Tokyo – Carlos Ghosn, President & CEO of Nissan Motor Co., Ltd., today unveiled the company's new dividend policy at Nissan's 105th Ordinary General Meeting of Shareholders. By the end of Nissan's next three-year business plan NISSAN Value-Up in March 2008, Nissan plans to pay an annual dividend of no less than 40 yen per share, more than double the 19 yen per share level that was approved for fiscal year 2003. 

For fiscal year 2004, Nissan's interim dividend will increase from 8 yen per share to 12 yen per share.

  "Our performance continues to be recognized in the market through share price appreciation,"  said Mr. Ghosn.  "And we want to recognize the trust and confidence of our shareholders through an attractive, predictable dividend policy." 

At the 105th annual shareholders' meeting, shareholders also approved six resolutions. They are as follows:

1.      A year-end dividend for fiscal year 2003 of 11 yen, which brings the full-year dividend for the last fiscal year to 19 yen and represents an increase of 5 yen compared with the previous year.

2.      The authorization to acquire treasury stocks to implement capital policies with greater flexibility.

3.      The issuance of stock acquisition rights to employees of Nissan, as well as directors and employees of its subsidiaries and affiliates. The maximum number of common shares to be issued: 16 million.

4.      The authorization for the purchase of up to 75 million common shares for the acquisition cost of up to 100 billion yen from June 23 until the next Ordinary General Meeting of Shareholders, for the purpose of covering the potential dilution that may be caused by the exercise of stock acquisition rights and warrants already issued and to be issued.

5.      The retirement of Haruhiko Takenaka and Hideo Nakamura as auditors. At the same time, shareholders also approved the appointment of five auditors. The newly appointed auditors are: Shinji Ichishima, deputy president of Mizuho Securities, Co. Ltd., Hiroyasu Kan, chief technology advisor at Nissan and Haruo Murakami, chairman of Japan Telecom Co., Ltd. They join Hiroshi Moriyama and Keishi Imamura, who were both re-elected.

6.      The granting of retirement allowances to the retiring auditors Takenaka and Nakamura in appreciation of their contributions to Nissan. The amounts, timing and manners of the payment are entrusted to the deliberations of the statutory auditors.

Attached is a list of auditors and corporate officers and their responsibilities as of July 1, 2004.


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