text: 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. 