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              [html]<thead><tr><td>Fiscal 2005 is a year of immense challenges and</td></tr></thead><tbody><tr><td>uncertainties, but we have still pushed ahead with an</td></tr><tr><td>ambitious business plan for this period. As COO, my priority is</td></tr><tr><td>to keep a close watch on Nissan ’ s performance to ensure that</td></tr><tr><td>we deliver our commitments. These include achieving the final</td></tr><tr><td>Nissan 1BO commitment of one million additional vehicles by</td></tr><tr><td>the end of September 2005 and hitting our financial targets</td></tr><tr><td>for fiscal 2005. There is no doubt that we have the strong</td></tr><tr><td>leadership and management teams capable of sustaining the</td></tr><tr><td>high level of performance required to reach these goals.</td></tr><tr><td>Nissan is now a learning organization. We have fully</td></tr><tr><td>integrated the changes that began during the Nissan Revival</td></tr><tr><td>Plan and continue to shape our business in the future. Our</td></tr><tr><td>employees continually seek to build a better Nissan and fortify</td></tr><tr><td>the brand, and are not afraid to speak out on issues and</td></tr><tr><td>openly discuss challenges that face the business. Within the</td></tr><tr><td>Nissan Management Way, we call that “ healthy conflict ”— and</td></tr><tr><td>it strongly related to our belief in transparency and</td></tr><tr><td>accountability. This is the essence of the evolution that</td></tr><tr><td>continues to empower our company.</td></tr><tr><td>Our alliance with Renault also continues to be a source of</td></tr><tr><td>immense strength. We expect to further reinforce the Alliance</td></tr><tr><td>and to develop new synergies now that Carlos Ghosn is the</td></tr><tr><td>CEO of both companies.</td></tr><tr><td>While we have the kinds of advantages I have mentioned,</td></tr><tr><td>we also have risks. One of those risks is complacency. During</td></tr><tr><td>the last six years, we have made significant achievements and</td></tr><tr><td>consistently met tough commitments, but countless challenges</td></tr><tr><td>remain. Our industry is immensely competitive, our customers</td></tr><tr><td>more demanding than ever and we have no time to rest and</td></tr><tr><td>congratulate ourselves. We need to create a culture where</td></tr><tr><td>employees are always motivated to challenge themselves and</td></tr><tr><td>the company and to create value for all our stakeholders.</td></tr><tr><td>People around the world know that Nissan is a profitable</td></tr><tr><td>and customer - driven company. As COO, one of my key roles</td></tr><tr><td>under NISSAN Value - Up is to promote this customer - driven</td></tr><tr><td>culture throughout the entire value chain, from initial product</td></tr><tr><td>planning to after - sales service. I truly believe that by</td></tr><tr><td>enhancing our focus on profit and pursuing a customer - driven</td></tr><tr><td>approach, we can provide more value to all our stakeholders :</td></tr><tr><td>employees, communities, suppliers, partners, and, of course,</td></tr><tr><td>our shareholders.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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