text: **IR Activities**
  
  Under NISSAN Value-Up, the IR team’s performance will 
  
  be evaluated based on the price-earnings ratio (PER) and 
  
  volatility relative to our major competitors. PER is used to 
  
  measure how successfully the IR team manages market 
  
  expectations about Nissan in order to maintain the Nissan 
  
  share price close to an intrinsic value. The other measure, 
  
  volatility, is used to measure the risk investors perceive 
  
  when considering Nissan stock. If Nissan can successfully 
  
  reduce volatility, the minimum return required by investors 
  
  should decline. The IR team believes that a strengthening 
  
  of disclosure activities is required to improve both 
  
  measures. The team plans to disclose not only financial 
  
  results but also more forward-looking information about 
  
  Nissan fundamentals such as technology and product. 
  
  Such forward-looking information helps investors to 
  
  forecast future performance more precisely and reduces 
  
  uncertainty about the future. As a consequence, Nissan will 
  
  increase the number of investor conferences, events, and 
  
  teleconferences during fiscal 2005. 