text: **Dividend**
  
  At the annual general meeting of shareholders on June 21, 
  
  2005, the company proposed increasing its dividend to 
  
  ¥24 per share in 2004, up from ¥19 in 2003. In the first 
  
  year of the NISSAN Value-up dividend policy, the 
  
  Company plans to increase the per-share dividend to ¥29 
  
  in 2005. By the end of NISSAN Value-up in March 2008, 
  
  Nissan plans to pay an annual dividend of no less than 
  
  ¥40 per share. 
  
  **Return on Invested Capital (ROIC)**
  
  Nissan’s investments are made within the strict guidelines 
  
  of its automotive operating ROIC. Based on these 
  
  guidelines, Nissan reached 20.1 percent of ROIC on a 
  
  consistent basis as of fiscal 2003. 
  
  **Dividend Policy**
  (Dividend per share, in yen) 
  
  40 
  34  40 
  29 
  24  30 
  19 
  14  20 
  8 
  7 
  10 
  0 
  0 
  **’99** **’00** **’01** **’02** **’03** **’04** **’05*** **’06*** **’07***
  *Forecast 