocks 274,000
2 Details of the increase are as follows:
Increase due to purchase of treasury stocks 274,000
Increase in stocks held by affiliates accounted for by the equity method 1,053
Increase due to purchase of stocks of less than a standard unit 4
Details of the decrease are as follows:
Decrease due to retirement of treasury stocks 274,000
Decrease in stocks held by affiliates accounted for by the equity method 18,119
Decrease due to exercise of share subscription rights 132

2. Share subscription rights

Number of shares to be issued (in thousands)
At the Balance at the end
Type of
At the end of current fiscal
Company Description shares to be beginning of
issued
Increase Decrease of current year
current (Millions of yen)
fiscal year
fiscal year
Parent Subscription rights
company as stock options ― 391
Total ― 391

3. Dividends
(1) Dividends paid
Total dividends Dividends per
Resolution Type of shares Record date Effective date
(Millions of yen) share (Yen)
Annual general
meeting of the Common March 31, June 23,
87,540 21
shareholders on stock 2016 2016
June 22, 2016
Meeting of the
Board of Directors Common September 30, November 25,
95,263 24
on November 7, stock 2016 2016
2016
Note: Total dividends were obtained by deducting the amount corresponding to the equity of Renault shares held by the Company.

(2) Dividends, which the record date was in the year ended March 31, 2017 and the effective date of which is in the year
ending March 31, 2018
Type of Total dividends Source of Dividends per
Resolution Record date Effective date
shares (Millions of yen) dividends share (Yen)
Annual general
meeting of the Common Retained March 31, June 28,
93,883 24
shareholders on stock earnings 2017 2017
June 27, 2017
Note: Total dividends were obtained by deducting the amount corresponding to the equity of Renault shares held by the Company.

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Current fiscal year (From April 1, 2017 To March 31, 2018)

1. Shares issued and outstanding / Treasury stock

(Thousands of shares)
At the beginning of At the end of current
Types of share Increase Decrease
current fiscal year fiscal year
Shares issued:
4,220,715 ― ― 4,220,715
Common stock
Treasury stock:
309,025 2,726 1,392 310,359
Common stock (Notes)
Notes: 1 Details of the increase are as follows: (Thousands of shares)
Increase in stocks held by affiliates accounted for by the equity method 2,720
Increase due to purchase of stocks of less than a standard unit 6
2. Details of the decrease are as follows:
Decrease due to exercise of share subscription rights 1,392

2. Share subscription rights

Number of shares to be issued (in thousands)
At the Balance at the end
Type of
At the end of current fiscal
Company Description shares to be beginning of
issued
Increase Decrease of current year
current (Millions of yen)
fiscal year
fiscal year
Parent Subscription rights
company as stock options ― 84
Total ― 84

3. Dividends
(1) Dividends paid
Total dividends Dividends per
Resolution Type of shares Record date Effective date
(Millions of yen) share (Yen)
Annual general
meeting of the Common March 31, June 28,
93,883 24
shareholders on stock 2017 2017
June 27, 2017
Meeting of the
Board of Directors Common September 30, November 22,
103,658 26.5
on November 8, stock 2017 2017
2017
Note: Total dividends were obtained by deducting the amount corresponding to the equity of Renault shares held by the Company.

(2) Dividends, which the record date was in the year ended March 31, 2018 and the effective date of which is in the year
ending March 31, 2019
Type of Total dividends Source of Dividends per
Resolution Record date Effective date
shares (Millions of yen) dividends share (Yen)
Annual general
meeting of the Common Retained March 31, June 27,
103,627 26.5
shareholders on stock earnings 2018 2018
June 26, 2018
Note: Total dividends were obtained by deducting the amount corresponding to the equity of Renault shares held by the Company.

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(For consolidated statements of cash flows)
1 ※1 Cash and cash equivalents as of the end of the quarter are reconciled to the accounts reported in the consolidated balance
sheets as follows.
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Cash on hand and in banks 1,122,484 1,134,838
Time deposits with maturities of more than (2,884) (38)
three months
Cash equivalents included in securities (*) 121,524 71,200
Cash and cash equivalents 1,241,124 1,206,000
*These represent short-term, highly liquid investments readily convertible into cash held by foreign subsidiaries.

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(For lease transactions)
1. Finance lease transactions
(Lessees’ accounting)
(1) Leased assets
Leased assets primarily consist of dies and buildings.
(2) Depreciation method for leased assets
Described in “4 (2) Depreciation of property, plant and equipment” under Basis of consolidated financial statements.
(Lessors’ accounting)
(1) Breakdown of lease investment assets (Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Lease income receivable 53,335 49,708
Estimated residual value 3,059 2,920
Interest income equivalent (2,827) (2,865)
Lease investment assets 53,567 49,763
(2) Expected amounts of collection from lease income receivable concerning lease receivables and lease investment
assets after the balance sheet date
Prior fiscal year (As of March 31, 2017) (Millions of yen)
Lease receivables Lease investment assets
Due within one year 34,158 15,736
Due after one year
9,898 10,371
but within two years
Due after two years
247 7,965
but within three years
Due after three years
129 8,867
but within four years
Due after four years
98 1,892
but within five years
Due after five years 23 8,504
Current fiscal year (As of March 31, 2018) (Millions of yen)
Lease receivables Lease investment assets
Due within one year 30,378 20,146
Due after one year
13,762 11,360
but within two years
Due after two years
180 11,698
but within three years
Due after three years
122 4,270
but within four years
Due after four years
23 1,762
but within five years
Due after five years 13 472

2. Operating lease transactions

(Lessees’ accounting)
Future minimum lease payments subsequent to March 31, 2017 and March 31, 2018 are summarized as follows.
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Due in one year or less 7,446 10,486
Due after one year 34,662 58,546
Total 42,108 69,032
(Lessors’ accounting)
Future minimum lease income subsequent to March 31, 2017 and March 31, 2018 are summarized as follows.
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Due in one year or less 471,690 463,410
Due after one year 490,251 464,973
Total 961,941 928,383

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(For financial instruments)
1. Financial Instruments
(1) Policies on financial instruments
The Group’s cash is managed through short-term deposits and appropriate repurchase agreement transactions for the purpose
of efficient cash management at appropriate risk. Investment in equity/bond-related products is also authorized. With regard
to such investment with price fluctuation risk, a strict risk management is implemented, consisting of regular monitoring of
mark-to-market and internal reporting.
The financing has been diversified, such as bank loans, bond issues, commercial paper issues and liquidation of securities, to
reduce the exposure to liquidity risk.
The Group utilizes derivative financial instruments based on the internal “Policies and Procedures for Risk Management”
mainly for the purposes of hedging its exposure to adverse fluctuations in foreign currency exchange rates on receivables and
payables denominated in foreign currencies, interest rates on interest-bearing debt and market prices on commodity, but does
not enter into such transactions for speculative purposes.
The sales financing business provides the Group’s financial services including auto loans and leases, which are supplied to
customers following a strict credit assessment, and inventory financing, which is supplied to dealers.
(2) Description of financial instruments and related risks
① Trade notes and accounts receivable
The Group holds trade notes and accounts receivable as consideration for sales of products and collects such receivables in
accordance with the terms and conditions of relevant sales agreements. The relevant trade notes and accounts receivable
are exposed to the credit risk of the respective customers. Those denominated in foreign currencies are exposed to
fluctuations in foreign currency exchange rates.
② Sales finance receivables
Sales financing is an integral part of the Group’s core business. The Group provides auto loans and leases to customers
who purchase the Group’s products and also inventory financing and working capital loans to dealers. Sales finance
receivables are exposed to the credit risk of the respective customers as is the case with trade notes and accounts receivable.
③ Securities and investment securities
Securities and investment securities held by the Group are mainly unlisted foreign investment trusts and investment
securities in affiliates. Investment securities in affiliates are exposed to the risk of fluctuations in their market prices.
④ Trade notes and accounts payable
The Group holds trade notes and accounts payable as liabilities with various payment dates based on the payment conditions
from purchasing diverse parts, materials and services, required for development, manufacture and sale of products. As its
procurement activities are operated in various regions and countries, the relevant trade notes and accounts payable are
exposed to fluctuations in foreign currency exchange rates.
⑤ Borrowings, bonds and lease obligations
The Group conducts diverse financing activities for the purpose of fund procurements for working capital, investments in
equipment and businesses, sales financing and so forth. As part of such financing uses floating-rates, the relevant
borrowings, bonds and lease obligations are exposed to the risk of interest rate fluctuations. The Group is also exposed to
liquidity risk in that the necessary funds for business operations may not be ensured with rapid changes in the procurement
environment.
⑥ Derivative transactions
(1) Forward foreign exchange contracts
Forward foreign exchange contracts are used to hedge against the adverse impact of fluctuations in foreign currency
exchange rates on foreign currency denominated receivables and payables arising from importing and exporting
products and others.
(2) Currency options
In the same manner as forward foreign exchange contracts, currency options are used to hedge against the adverse
impact of fluctuations in foreign currency exchange rates on foreign currency denominated receivables and payables.
(3) Interest rate swaps
Interest rate swaps are used primarily to hedge against the adverse impact of fluctuations in interest rates on interest-
bearing debt.
(4) Currency swaps
Currency swaps are used to hedge against the adverse impact of fluctuations in foreign currency exchange rates and
interest rates on foreign currency denominated receivables and payables.
(5) Interest rate options
Interest rate options are used primarily to hedge against the adverse impact of fluctuations in interest rates on interest-
bearing debt.
(6) Commodity futures contracts
Commodity futures contracts are used primarily to hedge against the adverse impact of fluctuations in the market prices
of precious metals (used as the catalyst for the emission gas purifier of automobiles) and base metals (raw materials for
automobile productions).
For hedging instruments, hedged items, hedging policy and assessment of hedge effectiveness, refer to “(7) Hedge accounting
method” under “4. Significant accounting policies”.

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(3) Risks relating to financial instruments and the management system thereof
① Management of market risk
Although derivative transactions are used for the purpose of hedging risks on the assets and liabilities recorded in the
consolidated balance sheets, there remains the risk of foreign currency exchange fluctuations on currency transactions, the
risk of interest rate fluctuations on interest rate transactions and the risk of market price fluctuations on commodity
transactions. All the derivative transactions of the Group are carried out pursuant to the internal risk management rules,
which stipulate the Group’s basic policies for derivative transactions, management policies, management items, trading
procedures, criteria for the selection of counterparties, the reporting system and so forth. The Group’s financial market risk
is controlled by the Company in a centralized manner, and it is stipulated that no individual subsidiary can initiate a hedge
transaction such as derivative transactions without the prior approval of and regular reporting back to the Company.
The basic policy on the acquisition of derivative transactions is subject to the approval of the Hedge Policy Meeting, which
is attended by the Chief Financial Officer and the staff in charge. The execution and management of all transactions are to
be conducted in accordance with the aforementioned risk management rules pursuant to the decisions made at those
meetings. Derivative transactions are conducted by a special section of the Finance Department, and the verification of the
relevant trade agreements and the monitoring of position balances are the responsibility of the Accounting Section and the
Risk Management Section. Commodity futures contracts are conducted by the Finance Department in accordance with the
acquisition policy determined by the corporate officer in charge of the Purchasing Department and the Chief Financial
Officer.
The status of derivative transactions is reported on a daily basis to the Chief Financial Officer and on an annual basis to the
Board of Directors.
② Management of credit risk
The Group does business with a variety of local counterparties including sales companies in many regions around the world.
The Group has established transaction terms and conditions for operating receivables in Japan and overseas based on credit
assessment criteria to take appropriate and effective measures for the protection of such receivables, using bank letters of
credit and transactions with advance payments.
As for financial transactions including bank deposits, short term investments and derivatives, the Group is exposed to the
risk that counterparty could default on their obligations and jeopardize future profits. We believe that this risk is
insignificant as the Group enters into such transactions only with financial institutions that have a sound credit profile.
Therefore, we believe that the risk to incur losses from counterparty financial institution’s default is low. Credit risk
is managed by using its own evaluation methods based on external credit ratings and other analyses. The Finance
Department sets a maximum upper limit on positions with each of the counterparties and monitors the balances of open
positions.
The Group enters into derivative transactions with Renault Finance S.A. (“RF”), a specialized financial subsidiary of the
Renault Group. RF enters into derivative transactions to cover such derivative transactions with the Group only with
financial institutions of the highest caliber carefully selected by RF based on its own rating techniques.
③ Management of liquidity risk related to financing
The Company endeavors to raise funds from appropriate sources with reinforced measures such as an accumulation of cash
reserves and the conclusion of loan commitment agreements so that the Group can ensure an appropriate level of liquidity
even if any significant environmental change takes place in the financial market. However, this factor could entail a greater-
than-anticipated level of risk that might hinder the smooth execution of the initially planned financing, thereby having a
significant effect on the Group’s financial position and business performance. The Group secures the appropriate liquidity
of funds in its automobile business in accordance with the management rule on liquidity risk by taking into account the
future repayment schedule of borrowings, the future demand for working capital and other fund requirements. Meanwhile,
in the sales financing business, the Group minimizes the liquidity risk by focusing on thorough Assets Liability
Management, especially in major markets, and matching assets and liabilities.

(4) Supplemental explanation on the fair value of financial instruments

① The fair value and unrealized gain or loss on derivative transactions are estimates that are considered appropriate based on
the market at the balance sheet date and, thus, the fair value is not necessarily indicative of the actual amounts that might
be realized or settled in the future.
② The notional amounts of the swaps are not a direct measure of the Company’s risk exposure in connection with its swap
transactions.

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2. Fair Value of Financial Instruments
The following tables indicate the amount recorded in the consolidated balance sheets, the fair value and the difference as of March
31, 2017 and March 31, 2018 for various financial instruments. Assets and liabilities for which it is deemed difficult to measure the
fair value are not included in the tables below. (Refer to Note 2.)

Prior fiscal year (As of March 31, 2017)

(Millions of yen)
Amount recorded in
the consolidated Fair value Difference
balance sheets
(1) Cash on hand and in banks 1,122,484 1,122,484 ―
(2) Trade notes and accounts receivable 808,981
Allowance for doubtful accounts (*1) (12,353)
796,628 796,628 ―
(3) Sales finance receivables (*2) 7,291,339
Allowance for doubtful accounts (*1) (87,634)
7,203,705 7,225,493 21,788
(4) Securities and investment securities 777,515 1,043,763 266,248
(5) Long-term loans receivable 16,036
Allowance for doubtful accounts (*1) (657)
15,379 18,294 2,915
Total assets 9,915,711 10,206,662 290,951
(1) Trade notes and accounts payable 1,578,594 1,578,594 ―
(2) Short-term borrowings 980,654 980,654 ―
(3) Commercial papers 430,019 430,019 ―
(4) Bonds (*3) 1,861,260 1,871,842 (10,582)
(5) Long-term borrowings (*3) 4,443,785 4,520,023 (76,238)
(6) Lease obligations (*3) 51,963 52,864 (901)
Total liabilities 9,346,275 9,433,996 (87,721)
Derivative transactions (*4) 47,826 47,826 ―
(*1) The allowance for doubtful accounts, which is individually reported as part of trade notes and accounts receivable, sales finance receivables and long-
term loans receivable, is deducted.
(*2) The amount recorded in the consolidated balance sheets for sales finance receivables is presented with the amount after deducting ¥49,297 million of
deferred installments income and others.
(*3) Bonds, long-term borrowings and lease obligations include the current portion of bonds, the current portion of long-term borrowings and lease
obligations under current liabilities, respectively.
(*4) Net receivables and payables, which were derived from derivative transactions, are presented in net amounts, and any item for which the total becomes
a net liability is indicated in parentheses.

Current fiscal year (As of March 31, 2018)

(Millions of yen)
Amount recorded in
the consolidated Fair value Difference
balance sheets
(1) Cash on hand and in banks 1,134,838 1,134,838 ―
(2) Trade notes and accounts receivable 739,851
Allowance for doubtful accounts (*1) (10,630)
729,221 729,221 ―
(3) Sales finance receivables (*2) 7,577,304
Allowance for doubtful accounts (*1) (98,334)
7,478,970 7,452,925 (26,045)
(4) Securities and investment securities 830,799 1,189,994 359,195
(5) Long-term loans receivable 12,654
Allowance for doubtful accounts (*1) (802)
11,852 12,515 663
Total assets 10,185,680 10,519,493 333,813
(1) Trade notes and accounts payable 1,646,638 1,646,638 ―
(2) Short-term borrowings 802,952 802,952 ―
(3) Commercial papers 402,918 402,918 ―
(4) Bonds (*3) 2,284,041 2,283,084 957
(5) Long-term borrowings (*3) 4,206,431 4,200,811 5,620
(6) Lease obligations (*3) 42,014 42,783 (769)
Total liabilities 9,384,994 9,379,186 5,808
Derivative transactions (*4) 16,950 16,950 ―
(*1) The allowance for doubtful accounts, which is individually reported as part of trade notes and accounts receivable, sales finance receivables and long-
term loans receivable, is deducted.
(*2) The amount recorded in the consolidated balance sheets for sales finance receivables is presented with the amount after deducting ¥57,452 million of
deferred installments income and others.
(*3) Bonds, long-term borrowings and lease obligations include the current portion of bonds, the current portion of long-term borrowings and lease
obligations under current liabilities, respectively.
(*4) Net receivables and payables, which were derived from derivative transactions, are presented in net amounts, and any item for which the total becomes
a net liability is indicated in parentheses.

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(Note 1) Calculation method of the fair value of financial instruments and matters relating to securities and derivative transactions
Assets:
(1) Cash on hand and in banks and (2) Trade notes and accounts receivable
Fair value is calculated based on the book value as these assets are settled within a short time and the fair value is almost equal
to the book value.
(3) Sales finance receivables
Fair value is calculated based on the discounted cash flows by collection period, using discount rates reflecting maturity and
credit risk.
(4) Securities and investment securities
Fair value of stocks is based on the prices traded at the stock exchange. Fair value of unlisted foreign investment trusts is
based on the book value as these are settled within a short time and fair value is almost equal to the book value.
Refer to the Notes to “For securities” with regard to the noteworthy matters provided for each type of securities, classified by
holding purpose.
(5) Long-term loans receivable
Fair value is calculated based on the discounted cash flows of each individual loan, using discount rate which would be
applicable for similar new loans.
Liabilities:
(1) Trade notes and accounts payable, (2) Short-term borrowings and (3) Commercial papers
Fair value is calculated based on the book value as these liabilities are settled within a short time and fair value is almost equal
to the book value.
(4) Bonds
Fair value of marketable bonds is based on the market prices, and that of non-marketable bonds is based on the present value
estimated by discounting the total principal and interest, using discount rates reflecting the remaining term and credit risk.
(5) Long-term borrowings and (6) Lease obligations
Fair value is calculated based on the present value estimated by discounting the total principal and interest, using discount
rates which would be applicable for similar new borrowings or lease transactions.
Derivative transactions:
Refer to the notes in “For derivative transactions.”
(Note 2) The amounts of financial instruments recorded in the consolidated balance sheets for which it is deemed difficult to measure
the fair value
(Millions of yen)
Prior fiscal year Current fiscal year
Classification
(As of March 31, 2017) (As of March 31, 2018)
Unlisted stocks 502,685 504,933
Unlisted stocks are not included in (4) Securities and investment securities, as it is deemed difficult to measure the fair value because
they are nonmarketable and future cash flows cannot be estimated.

(Note 3) Redemption schedule after the balance sheet date for monetary receivables and securities with maturity dates
Prior fiscal year (As of March 31, 2017) (Millions of yen)
Due after one Due after five
Due within Due after ten
year but within years but within
one year years
five years ten years
Cash on hand and in banks 1,122,484 ― ― ―

Trade notes and accounts receivable 808,981 ― ― ―

Sales finance receivables (*1) 2,810,791 4,446,441 33,901 206

Long-term loans receivable 189 15,136 260 451

Total 4,742,445 4,461,577 34,161 657

(*1) The amount of sales finance receivables is presented with the amount after deducting ¥49,297 million of deferred installment
income and others
Current fiscal year (As of March 31, 2018) (Millions of yen)
Due after one Due after five
Due within Due after ten
year but within years but within
one year years
five years ten years
Cash on hand and in banks 1,134,838 ― ― ―

Trade notes and accounts receivable 739,851 ― ― ―

Sales finance receivables (*1) 2,944,659 4,488,697 143,948 ―

Long-term loans receivable 2,853 9,424 243 134

Total 4,822,201 4,498,121 144,191 134

(*1) The amount of sales finance receivables is presented with the amount after deducting ¥57,452 million of deferred installment
income and others

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(Note 4) Redemption schedule after the balance sheet date for bonds, long-term borrowings, lease obligations and other interest-
bearing debt
Prior fiscal year (As of March 31, 2017) (Millions of yen)
Due after Due after Due after Due after
Due within one year but two years three years four years Due after
one year within two but within but within but within five years
years three years four years five years
Short-term borrowings 980,654 ― ― ― ― ―
Commercial papers 430,019 ― ― ― ― ―
Bonds 368,101 410,091 559,451 235,459 223,158 65,000
Long-term borrowings 1,339,982 1,009,580 766,537 927,254 377,748 22,684
Lease obligations 31,565 12,666 3,330 2,383 1,498 521
Total 3,150,321 1,432,337 1,329,318 1,165,096 602,404 88,205

Current fiscal year (As of March 31, 2018) (Millions of yen)

Due after Due after Due after Due after
Due within one year but two years three years four years Due after
one year within two but within but within but within five years
years three years four years five years
Short-term borrowings 802,952 ― ― ― ― ―
Commercial papers 402,918 ― ― ― ― ―
Bonds 396,637 548,536 780,945 214,266 303,657 40,000
Long-term borrowings 1,152,719 1,360,151 1,125,194 462,454 78,921 26,992
Lease obligations 25,766 9,347 3,469 2,168 745 519
Total 2,780,992 1,918,034 1,909,608 678,888 383,323 67,511

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(For securities)

1. Other securities

Prior fiscal year (As of March 31, 2017) (Millions of yen)

Types of securities Carrying value Acquisition cost Difference
(Securities whose carrying value exceeds
their acquisition cost)
Stock 143,909 73,947 69,962
Others 2,884 2,384 500
Subtotal 146,793 76,331 70,462
(Securities whose carrying value does not
exceed their acquisition cost)
Stock 2,828 2,912 (84)
Others 121,524 121,524 ―
Subtotal 124,352 124,436 (84)
Total 271,145 200,767 70,378

Current fiscal year (As of March 31, 2018) (Millions of yen)

Types of securities Carrying value Acquisition cost Difference
(Securities whose carrying value exceeds
their acquisition cost)
Stock 150,615 73,925 76,690
Others 2,610 1,968 642
Subtotal 153,225 75,893 77,332
(Securities whose carrying value does not
exceed their acquisition cost)
Stock 2,836 2,858 (22)
Others 71,200 71,200 ―
Subtotal 74,036 74,058 (22)
Total 227,261 149,951 77,310

2. Other securities sold during the fiscal year

Prior fiscal year (From April 1, 2016 To March 31, 2017)

This information is not provided due to its low materiality.

Current fiscal year (From April 1, 2017 To March 31, 2018) (Millions of yen)
Type of securities Sales proceeds Total gain Total loss
Stock 9,731 312 (259)
Total 9,731 312 (259)

3. Reclassified securities

Prior fiscal year (From April 1, 2016 To March 31, 2017)

The Company reclassified Alliance Rostec Auto B.V. stock of unconsolidated affiliates (carrying value ¥0 million)
to other securities due to a change in affiliation based on a decrease in equity owned by the Company.
As a result, investment securities and net unrealized holding gains on securities increased by ¥5,586 million.

Current fiscal year (From April 1, 2017 To March 31, 2018)

Not applicable.

4. Securities for which an impairment loss was recognized

Prior fiscal year (From April 1, 2016 To March 31, 2017)

For the prior fiscal year, an impairment loss of ¥233 million was recognized for investment securities (stock of
unconsolidated subsidiaries: ¥233 million).

Current fiscal year (From April 1, 2017 To March 31, 2018)

For the current fiscal year, an impairment loss of ¥507 million was recognized for investment securities (stock
included in other securities: ¥507 million).

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 (For derivative transactions)
1. Derivative transactions for which hedge accounting is not adopted

(1) Currency-related transactions

Prior fiscal year (As of March 31, 2017) (Millions of yen)
Portion
Classification

due after Valuation

Type Notional amounts Fair value
one year included gain or loss
herein
Forward foreign exchange contracts:
Sell:
KRW 4,156 ― (39) (39)
Buy:
Non-market transactions

EUR 28,881 ― (623) (623)

Swaps:
EUR 131,227 5,391 5,420 5,420
USD 300,159 75,717 14,166 14,166
CAD 32,119 32,119 6,657 6,657
MXN 8,892 8,892 1,887 1,887
INR 2,253 2,253 (210) (210)
IDR 2,031 ― 120 120
AUD 43,356 ― (563) (563)
CNY 105,731 ― (1,721) (1,721)
Total ― ― 25,094 25,094
Note: Calculation of fair value is based on the discounted cash flows and others.

Current fiscal year (As of March 31, 2018) (Millions of yen)

Portion
Classification

due after Valuation

Type Notional amounts Fair value
one year included gain or loss
herein
Forward foreign exchange contracts:
Sell:
KRW 330 ― (35) (35)
Buy:
Non-market transactions

EUR 31,371 ― (541) (541)

Swaps:
EUR 409,766 350,853 198 198
USD 329,042 131,714 7,419 7,419
MXN 8,892 ― 1,957 1,957
INR 11,345 2,502 (49) (49)
AUD 31,670 ― 1,486 1,486
CNY 68,792 ― 181 181
HKD 530 ― 27 27
Total ― ― 10,643 10,643
Note: Calculation of fair value is based on the discounted cash flows and others.

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(2) Interest-related transactions
Prior fiscal year (As of March 31, 2017) (Millions of yen)
Classification
Portion
due after Valuation
Type Notional amounts Fair value
one year included gain or loss
herein
Swaps:
Receive floating/pay fixed 138,885 85,659 (218) (218)
Non-market transactions

Receive fixed/pay floating 189,119 155,462 (230) (230)

Options
Caps sold 861,072 533,618
(Premium) (1,414) (905) (246) (246)
Caps purchased 861,072 533,618
(Premium) 1,479 945 246 246
Total ― ― (448) (448)
Note: Calculation of fair value is based on the discounted cash flows and others.

Current fiscal year (As of March 31, 2018) (Millions of yen)

Classification

Portion
due after Valuation
Type Notional amounts Fair value
one year included gain or loss
herein
Swaps:
Receive floating/pay fixed 65,761 61,570 645 645
Non-market transactions

Receive fixed/pay floating 114,599 41,282 (1,133) (1,133)

Options
Caps sold 621,149 338,098
(Premium) (2,583) (1,926) (178) 2,405
Caps purchased 621,149 338,098
(Premium) 2,583 1,926 178 (2,405)
Total ― ― (488) (488)
Note: Calculation of fair value is based on the discounted cash flows and others.

(3) Commodity-related transactions

Prior fiscal year (As of March 31, 2017)
Not applicable.
Current fiscal year (As of March 31, 2018)
Not applicable.

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2. Derivative transactions for which hedge accounting is adopted

(1) Currency-related transactions

Prior fiscal year (As of March 31, 2017) (Millions of yen)
Portion
Method of hedge Notional due after
Type of transactions Major hedged items Fair value
accounting amounts one year
included herein
Swaps:
Short-term and
USD 337,766 239,701 18,423
long-term borrowings
Long-term loans
RUB 2,569 2,569 (468)
Deferral hedge receivable
accounting Forward foreign
exchange contracts:
Buy:
Short-term
USD 4,078 ― (5)
borrowings
Total ― ― 17,950
Note: Calculation of fair value is based on discounted cash flows and others.

Current fiscal year (As of March 31, 2018) (Millions of yen)

Portion
Method of hedge Notional due after
Type of transactions Major hedged items Fair value
accounting amounts one year
included herein
Swaps:
Short-term and
USD 316,722 215,947 (1,103)
long-term borrowings
Short-term loans
RUB 2,433 ― (372)
Deferral hedge receivable
accounting Forward foreign
exchange contracts:
Buy:
Short-term
USD 2,542 ― 48
borrowings
Total ― ― (1,427)
Note: Calculation of fair value is based on discounted cash flows and others.

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(2) Interest-related transactions
Prior fiscal year (As of March 31, 2017) (Millions of yen)
Portion
Method of due after
Notional
hedge Type of transactions Major hedged items one year Fair value
amounts
accounting included
herein
Swaps:
Special Long-term
treatment Receive floating/pay fixed borrowings 87,700 71,700 Note 2
Swaps:
Deferral hedge Short-term and
accounting Receive floating/pay fixed long-term 1,234,924 660,922 4,850
borrowings
Total ― ― 4,850
Notes: 1. Calculation of fair value is based on discounted cash flows and others.
2. The fair value of interest rate swaps which are accounted using special treatment is included in that of corresponding hedged
long-term borrowings in “2. Fair Value of Financial Instruments” under “For financial instruments“ as those interest rate
swaps are recorded as an adjustment to interest expense of hedged instruments under the special treatment.

Current fiscal year (As of March 31, 2018) (Millions of yen)

Portion
Method of due after
Notional
hedge Type of transactions Major hedged items one year Fair value
amounts
accounting included
herein
Swaps:
Special Long-term
treatment Receive floating/pay fixed borrowings 71,700 45,500 Note 2
Swaps:
Deferral hedge Long-term
accounting Receive floating/pay fixed borrowings 1,351,161 867,147 8,261

Total ― ― 8,261
Notes: 1. Calculation of fair value is based on discounted cash flows and others.
2. The fair value of interest rate swaps which are accounted using special treatment is included in that of corresponding hedged
long-term borrowings in “2. Fair Value of Financial Instruments” under “For financial instruments“ as those interest rate
swaps are recorded as an adjustment to interest expense of hedged instruments under the special treatment.

(3) Commodity-related transactions

Prior fiscal year (As of March 31, 2017) (Millions of yen)
Portion
Method of
Notional due after
hedge Type of transactions Major hedged items Fair value
amounts one year
accounting
included herein
Forward contracts:
Deferral hedge Buy: Aluminum 1,072 ― 284
accounting
Platinum 1,022 ― 44
Total ― ― 328
Note: Calculation of fair value is based on discounted cash flows and others.

Prior fiscal year (As of March 31, 2018) (Millions of yen)

Portion
Method of
Notional due after
hedge Type of transactions Major hedged items Fair value
amounts one year
accounting
included herein
Forward contracts:
Deferral hedge Buy: Aluminum 1,498 ― (28)
accounting Platinum 645 ― (5)
Palladium 2,917 ― (58)
Total ― ― (91)
Note: Calculation of fair value is based on discounted cash flows and others.

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(For retirement benefits)
1. Description of retirement benefit plans
The Group has several defined-benefit and defined-contribution pension plans. The Company and certain
consolidated subsidiaries have adopted both defined-benefit and defined-contribution pension plans, whereas certain
other consolidated subsidiaries have either defined-benefit or defined-contribution pension plans. The defined-
benefit pension plans adopted by the Company and certain domestic subsidiaries include lump-sum payment plans
and defined-benefit corporate pension plans. Certain employees may be entitled to additional special retirement
benefits, depending on the conditions for the termination of their employment. Certain consolidated subsidiaries
apply a simplified method for calculation of net defined benefit liability, net defined benefit assets and retirement
benefit expenses.
2. Defined-benefit pension plan
(1) Adjustments between the beginning and ending balances of retirement benefit obligation (excluding those listed in
(3) below) (Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Retirement benefit obligation at the beginning of the year 1,469,176 1,381,325
Service cost 35,291 33,592
Interest cost 27,986 28,113
Actuarial gain and loss generated 41,297 8,215
Past service cost generated (12) (7,962)
Retirement benefits paid (62,627) (67,772)
Effect of foreign exchange translation (41,791) 2,580
Decrease due to exclusion from consolidation (89,595) ―
Other 1,600 1,754
Retirement benefit obligation at the end of the year 1,381,325 1,379,845

(2) Adjustments between the beginning and ending balances of plan assets (excluding those listed in (3) below)
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Plan assets at the beginning of the year 1,050,281 1,021,050
Expected return on plan assets (Note) 46,885 44,705
Actuarial gain and loss generated 64,199 11,325
Contribution from employers 19,820 17,239
Retirement benefits paid (58,103) (61,181)
Effect of foreign exchange translation (30,599) 3,223
Decrease due to exclusion from consolidation (72,910) ―
Other 1,477 1,793
Plan assets at the end of the year 1,021,050 1,038,154
Note: Interest from plan assets of net interest from net defined liability of consolidated foreign subsidiaries which adopt
IFRS has been included.

(3) Adjustments between the beginning and ending balances of net defined benefit liability and net defined benefit assets
for plans using a simplified method
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Net defined benefit liability and net defined benefit assets at the
537 615
beginning of the year
Retirement benefit expenses 251 198
Retirement benefits paid (55) (98)
Contribution to plans (118) (97)
Net defined benefit liability and net defined benefit assets at the
615 618
end of the year

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 (4) Adjustments between the ending balances of retirement benefit obligation and plan assets and the net defined benefit
liability and net defined benefit assets reported on the balance sheets
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Retirement benefit obligation for funded plans 1,306,081 1,305,498
Plan assets (1,021,937) (1,039,104)
284,144 266,394
Retirement benefit obligation for unfunded plans 76,746 75,915
Net defined liability and assets reported on the consolidated
balance sheets 360,890 342,309

Net defined benefit liability 369,346 352,861

Net defined benefit assets (8,456) (10,552)
Net defined liability and assets reported on the consolidated
balance sheets 360,890 342,309

(5) Breakdown of retirement benefit expenses

(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Service cost (Note 1) 35,542 33,791
Interest cost 27,986 28,113
Expected return on plan assets (46,885) (44,705)
Amortization of actuarial gain and loss 15,537 13,998
Amortization of past service cost (5,473) (20,169)
Other 1,393 795
Retirement benefit expenses for defined benefit plans 28,100 11,823
Notes: 1. The retirement benefit expenses of consolidated subsidiaries adopting the simplified method are included in
“Service cost.”
2. In addition to the retirement benefit expenses referred to above, additional retirement expenses of ¥1,942 million
for the prior fiscal year were accounted for as “Other,” under “Special losses” in the consolidated statements of
income.

(6) Remeasurements of defined benefit plans

Remeasurements of defined benefit plans (reported under “Other comprehensive income” in the statements of
comprehensive income) consist of the following (before tax effects).
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Past service cost (2,222) (12,885)
Actuarial gain and loss 52,035 17,368
Total 49,813 4,483

(7) Remeasurements of defined benefit plans

Remeasurements of defined benefit plans (reported under “Accumulated other comprehensive income” in the net
assets section in the consolidated balance sheets) consist of the following (before tax effects).
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Unrecognized past service cost 20,808 7,923
Unrecognized actuarial gain and loss (191,671) (174,303)
Total (170,863) (166,380)

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 (8) Matters regarding plan assets
①Major components of plan assets
Plan assets consist of the following.
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Stocks 43% 43%
Bonds 34% 36%
Cash and deposits 2% 1%
Real estate (including REITs) 7% 7%
Other 14% 13%
Total 100% 100%
Notes: 1. Securities contributed to the retirement benefit trust included in the total plan assets were 4.3% for the prior year and
3.0% for the current fiscal year.
2. “Other” includes components for which it is difficult to categorize into specific types of plan assets, such as stocks and
bonds, and to identify the percentage and the amount by types of assets.

②Method for determining the long-term expected return on plan assets

To determine the long-term expected return on plan assets, the portfolio and past performance of the plan assets
held, long-term investment policies and market trends, among others, are considered.
(9) Assumptions used in actuarial calculations
Major assumptions used in actuarial calculations
Domestic companies
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Discount rates 0.1%–1.0% 0.2%–0.9%
Long-term expected rates of return on plan assets Mainly 4.0% Mainly 4.0%
Expected future salary increase 2.0%–5.5% 2.4%–5.5%

Foreign companies
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Discount rates 1.8%–4.6% 1.8%–4.2%
Long-term expected rates of return on plan assets
7.0%–8.5% Mainly 8.0%
(US GAAP adoption companies only)
Expected future salary increase 2.5%–6.0% 2.5%–6.0%

3. Defined-contribution pension plans

The required amounts of contribution to the Group’s defined-contribution pension plans were ¥18,581 million for the
prior fiscal year and ¥18,374 million for the current fiscal year.

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(For share-based payments)
1. The account and the amount of stock options charged as expenses
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Salaries and wages in Selling, general and
― ―
administrative expenses

2. The amount of stock options charged as income due to their forfeiture resulting from nonuse
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Special gains 89 72

3. Description of stock options/Changes in the size of stock options

(1) Description of stock options
Company name The Company The Company
2007 Stock Options [2nd] 2008 Stock Options
Category and number of people to
The Company’s employees: 12 The Company’s employees: 121
whom stock options are granted
Type and number of shares Common stock 360,000 shares Common stock 3,620,000 shares
Grant date December 21, 2007 May 16, 2008
Vesting conditions (1) Those who hold share subscription rights (1) Those who hold share subscription rights
(hereinafter “the holders”) must remain (hereinafter “the holders”) must remain
employees or directors of the Company, its employees or directors of the Company, its
subsidiaries, or affiliates until the beginning of subsidiaries, or affiliates until the beginning of
the exercise period. the exercise period.
(2) The Company must achieve its targeted (2) The holders must achieve their respective
results. targets.
(3) The holders must achieve their respective
targets.
Vesting period From December 21, 2007 To March 31, 2010 From May 16, 2008 To May 16, 2010
Exercise period From April 1, 2010 To June 19, 2017 From May 17, 2010 To April 23, 2018
(2) Changes in the size of stock options
The following describes changes in the size of stock options that existed during the year ended March 31, 2018.
The number of stock options is translated into the number of shares.
① Number of stock options
Company name The Company The Company
2007 Stock Options [2nd] 2008 Stock Options
Share subscription rights which are not yet
vested (shares):
As of March 31, 2017 ― ―
Granted ― ―
Forfeited ― ―
Vested ― ―
Balance of options not vested ― ―
Share subscription rights which have already
been vested (shares):
As of March 31, 2017 350,100 1,890,900
Vested ― ―
Exercised ― 1,391,800
Forfeited 350,100 ―
Balance of options not exercised ― 499,100
② Per share prices
Company name The Company The Company
2007 Stock Options [2nd] 2008 Stock Options
Exercise price (Yen) 1,205 975
Average price per share upon exercise (Yen) ― 1,117
Fair value per share at grant date (Yen) 205.43 168.99

4. Method for estimating the per share fair value of stock options
During the fiscal year ended March 31, 2018, there were no stock options that were granted or for which the fair value
per share had been changed due to the alteration of conditions.
5. Estimation of the number of stock options vested
Because it is difficult to reasonably estimate the number of options that will expire in the future, historical data is
reflected for the options that have not yet been vested, and the number of options that have actually forfeited is reflected
for the options that have already been vested.

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(For tax-effect accounting)
1. Significant components of deferred tax assets and liabilities
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Deferred tax assets:
Net operating loss carry forwards 127,630 149,368
Net defined benefit liability 106,520 87,635
Accrued warranty costs 89,340 74,140
Research and development expenses 35,501 50,514
Loss for residual value risk of leased vehicles 69,774 48,815
Sales incentives 63,621 36,603
Allowance for doubtful receivable 42,371 34,074
Service costs 39,914 25,171
Impairment loss 23,155 22,970
Allowance for bonus 19,582 18,809
Excess depreciation 15,316 14,131
Other 295,155 262,156
Total gross deferred tax assets 927,879 824,386
Valuation allowance (98,348) (88,596)
Total deferred tax assets 829,531 735,790
Deferred tax liabilities:
Reserves under Special Taxation Measures Law, etc. (880,310) (599,308)
Difference between cost of investments and their underlying
(52,727) (52,688)
net equity at fair value on land
Unrealized holding gain on securities (19,870) (23,404)
Other (145,213) (127,026)
Total deferred tax liabilities (1,098,120) (802,426)
Net deferred tax assets (268,589) (66,636)
Note: Net deferred tax assets as of March 31, 2017 and 2018 are reflected in the following accounts in the consolidated balance sheets:
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Current assets—deferred tax assets 156,457 152,452
Fixed assets—deferred tax assets 176,354 175,940
Current liabilities—deferred tax liabilities 2 2
Long-term liabilities—deferred tax liabilities 601,398 395,026

2. The reconciliation between the effective tax rates reflected in the consolidated financial statements and the statutory
tax rate is summarized as follows:
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Statutory tax rate of the Company 30.8% 30.8%
(Reconciliation)
･ Different tax rates applied to foreign consolidated subsidiaries 0.2% (1.6%)
･ Tax credits (2.4%) (3.7%)
･ Change in valuation allowance 1.4% 4.7%
･ Equity in gain and loss of affiliates (4.7%) (8.9%)
･ Undistributed retained earnings of foreign consolidated subsidiaries 0.6% 1.3%
･ Reduction in year-end deferred tax assets and deferred tax liabilities
0.0% (32.6%)
due to tax rate change
･ Other 1.5% 2.6%
Effective tax rates after adoption of tax-effect accounting 27.4% (7.4%)

3. Amendments to deferred tax assets and deferred tax liabilities due to the enactment of the Tax Cuts and Job Act in the
United States of America
The Tax Cuts and Jobs Act was enacted in the U.S. on December 22, 2017. Due to the Act, the federal corporate income tax
rate applicable to the Company’s U.S. consolidated subsidiaries was reduced from 35% to 21%.
The Company has recognized the impact of the enactment of the Tax Cuts and Jobs Act as a ¥231,841 million decrease in
income taxes including a remeasurement of deferred tax assets and liabilities of its U.S. consolidated subsidiaries, in the
current fiscal year ended March 31, 2018. As a result, net income has increased by the same amount.
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(For assets retirement obligations)

Prior fiscal year (As of March 31, 2017)

This information is not provided due to its low materiality.

Current fiscal year (As of March 31, 2018)

This information is not provided due to its low materiality.

(For investment and rental property)

The Company and some of its subsidiaries have rental property in Japan (Tokyo, Kanagawa, Osaka and others) and
overseas, which is mainly used for vehicle and parts dealers.
For the fiscal year ended March 31, 2017, net income from rental property amounted to ¥4,833 million and net gain on
sales of rental property amounted to ¥1,359 million. For the fiscal year ended March 31, 2018, net income from rental
property amounted to ¥5,084 million and net gain on sales of rental property amounted to ¥27 million.

The carrying value, increase/decrease thereof and fair value of rental property are as follows.
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Carrying value
Balance at the beginning of the year 118,455 108,626
Increase/Decrease during the year (9,829) 1,851
Balance at the end of the year 108,626 110,477
Fair value at the end of the year 107,698 113,894
Notes:1. The carrying value shown here is calculated by deducting the relevant accumulated depreciation and impairment
loss from the property’s acquisition cost.
2. The main component of the decrease during the prior fiscal year is the exclusion of the lenders from the scope
of consolidation amounting to ¥8,498 million.
3. The fair value was mainly based on real-estate appraisal value which was calculated by external real-estate
appraisers.

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(Segments of an enterprise and related information)

Segment information
1. General information about reportable segments
The reportable segments of the Group are components for which discrete financial information is available and whose
operating results are regularly reviewed by the Executive Committee to make decision about resource allocation and
to assess their performance.
Businesses of the Group are segmented into Automobile and Sales financing based on feature of products and services.
The Automobile business includes manufacturing and sales of vehicles and parts. The Sales financing business
provides sales finance service and leasing to support sales activities of the above business.

2. Calculation method of net sales, profits or losses, assets and other items by reportable segments
The accounting method for the reportable segments is the same as basis of preparation for the consolidated financial
statements.
The segment profits are based on operating income. Inter-segment sales are based on the price in arms-lengths
transaction. The segment assets are based on total assets.

3. Net sales, profits or losses, assets and other items by reportable segments

Prior fiscal year (From April 1, 2016 To March 31, 2017)

(Millions of yen)
Reportable segments Elimination of
The year ended
Sales inter-segment
Automobile Total March 31, 2017
financing transactions
Net sales
Sales to third parties 10,770,598 949,443 11,720,041 ― 11,720,041
Inter-segment sales or
134,639 33,788 168,427 (168,427) ―
transfers
Total 10,905,237 983,231 11,888,468 (168,427) 11,720,041
Segment profits 534,749 183,883 718,632 23,596 742,228
Segment assets 9,396,179 10,570,503 19,966,682 (1,545,674) 18,421,008
Other items
Depreciation and
387,935 453,122 841,057 ― 841,057
amortization expense
Amortization of goodwill 1,818 ― 1,818 ― 1,818
Interest expense (Cost of
― 142,117 142,117 (36,935) 105,182
sales)
Investment amounts to
951,682 8,405 960,087 ― 960,087
equity method companies
Increase amounts of fixed
assets and intangible 440,688 1,355,903 1,796,591 ― 1,796,591
fixed assets

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Note 1: Consolidated financial statements by business segments
• The Sales financing segment for the summarized consolidated balance sheets, summarized consolidated
statements of income and summarized consolidated statements of cash flows consists of Nissan Financial
Services Co., Ltd. (Japan), Nissan Motor Acceptance Corporation (U.S.A.), NR Finance Mexico S.A. de
C.V. SOFOM ER (Mexico), other 8 companies and the sales finance operations of Nissan Canada Inc.
(Canada).
• The financial data on Automobile & Eliminations represent the differences between the consolidated
figures and those for the Sales financing segment.

(1) Summarized consolidated balance sheets by business segments

(Millions of yen)
Prior fiscal year (As of March 31, 2017)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
Assets
I. Current assets
Cash on hand and in banks 1,075,055 47,429 1,122,484
Trade notes and accounts receivable 806,925 2,056 808,981
Sales finance receivables (7,679) 7,348,315 7,340,636
Inventories 1,221,459 51,702 1,273,161
Other current assets 598,808 318,479 917,287
Total current assets 3,694,568 7,767,981 11,462,549
II. Fixed assets
Property, plant and equipment, net 2,624,073 2,651,148 5,275,221
Investment securities 1,135,752 22,924 1,158,676
Other fixed assets 396,112 128,450 524,562
Total fixed assets 4,155,937 2,802,522 6,958,459
Total assets 7,850,505 10,570,503 18,421,008
Liabilities
I. Current liabilities
Trade notes and accounts payable 1,488,771 89,823 1,578,594
Short-term borrowings (826,610) 3,945,366 3,118,756
Lease obligations 31,565 ― 31,565
Other current liabilities 1,927,229 398,076 2,325,305
Total current liabilities 2,620,955 4,433,265 7,054,220
II. Long-term liabilities
Bonds 275,000 1,218,159 1,493,159
Long-term borrowings 45,622 3,058,181 3,103,803
Lease obligations 20,393 5 20,398
Other long-term liabilities 741,719 840,573 1,582,292
Total long-term liabilities 1,082,734 5,116,918 6,199,652
Total liabilities 3,703,689 9,550,183 13,253,872
Net assets
I. Shareholders’ equity
Common stock 432,905 172,909 605,814
Capital surplus 784,084 33,380 817,464
Retained earnings 3,535,240 813,896 4,349,136
Treasury stock (140,697) ― (140,697)
Total shareholders’ equity 4,611,532 1,020,185 5,631,717
II. Accumulated other comprehensive income
Translation adjustments (651,809) (36,032) (687,841)
Others (86,404) 4,375 (82,029)
Total accumulated other
comprehensive income (738,213) (31,657) (769,870)
III. Share subscription rights 391 ― 391
IV. Non-controlling interests 273,106 31,792 304,898
Total net assets 4,146,816 1,020,320 5,167,136
Total liabilities and net assets 7,850,505 10,570,503 18,421,008
Notes: 1. The sales finance receivables of Automobile & Eliminations represent the amount eliminated for intercompany
transactions related to wholesale finance made by the Sales financing segment.
2. The borrowings of Automobile & Eliminations represent the amount after deducting internal loans receivable
from the Sales financing segment amounting to ¥1,315,905 million.

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 (2) Summarized consolidated statements of income by business segments
(Millions of yen)
Prior fiscal year
(From April 1, 2016 To March 31, 2017)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
Net sales 10,736,810 983,231 11,720,041
Cost of sales 8,769,239 653,312 9,422,551
Gross profit 1,967,571 329,919 2,297,490
Operating income as a percentage of net sales 5.2% 18.7% 6.3%
Operating income 558,345 183,883 742,228
Financial income / expenses, net 11,075 81 11,156
Other non-operating income and expenses, net 110,149 1,200 111,349
Ordinary income 679,569 185,164 864,733
Income before income taxes 788,925 176,232 965,157
Net income attributable to owners of parent 570,500 92,999 663,499

(3) Summarized consolidated statements of cash flows by business segments

(Millions of yen)
Prior fiscal year
(From April 1, 2016 To March 31, 2017)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
I. Cash flows from operating activities
Income before income taxes 788,925 176,232 965,157
Depreciation and amortization 387,935 453,122 841,057
Decrease (increase) in sales finance receivables 2,192 (768,086) (765,894)
Others 58,977 236,176 295,153
Net cash provided by operating activities 1,238,029 97,444 1,335,473
II. Cash flows from investing activities
Purchase of investment securities (270,228) ― (270,228)
Proceeds from (payments for) sales of
subsidiaries’ shares resulting in changes in the
scope of consolidation 97,055 ― 97,055
Purchases of fixed assets (411,291) (92,454) (503,745)
Proceeds from sales of fixed assets 21,558 51,256 72,814
Purchases of leased vehicles (335) (1,293,505) (1,293,840)
Proceeds from sales of leased vehicles 11 512,364 512,375
Others 2,329 5,614 7,943
Net cash used in investing activities (560,901) (816,725) (1,377,626)
III. Cash flows from financing activities
Net increase (decrease) in short-term
borrowings 137,236 (121,117) 16,119
Net change in long-term borrowings and
redemption of bonds (105,935) 116,819 10,884
Proceeds from issuance of bonds 125,000 753,641 878,641
Purchase of treasury stock (277,419) ― (277,419)
Others (282,077) (25,538) (307,615)
Net cash provided by (used in) financing
(403,195) 723,805 320,610
activities
IV. Effect of exchange rate changes on cash and cash
equivalents (33,617) (1,258) (34,875)
V. Increase in cash and cash equivalents 240,316 3,266 243,582
VI. Cash and cash equivalents at the beginning of the
period 944,212 47,883 992,095
VII. Increase due to inclusion in consolidation 5,447 ― 5,447
VIII. Cash and cash equivalents at the end of the period 1,189,975 51,149 1,241,124
Notes:1. The net increase (decrease) in short-term borrowings of Automobile & Eliminations includes the amount of
¥125,659 million eliminated for net decrease in internal loans receivable from the Sales financing segment.
2. The net change in long-term borrowings and redemption of bonds of Automobile & Eliminations includes the
amount of ¥58,339 million eliminated for net decrease in internal loans receivable from the Sales financing
segment.
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Note 2: Net sales and profits or losses by region

Prior fiscal year (From April 1, 2016 To March 31, 2017)

(Millions of yen)
Other
North
Japan
America
Europe Asia overseas Total Eliminations Consolidated
countries
Net sales
(1) Sales to third
2,173,881 5,924,032 1,605,613 1,007,105 1,009,410 11,720,041 ― 11,720,041
parties
(2) Inter-segment
2,544,563 427,699 315,030 602,477 13,451 3,903,220 (3,903,220) ―
sales
Total 4,718,444 6,351,731 1,920,643 1,609,582 1,022,861 15,623,261 (3,903,220) 11,720,041
Operating income
410,114 287,712 (25,193) 61,919 (15,822) 718,730 23,498 742,228
(loss)
Notes: 1. Regions are representing the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa and Central and South America excluding Mexico

Current fiscal year (From April 1, 2017 To March 31, 2018)

(Millions of yen)
Reportable segments Elimination of
The year ended
Sales inter-segment
Automobile Total March 31, 2018
financing transactions
Net sales
Sales to third parties 10,851,955 1,099,214 11,951,169 ― 11,951,169
Inter-segment sales or
175,908 50,103 226,011 (226,011) ―
transfers
Total 11,027,863 1,149,317 12,177,180 (226,011) 11,951,169
Segment profits 335,574 215,338 550,912 23,848 574,760
Segment assets 9,307,392 10,912,465 20,219,857 (1,472,956) 18,746,901
Other items
Depreciation and
373,038 516,193 889,231 ― 889,231
amortization expense
Amortization of goodwill 1,057 ― 1,057 ― 1,057
Interest expense (Cost of
― 195,373 195,373 (39,837) 155,536
sales)
Investment amounts to
1,048,774 11,256 1,060,030 ― 1,060,030
equity method companies
Increase amounts of fixed
assets and intangible 410,139 1,377,306 1,787,445 ― 1,787,445
fixed assets

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Note 1: Consolidated financial statements by business segments
• The Sales financing segment for the summarized consolidated balance sheets, summarized consolidated
statements of income and summarized consolidated statements of cash flows consists of Nissan Financial
Services Co., Ltd. (Japan), Nissan Motor Acceptance Corporation (U.S.A.), NR Finance Mexico S.A. de
C.V. SOFOM ER (Mexico), other 10 companies and the sales finance operations of Nissan Canada Inc.
(Canada).
• The financial data on Automobile & Eliminations represent the differences between the consolidated
figures and those for the Sales financing segment.

(1) Summarized consolidated balance sheets by business segments

(Millions of yen)
Current fiscal year (As of March 31, 2018)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
Assets
I. Current assets
Cash on hand and in banks 1,073,609 61,229 1,134,838
Trade notes and accounts receivable 738,549 1,302 739,851
Sales finance receivables (13,883) 7,648,639 7,634,756
Inventories 1,241,663 48,886 1,290,549
Other current assets 502,910 379,941 882,851
Total current assets 3,542,848 8,139,997 11,682,845
II. Fixed assets
Property, plant and equipment, net 2,624,059 2,641,575 5,265,634
Investment securities 1,262,291 2,241 1,264,532
Other fixed assets 405,238 128,652 533,890
Total fixed assets 4,291,588 2,772,468 7,064,056
Total assets 7,834,436 10,912,465 18,746,901
Liabilities
I. Current liabilities
Trade notes and accounts payable 1,599,075 47,563 1,646,638
Short-term borrowings (731,635) 3,486,861 2,755,226
Lease obligations 25,766 ― 25,766
Other current liabilities 1,846,495 470,261 2,316,756
Total current liabilities 2,739,701 4,004,685 6,744,386
II. Long-term liabilities
Bonds 175,000 1,712,404 1,887,404
Long-term borrowings (115,308) 3,169,020 3,053,712
Lease obligations 16,240 8 16,248
Other long-term liabilities 747,200 609,216 1,356,416
Total long-term liabilities 823,132 5,490,648 6,313,780
Total liabilities 3,562,833 9,495,333 13,058,166
Net assets
I. Shareholders’ equity
Common stock 431,212 174,602 605,814
Capital surplus 753,586 62,327 815,913
Retained earnings 3,698,639 1,210,108 4,908,747
Treasury stock (139,970) ― (139,970)
Total shareholders’ equity 4,743,467 1,447,037 6,190,504
II. Accumulated other comprehensive income
Translation adjustments (654,184) (79,387) (733,571)
Others (80,369) 8,173 (72,196)
Total accumulated other
comprehensive income (734,553) (71,214) (805,767)
III. Share subscription rights 84 ― 84
IV. Non-controlling interests 262,605 41,309 303,914
Total net assets 4,271,603 1,417,132 5,688,735
Total liabilities and net assets 7,834,436 10,912,465 18,746,901
Notes: 1. The sales finance receivables of Automobile & Eliminations represent the amount eliminated for
intercompany transactions related to wholesale finance made by the Sales financing segment.
2. The borrowings of Automobile & Eliminations represent the amount after deducting internal loans
receivable from the Sales financing segment amounting to ¥1,201,361 million.

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 (2) Summarized consolidated statements of income by business segments
(Millions of yen)
Current fiscal year
(From April 1, 2017 To March 31, 2018)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
Net sales 10,801,852 1,149,317 11,951,169
Cost of sales 9,037,294 776,707 9,814,001
Gross profit 1,764,558 372,610 2,137,168
Operating income as a percentage of net sales 3.3% 18.7% 4.8%
Operating income 359,422 215,338 574,760
Financial income / expenses, net 14,969 116 15,085
Other non-operating income and expenses, net 158,294 2,163 160,457
Ordinary income 532,685 217,617 750,302
Income before income taxes 483,900 226,843 710,743
Net income attributable to owners of parent 320,789 426,103 746,892

(3) Summarized consolidated statements of cash flows by business segments

(Millions of yen)
Current fiscal year
(From April 1, 2017 To March 31, 2018)
Automobile & Consolidated
Accounts Sales financing
Eliminations total
I. Cash flows from operating activities
Income before income taxes 483,900 226,843 710,743
Depreciation and amortization 373,038 516,193 889,231
Decrease (increase) in sales finance receivables 6,000 (536,842) (530,842)
Others (105,779) 107,897 2,118
Net cash provided by operating activities 757,159 314,091 1,071,250
II. Cash flows from investing activities
Purchases of investment securities (1,576) (24,631) (26,207)
Purchases of fixed assets (380,149) (18,648) (398,797)
Proceeds from sales of fixed assets 17,780 21,962 39,742
Purchases of leased vehicles 1 (1,430,562) (1,430,561)
Proceeds from sales of leased vehicles 7 645,160 645,167
Others 13,797 9,140 22,937
Net cash used in investing activities (350,140) (797,579) (1,147,719)
III.Cash flows from financing activities
Net increase (decrease) in short-term
borrowings (84,114) (63,394) (147,508)
Net change in long-term borrowings and
redemption of bonds (116,079) (296,752) (412,831)
Proceeds from issuance of bonds ― 858,002 858,002
Purchases of treasury stock (6) ― (6)
Others (260,840) (7) (260,847)
Net cash provided by (used in) financing
(461,039) 497,849 36,810
activities
IV. Effect of exchange rate changes on cash and cash
equivalents 4,666 (131) 4,535
V. Increase (decrease) in cash and cash equivalents (49,354) 14,230 (35,124)
VI. Cash and cash equivalents at the beginning of the
period 1,189,975 51,149 1,241,124
VII. Increase due to inclusion in consolidation ― ― ―
VIII. Cash and cash equivalents at the end of the period 1,140,621 65,379 1,206,000
Notes: 1. The net increase (decrease) in short-term borrowings of Automobile & Eliminations includes the amount of
¥48,436 million eliminated for net increase in internal loans receivable from the Sales financing segment.
2. The net change in long-term borrowings and redemption of bonds of Automobile & Eliminations includes
the amount of ¥130,604 million eliminated for net decrease in internal loans receivable from the Sales
financing segment.

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Note 2: Net sales and profits or losses by region

Current fiscal year (From April 1, 2017 To March 31, 2018)

(Millions of yen)
Other
North
Japan
America
Europe Asia overseas Total Eliminations Consolidated
countries
Net sales
(1) Sales to third
2,194,482 5,978,226 1,784,063 1,001,973 992,425 11,951,169 ― 11,951,169
parties
(2) Inter-segment
2,452,709 443,669 307,889 551,760 13,794 3,769,821 (3,769,821) ―
sales
Total 4,647,191 6,421,895 2,091,952 1,553,733 1,006,219 15,720,990 (3,769,821) 11,951,169
Operating income
284,198 200,047 14,331 53,572 (13,980) 538,168 36,592 574,760
(loss)
Notes: 1. Regions are representing the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa and Central and South America excluding Mexico

- 94 -
Related information

Prior fiscal year (From April 1, 2016 To March 31, 2017)

1. Information by product and service
This information is not provided here because it is the same as the information provided under “Segment information.”

2. Information by geographical area

(1) Net sales
(Millions of yen)
North America Other
Japan Europe Asia overseas Total
U.S.A. countries
1,827,937 5,807,622 4,812,984 1,670,283 1,260,964 1,153,235 11,720,041
Notes: 1. Regions represent customers’ location.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa, Central and South America excluding Mexico, etc.

(2) Property, plant and equipment

(Millions of yen)
North America Other
Japan Europe Asia overseas Total
U.S.A. countries
1,490,827 3,188,705 2,703,519 276,310 235,888 83,491 5,275,221
Notes: 1. Regions represent the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa, Central and South America excluding Mexico

3. Information by major customer

This information is not provided because there were no customers that accounted for 10% or more of the net sales to
third parties recorded in the consolidated statements of income.

- 95 -
Current fiscal year (From April 1, 2017 To March 31, 2018)
1. Information by product and service
This information is not provided here because it is the same as the information provided under “Segment information.”

2. Information by geographical area

(1) Net sales
(Millions of yen)
North America Other
Japan Europe Asia overseas Total
U.S.A. countries
1,841,268 5,839,868 4,726,783 1,845,292 1,279,439 1,145,302 11,951,169
Notes: 1. Regions represent customers’ location.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa, Central and South America excluding Mexico, etc.

(2) Property, plant and equipment

(Millions of yen)
North America Other
Japan Europe Asia overseas Total
U.S.A. countries
1,502,501 3,136,175 2,622,574 303,462 223,536 99,960 5,265,634
Notes: 1. Regions represent the location of the Company and its group companies.
2. Areas are segmented based on their geographical proximity and their mutual operational relationship.
3. Major countries and areas which belong to segments other than Japan are as follows:
(1) North America : The United States of America, Canada and Mexico
(2) Europe : France, The United Kingdom, Spain, Russia and other European countries
(3) Asia : China, Thailand, India and other Asian countries
(4) Other overseas countries : Oceania, Middle East, South Africa, Central and South America excluding Mexico

3. Information by major customer

This information is not provided because there were no customers that accounted for 10% or more of the net sales to
third parties recorded in the consolidated statements of income.

- 96 -
Information about the impairment loss on fixed assets by reportable segments

Prior fiscal year (From April 1, 2016 To March 31, 2017)

(Millions of yen)
Reportable segments Elimination of
inter-segment Total
Automobile Sales financing Total transactions
Impairment loss 5,532 ― 5,532 ― 5,532

Current fiscal year (From April 1, 2017 To March 31, 2018)

(Millions of yen)
Reportable segments Elimination of
inter-segment Total
Automobile Sales financing Total transactions
Impairment loss 16,166 ― 16,166 ― 16,166

Information about the amortization of goodwill and unamortized balance by reportable segments

Prior fiscal year (From April 1, 2016 To March 31, 2017)

(Millions of yen)
Reportable segments Elimination of
inter-segment Total
Automobile Sales financing Total transactions
Amortization of
1,818 ― 1,818 ― 1,818
goodwill
Balance at the
7,764 ― 7,764 ― 7,764
end of the year

Current fiscal year (From April 1, 2017 To March 31, 2018)

(Millions of yen)
Reportable segments Elimination of
inter-segment Total
Automobile Sales financing Total transactions
Amortization of
1,057 ― 1,057 ― 1,057
goodwill
Balance at the
6,719 ― 6,719 ― 6,719
end of the year

Information about the gain recognized on negative goodwill by reportable segments

Prior fiscal year (From April 1, 2016 To March 31, 2017)

This information is not provided due to its low materiality.

Current fiscal year (From April 1, 2017 To March 31, 2018)

This information is not provided due to its low materiality.

- 97 -
(Information of related parties)

1. Transactions with related parties

Prior fiscal year (From April 1, 2016 To March 31, 2017)

There are no significant transactions to be disclosed.

Current fiscal year (From April 1, 2017 To March 31, 2018)

There are no significant transactions to be disclosed.

2. Notes on the parent company and significant affiliates

Condensed financial information of significant affiliates:

Prior fiscal year (From April 1, 2016 To March 31, 2017)

Combined and condensed financial information (from January 1, 2016 to December 31, 2016) of Renault and
Dongfeng Motor Co., Ltd., which are defined as significant affiliates for the prior fiscal year, is as follows.

Total current assets ¥8,956,753 million

Total fixed assets ¥5,702,466 million
Total current liabilities ¥8,753,494 million
Total long-term liabilities ¥1,221,765 million
Total net assets ¥4,683,960 million
Net sales ¥8,781,375 million
Income before income taxes ¥862,421 million
Net income ¥617,104 million

Current fiscal year (From April 1, 2017 To March 31, 2018)

Combined and condensed financial information (from January 1, 2017 to December 31, 2017) of Renault and
Dongfeng Motor Co., Ltd., which are defined as significant affiliates for the current fiscal year, is as follows.

Total current assets ¥10,793,705 million

Total fixed assets ¥6,465,410 million
Total current liabilities ¥10,404,721 million
Total long-term liabilities ¥1,454,703 million
Total net assets ¥5,399,691 million
Net sales ¥10,459,186 million
Income before income taxes ¥1,119,378 million
Net income ¥877,748 million

- 98 -
(Amounts per share)
(Yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Net assets per share 1,242.90 1,377.05

Basic earnings per share 165.94 190.96

Diluted earnings per share 165.94 190.96

Notes: 1. The basis for calculation of the basic earnings per share and the diluted earnings per share is as follows.
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Basic earnings per share:
Net income attributable to owners of parent
663,499 746,892
(Millions of yen)
Net income attributable to owners of parent relating
663,499 746,892
to common stock (Millions of yen)
Average number of shares of common stock during
3,998,385 3,911,158
the fiscal year (Thousands of shares)
Diluted earnings per share:
Increase in shares of common stock (Thousands of
140 58
shares)

(Exercise of share subscription rights (Thousands

140 58
of shares))
6th share subscription rights
Securities excluded from the computation of (the number of share subscription
diluted earnings per share because they do not have rights is 3,501 units) ―
dilutive effects. Refer to “Status of share
subscription rights” for a summary.

2. The basis for calculation of the net assets per share is as follows.
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Total net assets (Millions of yen) 5,167,136 5,688,735
Amounts deducted from total net assets (Millions of yen) 305,289 303,998
(Share subscription rights (Millions of yen)) 391 84
(Non-controlling interests (Millions of yen)) 304,898 303,914
Net assets attributable to shares of common stock at year end
4,861,847 5,384,737
(Millions of yen)
The year-end number of shares of common stock used for the
3,911,690 3,910,356
calculation of net assets per share (Thousands of shares)

(Significant subsequent events)

Not applicable.

- 99 -
⑤ Consolidated supplemental schedules
Schedule of bonds payable
Balance at the
Balance at the end
beginning of current Interest rate
Company Description Date of Issuance of current fiscal year Collateral Maturity
fiscal year (%)
(Millions of yen)
(Millions of yen)
*1 52nd unsecured bonds April 28, 2010 30,000 ― 1.17 None April 28, 2017

*1 53rd unsecured bonds April 28, 2010 20,000 20,000 1.744 " April 28, 2020

*1 55th unsecured bonds April 25, 2013 100,000 ― 0.415 " March 20, 2018

*1 56th unsecured bonds April 25, 2013 10,000 10,000 0.554 " March 19, 2020
57th unsecured bonds (100,000)
*1 April 25, 2014 100,000 0.314 " March 20, 2019
(Note 2) 100,000
*1 58th unsecured bonds April 25, 2014 20,000 20,000 0.779 " March 19, 2024

*1 59th unsecured bonds April 15, 2016 80,000 80,000 0.15 " March 19, 2021

*1 60th unsecured bonds April 15, 2016 25,000 25,000 0.22 " March 20, 2023

*1 61st unsecured bonds April 15, 2016 20,000 20,000 0.33 " March 19, 2026

Bonds issued by (70,000) 0.001 -

*2 2013 - 2018 390,000 " 2018 - 2023
subsidiaries (Note 2) 475,000 0.5

(226,637)
[$2,133,252
917,830
Bonds issued by thousand]
*3 2013 - 2018 [$8,181,034 1.6 – 3.5 " 2018 - 2023
subsidiaries (Note 2) 1,193,081
thousand]
[$11,230,052
thousand]
30,069
Bonds issued by
*3 2017 - 2018 ― [MXN 5,140,000 7.7 – 8.3 " 2020 - 2021
subsidiaries
thousand]
84,050 164,760
Bonds issued by
*3 2016 - 2018 [CAD 999,997 [CAD 1,999,998 1.6 – 2.6 " 2019 - 2021
subsidiaries
thousand] thousand]
64,380 85,743
Bonds issued by
*3 2016 - 2018 [AUD 750,000 [AUD 1,050,000 2.1 – 3.0 " 2019 - 2021
subsidiaries
thousand] thousand]
60,388
Bonds issued by
*3 2017 ― [CNY 3,492,663 4.5 – 5.0 " 2020
subsidiaries
thousand]
(396,637)
Total (Note 2) ― 1,861,260 ― ―
2,284,041
Notes: 1. *1 The Company *2 Domestic subsidiaries *3 Foreign subsidiaries
2. The amounts in parentheses presented under “Balance at the end of current fiscal year” represent the amounts scheduled to
be redeemed within one year.
3. The redemption schedule of bonds for 5 years subsequent to March 31, 2018 is summarized as follows:
(Millions of yen)
Due after one year but Due after two years Due after three years Due after four years
Due within one year
within two years but within three years but within four years but within five years
396,637 548,536 780,945 214,266 303,657

- 100 -
Schedule of borrowings
(Millions of yen)
Balance at the
Balance at the Average
beginning of
Category end of current interest rate Maturity
current fiscal
fiscal year (%)
year
Short-term borrowings 467,793 461,849 3.25 ―

Nonrecourse short-term borrowings 512,861 341,103 2.45 ―

Current portion of long-term borrowings 562,513 472,681 2.20 ―

Current portion of nonrecourse long-term
777,469 680,038 1.66 ―
borrowings
Commercial papers 430,019 402,918 2.02 ―

Current portion of lease obligations 31,565 25,766 1.75 ―

Long-term borrowings (excluding current April 2019 to
2,030,743 1,771,081 2.27
portion) November 2036
Nonrecourse long-term borrowings April 2019 to
1,073,060 1,282,631 2.25
(excluding current portion) September 2027
April 2019 to
Lease obligations (excluding current portion) 20,398 16,248 1.68
March 2032
Total 5,906,421 5,454,315 ― ―
Notes: 1. The average interest rate represents the weighted-average rate applicable to the year-end balance.
2. The following table shows the aggregate annual maturities of long-term borrowings (excluding the current portion),
nonrecourse long-term borrowings (excluding the current portion) and lease obligations (excluding the current portion)
for 5 years subsequent to March 31, 2018.
(Millions of yen)
Due after one year but Due after two years Due after three years Due after four years
within two years but within three years but within four years but within five years
Long-term borrowings 557,789 714,451 401,706 71,171
Nonrecourse long-term
802,362 410,743 60,748 7,750
borrowings
Lease obligations 9,347 3,469 2,168 745

Schedule of asset retirement obligations

The schedule of asset retirement obligations is not provided because the amounts of asset retirement obligations at the
beginning and the end of the fiscal year ended March 31, 2018 were less than one hundredth (1%) of the amounts of
total liabilities and net assets at the beginning and the end of the fiscal year ended March 31, 2018.

- 101 -
(2) Other

Quarterly financial information for the fiscal year ended March 31, 2018
(Millions of yen)
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Cumulative period (Three months ended (Six months ended (Nine months ended (Fiscal year ended
June 30, 2017) September 30, 2017) December 31, 2017) March 31, 2018)
Net sales 2,760,436 5,652,509 8,527,992 11,951,169
Income before income
186,090 364,950 488,436 710,743
taxes
Net income
attributable to owners 134,916 276,509 578,135 746,892
of parent
Basic earnings per
34.49 70.69 147.81 190.96
share (Yen)

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter

Each quarter (From April 1, 2017 (From July 1, 2017 (From October 1, 2017 (From January 1, 2018
To June 30, 2017) To September 30, 2017) To December 31, 2017) To March 31, 2018)
Basic earnings per
34.49 36.20 77.12 43.16
share (Yen)

- 102 -
2. Non-Consolidated Financial Statements

(1) Non-consolidated financial statements

① Non-consolidated balance sheet

(Millions of yen)

Prior fiscal year Current fiscal year

(As of March 31, 2017) (As of March 31, 2018)
Assets
Current assets
Cash on hand and in banks 356,970 177,057
Trade accounts receivable ※1 633,737 ※1 516,935
Finished goods 68,813 66,149
Work in process 22,393 24,253
Raw materials and supplies 81,367 96,968
Prepaid expenses 47,579 59,854
Deferred tax assets 106,742 107,801
Short-term loans receivable from subsidiaries and
460,935 286,011
affiliates
Accounts receivable - other ※1 320,380 ※1 147,067
Other ※1 34,161 ※1 34,330
Allowance for doubtful accounts (15,705) (13,550)
Total current assets 2,117,376 1,502,881
Fixed assets
Property, plant and equipment
Buildings 207,452 208,002
Structures 28,730 28,276
Machinery and equipment 129,248 149,426
Vehicles 12,946 10,690
Tools, furniture and fixtures 92,464 87,471
Land 127,231 127,176
Construction in progress 22,916 12,363
Total property, plant and equipment 620,989 623,408
Intangible fixed assets 68,675 57,551
Investments and other assets
Investment securities 143,006 154,946
Investments in subsidiaries and affiliates 1,743,041 1,916,986
Long-term loans receivable from subsidiaries and
425,399 780,611
affiliates
Other 20,194 21,512
Allowance for doubtful accounts (297) (305)
Total investments and other assets 2,331,344 2,873,751
Total fixed assets 3,021,009 3,554,710
Total assets 5,138,385 5,057,592

- 103 -
 (Millions of yen)

Prior fiscal year Current fiscal year

(As of March 31, 2017) (As of March 31, 2018)
Liabilities
Current liabilities
Trade notes payable 56 10
Electronically recorded obligations - operating ※1 214,036 ※1 307,496
Trade accounts payable ※1 495,399 ※1 480,444
Short-term borrowings ※1 421,569 ※1 297,604
Current portion of long-term borrowings 67,614 20,000
Current portion of bonds 130,000 100,000
Lease obligations ※1 27,696 ※1 19,956
Accounts payable-other ※1 41,071 ※1 204,991
Accrued expenses ※1 307,963 ※1 326,592
Income taxes payable 63,173 9,649
Deposits received ※1 58,967 ※1 60,230
Accrued warranty costs 21,191 20,808
Other 54,699 89,545
Total current liabilities 1,903,437 1,937,329
Long-term liabilities
Bonds 275,000 175,000
Long-term borrowings 143,657 121,872
Long-term borrowings from subsidiaries and affiliates ― 103,779
Lease obligations ※1 24,998 ※1 21,044
Deferred tax liabilities 52,364 53,041
Accrued warranty costs 43,499 37,275
Accrued retirement benefits 63,434 63,109
Other ※1,※2 31,611 ※1,※2 17,687
Total long-term liabilities 634,564 592,809
Total liabilities 2,538,002 2,530,138

- 104 -
 (Millions of yen)

Prior fiscal year Current fiscal year

(As of March 31, 2017) (As of March 31, 2018)
Net assets
Shareholders' equity
Common stock 605,813 605,813
Capital surplus
Legal capital surplus 804,470 804,470
Other capital surplus ― 184
Total capital surplus 804,470 804,654
Retained earnings
Legal reserve 53,838 53,838
Other retained earnings
Reserve for reduction of replacement cost of
53,746 53,351
specified properties
Reserve for special depreciation 13 12
Unappropriated retained earnings 1,067,328 985,123
Total retained earnings 1,174,928 1,092,325
Treasury stock (30,148) (28,747)
Total shareholders' equity 2,555,063 2,474,046
Valuation, translation adjustments and others
Unrealized holding gain and loss on securities 45,228 53,729
Unrealized gain and loss from hedging instruments (300) (406)
Total valuation, translation adjustments and others 44,928 53,322
Share subscription rights 391 84
Total net assets 2,600,382 2,527,453
Total liabilities and net assets 5,138,385 5,057,592

- 105 -
② Non-consolidated statement of income
(Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)

Net sales ※1 3,729,335 ※1 3,750,617

Cost of sales ※1 3,151,301 ※1 3,247,114
Gross profit 578,034 503,502
Selling, general and administrative expenses ※1,※2 292,992 ※1,※2 343,854
Operating income 285,041 159,648
Non-operating income
Interest income ※1 6,447 ※1 3,360
Dividends income ※1 249,725 ※1 23,402
Guarantee commission received ※1 17,603 ※1 20,165
Reversal of allowance for doubtful accounts 4,418 6,507
Other ※1 5,302 ※1 4,744
Total non-operating income 283,497 58,179
Non-operating expenses
Interest expense ※1 6,950 ※1 5,916
Derivative loss 225 133
Exchange loss 3,972 7,327
Provision for doubtful accounts 2,743 3,843
Other ※1 2,653 ※1 2,649
Total non-operating expenses 16,543 19,869
Ordinary income 551,995 197,958
Special gains
Gain on sales of fixed assets 89 207
Gain on sales of shares of subsidiaries and
143,401 ―
affiliates
Gain on sales of investment securities 0 161
Compensation income ― 929
Other 112 77
Total special gains 143,603 1,376
Special losses
Loss on sales of fixed assets 264 357
Loss on disposal of fixed assets 5,180 5,068
Impairment loss 407 11,014
Loss on sales of shares of subsidiaries and affiliates 8,908 ―
Loss on valuation of shares of subsidiaries and
― 12,872
affiliates
Other 200 52
Total special losses 14,962 29,365
Income before income taxes 680,637 169,969
Income taxes-current 87,651 44,999
Income taxes-deferred 7,033 (4,075)
Total income taxes 94,685 40,924
Net income 585,951 129,044

- 106 -
 ③ Non-consolidated statement of changes in net assets
Prior fiscal year (From April 1, 2016 To March 31, 2017) (Millions of yen)
Shareholders' equity
Capital surplus Retained earnings
Other retained earnings
Reserve for
Common Other Total
Legal capital Total capital Legal reduction of Reserve for Unappropriated
stock capital retained
surplus surplus reserve replacement cost special retained
surplus earnings
of specified depreciation earnings
properties
Balance at the beginning of
605,813 804,470 ― 804,470 53,838 54,078 24 955,404 1,063,347
current period
Changes of items during the
period
Cash dividends paid (195,826) (195,826)
Provision of reserve for
reduction of replacement cost 4 (4) ―
of specified properties
Reversal of reserve for
reduction of replacement cost (336) 336 ―
of specified properties
Provision of reserve for
2 (2) ―
special depreciation
Reversal of reserve for special
(13) 13 ―
depreciation
Net income 585,951 585,951
Purchases of treasury stock
Disposal of treasury stock 17 17
Retirement of treasury stock (17) (17) (278,544) (278,544)
Net changes of items other
than those in shareholders’
equity
Total changes of items during
― ― (331) (10) 111,923 111,581
the period
Balance at the end of current
605,813 804,470 ― 804,470 53,838 53,746 13 1,067,328 1,174,928
period

Shareholders' equity Valuation, translation adjustments and others

Total valuation, Share
Total Unrealized Unrealized gain and Total
translation subscription
Treasury stock shareholders' holding gain and loss from hedging net assets
adjustments and rights
equity loss on securities instruments
others
Balance at the beginning of
(31,424) 2,442,206 49,368 (1,092) 48,275 502 2,490,984
current period
Changes of items during the
period
Cash dividends paid (195,826) (195,826)
Provision of reserve for
reduction of replacement cost ―
of specified properties
Reversal of reserve for
reduction of replacement cost ―
of specified properties
Provision of reserve for
―
special depreciation
Reversal of reserve for special
―
depreciation
Net income 585,951 585,951
Purchases of treasury stock (277,419) (277,419) (277,419)
Disposal of treasury stock 133 150 150
Retirement of treasury stock 278,561 ― ―
Net changes of items other
than those in shareholders’ (4,139) 791 (3,347) (110) (3,458)
equity
Total changes of items during
1,275 112,856 (4,139) 791 (3,347) (110) 109,398
the period
Balance at the end of current
(30,148) 2,555,063 45,228 (300) 44,928 391 2,600,382
period

- 107 -
 Current fiscal year (From April 1, 2017 To March 31, 2018) (Millions of yen)
Shareholders' equity
Capital surplus Retained earnings
Other retained earnings
Reserve for
Common Legal Total
Other capital Total capital Legal reduction of Reserve for Unappropriated
stock capital retained
surplus surplus reserve replacement cost special retained
surplus earnings
of specified depreciation earnings
properties
Balance at the beginning of
605,813 804,470 ― 804,470 53,838 53,746 13 1,067,328 1,174,928
current period
Changes of items during the
period
Cash dividends paid (211,647) (211,647)
Provision of reserve for
reduction of replacement cost 1 (1) ―
of specified properties
Reversal of reserve for
reduction of replacement cost (397) 397 ―
of specified properties
Provision of reserve for
2 (2) ―
special depreciation
Reversal of reserve for special
(3) 3 ―
depreciation
Net income 129,044 129,044
Purchases of treasury stock
Disposal of treasury stock 184 184
Net changes of items other
than those in shareholders’
equity
Total changes of items during
184 184 (395) (1) (82,205) (82,602)
the period
Balance at the end of current
605,813 804,470 184 804,654 53,838 53,351 12 985,123 1,092,325
period

Shareholders' equity Valuation, translation adjustments and others

Total valuation, Share
Total Unrealized Unrealized gain and Total
translation subscription
Treasury stock shareholders' holding gain and loss from hedging net assets
adjustments and rights
equity loss on securities instruments
others
Balance at the beginning of
(30,148) 2,555,063 45,228 (300) 44,928 391 2,600,382
current period
Changes of items during the
period
Cash dividends paid (211,647) (211,647)
Provision of reserve for
reduction of replacement cost ―
of specified properties
Reversal of reserve for
reduction of replacement cost ―
of specified properties
Provision of reserve for
―
special depreciation
Reversal of reserve for special
―
depreciation
Net income 129,044 129,044
Purchases of treasury stock (6) (6) (6)
Disposal of treasury stock 1,407 1,592 1,592
Net changes of items other
than those in shareholders’ 8,500 (105) 8,394 (307) 8,087
equity
Total changes of items during
1,401 (81,016) 8,500 (105) 8,394 (307) (72,929)
the period
Balance at the end of current
(28,747) 2,474,046 53,729 (406) 53,322 84 2,527,453
period

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 [Notes to Non-consolidated Financial Statements]
(Significant accounting policies)
1. Valuation methods for securities
(1) Held-to-maturity securities
Held-to-maturity securities are stated at amortized cost (straight-line method).
(2) Equity securities issued by subsidiaries and affiliates
Equity securities issued by subsidiaries and affiliates are carried at cost determined by the moving average method.
(3) Other securities
①Marketable securities:
Marketable securities classified as other securities are carried at fair value with any changes in unrealized
holding gain or loss, net of the applicable income taxes, directly included in net assets. Cost of securities sold
is calculated by the moving average method.
②Non-marketable securities:
Non-marketable securities classified as other securities are carried at cost determined by the moving average
method.
Investments in limited liability partnerships and similar investments, defined as securities by Article 2, Section
2 of the Financial Instruments and Exchange Law, are recognized at the net amount corresponding to the
owning portion under the equity method based on the latest available financial statements of the partnerships.
2. Valuation methods for derivative financial instruments
Derivative financial instruments are carried at fair value.
3. Valuation methods for inventories
Inventories are stated at cost determined by the first-in and first-out method. (Cost of inventories is written-down
when their carrying amounts become unrecoverable.)
4. Depreciation and amortization of fixed assets
(1) Property, plant and equipment
Depreciation of property, plant and equipment is calculated by the straight-line method based on the estimated
useful lives and the estimated residual value determined by the Company.
(2) Intangible fixed assets
Amortization of intangible fixed assets is calculated by the straight-line method.
Amortization of software for internal use is calculated by the straight-line method over the estimated useful life
(5 years).
(3) Leased assets
Depreciation of leased assets is calculated by the straight-line method based on either the estimated useful lives
or the lease terms and the estimated residual value determined by the Company.
5. Foreign currency translation
Receivables and payables denominated in foreign currencies are translated into yen at the rates of exchange in effect
at the balance sheet date, and differences arising from the translation are recognized as gain or loss.
6. Basis for reserves
(1) Allowance for doubtful accounts
Allowance for doubtful accounts is provided based on past experience for normal receivables and on an estimate
of the collectability of receivables from companies in financial difficulty.
(2) Accrued warranty costs
Accrued warranty costs are provided to cover the cost of all services anticipated to be incurred during the entire
warranty period in accordance with the warranty contracts and based on past experience.
(3) Accrued retirement benefits
Accrued retirement benefits or prepaid pension costs are recorded at an amount calculated based on the retirement
benefit obligation and the fair value of the pension plan assets at the end of the current fiscal year.
For calculating the retirement benefit obligation, the benefit formula basis has been adopted for attributing
projected benefits to periods.
Past service cost is being amortized as incurred by the straight-line method over periods which are shorter than
the average remaining years of service of the eligible employees.
Actuarial gain and loss are amortized from the year following the year in which the gain and loss are recognized
by the straight-line method over periods which are shorter than the average remaining years of service of the
eligible employees.

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7. Hedge accounting
(1) Hedge accounting
Primarily, deferred hedge accounting is applied for derivative instruments. Short-cut method, “Furiate-Shori,” is
applied for forward exchange contracts which are qualified for such treatment and related to the hedged items
other than foreign currency denominated accounts receivables.
Special treatment, “Tokurei-Shori,” is applied for interest rate swaps which are qualified for such treatment.
(2) Hedging instruments and hedged items
· Hedging instruments.....Derivative transactions
· Hedged items.....Mainly receivables and payables denominated in foreign currencies and others
(3) Hedging policy
Based on the internal risk management rules and authority regarding derivative transactions, expected risks such
as fluctuations in foreign exchange and interest rate are hedged within certain extent.
(4) Assessment of hedge effectiveness
The assessment of hedge effectiveness is omitted when the terms of hedged items are substantially same as those
of hedging instruments.
8. Other significant accounting policies
(1) Accounting for retirement benefit
The accounting methods of unrecognized actuarial gain and loss and unrecognized past service cost are different
from those of the consolidated financial statements.
(2) Accounting for the consumption taxes
Transactions subject to the consumption taxes are recorded at amounts exclusive of the consumption taxes.
(3) Adoption of consolidated taxation system
The Company adopts the consolidated taxation system.

(Changes in presentation)

1. Non-consolidated statement of income

“Guarantee commission received” and “Reversal of allowance for doubtful accounts,” which were included in “Other” under
“Non-operating income” in the prior fiscal year, have been presented as separate accounts in the current fiscal year due to
their increased financial materiality within “Non-operating income.” To reflect this change in presentation, reclassifications
have been made to the financial statements for the prior fiscal year provided herein.
As a result, ¥27,324 million of “Other” under “Non-operating income” in the prior fiscal year has been reclassified into
¥17,603 million of “Guarantee commission received,” ¥4,418 million of “Reversal of allowance for doubtful accounts” and
¥5,302 million of “Other” in the non-consolidated statement of income for the prior fiscal year.
“Gain on sales of investment securities,” which was included in “Other” under “Special gains” in the prior fiscal year, has
been presented as a separate account in the current fiscal year due to its increased financial materiality within “Special gains.”
To reflect this change in presentation, reclassifications have been made to the financial statements for the prior fiscal year
provided herein.
As a result, ¥112 million of “Other” under “Special gains” in the prior fiscal year has been reclassified into ¥0 million—
which means that the amount is less than ¥1 million—of “Gain on sales of investment securities” and ¥112 million of “Other”
in the non-consolidated statement of income for the prior fiscal year.

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(For non-consolidated balance sheets)

1 ※1 Monetary receivables from and payables to subsidiaries and affiliates (except for separately disclosed)

(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Short-term monetary receivables 779,780 546,857
Short-term monetary payables 745,022 848,347
Long-term monetary payables 12,794 11,841

2 Guarantees and others

Prior fiscal year (As of March 31, 2017)

(1) Guarantees
Balance of
liabilities
Guarantees Description of liabilities guaranteed
guaranteed
(Millions of yen)
Employees ※ 37,252 Guarantees for employees’ housing loans
Nissan Motor Manufacturing (UK) Ltd. 5,182 Guarantees for loans to purchase fixed assets
Automotive Energy Supply Corporation 2,720 Guarantees for loans to purchase fixed assets
Nissan South Africa (Pty) Ltd. 1,502 Guarantees for loans for working capital
Nissan North America, Inc. 518 Guarantees for loans to purchase fixed assets
11 domestic dealers 1,245 Guarantees for loans for working capital
※Allowance for doubtful accounts is provided
Total 48,422 based on past experience.

(2) Commitments to provide guarantees

Balance of
commitments to
Guarantees Description of liabilities guaranteed
provide guarantees
(Millions of yen)
Hibikinada Development Co., Ltd. 72 Commitments to provide guarantees for loans

(3) Letters of awareness

The Company issued letters of awareness regarding borrowings from financial institutions made by the following subsidiary.
Company name Balance of liabilities (Millions of yen)
Nissan Motor Manufacturing (UK) Ltd. 9,583

(4) Keepwell Agreements

In addition to the above, the Company entered into keepwell agreements with the following financial subsidiaries and others
to enhance their credit worthiness.
Their balances of liabilities at the end of March 2017 were as follows.
Company name Balance of liabilities (Millions of yen)
Nissan Motor Acceptance Corporation 4,657,001
Nissan Financial Services Co., Ltd. 847,302
Nissan Financial Services Australia Pty Ltd. 361,558
Nissan Canada, Inc. 237,622
Nissan Leasing (Thailand) Co., Ltd. 108,079
Nissan Canada Financial Services, Inc. 93,967
Nissan North America, Inc. 49,363
Nissan Financial Services New Zealand Pty Ltd. 17,254
Total 6,372,150

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Current fiscal year (As of March 31, 2018)
(1) Guarantees
Balance of
liabilities
Guarantees Description of liabilities guaranteed
guaranteed
(Millions of yen)
Employees ※ 31,413 Guarantees for employees’ housing loans
Nissan Motor Manufacturing (UK) Ltd. 7,933 Guarantees for loans to purchase fixed assets
Automotive Energy Supply Corporation 1,800 Guarantees for loans to purchase fixed assets
Nissan South Africa (Pty) Ltd. 1,257 Guarantees for loans for working capital
Nissan North America, Inc. 372 Guarantees for loans to purchase fixed assets
10 domestic dealers 770 Guarantees for loans for working capital
※Allowance for doubtful accounts is provided
Total 43,547 based on past experience.

(2) Commitments to provide guarantees

Balance of
commitments to
Guarantees Description of liabilities guaranteed
provide guarantees
(Millions of yen)
Hibikinada Development Co., Ltd. 53 Commitments to provide guarantees for loans

(3) Keepwell Agreements

In addition to the above, the Company entered into keepwell agreements with the following financial subsidiaries and others to
enhance their credit worthiness.
Their balances of liabilities at the end of March 2018 were as follows.
Company name Balance of liabilities (Millions of yen)
Nissan Motor Acceptance Corporation 4,672,375
Nissan Financial Services Co., Ltd. 788,000
Nissan Financial Services Australia Pty Ltd. 369,511
Nissan Canada Financial Services, Inc. 279,268
Nissan Canada, Inc. 105,714
Nissan Leasing (Thailand) Co., Ltd. 100,899
Nissan Financial Services New Zealand Pty Ltd. 20,354
Total 6,336,123

3 ※2 “Other” of Long-term liabilities includes updated amount of retirement benefits for directors and statutory auditors covered
under the resolution approved at the general shareholders meeting held on June 20, 2007.

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 (For non-consolidated statement of income)

1 ※1 Transactions with subsidiaries and affiliates (Millions of yen)

Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Operating transactions:
Sales 3,208,662 3,216,776
Operating expenses 1,507,711 1,447,177
Non-operating transactions 291,688 57,669

2 ※2 Major components of selling, general and administrative expenses are as follows. (Millions of yen)
Prior fiscal year Current fiscal year
(From April 1, 2016 (From April 1, 2017
To March 31, 2017) To March 31, 2018)
Service costs 31,492 42,459
Provision for accrued warranty costs 20,557 16,286
Other selling expenses 33,999 61,361
Salaries and wages 72,813 82,155
Retirement benefit expenses 2,086 1,374
Outsourcing expenses 38,655 38,201
Depreciation and amortization 17,933 19,457
Provision for doubtful accounts (1,366) 517
Selling expenses account for approximately 40% of the selling, general and administrative expenses in the current fiscal year,
which is almost unchanged from the prior fiscal year.

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(For securities)
Investments in subsidiaries and affiliates

Prior fiscal year (As of March 31, 2017)

(Millions of yen)
Carrying value Estimated fair value Difference
① Subsidiaries’ shares 14,109 161,006 146,897
② Affiliates’ shares 237,361 338,929 101,567
Total 251,471 499,936 248,465

Current fiscal year (As of March 31, 2018)

(Millions of yen)
Carrying value Estimated fair value Difference
① Subsidiaries’ shares 14,109 192,966 178,857
② Affiliates’ shares 237,361 385,538 148,176
Total 251,471 578,505 327,034

Note: The amounts of investments in subsidiaries and affiliates recorded in the non-consolidated balance sheets for which it is
deemed difficult to measure the fair value.
(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
① Subsidiaries’ shares 1,480,652 1,652,904
② Affiliates’ shares 10,918 12,611
These shares are not included in “Investments in subsidiaries and affiliates” because they do not have a market value
and their fair value is not easily determinable.

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(For tax-effect accounting)

1. Significant components of deferred tax assets and liabilities

(Millions of yen)
Prior fiscal year Current fiscal year
(As of March 31, 2017) (As of March 31, 2018)
Deferred tax assets:
Research and development expenses 35,501 50,514
Accrued expenses 31,871 37,380
Accrued retirement benefits 29,897 28,051
Loss on valuation of securities 20,366 24,759
Accrued warranty costs 19,834 17,759
Other 66,873 46,666
Total gross deferred tax assets 204,346 205,131
Valuation allowance (31,049) (33,045)
Total deferred tax assets 173,296 172,086
Deferred tax liabilities:
Tax deductible losses on securities (69,343) (69,343)
Reserves under Special Taxation Measures Law (23,682) (23,500)
Unrealized holding gain on securities (19,662) (23,404)
Other (6,229) (1,078)
Total deferred tax liabilities (118,918) (117,326)
Net deferred tax assets 54,378 54,760

2. The reconciliation between the effective tax rates reflected in the non-consolidated financial statements and the statutory tax rate is
summarized as follows:

Prior fiscal year Current fiscal year

(As of March 31, 2017) (As of March 31, 2018)
Statutory tax rate of the Company 30.8% 30.8%
(Reconciliation)
Items not permanently qualifying for deduction 0.2% 0.5%
Dividends income excluded from gross revenue (10.2%) (2.7%)
Tax credits (4.5%) (10.8%)
Change in valuation allowance (2.1%) 1.2%
Other (0.3%) 5.1%
Effective tax rate after adoption of tax-effect accounting 13.9% 24.1%

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(Significant subsequent events)

Capital increase for subsidiaries

1. In accordance with a resolution of its Board of Directors’ meeting held on April 19, 2018, the Company made a capital
injection into Nissan North America, Inc., a consolidated subsidiary of the Company, and then Nissan North America,
Inc. made a capital injection into its own subsidiary, Nissan Motor Acceptance Corporation (“NMAC”) in order to
support NMAC’s business growth and enhance its capital ratio.

Overview of the capital increase

(1) Name of the subject company: Nissan North America, Inc.
(2) Amount of the capital increase: $500,000 thousand
(3) Capital surplus after the capital increase: $1,361,684 thousand
(4) Provider of the capital increase: Nissan Motor Co., Ltd.
(5) Effective date: May 24, 2018
(6) Shareholder composition after the capital increase: Nissan Motor Co., Ltd. 100%

2. In accordance with a resolution of its Board of Directors’ meeting held on April 19, 2018, the Company made a capital
injection into NRFM Holdings LLC, a consolidated subsidiary of the Company, and then NRFM Holdings LLC made
a capital injection into its own subsidiary, NR Finance Mexico, S.A. de C.V. SOFOM ER (“NRFM”) in order to support
NRFM’s business growth and enhance its capital ratio.

Overview of the capital increase

(1) Name of the subject company: NRFM Holdings LLC
(2) Amount of the capital increase: $500,000 thousand
(3) Capital surplus after the capital increase: $540,686 thousand
(4) Provider of the capital increase: Nissan Motor Co., Ltd.
(5) Effective date: May 24, 2018
(6) Shareholder composition after the capital increase: Nissan Motor Co., Ltd. 100%

Dividend from a subsidiary

Nissan Financial Services Co., Ltd., a subsidiary of the Company, conducted the payment of dividends on May 11,
2018, in accordance with a resolution of the Extraordinary General Meeting of the shareholders held on May 7, 2018.
Consequently, the Company is going to record around ¥40,022 million of dividends income as non-operating income for
the fiscal year ending March 31, 2019.

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④ Non-consolidated supplemental schedules

Detailed schedule of fixed assets

(Millions of yen)
Depreciation
Balance at the or Balance at the Accumulated
Increase Decrease in
beginning of amortization end of the depreciation
Category Type of assets in the current the current
the current for the current fiscal or
fiscal year fiscal year
fiscal year current fiscal year amortization
year
Property,
plant and Buildings 207,452 10,021 262 9,209 208,002 304,368
equipment

Structures 28,730 1,566 78 1,941 28,276 78,617

Machinery and
129,248 48,891 1,437 27,274 149,426 789,063
equipment
Vehicles 12,946 3,541 1,522 4,273 10,690 19,471
Tools, furniture
92,464 32,490 2,525 34,958 87,471 254,308
and fixtures

Land 127,231 ― 54 ― 127,176 ―

Construction in
progress 22,916 14,474 25,027 ― 12,363 ―

Total 620,989 110,985 30,908 77,658 623,408 1,445,830

Intangible fixed assets 68,675 23,014 13,974 20,163 57,551 206,284

(11,014)
Note: The figure in parentheses in the “Decrease in the current fiscal year” column represents the amounts of impairment loss included.

Detailed schedule of allowances

(Millions of yen)
Balance at the Balance at the end
Increase in the Decrease in the
Account beginning of the of the current fiscal
current fiscal year current fiscal year
current fiscal year year
Allowance for doubtful accounts 16,003 4,557 6,704 13,856
Accrued warranty costs 64,690 15,466 22,073 58,083

(2) Details of major assets and liabilities

This information is omitted because the Company prepares consolidated financial statements.

(3) Other

Not applicable.

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6. Information on Transfer and Repurchase of the Company’s Stock

Fiscal year From April 1 To March 31

General meeting of
June
shareholders

Record date for dividend March 31

Record dates for dividend of

September 30 and March 31
surplus
Number of shares per unit of
100 shares
the Company’s stock
Repurchase of stocks of less
than a standard unit
(Special account)
Address where repurchases 1-4-1 Marunouchi, Chiyoda-ku, Tokyo
are processed Stock Transfer Agency Business Planning Dept., Sumitomo Mitsui Trust Bank,
Limited.
(Special account)
Administrator of
1-4-1 Marunouchi, Chiyoda-ku, Tokyo
shareholders’ register
Sumitomo Mitsui Trust Bank, Limited.
Offices available for
—
repurchase
Handling charges as set by the securities companies designated by the Company for
Charges for repurchase
the repurchase plus the related consumption tax
Public notice of the Company shall be given by electronic means; provided,
however, that in the event accidents or other unavoidable reasons prevent public
notice by electronic means, the notice can be given in the Nihon Keizai Shimbun.
Method of public notice
The electronic public notice is presented on the Company’s Web site at
https://www.nissan-global.com/EN/IR/

Special benefits to
None
shareholders
Note: According to the Company’s Articles of Incorporation where the rights of shareholders holding stocks of less than
a standard unit are prescribed, the holder of stocks of less than a standard unit shall not be entitled to exercise the
rights of shareholders in connection with such below-unit shares other than those rights listed below:
(1) The rights stipulated in each item of Article 189, Paragraph 2, of the Corporate Law;
(2) The right to make a claim in accordance with Article 166, Paragraph 1, of the Corporate Law; and
(3) The right to subscribe for new shares or new share subscription rights in proportion to the number of the
shares owned by said shareholder.
.

- 118 -
7. Reference Information on the Company
1. Information on the parent company or equivalent of the Company
The Company has no parent company or equivalent as prescribed in Article 24-7, Paragraph 1 of the Financial
Instruments and Exchange Law.

2. Other reference information

The Company filed the following documents between the beginning of the fiscal year ended March 31, 2018 and the date
when this Securities Report (Yukashoken-Hokokusho) was filed.

Securities Report and

(1) Accompanying Fiscal Year From April 1, 2016 Submitted to the director of the Kanto
Local Finance Bureau on June 29,
Documents and (the 118th) To March 31, 2017 2017.
Confirmation Note
Fiscal Year From April 1, 2016 Submitted to the director of the Kanto
(2) Internal Control Report (the 118th) To March 31, 2017 Local Finance Bureau on June 29,
2017.
Quarterly (The 1st quarter From April 1, 2017 Submitted to the director of the Kanto
(3) Securities Reports and of 119th period) To June 30, 2017
Confirmation Notes Local Finance Bureau on July 31, 2017.

(The 2nd quarter From July 1, 2017 Submitted to the director of the Kanto
of 119th period) To September 30, 2017 Local Finance Bureau on November
10, 2017.
(The 3rd quarter From October 1, 2017 Submitted to the director of the Kanto
of 119th period) To December 31, 2017 Local Finance Bureau on February 13,
2018.
(4) Extraordinary Report
An extraordinary report according to the provision of Article 19, Submitted to the director of the Kanto
Paragraph 2, Item 9-2 (Matters that require a resolution of a general Local Finance Bureau on June 29,
meeting of shareholders), of the Cabinet Office Ordinance on 2017.
Disclosure of Corporate Information, etc.
(5) Extraordinary Report Submitted to the director of the Kanto
An extraordinary report according to the provisions of Article 24-5, Local Finance Bureau on February 8,
Paragraph 4, of the Financial Instruments and Exchange Law and 2018.
Article 19, Paragraph 2, Item 19, of the Cabinet Office Ordinance on
Disclosure of Corporate Information, etc.

- 119 -
Part II Information on Guarantors for the Company

Not applicable

- 120 -
 (For Translation Purposes Only)
Independent Auditor’s Report
June 27, 2018
The Board of Directors
Nissan Motor Co., Ltd.
Ernst & Young ShinNihon LLC

Designated and Engagement Partner

Certified Public Accountant Yoji Murohashi
Designated and Engagement Partner
Certified Public Accountant Takeshi Hori
Designated and Engagement Partner
Certified Public Accountant Koji Fujima
Designated and Engagement Partner
Certified Public Accountant Masayuki Nakamura

<Financial statements audit>

Pursuant to Article 193-2, Section 1 of the Financial Instruments and Exchange Law of Japan, we have audited the
accompanying consolidated financial statements of Nissan Motor Co., Ltd. included in “Financial Information” for
the fiscal year from April 1, 2017 to March 31, 2018, which comprise the consolidated balance sheet, the
consolidated statements of income, comprehensive income, changes in net assets and cash flows, the significant
accounting policies, the other related notes, and the consolidated supplemental schedules.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with accounting principles generally accepted in Japan, and for designing and operating such internal
control as management determines is necessary to enable the preparation and fair presentation of the consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit 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 consolidated financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error. The purpose of an audit of the consolidated financial statements is not to express an opinion on the
effectiveness of the entity’s internal control, but in making these risk assessments, the auditor considers internal
controls relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to
design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Nissan Motor Co., Ltd. and consolidated subsidiaries as at March 31, 2018, and
their consolidated financial performance and cash flows for the year then ended in conformity with accounting
principles generally accepted in Japan.

- 121 -
<Internal control audit>
Pursuant to Article 193-2, Section 2, of the Financial Instruments and Exchange Law of Japan, we also have audited
the accompanying Management’s Report on Internal Control Over Financial Reporting for the consolidated
financial statements as at March 31, 2018 of Nissan Motor Co., Ltd. (the “Management’s Report”).
Management’s Responsibility for the Management’s Report
Management is responsible for designing and operating internal control over financial reporting, and for the
preparation and fair presentation of the Management’s Report in accordance with standards for assessment of
internal control over financial reporting generally accepted in Japan.
Internal control over financial reporting may not prevent or detect misstatements.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Management’s Report based on our internal control audit. We
conducted our internal control audit in accordance with auditing standards for internal control over financial
reporting generally accepted in Japan. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the Management’s Report is free from material misstatement.
An internal control audit involves performing procedures to obtain audit evidence about the result of management’s
assessment on internal control over financial reporting in the Management’s Report. The procedures selected depend
on the auditor’s judgment, including the materiality of effect on the reliability of financial reporting. An internal
control audit also includes evaluating the overall presentation of the Management’s Report, including disclosures
on scope, procedures and conclusions of management’s assessment of internal control over financial reporting.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the Management’s Report referred to above, which represents that the internal control over financial
reporting as at March 31, 2018 of Nissan Motor Co., Ltd. is effective, present fairly, in all material respects, the
result of management’s assessment on internal control over financial reporting in conformity with standards for
assessment of internal control over financial reporting generally accepted in Japan.
Conflicts of Interest
We have no interest in the Company which should be disclosed in compliance with the Certified Public Accountants
Act.

Notes:
1. The above is a digitization of the text contained in the original copy of the Independent Auditors’ Report on
Financial Statements and Internal Controls, which is in the custody of the Company—the submitter of this Securities
Report.
2. The XBRL data is not included in the scope of Audit.

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 (For Translation Purposes Only)
Independent Auditor’s Report
June 27, 2018
The Board of Directors
Nissan Motor Co., Ltd.
Ernst & Young ShinNihon LLC

Designated and Engagement Partner

Certified Public Accountant Yoji Murohashi
Designated and Engagement Partner
Certified Public Accountant Takeshi Hori
Designated and Engagement Partner
Certified Public Accountant Koji Fujima
Designated and Engagement Partner
Certified Public Accountant Masayuki Nakamura

Pursuant to Article 193-2, Section 1 of the Financial Instruments and Exchange Law of Japan, we have audited the
accompanying non-consolidated financial statements of Nissan Motor Co., Ltd. included in “Financial Information”
for the 119th fiscal year from April 1, 2017 to March 31, 2018, which comprise the non-consolidated balance sheet,
the non-consolidated statements of income and changes in net assets, the significant accounting policies, the other
related notes, and the non-consolidated supplemental schedules.
Management’s Responsibility for the Non-Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these non-consolidated financial statements
in accordance with accounting principles generally accepted in Japan, and for designing and operating such internal
control as management determines is necessary to enable the preparation and fair presentation of the non-
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these non-consolidated financial statements based on our audit. We
conducted our audit 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 non-consolidated financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the non-
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the non-consolidated financial statements, whether due to fraud
or error. The purpose of an audit of the non-consolidated financial statements is not to express an opinion on the
effectiveness of the entity’s internal control, but in making these risk assessments, the auditor considers internal
controls relevant to the entity’s preparation and fair presentation of the non-consolidated financial statements in
order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the non-consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the non-consolidated financial statements referred to above present fairly, in all material respects,
the non-consolidated financial position of Nissan Motor Co., Ltd. as at March 31, 2018, and its non-consolidated
financial performance for the year then ended in conformity with accounting principles generally accepted in Japan.
Conflicts of Interest
We have no interest in the Company which should be disclosed in compliance with the Certified Public Accountants
Act.

Notes:
1. The above is a digitization of the text contained in the original copy of the Independent Auditors’ Report on
Financial Statements and Internal Controls, which is in the custody of the Company—the submitter of this Securities
Report.
2. The XBRL data is not included in the scope of Audit.

- 123 -
【Cover】

【Document Submitted】 Internal Control Report (“Naibutousei-Houkokusho”)

【Article of the Applicable Law Requiring Article 24-4-4, Paragraph 1, of the Financial Instruments and
Submission of This Document】 Exchange Law

【Filed to】 Director, Kanto Local Finance Bureau

【Date of Submission】 June 28, 2018

【Company Name】 Nissan Jidosha Kabushiki-Kaisha

【Company Name (in English)】 Nissan Motor Co., Ltd.

【Position and Name of Representative】 Hiroto Saikawa, President

【Position and Name of Chief Financial Hiroshi Karube, Chief Financial Officer
Officer】

【Location of Head Office】 2, Takaracho, Kanagawa-ku, Yokohama-shi, Kanagawa

【Place Where Available for Public Tokyo Stock Exchange, Inc.

Inspection】 2-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo
1. Basic Framework of Internal Control Over Financial Reporting

Hiroto Saikawa, President of Nissan Motor Co., Ltd. (the “Company”) and Hiroshi Karube, Chief Financial
Officer, having the responsibility to design and operate internal control over financial reporting of the Company,
designs and operates such internal control of the Company in accordance with the basic framework set forth in
“On the Setting of the Standards and Practice Standards for Management Assessment and Audit concerning
Internal Control Over Financial Reporting (Council Opinions)” published by the Business Accounting Council.
Note that internal control aims at achieving its objectives to a reasonable extent given that all individual
components of internal control are integrated, and function as a whole. Thus, internal control over financial
reporting may not be able to completely prevent or detect misstatement in financial reporting.

2. Scope of Assessment, Assessment Date and Assessment Procedure

Assessment of internal control over financial reporting was performed as of March 31, 2018 (i.e., the last day
of the current fiscal year) in accordance with assessment standards for internal control over financial reporting
generally accepted in Japan.
In this assessment, the management first assessed company-level control which would have a material impact
on the reliability of overall financial reporting on a consolidated basis, and based on such result, the management
then selected the business processes to be assessed. In the process-level control assessment, the management
assessed the effectiveness of internal control by analyzing the business processes in scope, identifying key
controls that would have a material impact on the reliability of the financial reporting, and assessing the design
and operation of such key controls.
Management determined the scope of assessment of internal control over financial reporting, by selecting the
Company, consolidated subsidiaries and companies accounted for by the equity method based on their materiality
of impacts on the reliability of financial reporting. The materiality of the impacts on the reliability of financial
reporting was determined in consideration of both quantitative and qualitative aspects, and the management
reasonably determined the scope of assessment of process-level control based on the result of the company-level
control assessment.
For the purpose of determining the scope of process-level control assessment, business locations were selected
as “Significant Business Locations”, which comprises the Company and its consolidated subsidiaries selected in
descending order based on their previous fiscal year’s consolidated net sales (after elimination) and contributed
approximately two-thirds of the Company’s consolidated net sales in the aggregate. In such Significant Business
Locations, all business processes related to the accounts that are closely associated with the Company’s business
objectives, such as sales, accounts receivable, and inventory were included in the scope of assessment.
Furthermore, regardless of the Significant Business Locations, certain business processes related to significant
accounts involving estimates and management’s judgment, or related to a business or operation dealing with
high-risk transactions were added to the scope of assessment as “business processes with material impacts on
financial reporting.”

3. Assessment Result

Based on the above mentioned assessment results, the management concluded that the internal control over
financial reporting at the end of the current fiscal year was effective.

4. Supplementary Information

Not applicable

5. Special Affairs

In response to the discovery of issues in the final inspection process at the Company’s vehicle plants in Japan
during the current fiscal year, the Company has implemented corrective and recurrence prevention measures,
and reported the progress to the Japanese Ministry of Land, Infrastructure, Transport and Tourism in March 2018.
【Cover】

【Document Submitted】 Confirmation Note

【Article of the Applicable Law Requiring Article 24-4-2, Paragraph 1, of the Financial Instruments and
Submission of This Document】 Exchange Law

【Filed to】 Director, Kanto Local Finance Bureau

【Date of Submission】 June 28, 2018

【Company Name】 Nissan Jidosha Kabushiki-Kaisha

【Company Name (in English)】 Nissan Motor Co., Ltd.

【Position and Name of Representative】 Hiroto Saikawa, President

【Position and Name of Chief Financial Hiroshi Karube, Chief Financial Officer
Officer】

【Location of Head Office】 2, Takaracho, Kanagawa-ku, Yokohama-shi, Kanagawa

【Place Where Available for Public Tokyo Stock Exchange, Inc.

Inspection】 2-1, Nihonbashi Kabutocho, Chuo-ku, Tokyo
1. Accuracy of the Descriptions in This Securities Report
Hiroto Saikawa, President of Nissan Motor Co., Ltd., and Hiroshi Karube, Chief Financial Officer have
confirmed that this Securities Report “Yukashoken-Houkokusho (from April 1, 2017 to March 31, 2018) ”
of the 119th Fiscal Term is reasonably and fairly described in accordance with the Financial Instruments
and Exchange Law.

2. Special Affairs
There are no noteworthy matters that are pertinent to this securities report.