Outline of FY2003 First Quarter Results (Consolidated)

Company name:   Nissan Motor Co., Ltd.(Code no. 7201, Tokyo Stock Exchange in Japan)

Representative:    Carlos Ghosn, President

Contact person:    Sadayuki Hamaguchi, Deputy general manager, Global Communications
                                and Investor Relations Department Tel: (03) 5565-2141

1. Basis for preparation of quarterly operating results

Policy adopted to account for revenue for the current quarter and whether or not such method is consistent with that adopted in the most recent annual consolidated financial statements: The accounting treatment of finance lease transactions has been changed, others are consistent with previous year.

[Explanation of inconsistency]
Until the year ended March 31, 2003, noncancelable finance leases of Japanese companies had been accounted for as operating leases. Leases which stipulate the transfer of ownership of the leased assets to the lessee are accounted for as finance leases.  Effective April 1, 2003 all finance leases have been accounted for as such.  As a result of this change, revenue for the quarter ended June 30^th, 2003 decreased by \5,162 million as compared with the corresponding amount for the previous year.

2. Outline of first quarter results for FY2003 (April 1-June 30, 2003)
(1) Revenue                                                                                                         million yen

Note: Revenue is tallied to the relevant quarter (first three months of the fiscal year for each company). Nissan is implementing disclosure of quarterly results from this quarter, so last year's first quarter are not recorded.

[Supplementary explanation concerning sales]

Global retail sales volume (first three months of the fiscal year for each company)                            units

                                                                                                                            *Includes Mexico and Canada

   (2)   Significant events, which had significant impacts on the financial position and the operating results
           for the current quarter:  None

3. The outlook for consolidated financial results for FY2003 (April 1, 2003 - March 31, 2004) :  Unchanged.

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