The Board of Directors
Nissan Motor Co., Ltd.
We have audited the accompanying consolidated balance sheets of Nissan Motor Co., Ltd. and consolidated subsidiaries as of
March 31, 2005 and 2004, and the related consolidated statements of income, shareholders’ equity, and cash flows for each of
the three years in the period ended March 31, 2005, all expressed in yen. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position
of Nissan Motor Co., Ltd. and consolidated subsidiaries at March 31, 2005 and 2004, and the consolidated results of their
operations and their cash flows for each of the three years in the period ended March 31, 2005 in conformity with accounting
principles generally accepted in Japan. 
Supplemental Information
As described in Note 2, effective April 1, 2003, the Company and certain subsidiaries changed their methods of accounting for
inventories, retirement benefits and noncancelable lease transactions, and effective April 1, 2004, the Company and certain
consolidated subsidiaries changed their method of accounting for freight and shipping costs.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2005
are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our
opinion, such translation has been made on the basis described in Note 3.
June 21, 2005
REPORT OF INDEPENDENT AUDITORS
FINANCIAL SECTION
Nissan Annual Report 2004104