text: **Share Performance in Fiscal 2004**
  
  Nissan’s share price began at ¥1,143 at the beginning 
  
  of fiscal 2004 and ended the fiscal year at ¥1,099, 
  
  generating a negative return of 3.85 percent. Total 
  
  shareholder return (TSR) was -1.67 percent, while the 
  
  dividend yield came to 2.18 percent (¥24 per share dividend, 
  
  divided by the ¥1,099 closing price). Adverse movements 
  
  in foreign exchange rates and commodity price hikes 
  
  adversely affected Nissan’s profitability, which was reflected 
  
  in the share price. In addition, specific events relating 
  
  directly to the company also had a negative impact. Later in 
  
  this report, corporate officers will explain what actions 
  
  Nissan has undertaken to ensure better performance. 
  
  **Payout Policy**
  
  Nissan announced its NISSAN Value-Up three-year dividend 
  
  policy, covering the period from fiscal 2005 to fiscal 2007, at 
  
  the annual general meeting of shareholders on June 23, 
  
  2004. Nissan proposes a long-term dividend policy to 
  
  provide more visibility and improve transparency into the 
  
  ways in which Nissan rewards its shareholders. Nissan 
  
  believes that a long-term dividend policy reduces uncertainty 
  
  for investors who already own or are considering acquiring 
  
  Nissan stock. 