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              [html]<thead><tr><td>| ALAIN - P1ERRE RAYNAUD | Senior Vice President</td></tr></thead><tbody><tr><td>Asso responsible for managing investments, concern to all stakeholders. Our</td></tr><tr><td>Nons are based on profitability criteria. Wed investments in our product lineup, R & D, Rnacity and oversears, persons, In fiscal</td></tr><tr><td>Ample, our R & D expenditures were at 4.6 ver, which is in line with that of other</td></tr><tr><td>kers. In years past, Nissan was slow in ssary investments in this field, and R & D</td></tr><tr><td>ecure sustainable growth, we upgradedities. Nissan ’ s revival — along with the neup and our industry - leading operating</td></tr><tr><td>past three years — are all evidence that the right one.</td></tr><tr><td>expansion provides another example of ions based on profitability. Recently, we</td></tr><tr><td>and Thailand to enlarge our markets and on capacity in these new competitive</td></tr><tr><td>the risks associated with these markets,</td></tr><tr><td>Few been able to do this.</td></tr><tr><td>operations, we also monitor general and xs and sales and marketing expenses.</td></tr><tr><td>Expenses are of importance, as they ability to manage the relationship betweeners</td></tr><tr><td>s and profitability. In North America,</td></tr><tr><td>Nissan and Infiniti brands are at the</td></tr><tr><td>≥ market, yet global retail sales volumes</td></tr><tr><td>nt over the past three years. We have</td></tr><tr><td>ght market pressures and kept incentives</td></tr><tr><td>vincreasing sales.</td></tr><tr><td>Provideral mission is to support management in</td></tr><tr><td>jectives set forth in NISSAN Value - Up.</td></tr><tr><td>is a healthy company, we do not perceive</td></tr><tr><td>h - rich when considering an investment.</td></tr><tr><td>that management decisions are based on</td></tr><tr><td>od meeting shareholder expectations."</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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