This document has been translated from a part of the Japanese original for reference purposes only. In the any
discrepancy between this translated document and the Japanese original, the original shall prevail.

101st Ordinary General Shareholders Meeting:
Notice of Convocation
Date and Time: Wednesday, June 26, 2024, at 10:00 a.m.
Venue:
Head Office Main Building, Nissan Shatai Co., Ltd.
2-1 Tsutsumicho, Hiratsuka, Kanagawa

(Code no.: 7222)
June 5, 2024
Dear shareholders:
2-1 Tsutsumicho, Hiratsuka, Kanagawa
Haruhiko Yoshimura, President
101st Ordinary General Shareholders Meeting: Notice of Convocation
Notice is hereby given that the 101st Ordinary General Shareholders Meeting of theCompany (the “Meeting”) will be held as described below. You are cordially invited toattend the Meeting.
When convoking this General Shareholders Meeting, we have taken measures forelectronic provision regarding the information consisting of the Reference Materials for
General Shareholders Meeting, etc. (Electronic Provision Measures Matters) and haveposted the information on the Nissan Shatai website on the Internet, so please access thefollowing website to confirm it.
Note that the paper-based documents we send out also serve as the paper-based documents
stating the Electronic Provision Measures Matters stipulated in the items in the Companies
Act, Article 325-3, Paragraph 1 which should be delivered to all of the shareholders whorequested the delivery of paper-based documents.
Nissan Shatai website: https://www.nissan-shatai.co.jp/EN/IR/index.html(Please confirm the information by accessing the above website and selecting from themenus in the order “FOR INVESTORS,” “Stocks & Bonds,” “General Shareholders
Meeting,” “101st Ordinary General Shareholders Meeting: Notice of Convocation.”)Furthermore, the Electronic Provision Measures Matters are posted on the website of theTokyo Stock Exchange in addition to the Nissan Shatai website, so please confirm them at
the following link.
Tokyo Stock Exchange website (Listed Company Search)https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show(Please confirm the information by accessing the above Tokyo Stock Exchange website,
entering and searching for the securities code (7222) in “Issue name (company name)” or“Code,” selecting the items in the order of “Basic information” and “Documents for public
inspection/PR information,” and accessing the “Notice of General Shareholders Meeting/Informational Materials for a General Shareholders Meeting” field under “Filed
information available for public inspection.”)Note that when not attending the Meeting in person, you can submit votes in writing orelectronically (Internet, etc.), so please study the Reference Materials for General
Shareholders Meeting and submit votes no later than 5:30 p.m. on June 25, 2024
(Tuesday).

-1-1. Date and Time
Wednesday, June 26, 2024 at 10:00 a.m.
2. Venue
Head Office Main Building
Nissan Shatai Co., Ltd.
2-1 Tsutsumicho, Hiratsuka, Kanagawa
3. Agenda Items
Matters to be reported:
1. 101st fiscal Business Report (April 1, 2023 to March 31, 2024)
Consolidated Financial Statements, and Audit Reports by Accounting Auditor andBoard of Statutory Auditors
2. 101st fiscal Financial Statements (April 1, 2023 to March 31, 2024)
Matters to be resolved:<Company Proposals (Proposal 1 to Proposal 4)>
Proposal 1: Appropriation of Surplus
Proposal 2: Election of One Director
Proposal 3: Election of One Statutory Auditor
Proposal 4: Election of One Substitute Statutory Auditor<Shareholder Proposal (Proposal 5)>
Proposal 5: Change to the Articles of Incorporation Pertaining to the Establishment of
a Minority Shareholder Protection Committee
4. Information concerning voting at the General Shareholders Meeting(1) If voting forms are returned without any votes entered for any proposals, theshareholder will be counted as having voted yes for the Company proposals and nofor the shareholder proposal.
(2) The content of each proposal is as stated in the Reference Materials for General
Shareholders Meeting below, but the Nissan Shatai Board of Directors is opposedto the shareholder proposal (Proposal 5). Please refer to page 13 to page 16
regarding the shareholder proposal and the opinion of the Nissan Shatai Board of
Directors regarding the shareholder proposal.
(3) If a shareholder uses the Internet, etc. to vote more than once, the last votes by theInternet, etc. received will be counted.
(4) If a shareholder submits votes by using both the voting form and the Internet, etc.,
irrespective of the time the votes were received, the votes received using theInternet, etc. will be counted.
••

When attending the Meeting in person, please present the enclosed voting form atreception.
If any revisions are made to the Electronic Provision Measures Matters, the factthat an amendment has been made, the matters before the amendment and thematters after the amendment will be posted on the above Nissan Shatai website
and the Tokyo Stock Exchange website on the Internet.

-2-

Reference Materials for General Shareholders Meeting
Proposals and Matters for Reference＜Company Proposals (Proposal 1 to 4)＞
Proposal 1: Appropriation of Surplus
Taking into account business performance in this fiscal year and the Company policy of
paying stable dividends on an ongoing basis, it is proposed to pay a year-end dividend
as detailed below.
Including the interim dividend already paid, this will result in a total dividend for thisfiscal year of 13 yen per share, the same as in the previous fiscal year.
Details of Year-End Dividend(1) Distribution of year-end dividend to shareholders and total amount:
6.5 yen per share of common stock in the Company
Total amount: 880,442,960 yen(2) Effective date of distribution of surplus:
June 27, 2024

-3-

Proposal 2: Election of One Director
Director Haruhiko Yoshimura will resign at the close of the shareholders meeting.
Therefore, Nissan Shatai proposes to elect one director as a substitute for Mr.
Yoshimura.
Note that under the provisions of the Nissan Shatai Articles of Incorporation, Article
22, Paragraph 2, the term of office of the director elected in the shareholders meetingshall end at the time when the terms of office of the other directors in office expire.
The candidate for a director is as follows:

Name(Date of Birth)

Brief Personal Record, Positions, Responsibilities, andImportant Positions at Other Companies
Apr 1985:
Apr 2006:

Numberof Sharesof Nissan
Shatai
Owned

Joined Nissan Motor Co., Ltd.
Deputy General Manager, Stamping
Engineering Dept., Nissan Motor Co.,Ltd.
Apr 2010:
Deputy General Manager, New Vehicle
Production Engineering Dept., Nissan
Motor Co., Ltd.
Apr 2012: General Manager, Production Control andEngineering Dept., Nissan Motor Kyushu
Co., Ltd.
Apr 2015:
Plant Manager, Nissan Motor (Thailand)Co., Ltd.
Apr 2017:
Alliance Global Director, Vehicle
Takashi Tomiyama
Production Engineering Div., Global(November 12,
Tooling Management Dept., Nissan
1962)
Motor Co., Ltd.
100 sharesMale
Apr 2018:
Alliance Global Director, Vehicle
Production Engineering and Development
New candidate
Div., Production Engineering Researchand Development Center, Nissan MotorCo., Ltd.
Apr 2020:
President, Nissan Motor Kyushu Co., Ltd.
Apr 2024:
Executive Vice President, Nissan Shatai
Co., Ltd. (Current Position)
Responsibilities at Nissan Shatai Co., Ltd.:
Assistant to the president
Important positions at other companies:
President, Nissan Shatai Kyushu Co., Ltd.
[Nissan Shatai Kyushu plans to submit this resolution
for approval at the Ordinary General Shareholders
Meeting to be held in June 2024]-4-

Reason for selection as a director candidate
Mr. Tomiyama has extensive knowledge and achievements in all aspects ofproduction. For example, he has been involved in the operations of the Production
Division in Nissan Motor Co., Ltd. and has served as President of a Nissan Motorgroup company. He is currently an Executive Vice President at Nissan Shatai who
oversees all business operations of the entire company by using his strong leadershipand many years of experience as a corporate manager. Since Mr. Tomiyama is well
suited for the sustained improvement of corporate value and improvement ofcorporate governance of Nissan Shatai, he is a candidate for election as a director.
Notes:
1. There is no special interest between Nissan Shatai and Mr. Tomiyama.
2. Within the past 10 years, Mr. Tomiyama was an executive officer of Nissan MotorCo., Ltd., which is the parent company of Nissan Shatai. Information about Mr.
Tomiyama’s titles and duties at Nissan Motor Co., Ltd. during the past 10 years isshown above in “Brief Personal Record, Positions, Responsibilities, and Important
Positions at Other Companies.”
3. In accordance with Article 430-3, Paragraph 1 of the Companies Act, Nissan Shatai
has concluded a Directors and Officers liability insurance with an insurancecompany that limits the liability of Mr. Tomiyama. A summary of the terms of thispolicy is on page 24 of this report. If Mr. Tomiyama is elected at the shareholders
meeting as proposed, he will continue to be covered by this insurance policy.
Furthermore, Nissan Shatai plans to renew this policy during Mr. Tomiyama’s termof office.

-5-

Proposal 3 Election of One Statutory Auditor
The terms of office of statutory auditors Kiyoshi Aoji will expire at the close of theshareholders meeting. Therefore, Nissan Shatai proposes to elect one statutory auditor.
The Board of Statutory Auditors has agreed to this proposal.
The candidate for a statutory auditor is as follows:
Numberof Shares
Name
Brief Personal Record, Positions, Responsibilities, andof Nissan(Date of Birth)
Important Positions at Other Companies
ShataiOwned
Apr 1982:
Joined Nissan Shatai Co., Ltd.
Apr 2005:
General Manager, Corporate Management
Dept., V-up NS Promotion Office, Nissan
Shatai Co., Ltd.
Apr 2008:
General Manager, Vehicle Evaluation andTest Dept., Nissan Shatai Co., Ltd.
Apr 2010:
General Manager, Vehicle Component
Kiyoshi Aoji
Development Dept., Nissan Shatai Co.,(March 24, 1960)
Ltd.
3,700
Male
Apr 2011:
General Manager, Administration Dept.,
sharesNissan Shatai Co., Ltd.
Reappointment Apr 2013:
Senior General Manager, Nissan Shatai
Co., Ltd.
Apr 2015:
President, Auto Works Kyoto Co., Ltd.
Jun 2022:
Statutory Auditor (Full-time), Nissan
Shatai Co., Ltd. (Current Position)
Important positions at other companies:
Statutory auditor, Nissan Shatai Kyushu Co., Ltd.
Statutory auditor, Auto Works Kyoto Co., Ltd.
Reason for selection as a statutory auditor candidate
Mr. Aoji has many years of experience and extensive knowledge concerning theautomotive industry and corporate management. For example, he has been involved in
the operations of the Research and Development Div. and General & Administration
Div. at Nissan Shatai for many years and has served as President of a Nissan Shataigroup company. Currently, as a full-time statutory auditor of Nissan Shatai, Mr. Aoji isproperly auditing the performance of Nissan Shatai’s directors, and he is a candidate
for election as a statutory auditor based on the judgment that he can further strengthen
auditing functions.

-6-Notes:1. There is no special interest between Nissan Shatai and Mr. Aoji.
2. Nissan Shatai has concluded a limited liability contract with Mr. Aoji based on theprovisions of the Articles of Incorporation. Furthermore, if the shareholders approve
the re-election of Mr. Aoji in this General Meeting, Nissan Shatai and Mr. Aoji plan
to renew the limited liability contract that limits his liability regarding Nissan Shatai
to a certain level.
The main terms of this contract are as follows.
(1) If a statutory auditor becomes liable for damages to Nissan Shatai due toneglect of their duties, the liability will be limited to the minimum liability
amount stipulated in Article 425, Paragraph 1 of the Companies Act.
(2) The limit of liability in the above paragraph will apply only in cases where
the statutory auditor concerned acted in good faith and there was no grossnegligence concerning the duties liable for damages.
3. In accordance with Article 430-3, Paragraph 1 of the Companies Act, Nissan Shatai
has concluded a Directors and Officers liability insurance with an insurancecompany that limits the liability of Mr. Aoji. A summary of the terms of this policy
is on page 24 of this report. If Mr. Aoji is re-elected at the shareholders meeting as
proposed, he will continue to be covered by this insurance policy. Furthermore,
Nissan Shatai plans to renew this policy during Mr. Aoji’s term of office.

-7-

Reference<Directors and statutory auditors as well as composition of advisory committees for the
Board of Directors after appointments>
The planned Nissan Shatai directors and statutory auditors and the composition of theNominations and Remuneration Committee and the Business Monitoring Committee,
which are voluntary advisory committees for the Board of Directors, is as follows ifshareholders approve proposals 2 and 3 with no revisions.
Name
TakashiTomiyama
Shin Kotaki
Masayuki
Yabe
TakuyaNakamura
Yasuyuki
Ohira
HideakiShinadaKiyoshi Aoji
Tomonori
Ito
Nobutaka
Kanaji

Positions at
NissanShatai

Outsidedirector

Independent
director

President

1)Nominations
andRemuneration
Committee2)Business
Monitoring
Committee●

Director
Director
Director
Director

●

●

●

●

Director

●

●

●

●

Statutory
Auditor
Statutory
Auditor
Statutory
Auditor

●

●

●

●

●

●

Roles of the committees
1) Nominations and Remuneration Committee
In response to requests from the Board of Directors or the President for advice, themembers of this committee discuss the following items concerning nominations andremuneration and submit their advice to the Board of Directors.
(1) Policies and procedures for the selection or termination of a representative director
and for selections of director and statutory auditor candidates(2) Proposals at shareholders meetings for the election or termination of directors andstatutory auditors(3) Succession plan for the president (chief executive officer)(4) Policy for determining the remuneration of directors(5) Remuneration for individual directors(6) Other items as required by the Board of Directors concerning the preceding items
2) Business Monitoring Committee
In response to requests from the Board of Directors or the President for advice, themembers of this committee discuss significant transactions with related parties andsubmit their advice to the Board of Directors.

-8-

<Skill matrix of directors and statutory auditors after appointments>
If shareholders approve proposals 2 and 3 with no revisions, the skill matrix for major
professional skills and experience of Nissan Shatai’s directors and statutory auditors
will be as follows.
The matrix presents the six top-priority items regarding the knowledge each director
and statutory auditor possesses and is particularly expected to exercise.
The matrix does not represent all of the knowledge, experience, and abilities possessedby each person.
Primary Expertise / Experience
Name

Title

Corporate Automotive
Management Industry

Governance/
Manufacturi
Legal/ Risk Finance
Human
Environment
Internal
ng/ ProductManagement /Accounting Resources/ Energy
Controls
Technology

TakashiTomiyama

President●●●

Shin Kotaki

Director●●●

Director●●●

Director●●

Masayuki
Yabe
TakuyaNakamura
Yasuyuki
Ohira
HideakiShinadaKiyoshiAoji
Tomonori
Ito
Nobutaka
Kanaji

Director(Independent,
Outside)Director(Independent,
Outside)Statutory
Auditor
Statutory
Auditor(Independent,
Outside)Statutory
Auditor(Independent,
Outside)

●
●

●

●

●

●

●

●

●

●

-9-

●

●

●

●

●

●

●
●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

●

Global

●

●
●

●

●

Proposal 4 Election of One Substitute Statutory Auditor
To be prepared in the event that the number of statutory auditors falls below thenumber designated by laws and regulations, Nissan Shatai proposes to elect one
substitute statutory auditor.
This substitute statutory auditor will become a statutory auditor only if the number ofstatutory auditors falls below the legally designated number and the term of office willbe the remainder of the term of office of the statutory auditor who is replaced.
The Board of Statutory Auditors has agreed to this proposal.
The candidate for a substitute statutory auditor is as follows.

Name(Date of Birth)

Brief Personal Record, Positions, Responsibilities, andImportant Positions at Other Companies
Apr 1986:
Sep 2005:

Numberof Sharesof Nissan
Shatai
Owned

Joined The Bank of Yokohama, Ltd.
General Manager, Omori Branch, The Bankof Yokohama, Ltd.
Apr 2007: General Manager, Jiyugaoka Branch, The
Bank of Yokohama, Ltd
Apr 2009: General Manager, Credit Dept., The Bank of
Yokohama, Ltd.
Feb 2010: General Manager, Noborito Branch, The
Bank of Yokohama, Ltd
May 2012: General Manager, Chigasaki Branch, The
Bank of Yokohama, Ltd.
Apr 2013: Executive Officer, The Bank of Yokohama
Ltd.
Kazuhiro Okada
Apr
2015:
Managing Executive Officer, The Bank of(December 29, 1961)
Yokohama Ltd.
Male
Jun 2018: Director and Managing Executive Officer,
0 shares
The Bank of Yokohama Ltd
Reappointment/
Outside Statutory Apr 2021: Director, The Bank of Yokohama Ltd.
Auditor/ Independent Jun 2021: Substitute Statutory Auditor, Nissan Shatai
Co., Ltd.
statutory auditor
Jun 2021: Part-time Statutory Auditor, JUSTAUTOMOBILE LEASING CO., LTD.
(Current Position)
Jun 2021: Senior Managing Director, TOCAD
ENERGY CO.,LTD. (Current Position)
Jul 2021:
Outside Director, Daisei every24 Co.,Ltd.
(Current Position)
Jun 2022: Substitute Statutory Auditor, Nissan Shatai
Jun 2023: Substitute Statutory Auditor, Nissan Shatai(Current Position)
Important positions at other companies:
Senior Managing Director, TOCAD ENERGY CO.,LTD.

- 10 -

Reason for selection as a substitute statutory auditor candidate
Due to his long career at a financial institution, Mr. Okada has considerable experience andknowledge concerning finance and accounting as well as corporate management. As Mr.
Okada is well suited to perform auditing operations if the number of auditors at Nissan
Shatai falls below the number required by laws and regulations, he is a candidate forelection as a substitute statutory auditor.
Notes:
1. There is no special interest between Nissan Shatai and Mr. Okada.
2. Mr. Okada is a candidate for a substitute outside statutory auditor post.
3. If Mr. Okada is elected a substitute statutory auditor at the General Shareholders
Meeting as proposed and subsequently becomes a statutory auditor, he will be an
independent statutory auditor as stipulated by Tokyo Stock Exchange, Inc.
4. If Mr. Okada is elected a substitute statutory auditor at the General Shareholders
Meeting as proposed and subsequently becomes a statutory auditor, Nissan Shatai plans
to conclude a limited liability contract with Mr. Okada that limits his liability regarding
Nissan Shatai to a certain level.
The main terms of this contract are as follows.
(1) If a statutory auditor becomes liable for damages to Nissan Shatai due to neglect of
their duties, the liability will be limited to the minimum liability amount stipulated
in Article 425, Paragraph 1 of the Companies Act.
(2) The limit of liability in the above paragraph will apply only in cases where thestatutory auditor concerned acted in good faith and there was no gross negligenceconcerning the duties liable for damages.
5. If Mr. Okada is elected a substitute statutory auditor at the General Shareholders
Meeting as proposed and subsequently becomes a statutory auditor, he will be coveredby the Directors and Officers liability insurance concluded by Nissan Shatai with aninsurance company in accordance with Article 430-3, Paragraph 1 of the Companies Act.
A summary of the terms of this policy is on page 24 of this report.

- 11 -

＜ Shareholder proposal (Proposals 5)＞
Proposals 5 have been submitted by a shareholder.
Proposal 5

Revision of the provisions of articles with regard to the establishment of a
Minority Shareholder Protection Committee.

No.1 Proposed Agenda Item
1. Revision of the Articles of Incorporation Pertaining to the establishment of a Minority
Shareholder Protection Committee.
No.2 Content of the Proposal
With respect to the proposal in 1 below (hereinafter “Proposal for a Change to the Articles
of Incorporation”), when formal adjustments (including, but not limited to, the correctionof any misalignment of article numbers) are required to the chapters or articles listed as
the Proposal for a Change to the Articles of Incorporation due to the approval or rejectionof the Proposal for a Change to the Articles of Incorporation and other proposals(including proposals related to company proposals) at this Ordinary General Shareholders
Meeting, the relevant articles for the Proposal for a Change to the Articles ofIncorporation shall be read as the articles after such necessary adjustments are made. A
detailed explanation of each shareholder proposal below can be found athttps://stracap.jp/english/7222-NISSANSHATAI.pdf or via a special website link on theupper right of the Strategic Capital Inc. homepage at https://stracap.jp/english/. Please
note that all company figures presented in each shareholder proposal are based on theConsolidated Financial Statements unless “non-consolidated” is stated.
1. Revision of the Articles of Incorporation Pertaining to the establishment of a Minority
Shareholder Protection Committee.
Newly establish the following clause in the current Articles of Incorporation.
Chapter 7 Minority Shareholder Protection Committee(Minority Shareholder Protection Committee)
Article 44
The Board of Directors of Nissan Shatai must endeavor to ensure that the opinions of
Nissan Shatai shareholders outside Nissan Shatai’s parent company Nissan Motor Co.,
Ltd. and its associated companies (this refers to the associated companies defined in theRegulation on Terminology, Forms, and Preparation Methods of Financial Statements ,Article 8, Paragraph 8) (hereinafter, collectively the “Nissan Group”) (hereinafter,“Minority Shareholders”) are reflected in management so that the Minority Shareholders
do not suffer any disadvantages caused by the Nissan Group.
2 In order to achieve the purpose in the preceding paragraph, the Board of Directors shallestablish a Minority Shareholder Protection Committee comprised of outside directors.

- 12 -

3 The Minority Shareholder Protection Committee must hear the opinions of the Minority
Shareholders of Nissan Shatai and the holders of Nissan Shatai shares (this refers to theholders defined in the Financial Instruments and Exchange Act , Article 27-23 who are
not Minority Shareholders; hereinafter, collectively the “eligible shareholders”) to whom
any of the matters listed below are applicable, from a position independent of Nissan
Shatai, the Nissan Shatai Board of Directors, and Nissan Group, and must express its
opinions to the Nissan Shatai Board of Directors at least once every quarter with the
purpose of protecting the interests of the Minority Shareholders taking into account theresults of its hearing of opinions. Furthermore, the Minority Shareholder Protection
Committee may express its opinions and recommend corrections to the Board of
Directors when it recognizes this to be necessary.
(1) Shareholders who have expressed acceptance of Japan’s Stewardship Code(2) Shareholders who have consented to the hearing of opinions or requested the hearingof opinions by the Minority Shareholder Protection Committee
4 The hearing of opinions and expression of opinions must include but are not limited to
the following matters.
(1) Opinions concerning the role and activities of the Minority Shareholder Protection
Committee(2) Opinions concerning those transactions between Nissan Shatai and the Nissan Group
which are transactions based on manufacturing consignment contracts(3) Opinions with respect to the deposit and lending of funds by Nissan Shatai to the
Nissan Group(4) Support/opposition and opinions of the minority shareholders present at the General
Shareholders Meeting opposed a proposal made by Nissan Shatai, or supported a
proposal made by a shareholder,(5) Opinions with respect to the response policies of Nissan Shatai in the case that there
is a possibility that Nissan Shatai shares may fall under the delisting criteria of theTokyo Stock Exchange(6) The status of dialogue between Nissan Shatai officers and employees who are notmembers of the Minority Shareholder Protection Committee and the eligible
shareholders
5 In the case that the Minority Shareholder Protection Committee has made correction
recommendations to the Board of Directors in accordance with the provision in Paragraph
3, then after receipt of the correction recommendations the Board of Directors must
formulate correction measures and submit a correction measures report to the Minority
Shareholder Protection Committee within one month.
6 The Minority Shareholder Protection Committee may use external advisors as necessary
within a reasonable expense burden for Nissan Shatai.
No.3 Rational of the proposal- 13 -

Although Nissan Shatai is a listed subsidiary of Nissan group, the protection of minority
shareholders has been neglected. Three out of the four executive directors including
President Haruhiko Yoshimura, are from Nissan, and the fact that the Company continues
to provide over JPY 100B in funding to Nissan despite opposition from the majority ofminority shareholders, is proof of this.
In addition, although the Company is completely dependent on the parent company forsales, since FY2008 the ROE has exceeded 8% only once, which calls into question theappropriateness of the terms of the transaction. Also, the parent company's shareholding
has put the Company's stock in danger of being delisted, threatening the interests ofminority shareholders.
The role of protecting the interests of minority shareholders is supposed to be played by
the Business Monitoring Committee, which deliberates and reviews importanttransactions and actions that conflict with the interests of controlling shareholders andminority shareholders, and the Nomination and Remuneration Committee, which reviews
proposals for the election of directors and officers, but these committees are not fulfilling
their roles.
Therefore, we call for the protection of minority shareholders through the establishmentof this new committee.

- 14 -

Nissan Shatai’s Board of Directors’ opinion
Nissan Shatai’s Board of Directors opposes the subject resolution for the following
reasons.
(Reasons for opposing)Nissan Shatai passed a resolution to establish the Nominations and Remuneration
Committee and the Business Monitoring Committee as advisory committees for the
Board of Directors in the meeting of the Board of Directors of January 28, 2020 andsince then the two committees have continued activities in line with the purpose of
their establishment.
Looking at the purposes of the two committees, firstly, the purpose of the Nominations
and Remuneration Committee is to increase the transparency and objectivity of theprocedure used for decisions concerning nominations of Nissan Shatai’s director andstatutory auditor candidates and remuneration for directors. Therefore, the committee
discusses policies and procedures for the selection or termination of a representative
director and for nominations of director and statutory auditor candidates, andproposals at the General Shareholders Meeting for the election or termination of
directors and statutory auditors, etc. and submits its advice to the Board of Directors.
The purpose of the Business Monitoring Committee is to increase the transparency
and objectivity of the procedure used for decisions concerning significant transactions
between Nissan Shatai and related parties and to prevent these transactions fromharming the interests of Nissan Shatai. Therefore, the committee deliberates on
significant transactions with related parties and submits its advice to the Board of
Directors.
The Nominations and Remuneration Committee is comprised of two outside directors
who have independence and the President, and two outside statutory auditors who
have independence also participate as observers. On other hand, the Business
Monitoring Committee is comprised of a total of four members, two outside directors
who have independence and two outside statutory auditors who have independence,and one statutory auditor (full-time) also participates as an observer.
The Shareholder Proposal calls for a change to the Articles of Incorporation in order tonewly establish a Minority Shareholder Protection Committee comprised of outside
directors but, as stated above, committees which are equipped with those functions
and responsibilities have already been established in Nissan Shatai and we judge thatthey are fulfilling those functions. Furthermore, in the rules concerning theorganization and operation of the Business Monitoring Committee approved by the
Board of Directors, the Board of Directors is required to respect the advice of theBusiness Monitoring Committee to the maximum extent possible, and the Board of
Directors is being operated accordingly.
Regarding the members of the committee, the Shareholder Proposal limits themembers to outside directors, but Nissan Shatai’s Business Monitoring Committee hasoutside directors equipped with independence and in addition has outside statutory
auditors equipped with independence as its members, so it is a committee with an evenmore enhanced membership from the perspective of the minority shareholder
protection called for by the Proposing Shareholder.
Furthermore, as declared in the Corporate Governance Report (most recently updatedon March 25, 2024), Nissan Shatai’s Business Monitoring Committee is a special
committee that, as required by Supplementary Principle 4-8-③ of the Corporate
Governance Code, deliberates on and examines important transactions and acts in- 15 -

which there is a conflict of interests between the controlling shareholder and theminority shareholders.
Moreover, as required by Supplementary Principle 1-1-① of the Corporate
Governance Code, at meetings of the Board of Directors of Nissan Shatai attended bythese four outside directors and statutory auditors who have independence, Nissan
Shatai analyzes the results of the resolutions for all company-proposed proposals andshareholder-proposed proposals in the General Shareholders Meeting (the number of
supporting votes, opposing votes, and abstentions, and the percentage of supporting
votes) and carries out examinations regarding the necessity of taking action on them.
The members of Nissan Shatai’s Nominations and Remuneration Committee andBusiness Monitoring Committee are fully aware of their duties and going forward willcontinue thorough deliberations and examinations.
Based on these reasons, Nissan Shatai’s Board of Directors opposes the subject
resolution.

- 16 -

(Attached Documents)
Business Report(From April 1, 2023 to March 31, 2024)
1. Current State of Corporate Group(1) Operations and results
In the fiscal year that ended in March 2024 a moderate recovery of the Japanese economy
was seen due to improvements in the employment situation and income environment, whileon the other hand a condition continued in which monitoring the impact of price rises andthe situation in the Middle East region, etc. was necessary.
Regarding the environment surrounding the Nissan Shatai Group, production activities
recovered compared to the previous fiscal year which was impacted by the constraint on
economic activities arising from the spread of COVID-19 infections and supply problems
for some parts, but we ended up in a tough situation due to component supply shortages
caused by the impact of the Noto Peninsula Earthquake which occurred in January 2024,
demand fluctuations, and other factors.
In this environment, the volume of orders from Nissan Motor Co., Ltd. decreased by 2.0%
compared to the previous fiscal year to 139,121 units. Net sales decreased by 2.1% to 301
billion yen mainly due to decrease in the volume of orders for passenger vehicles such as the
ARMADA, etc., even though sales of commercial vehicles such as the NV200 Vanette, etc.
grew.
Looking at income and loss, operating income/loss decreased by 77.7% to 900 million yen
due to the decrease in the volume of orders, deterioration of model mix, impact of market
fluctuations, and other factors, ordinary income decreased by 72.8% to 1.3 billion yen, andprofit attributable to owners of parent decreased by 89.5% to 400 million yen.
Sales Breakdown
Category
Passenger vehicles
Commercial vehicles
Microbuses
Vehicle parts, etc.
Total

Volume(Units)79,38447,913
11,824－
139,121

Amount(Million yen)
203,024
56,877
16,552
24,617301,071

Year-on-yearchange (%)
-7.9%
+9.9%
+13.6%+18.5%-2.1%(2) Funding activities
There were no funding activities to be reported during the fiscal year under review.
(3) Capital expenditures
Capital expenditures during the fiscal year under review totaled approximately 37.1 billion
yen. This was for the improvement of product attractiveness through the new products andminor changes of existing products, as well as for the enhancement of plant and equipment
by such means as the rationalization of manufacturing facilities, the improvement of welfare
facilities, and environmental improvements.

- 17 -

(4) Issues and outlook for the year ahead
Last fiscal year Nissan Shatai started a Medium-Term Management Plan covering fiscal
years 2023 to 2027 with an awareness of the environmental changes of “the necessity of a
response to climate change,” “changes in the needs of the market,” “increase in the societal
responsibilities required of companies” and “changes in the working population and theawareness of employees.” We have defined our Vision for our Future as "Contribute tosociety through our commercial vehicles, premium cars, specially equipped vehicles, andsupport businesses and become the one and only presence trusted by our customers." Andwe will tackle "Sustainable corporate foundation," "Creation of appealing products," and"Evolution and deepening of uniqueness" as our three priority issues.
“Sustainable corporate foundation”
In order to realize carbon neutral by 2050, Nissan Shatai advanced the conversion of its
lights to LEDs, the utilization of electrical surveillance monitors, and the introduction ofrenewable energy.
In our promotion of DE&I, we positioned this as the year in which we make a start toward
fostering our corporate culture, and we implemented stratified training, among othermeasures.
As contributions to the local community, we resumed plamt tours and corporate festivals,
and in addition implemented disaster-preparedness drills with neighborhood associations,among other measures.
“Creation of appealing products”
Regarding the Elgrand and the AD, we took measures to meet legal requirements, and in
addition we implemented minor changes to the full range of advanced safety features andcomfort features, etc. Moreover, we commenced production of the Caravan MYROOM,a model which meets the new needs for in-car accommodation. Furthermore, we advanced
preparations for production of the new model INFINITI QX80, its first full model change
for 14 years.
“Evolution and deepening of uniqueness”
Regarding technology development, through discussions in the technical committee, we
completed development of the technology to be employed in the new model framevehicles.
We will continue to promote technology development, including the technologies requiredfor vehicle electrification, processes for the efficient production of service parts, etc.
Regarding the promotion of digitalization, in addition to the utilization of RPA in indirect
operations, we are advancing operational streamlining through the introduction of digital
tools to the plants.
In the second fiscal year of the 2023-2027 Medium-term Management Plan, we will continue
to take full advantage of the integrated manufacturing infrastructure extending fromdevelopment to production that is our greatest strength in order to establish manufacturing
operations that can adapt with flexibility to market trends. There will also be measures toreinforce measures for compliance with laws and regulations and corporate governance. Bytaking these actions, we are determined to earn even greater confidence among customers,
shareholders, business partners, communities, employees and all other stakeholders.

- 18 -

(5) Financial performance highlights
Fiscal term
Item

98th Fiscal
term

99th Fiscal
term

100th
Fiscal term

101st
Fiscal term(Ended March
31, 2021)(Ended March
31, 2022)(Ended March
31, 2023)(Ended March
31, 2024)(Million yen)
Net sales
362,869
215,359
307,521301,071
Ordinary income(Million yen)
1,973
(2,541)5,118
1,392(loss)
Profit (loss)(Million yen)
attributable to
1,917(2,217)3,883
407
owners of parent
Earnings (loss) per
(Yen)
14.16
(16.37)
28.67
3.01
share
(Million yen)
Total assets
261,052
231,233
249,149
258,376(Million yen)
Net assets
175,176
172,190
172,987
174,333
Book value per share (Yen)
1,293.27
1,271.22
1,277.11
1,287.05
Notes:
1. Earnings (loss) per share is calculated on the basis of the average number of shares
outstanding during each fiscal term, after deduction of treasury stock.
2. Nissan Shatai has applied the Accounting Standard for Revenue Recognition (ASBJ
Statement No. 29, March 31, 2020) etc. effective from the beginning of the 99th Fiscal
term and the consolidated financial statements for this fiscal year onward incorporate thisstandard, etc.

(6) Principal parent company and subsidiaries
a) Parent company
Nissan Shatai’s parent company Nissan Motor Co., Ltd. holds 67,726 thousands shares(50.0% of all voting rights) of the total number of Nissan Shatai’s shares outstanding, andaccounts for 99.8% of Nissan Shatai’s net sales.
b) Transactions with the parent company
1) Points considered to prevent detrimental effects to Nissan Shatai’s interest as a resultof these transactions and reason for judgement by the Board of Directors if thesetransactions are detrimental to Nissan Shatai’s interest or not
Transactions with the parent company are carried out according to the Master
Production Service Agreement and transaction prices for automobile to the parent
company are determined by negotiations that take into account the total cost of
manufacturing.
In addition, the background to and details of the negotiations are deliberated by theBusiness Monitoring Committee, which consists of independent outside directors
and independent outside statutory auditors, and are reported to the Board of
Directors, and the fact that there are no detrimental effects to the interests of Nissan
Shatai or the minority shareholders is confirmed by the Board of Directors.

- 19 -

2) Opinion concerning transactions with the parent company in the event that thedecision of the Board of Directors differs from the opinion of the outside director
Not applicable.
c) Principal subsidiaries
Capital(Millionyen)

Share ofvotingrights (%)

Nissan Shatai Kyushu Co.,
Ltd.

10

100

Nissan Shatai ManufacturingCo., Ltd.

432

100

Nissan Shatai Engineering Co.,
Ltd.

40

100

Company nameAuto Works Kyoto Co., Ltd.
480
100
Nissan Shatai Computer
100
100Service Co., Ltd.
Pro Staff Co., Ltd.
90
100
Note: Shares of voting rights include those held indirectly.

Main business
Vehicle manufacture
Pressing and assembly of
auto parts, molding andassembly of resin products
Machinery maintenance andservicing, equipment
installation, logistics
Vehicle conversion
System and program
development
Temporary staff placement(7) Principal business operations The Nissan Shatai Group’s principal business is the
manufacture and sale of motor vehicles and auto parts, other business activities including
servicing related to the aforesaid.
Its principal products are as follows:
Category
Product names
NV200 Vanette, Caravan, Elgrand, Patrol (Y61/Y62),
Passenger vehicles
Armada, QX80
Commercial vehicles
AD, NV200 Vanette, Caravan, Patrol Pickup
Microbuses
Caravan
Vehicle parts, etc.
Vehicle parts, other items and vehicle conversion- 20 -

(8) Principal offices, facilities, and plantsa) Nissan Shatai
Office / facility / plant
Head Office
Development Division
Hadano OfficeTochigi Office
Production Division
Shonan Plant
Quality Assurance Kyushu,
Quality Administration Group
Kyoto Office

Location
Hiratsuka, Kanagawa Prefecture
Hiratsuka, Kanagawa Prefecture
Hadano, Kanagawa Prefecture
Kaminokawa-machi, Kawachi-gun, Tochigi
Prefecture
Hiratsuka, Kanagawa Prefecture
Hiratsuka, Kanagawa Prefecture
Kanda-machi, Miyako-gun, Fukuoka
Prefecture
Uji, Kyoto Prefectureb) Subsidiaries
Nissan Shatai Kyushu Co., Ltd.
Nissan Shatai Manufacturing Co., Ltd.

Nissan Shatai Engineering Co., Ltd.

Auto Works Kyoto Co., Ltd.

Head Office and plant: Kanda-machi, Miyakogun, Fukuoka Prefecture
Head Office and Plant: Hiratsuka, Kanagawa
Prefecture
Head Office: Hiratsuka, Kanagawa Prefecture
Plants: Hiratsuka, Kanagawa Prefecture;
Kanda-machi, Miyako-gun, Fukuoka
Prefecture
Head Office: Uji, Kyoto Prefecture
Plants: Uji, Kyoto Prefecture; Hiratsuka,
Kanagawa Prefecture; Kanda-machi, Miyakogun, Fukuoka Prefecture(9) Employee informationa) Group employees
Number of employees
3,866

Change from end of previous fiscal year
(85)b) Nissan Shatai employees
Number of employees
1,681

Change from end of previous fiscal year(17)

- 21 -

2. Share Data
(1) Total number of shares authorized to be issued

400,000,000(2) Total number of shares issued

135,452,804(including 41 shares of treasury stock)(3) Number of shareholders at fiscal year-end

4,120(4) Ten largest shareholders
Number of shares(Thousands)
67,72621,000
16,115

Name

Ratio of issued
shares (%)
50.0
15.5
11.9

Nissan Motor Co., Ltd.
MLI for Segregated PB Client
Goldman Sachs International
The Master Trust Bank of Japan, Ltd. (Trust
2,564
1.9
Account)
Nissan Shatai Supplier Stock Ownership Plan
2,512
1.9
The Tachibana Securities Co., Ltd.
2,301
1.7
ECM MF
2,182
1.6
INTERTRUST TRUSTEES (CAYMAN)
LIMITED SOLELY IN ITS CAPACITY AS
1,057
0.8
TRUSTEE OF JAPAN-UP
FCP SEXTANT AUTOUR DU MONDE
700
0.5
Custody Bank of Japan, Ltd. (Trust Account)695
0.5
Note: The ratios of issued shares have been calculated after excluding treasury stock.

- 22 -

3. Directors and Statutory Auditors(1) List of directors and statutory auditors (at March 31, 2024)
Title

Name

Responsibilities

President*

Haruhiko Yoshimura

Director

Shin Kotaki

Director

Masayuki Yabe

Director

Takuya Nakamura

Internal Audit Office,Division General Manager
Corporate Quality Assurance
Div.
Overall supervision ofGeneral & Administration
Div., Internal Control Dept.,
Secretariat; Administration
Dept.; Legal &Communications Dept.
OverallsupervisionofResearch and Development
Div., Project Engineering
Dept.
Overall supervision of
Production Div., Safety andEnvironment Administration
Dept., Production
Administration Dept.;
Prototype Production
Engineering Dept.; Stamping
Production Engineering
Dept.; Body Assembly
Production Engineering
Dept.; Vehicle Production
Engineering Dept.; New
Vehicle Production
Engineering Dept.

Director(Outside)
Director(Outside)
Statutory
AuditorYasuyuki Ohira

Statutory
Auditor(Outside)

Tomonori Ito

Statutory
Auditor(Outside)

Nobutaka Kanaji

Important positions atother companies
President,
NissanShatai Kyushu Co.,Ltd.

Senior Managing
Director, Nissan
Shatai Kyushu Co.,Ltd.

Hideaki Shinada
Kiyoshi Aoji

Full-time- 23 -

Statutory Auditor,
Nissan Shatai Kyushu
Co., Ltd., Statutory
Auditor, Auto Works
Kyoto Co., Ltd.
Director, Kanagawa
Association of
Corporate Executives,
Statutory Auditor,
JATCO Ltd
Director (Outside),
LPIXEL Inc.

Notes:1. * indicates a representative director.
2. Mr. Ohira and Mr. Shinada are outside directors.
3. Mr. Ito and Mr. Kanaji are outside statutory auditors.
4. Directors, Mr. Ohira and Mr. Shinada, Statutory auditors, Mr. Ito and Mr. Kanaji are
independent directors or statutory auditors as stipulated by Tokyo Stock Exchange, Inc.
5. Mr. Ito, who is a statutory auditor, has considerable knowledge concerning finance andaccounting due to many years of experience at financial institutions.
6. Hideaki Shinada was newly elected as a director in the 100th General Meeting that washeld on June 28, 2023.
7. Nobutaka Kanaji was newly elected as a statutory auditor in the 100th General Meetingthat was held on June 28, 2023.
8. There are no capital ties and business relations between Nissan Shatai and Kanagawa
Association of Corporate Executives.
9. JATCO Ltd is a subsidiary of Nissan Motor Co., Ltd., Nissan Shatai’s parent company.
10. There are no capital ties and business relations between Nissan Shatai and LPIXEL Inc.

- 24 -

(2) Remuneration of directors and statutory auditors
1) Total amount of remuneration of directors and statutory auditors
Total amount of remuneration(Million yen)
Total amountNo. ofRemunerationofOfficeNon-monetarypersonsBase
linked to
remuneration
remuneration,(Million yen)salaryresults of
etc.
operations, etc.
Directors
132
102
29
—
7
Statutory
30
30
—
—
4
Auditors
Total
162
132
29
—
11
Notes:
1. This table includes one director and one statutory auditor who resigned at the end of the100th General Meeting that was held on June 28, 2023.
2. The remuneration paid to three outside directors and three outside statutory auditors during
the fiscal year under review totaled 32 million yen.
3. Remuneration linked to results of operations, etc. is the amount of this remuneration for
FY2022 that was confirmed in June 2023. Remuneration linked to results of operations,etc. for FY2023 had not been confirmed when this publication was prepared.
Consequently, the remuneration linked to results of operations for FY2023 is notincluded in the table shown above.
4. Outside directors and outside statutory auditors of Nissan Shatai received aggregate
remuneration of 8 million yen for duties performed as directors or statutory auditors at
Nissan Motor Co., Ltd. or a subsidiary of Nissan Motor Co., Ltd.
2) Remuneration linked to results of operations
Remuneration linked to results of operations ratio is calculated by multiplying thepayment ratio that is established for each title of directors who are also Nissan Shatai
corporate officers (40% of FY base salary for the president and 30% for other directors)
by the degree to which each individual’s targets concerning financial indicators and otherperformance were achieved in the applicable fiscal year. Financial indicators used for
remuneration linked to results of operations are major indicators for the preservation of asound foundation for business operations for many more years and include consolidated
operating income, consolidated free cash flows and other items. Furthermore, these
indicators are consistent with the current medium-term management plan and arereexamined as needed to reflect changes in the business climate. To evaluate personal
accomplishments, targets for quality and productivity improvements and other items are
established that reflect each individual’s duties. These items are selected in each fiscal
year upon agreement by the president and each director who is also a corporate officer.
Major performance indicators and results of operations in FY2023 for remuneration linked
to results of operations, etc.
Performance
TargetActualAchievement rate
indicators(Billion yen)(Billion yen)(%)
Operating income
88.0
9.7
11.0%
Free cash flow
(28.9)(44.2)—
Note: This table shows the major targets for results of operations and actual results ofoperations that have been confirmed concerning FY2023 remuneration linked to- 25 -

results of operations, etc. As there are other indicators for which results of operations
had not been confirmed when this publication was prepared, FY2023 performancebased remuneration, etc. has not yet been confirmed.
3) Shareholders meeting resolutions concerning remuneration, etc. of directors and statutory
auditors
At the 59th General Meeting that was held on June 30, 1982, shareholders approved
resolutions to limit total monthly remuneration to 30 million yen for directors and 5
million yen for statutory auditors. At the end of this meeting, there were 15 directors
and 2 statutory auditors.
4) Method for determining remuneration for individual directors
1. Policy and method for determining remuneration for individual directors
On March 22, 2022, the Board of Directors approved a resolution concerning apartial amendment of the policy for determining remuneration for individual
directors. Before this resolution was approved, the Nominations and Remuneration
Committee discussed the proposed policy and submitted their findings to the Boardof Directors.
2. Summary of the remuneration policy
There are two components of remuneration, both monetary, for directors. One is a
fixed base salary. The other is remuneration linked to results of operations that isdetermined in accordance with the achievement of major Nissan Shatai performancetargets and the performance of each director. Outside directors receive only the basesalary.
• The base salary is a fixed monthly payment that is determined by taking into
consideration executive titles, duties, Nissan Shatai’s results of operations, thecontributions of each director and other factors.
• Remuneration linked to results of operations is monetary remuneration that reflects
performance indicators for results of operations in each fiscal year. This
remuneration is paid in addition to the monthly base salary.
• Remuneration linked to results of operations is determined by using companies insimilar industries as benchmarks and establishing a standard ratio of the base salaryfor each executive title. These standard ratios are determined by the Board of
Directors after taking into account the results of a discussion of this matter by the
Nominations and Remuneration Committee.
3. Reason for the Board of Directors’ judgment that FY2023 remuneration for individual
directors is consistent with the remuneration determination policy.
The Board of Directors has concluded that FY2023 remuneration for individual
directors is consistent with the remuneration determination policy because the method
used to determine this remuneration and the content of this remuneration are consistent
with the policy and because the Nominations and Remuneration Committee confirmed
compliance with the policy.
5) Delegation by the Board of Directors of authority for determination of remuneration for
individual directors- 26 -

The Board of Directors has given Nissan Shatai President Haruhiko Yoshimura theauthority to determine the base salary and remuneration linked to results of operationsof individual directors. The reason is the judgment of directors that this delegation of
authority is appropriate because, with the involvement of the Nominations andRemuneration Committee, the company president is able to evaluate the performance ofthe business units supervised by individual directors. The president prepares an initial
proposal for remuneration and submits the proposal to the Nominations andRemuneration Committee. The president then takes the results of the committee’s
discussions into consideration and makes final decisions concerning remuneration.
(3) Outline of limited liability contract
Under Article 423, Paragraph 1 of the Companies Act, Nissan Shatai has concluded
limited liability contracts with outside directors and statutory auditors, with limits asprescribed in Article 425, Paragraph 1 of the Companies Act.
(4) Summary of terms of Directors and Officers liability insurance
Nissan Shatai has purchased Directors and Officers liability insurance as stipulated in
Article 430, Paragraph 3-1 of the Companies Act for directors, statutory auditors,
executive officers and important employees (including individuals who were at a
Nissan Shatai group company during the applicable fiscal year) of Nissan Shatai andthe subsidiaries listed in “1-(6)-c Principal subsidiaries.” Nissan Shatai pays all
premiums for these policies.
These policies provide payments for losses incurred by an insured individual who has
been required to pay damages due to an activity (including neglect) associated with theindividual’s job. These policies are purchased every year.
This liability insurance does not cover payments resulting from actions by Nissan Shatai
demanding the payment of damages and does not cover losses caused by a criminal act
or intentionally illegal activity of an insured individual. These exemptions are provided
for the purpose of ensuring that liability insurance does not have a detrimental effect on
the proper performance of duties by individuals who are insured.

- 27 -

(5) Matters related to outside directors and outside statutory auditors
1) Outside directors and outside statutory auditors’ material concurrent employments andrelationships between Nissan Shatai and such concurrent counterparties
As stated in "(1) List of directors and statutory auditors"
2) Principal activities in the term under review
Category

Name

Director

Yasuyuki
Ohira

Director

HideakiShinadaStatutory
AuditorTomonori
Ito

Summary of attendance, participation and expected roles
Mr. Ohira has attended all 19 meetings of the Board of
Directors during the fiscal year. He adequately performed therole required of an outside director with activities including
stating many opinions that used his extensive knowledge of all
aspects of management acquired through long experience inthe engineering division at a company in a different industry
and serving as the head of the production technology divisionand research and development division and the president of agroup company.
In addition, he attended all 3 meetings of the Nominations andRemuneration Committee and all 7 meetings of the Business
Monitoring Committee. and was chairman of bothcommittees, which are voluntary advisory committees for the
Board of Directors. Mr. Ohira used his independent andobjective perspective to play a central role in the oversightfunction concerning the selection of director and statutory
auditor candidates and the determination of terms for business
transactions with Nissan Motor Co., Ltd.
Following his election on June 28, 2023 as a director, Mr.
Shinada has attended all 15 meetings of the Board of Directors
during the fiscal year. He adequately performed the rolerequired of an outside director with activities including stating
many opinions that used his extensive knowledge concerning
corporate management and corporate governance through his
many years of experience at a company in a different industry.
In addition, he attended all 2 meetings of the Nominations andRemuneration Committee and all 5 meetings of the Business
Monitoring Committee during the fiscal year from June 28,2023 onwards as a member of these committees, which arevoluntary advisory committees for the Board of Directors. Mr.
Shinada used his independent and objective perspective toperform the oversight function concerning the selection of
director and statutory auditor candidates and the determinationof terms for business transactions with Nissan Motor Co., Ltd.
Mr. Ito attended all 19 meetings of the Board of Directors andall 13 meetings of the Board of Statutory Auditors during the
fiscal year. He performed the role required of an outside- 28 -

Statutory
AuditorNobutaka
Kanajistatutory auditor by using his many years of financial
institution management experience and extensive knowledgeof finance and accounting to provide advice.
In addition, Mr. Ito attended all 7 meetings of the Business
Monitoring Committee during the fiscal year as a member ofthis committee, which is a voluntary advisory committee for
the Board of Directors. At this committee, he performed thefunctions of an outside statutory auditor by making statementsfrom an independent and objective perspective concerning thedetermination of terms for business transactions with Nissan
Motor Co., Ltd.
Following his election on June 28, 2023 as a statutory auditor,
Mr. Kanaji attended 15 meetings of the Board of Directors
and all 10 meetings of the Board of Statutory Auditors during
the fiscal year. He has extensive knowledge of all aspects ofcorporate management because he was involved in theinformation and communications field over many years at acompany in a different industry, and subsequently oversaw avariety of business divisions, including each of the sales
divisions and the corporate division, etc. He performed therole required of an outside statutory auditor by using thisextensive knowledge to provide advice.
In addition, Mr. Kanaji attended all 5 meetings of the Business
Monitoring Committee during the fiscal year from June 28,2023 onwards as a member of this committee, which is avoluntary advisory committee for the Board of Directors. At
this committee, he performed the functions of an outside
statutory auditor by making statements from an independentand objective perspective concerning the determination ofterms for business transactions with Nissan Motor Co., Ltd.

- 29 -

4. Accounting Auditor(1) Name of accounting auditor
Ernst & Young ShinNihon LLC(2) Amount of remuneration, etc., of accounting auditor for the fiscal year under reviewa) Amount of remuneration as accounting auditor for the fiscal year under review: 41
million yenb) Total amount of monetary or other property benefits to be paid by Nissan Shatai or
its subsidiaries: 41 million yen
Note:
In the audit agreement between Nissan Shatai and the accounting auditor,
there is no demarcation of the remuneration for audits based on the Companies Act andthe remuneration for audits based on the Financial Instruments and Exchange Act, andsince in essence it is not possible to demarcate them, the amount in a) above represents
the combined sum of the two.
(3) Policy regarding decisions on the dismissal or non-reappointment of the Accounting
Auditor
When accounting auditors are recognized as meeting the conditions of Article 340,
Paragraph 1 of the Companies Act, the accounting auditors are dismissed by the Board of
Statutory Auditors with the concurrence of all statutory auditors.
Further, if in addition it is adjudged that there are obstacles to execution of proper audits by
the accounting auditors from the standpoints of independence and professionalism, thedecision may be made by the Board of Statutory Auditors to dismiss or deny reappointment,
and based on a Board of Directors resolution the relevant proposal is presented by the Boardof Directors to the General Shareholders Meeting.
(4) Reason that Board of Statutory Auditors consent for remuneration, etc. for the accounting
auditor
The Board of Statutory Auditors used documents and reports obtained as needed fromassociated Company departments and the accounting auditor to perform an examination of
the auditing plan, the services provided in the previous fiscal year, the basis for calculating
estimated remuneration and other items concerning the accounting auditor. This examination
resulted in the decision that the remuneration, etc. for the accounting auditor was suitable
and consent was given as stated in Article 399, Paragraph 1 of the Companies Act.

- 30 -

5. Outline of the contents of the resolution on the establishment of a system to ensure
the appropriateness of business(1) Systems to ensure that directors and employees comply with laws, ordinances, and the
Articles of Incorporation in the execution of their duties
Recognizing the importance of directors and employees of Nissan Shatai acting with soundjudgment as members of society, Nissan Shatai develops the Nissan Shatai Code of
Conduct—Our Promise in the aim of ensuring legal compliance and proper execution ofduties. In-house training and other courses promote dissemination of the Code of Conduct,
and all directors and employees submit written oaths of compliance with the Code of
Conduct. Furthermore, each Nissan Shatai group company develops own code of conduct
based on Nissan Shatai’s code and promote dissemination of their respective code.
The Internal Control Department performs all activities involving internal controls in orderto ensure that these controls are used and to make improvements. The Internal Audit Officealso conducts audits of Nissan Shatai and its group companies, primarily to checkcompliance with laws, ordinances, and the Articles of Incorporation.
Nissan Shatai and its group companies introduce hotline system (internal and external) sothat employees of Nissan Shatai and its group companies can freely and directly submit
opinions, questions or requests and provide information about suspected actions of none
compliance, and such issues are promptly identified and rectified. If a matter that could
contravene the Code of Conduct is reported, a solution is immediately discussed at meetingof the Nissan Shatai Compliance Committee or its group companies’ Compliance
Committees and implemented.
Nissan Shatai and its group companies are resolute in its opposition to anti-social forces. In
the event that directors or employees are approached in any way by members of antisocialgroups, they quickly report the matter to their superiors and relevant divisions and follow
their instructions. Directors and employees shall not, directly or indirectly, engage indishonest or criminal conduct such as fraud or blackmail in the course of their businessactivities. If they encounter such situation, they shall act resolutely against it and they quickly
report such matter to their superiors and relevant divisions, and follow their instructions.
Furthermore, Nissan Shatai and its group companies strive to enhance internal control
mechanisms to ensure the reliability of financial reporting in accordance with the Financial
Instruments and Exchange Law together with its related rules and standards.
(2) Systems for storage and management of information relating to the exercise of directors’
dutiesNissan Shatai and its group companies’ minutes of General Shareholders Meetings and of
Board of Directors meetings, together with records of decisions made pursuant to theauthority criteria and documentation on other decisions, are stored and managed inaccordance with laws and internal regulations at Nissan Shatai and its group companies
respectively. Directors, statutory auditors and some others have access to such
documentation for the purpose of performing their business activities.
Nissan Shatai and its group companies implement Information Security Policy respectively
to enhance proper and strict retention and management of information and to prevent
improper use of information and unintended disclosure of such information. Furthermore,
Nissan Shatai and its group companies have Information Security Committee respectively,- 31 -

which is engaged in overall management of information security and make decisions withrespect to information security matters.
(3) Risk management regulations and systems
Nissan Shatai and its group companies prevent the occurrence of risks that could hinderbusiness continuity or threaten stakeholder safety or security and, if they occur, mitigate themagnitude of losses and prevent recurrence by discovering and identifying such risks early
and implementing appropriate countermeasures.
The Risk Management Committee chaired by Nissan Shatai’s president is responsible forthe management of Nissan Shatai and its group companies’ risk, which implements
necessary measures and monitor the progress of such measures.
Key risks for Nissan Shatai and its group companies include environmental, quality, andsafety issues. Nissan Shatai regularly convenes meetings of specialist committees including
Environmental Committee, Quality Committee, and Safety Council, and develops
regulations, standards, manuals and other rules and conduct rigorous training programs inorder to prevent the occurrence and, if they occur, mitigate the magnitude of losses andprevent recurrence.
(4) Systems to ensure efficient execution of duties by directors
Nissan Shatai has Board of Directors, which decides material business activities of Nissan
Shatai and monitors the activities of individual directors. In addition, statutory auditors whocomprise Board of Auditors audit the activities of the directors.
Nissan Shatai’s Board of Directors is relatively small, so it is structured with a transparent
and logical system of delegation, by which the authority to perform business activities isproperly delegated to corporate officers and other employees.
The Executive Committee consisting of corporate officers and other key managers meetsonce a week in principle to discuss specific management issues.
Nissan Shatai enacts Responsibilities of Each Department for the purpose of defining the
responsibilities of each department and enacts Delegation of Authority for the purpose ofclarifying the deciders and decision making processes, and speeding up the execution ofbusiness activities. Likewise, its group companies enact objective and transparent
Responsibilities of Each Department and Delegation of Authority. Nissan Shatai and its
group companies periodically review those Responsibilities of Each Department andDelegation of Authority to assure prompt and efficient decision making.
Nissan Shatai ensures the efficient and effective management of its business by determining
and sharing management policy and business direction in Nissan Shatai and its groupcompanies through establishment of the mid-term management plan and the annual businessplan.

- 32 -

(5) Systems to ensure proper conduct of work in the corporate group consisting of Nissan
Shatai and its parent company and subsidiaries
1) Systems to ensure efficient execution of duties by subsidiaries’ directors and the likeTo achieve consistency and efficiency in group management, Nissan Shatai holds
regular meetings with the parent company and Nissan Shatai group companies
respectively and shares with management policies and other important information.
Each department of Nissan Shatai enhances cooperation with corresponding functionof the group companies and achieves consistency and efficiency in groupmanagement.
2) Systems to ensure that directors and the like and employees comply with laws,
ordinances, and the Articles of Incorporation in the execution of their duties
To ensure that directors and employees of Nissan Shatai group companies’ comply
with laws, ordinances, and the Articles of Incorporation, Nissan Shatai implements
the measures described in “(1) Systems to ensure that directors and employees
comply with laws, ordinances, and the Articles of Incorporation in the execution of
their duties”. Nissan Shatai’s code of conduct is made in compliance with the parent
company’s code of conduct and sets out consistent philosophies on matters such ascompliance and information security. In addition, Nissan Shatai implements hot line
system by which employees of Nissan Shatai group companies are able to submit
information to its parent company.
When necessary, directors and employees of Nissan Shatai are appointed
concurrently as directors or auditors in its group companies and supervise executionof duties and accounting practices on an ongoing basis.
Furthermore, statutory auditors of Nissan Shatai and its group companies periodicallyhave Group Statutory Auditors Meeting for the purpose of ensuring effective auditingof group companies and share information and exchange opinions from the viewpointof consolidated management.
3) Risk management regulations and systems of the subsidiaries
To manage risk of Nissan Shatai group companies, Nissan Shatai implements themeasures described in “(3) Risk management regulations and systems”.
4) Systems for reporting from directors and the like to Nissan Shatai about theexecution of their duties
Nissan Shatai requests its group companies to report about important information of
their duty executions.
(6) Matters relating to employees appointed to assist Nissan Shatai’s statutory auditors intheir duties and the independence of such employees from directors, and systems toensure the effectiveness of instruction by statutory auditors
To improve the effectiveness of audits by Nissan Shatai’s statutory auditors and enable
the statutory auditors to perform audits smoothly, the Secretariat has been staffed withmanagers and other employees to assist the statutory auditors in their duties, and they

- 33 -

perform their duties under the instruction and supervision of statutory auditors. To
ensure the independence of these employees from the directors, their appointment,
dismissal, appraisal, transfer to another department and disciplinary action require priorconsent from the statutory auditors.
(7) Systems for reporting to Nissan Shatai’s statutory auditors and systems to ensure that aperson who reported to the statutory auditors is not unfairly treated because of making
such report
1) Systems for reporting to Nissan Shatai’s statutory auditors from its directors andemployees
When Nissan Shatai’s directors or employees find any issues that had or may have amaterial impact on the management of Nissan Shatai or its group companies, andcaused or may cause material violation of code of conduct, they promptly report such
issues to the Nissan Shatai’s statutory auditors. In addition, Nissan Shatai’s directors
and employees are required to make an ad-hoc report to the statutory auditors
regarding the situation of business activities when so requested.
In accordance with annual audit plan, Nissan Shatai’s statutory auditors attend
meetings of the Board of Directors and representative of statutory auditors attends
Executive Committee meetings to identify important decisions made by Nissan
Shatai and its group companies and to ascertain the execution status of suchdecisions. Progress with implementation and issues under consideration are also
reported to statutory auditors during regular business hearings of divisions.
Moreover, the Internal Audit Office provides reports regularly about audit plan andaudit result to the Board of Statutory Auditors.
2) Systems for reporting to Nissan Shatai’s statutory auditors from directors, statutory
auditors, the like, and employees of subsidiaries or a person who received
information from them
Directors and statutory auditors, other executives, and employees of Nissan Shataigroup companies report promptly to directors and employees of Nissan Shatai when
any issues that should be reported to Nissan Shatai’s statutory auditors occur. And
then directors and employees who are reported about such issues report them to
Nissan Shatai’s statutory auditors.
In addition, directors and statutory auditors, other executives, and employees of
Nissan Shatai group companies are required to make an ad-hoc report to Nissan
Shatai’s statutory auditors regarding the situation of business activities and any otherissues when so requested.
3) Systems to ensure to prevent disadvantageous treatment of those who made a reportas stated in 1) and 2) above on the basis of making such report
Nissan Shatai prohibits disadvantageous treatment of those who made a report asstated in 1) and 2) above on the basis of making such report. Nissan Shatai takes
necessary measures to protect those who made such report and takes strict actions,
including disciplinary actions, against directors and employees of Nissan Shatai andits group companies who gave disadvantageous treatment to those who made suchreport.

- 34 -

(8) System for advance payment or settlement of expenses arising from the execution of
the duties of Nissan Shatai’s statutory auditors and the policy for settlement of expenses
arising from the execution of their duties
Nissan Shatai promptly processes advance payment or settlement of expenses andliabilities arising from the execution of their duties when statutory auditors so requests.
In accordance with Companies Law, except when it is proven that the expenses andliabilities are unnecessary. Appropriate amount of budget for audit activities is secured.
(9) Other systems to ensure effective audits by statutory auditors
At least 50% of the statutory auditors are outside statutory auditors. The statutory
auditors hold meetings of the Board of Statutory Auditors and Statutory Auditors
Meeting periodically in order to share tasks by exchanging information and opinions.
Ad-hoc meetings are also held whenever necessary. Nissan Shatai’s statutory auditors
and president periodically hold meetings to exchange information and views about thefinancial condition, tasks to be tackled and risks associated with Nissan Shatai’sbusiness activities. Statutory auditors receive periodic audit reports from the accounting
auditor.

- 35 -

6. Overview of Operations of Internal Control System
This section presents an overview of the status of the operations in the 100th fiscal term of
the systems to ensure appropriate business conduct (hereinafter “Internal Control System”)
of Nissan Shatai and its group companies.
The Internal Control Department confirms the status and operations of the Internal Control
System on a regular basis and submits reports to the Board of Directors.
(1) Compliance
Nissan Shatai maintains a code of conduct for directors and employees that complies
with the parent company code of conduct. The Compliance Committee was established
as a body to oversee matters pertaining to compliance and meetings are convened
regularly (12 times in the current fiscal year). In order to improve compliance in Nissan
Shatai and its group companies, the Compliance Committee has developed andimplemented action plans, including provision of regular compliance education for
employees of Nissan Shatai and its group companies. Furthermore, group companies of
Nissan Shatai also hold similar committee meetings regularly and engage in activities
to improve compliance.
The discovery of the final vehicle inspection issue showed that there is a need to
expand compliance activities throughout the Nissan Shatai Group. A comprehensive
inspection of compliance programs was continued in the current fiscal year as well andthe suitable functioning of all systems that have been established has been confirmed.
Similar inspections of compliance programs were implemented in the Nissan Shataigroup companies, and the suitable functioning of all systems that have been established
has been confirmed.
Nissan Shatai and its group companies have an internal reporting system for submitting
reports to the Nissan Shatai Human Resources Dept. or to a designated third party.
Furthermore, the Code of Conduct states that individuals who submit reports will beprotected and this provision is strictly enforced.
(2) Risk management
The Risk Management Committee was established as a body to oversee matterspertaining to risk and meetings are convened regularly (3 times in the current fiscal
year). The Risk Management Committee has specified major risks concerning Nissan
Shatai and its group companies and implemented activities to prevent the occurrence
and minimize the impact of risk. Furthermore, group companies of Nissan Shatai also
hold similar committee meetings regularly and engage in risk management activities.
The Information Security Committee was established to oversee matters pertaining to
information security and meetings are held regularly (12 times in the current fiscal
year). The committee creates and implements action plans that include activities suchas regular education programs about the Information Security Policy at Nissan Shatai
and its group companies, the strict handling of information according to its
classification, and periodic self-assessments. Furthermore, group companies of Nissan
Shatai also hold similar committee meetings regularly and engage in activities toimprove information security.
The Environmental Committee, Quality Committee, and Safety Council were
established as bodies to oversee matters pertaining to environment, quality and safety,- 36 -

respectively, and meetings have been convened regularly, in which the status ofprogress on risk management promotion activities was reviewed. Furthermore, groupcompanies of Nissan Shatai also hold similar committee meetings regularly and engage
in related activities.
(3) Execution of duties by Directors
With the objective of strengthening the monitoring functions of the Board of Directors
and incorporating an external perspective on management, two outside directors areelected. In the current fiscal year the Board of Directors met 19 times, where importantcompany matters were reported, deliberated and decided.
Nissan Shatai established a Nominations and Remuneration Committee for the purposeof increasing the transparency and objectivity of the procedure used for decisions
concerning nominations of director and statutory auditor candidates and remuneration
for directors. This committee met 3 times during the fiscal year. Nissan Shatai alsoestablished a Business Monitoring Committee for the purpose of increasing thetransparency and objectivity of the procedure used for decisions concerning significant
transactions between Nissan Shatai and a related party in order to prevent thesetransactions from harming Nissan Shatai and the interests of its shareholders. This
committee held 7 meetings during the fiscal year.
In the current fiscal year the Executive Committee met weekly in principle, andengaged in discussions on specific individual management-related matters arising fromthe conduction of business.
To ensure the efficient execution of the duties of the Directors, reviews of theDelegation of Authority and Responsibilities of Each Department were conducted andnecessary revisions were implemented. In addition, similar revisions were made asnecessary at Nissan Shatai group companies.
(4) Execution of duties by Statutory Auditors
Nissan Shatai has two outside statutory auditors for the purposes of strengthening theauditing function of the Board of Statutory Auditors and incorporating an external
perspective in audits. During the fiscal year that ended in March 2024, this board held
13 meetings where the statutory auditors discussed the performance of the directors, thereliability of financial reports and other subjects.
The statutory auditors, including outside statutory auditors, audit the performance ofthe directors and confirm the existence and implementation of internal control systems
by participating in meetings of the Board of Directors, Corporate Officers meetings andother important meetings, periodically sharing opinions with the directors, andperiodically receiving reports from the accounting auditor, Internal Control Department
and Internal Audit Office.
Employees who perform their duties exclusively under the instruction and supervisionof statutory auditors have been deployed to the Secretariat and, in order to ensure
independence from Directors, personnel matters such as appraisal, etc. are implemented
with the consent of the Board of Statutory Auditors.

- 37 -

(5) Internal audit
Based on the Internal Audit Plan, an internal audit of the entire operations of Nissan
Shatai and its group companies was conducted.

- 38 -

Consolidated Balance Sheet (As of March 31, 2024)(Million yen)
AssetsLiabilities

Current assets

Current liabilities

Cash on hand and in banks
Notes and accounts receivable trade, and contract assets
Work in process

678
52,991826

Trade notes and accounts payable

28,738

Electronically recorded
obligations-operating

10,494

Lease obligations

12,393

Raw materials and supplies

3,604

Accounts payable-other

3,493

Current portion of long-termloans receivable

40,000Accrued expenses

8,638

Accounts receivable-other

1,004

Income taxes payable

123

Deposits paid

40,736

Deposits received

267

Other
Total current assets

189

Deposits received from
employees

2,476

140,030

Accrued warranty costs

129

Fixed assets

Other

1,637

Property, plant andequipment

Total current liabilities

68,392

Buildings and structures

12,325Long-term liabilities

Machinery, equipment andvehicles

13,971

Lease obligations

Tools, furniture and fixtures

3,760

Accrued warranty costsLand

14,132

Net defined benefit liabilities

1,690

Construction in progress

36,431

Asset retirement obligations

1,094

Total property, plant andequipment

80,622

Other

Intangible fixed assets

2,251 Total long-term liabilities

15,649Total liabilities

84,042

Investments and other assets
Investment securities

12,279
226

358

324

Long-term loans receivable

30,000Net defined benefit assets

2,958

Shareholders' equity

Deferred tax assets

1,884

Common stock

7,904

304

Capital surplus

8,317

35,472Retained earnings

151,849

Other
Total investments andother assets
Total fixed assets

Total assets

118,345

258,376

Net assets

Treasury stock
Total shareholders’ equity
Accumulated othercomprehensive income
Remeasurements of defined
benefit plans
Total accumulated othercomprehensive income
Total net assets
Total liabilities and net assets- 39 -(0)
168,072

6,261
6,261
174,333
258,376

Consolidated Statement of Income (From April 1, 2023 to March 31, 2024)(Million yen)
Net sales

301,071

Cost of sales

292,633

Gross profit

8,437

Selling, general and administrative expenses

7,458

Operating income

979

Non-operating income
Interest income

315

Dividends income

3

Rent income on fixed assets

215

Gain on sale of scraps

72

Other

65

Total non-operating income

672

Non-operating expenses
Interest expense

53

Rent expenses on fixed assets

171

Depreciation and amortization

12

Other

21

Total non-operating expenses

258

Ordinary income

1,392

Special gains
Gain on sales of fixed assets

147

Total special gains

147

Special losses
Loss on retirement of fixed assets

655

Impairment loss

155
2

Other

813

Total special losses
Income before income taxes

726
126

Income taxes-current
Income taxes-deferred

192

Total income taxes

319

Net income

407

Profit attributable to owners of parent407- 40 -

Consolidated Statement of Changes in Net Assets (From April 1, 2023 to March 31, 2024)(Million yen)
Shareholders' equity
Commonstock
Balance at the beginningof current period

Capital surplus

7,904

8,517

Retainedearnings

Treasury stock

175,639

Total shareholders'equity(22,636)

169,425

Changes of items during
the period
Cash dividends paid

(1,760)(1,760)

Profit attributable toowners of parent

407

407

Purchase of treasury
stock
Retirement of treasury
stock

(0)

(0)

(200)

(22,436)

22,636—

Net changes of items
other than those inshareholders’ equity
Total changes of items
during the period

-

(200)

(23,789)

22,636(1,353)

Balance at the end ofcurrent period

7,904

8,317

151,849(0)

168,072(Million yen)
Accumulated other comprehensive income
Total net assets
Remeasurements of defined benefit plans
Balance at the beginning ofcurrent period

3,561

172,987

Changes of items during theperiodCash dividends paid

(1,760)

Profit attributable toowners of parent

407

Purchase of treasury stock(0)

Retirement of treasury
stock

-

Net changes of items otherthan those in shareholders’equity

2,700

2,700

Total changes of items
during the period

2,700

1,346

Balance at the end of current
period6,261

174,333- 41 -

Notes to Consolidated Financial Statements
1. Basis of Consolidated Financial Statements(1) Scope of consolidation
Consolidated subsidiaries:
6
Nissan Shatai Kyushu Co., Ltd., Nissan Shatai Manufacturing Co., Ltd., Nissan
Shatai Engineering Co., Ltd., Auto Works Kyoto Co., Ltd., Nissan Shatai
Computer Service Co., Ltd., Pro Staff Co., Ltd.
(2) Significant Accounting Policies
1) Valuation methods for assets
 Securities
Other securities
Non-marketable stocks and others
Cost calculated by the moving average method
 Inventories
Work in process, raw materials and supplies
Primarily stated at cost determined by the first-in and first-out method (costof inventories is written-down when their carrying amounts become
unrecoverable).
2) Depreciation
 Property, plant and equipment (excluding leased assets)
Primarily the straight-line method using the estimated life as the useful life
and an effective residual value for the residual value
The main useful lives are as follows.
Buildings and structures: ten years to 50 years
Machinery, equipment and vehicles; five years to ten years
 Intangible fixed assets (excluding leased assets)
Straight-line method, but software for internal use is depreciated using thestraight-line method over a 5-year period, which is the time that software canbe used internally.
 Leased assets
Straight-line method using the estimated life as the useful life and an effective
residual value for the residual value3) Basis for reserves and allowances Allowance for doubtful accounts
Allowance for doubtful accounts is provided based on past experience fornormal receivables and on an estimate of the collectability of receivables fromcompanies in financial difficulty.
 Accrued warranty costs
Accrued warranty costs are provided to cover the cost of all complaints about
products anticipated to be incurred during the period based on pastexperience.

- 42 -

4) Standard for recognition of revenue and expenses
For revenue in major businesses from contracts between Nissan Shatai and its
consolidated subsidiaries and their customers, the primary performanceobligations and normal time when these obligations are fulfilled (normal time
for revenue recognition) are as follows.
i. Revenue from the sale of products
For revenue from the manufacture of vehicles and automotive parts by
Nissan Shatai and its consolidated subsidiaries, the fulfillment of
performance obligations is recognized primarily when products aredelivered to customers, resulting in the transfer of the control of theseproducts to customers. Payment for the fulfillment of performanceobligations is generally received within four months of the fulfillment ofthese obligations in accordance with separately specified payment terms andthere is no significant financing component. For transactions where thesupplier is obligated to buy back products that were sold (chargeable
subcontracting), in cases where Nissan Shatai and its consolidated
subsidiaries are purchasers, net revenue is recognized because Nissan Shatai
and its consolidated subsidiaries do not have control of the supplied
products.
Basic contracts for outsourcing manufacturing with customers concerning
the sale of automobiles and automotive parts include a product quality
assurance obligation provision. This obligation requires a warranty that
products will comply with the specifications in the contract with thecustomer. As a result, accrued warranty costs for expenses associated withthis guarantee are recognized.
ii. Subcontracting revenue
For performance obligations for subcontracting activities involving
automobiles and system development services that require a specific lengthof time for fulfillment, Nissan Shatai and its consolidated subsidiaries
recognize revenue over this period based on estimates of the degree ofprogress with fulfilling the obligation. In cases where it is not possible todetermine a reasonable estimate of this progress and expenses for the project
are expected to be recovered, revenue is recognized by using the cost
recovery method. Payments for these transactions are generally received
based on progress with fulfilling the obligation, such as by using contractual
milestones. The payment is usually received within two months ofcompletion of the fulfillment of the obligation and also there is no
significant financing component.
5) Accounting for retirement benefits Method for calculating the retirement benefit obligation
For calculating the retirement benefit obligation, the benefit formula basis has
been adopted for attributing projected benefits to periods.
 Actuarial gains and losses and past service cost
Our policy is for actuarial gain and loss to be amortized in the year following
the year in which actuarial gain and loss are recognized by the straight-line
method over periods which are shorter than the average remaining years ofservice of the eligible employees (Principally 12 to 15 years).

- 43 -

Past service cost is being amortized as incurred by the straight-line method
over periods which are shorter than the average remaining years of service ofthe eligible employees (15 years).
6) Adoption of group tax sharing system
Nissan Shatai and its consolidated subsidiaries have adopted the group tax
sharing system and in accordance with the provisions of Practical Solution on
the Accounting and Disclosure Under the Group Tax Sharing System(Practical Solution No. 42, August 12, 2021), Nissan Shatai is carrying out
the accounting processing for income tax and local income taxes, theaccounting processing for the tax effect accounting related to these taxes, anddisclosures.

- 44 -

2. Note concerning change in presentation method(Consolidated balance sheet)
The “current portion of long-term loans receivable” was included in “other” under“current assets” in prior fiscal years but is a separate item beginning with the fiscal year
ended March 2024 due to an increase in its monetary importance.
The “current portion of long-term loans receivable” for the Consolidated Statement of
Income for the fiscal year ended March 2023 is 93 million yen.
(Consolidated statement of income)The “gain on sale of scraps” was included in “other” under “non-operating income” inprior fiscal years but is a separate item beginning with the fiscal year ended March 2024
due to an increase in its monetary importance.
The “gain on sale of scraps” for the fiscal year ended March 2023 is 29 million yen.
3. Note concerning accounting estimates(1) Impairment of fixed assets
1) Amount in consolidated financial statements for the fiscal year ended March 2024:
155 million yen
2) Other information useful for enabling users of the consolidated financial statements
to understand accounting estimatesi. Calculation method for amounts in the consolidated financial statements for the
fiscal year ended March 2024
The Nissan Shatai uses business segments (motor vehicles, equipment
maintenance, information processing, temporary staffing) for grouping assets. For
assets expected to be disposed of because there is no plan for use in the future andidle assets, decisions about the need for impairment are made for assets
individually.
Note that the breakdown, etc. of the amounts in consolidated financial statements
for the fiscal year ended March 2024 are stated in “11. Notes to impairment loss.”ii. Major assumptions used for calculating figures in the consolidated financial
statements for the fiscal year ended March 2024
Deferred tax assets at the end of March 2024 are calculated by using certain
assumptions concerning the timing and amounts of future taxable income. The
major assumption for which uncertainty is relatively large in estimates of futuretaxable income is the number of orders, but it is assumed that fluctuations indemand and other factors will affect this. Note that deferred tax assets include no
future deductible temporary differences that cannot be scheduled for which thetiming of the elimination of these differences is uncertain.
iii. Effects on consolidated financial statements for the fiscal year ending March
2025
Regarding potential risk factors and uncertainties, there may be a need for an
impairment loss due to a reduction in future cash flows and the amount of assetsthat can be recovered in the case that the volume of orders declines greatly caused
by unforeseeable events such as but not limited to a change in the policy of parent
company Nissan Motor Co., Ltd. concerning its sales strategy and production
system. An impairment loss may have a significant effect on the consolidated
financial statements in the fiscal year ending March 2025.

- 45 -

(2) Recoverability of deferred tax assets
1) Total deferred tax assets in the consolidated financial statements for the fiscal year
ended March 2024: 1,884 million yen
2) Other information to better enable users of the consolidated financial statements tounderstand accounting estimatesi. Calculation method for amounts in the consolidated financial statements for the
fiscal year ended March 2024
Deferred tax assets are recognized by using reasonable estimates of the timing
and amounts of taxable income in the future based on business plans.
Nissan Shatai, which accounts for a significant share of deferred tax assets,
represents 1,904 million yen of the deferred tax assets in the consolidated
financial statements for the fiscal year ended March 2024. Nissan Shatai believes
that all future deductible temporary differences that can be scheduled and tax
loss carryforward, in comparison with estimated future taxable income, can beused.
ii. Major assumptions used for calculating amounts in the consolidated financial
statements for the fiscal year ended March 2024
Deferred tax assets at the end of March 2024 are calculated by using certain
assumptions concerning the timing and amounts of future taxable income. The
major assumption for which uncertainty is relatively large in estimates of futuretaxable income is the volume of orders, but it is assumed that fluctuations indemand and other factors will affect this. Note that deferred tax assets include no
future deductible temporary differences that cannot be scheduled for which thetiming of the elimination of these differences is uncertain.
iii. Effects on the consolidated financial statements for the fiscal year ending inMarch 2024
Estimates of future taxable income calculated by using the figures determined initem ii sufficiently exceed the amount of future deductible temporary differences
and tax deductible losses brought forward based on amounts that can bescheduled. However, risk factors and uncertainties include but are not limited toa change in the policy of parent company Nissan Motor Co., Ltd. concerning its
sales strategy and production system. If unforeseeable events significantly
reduce the number of vehicles sold, the timing and amounts of actual taxable
income may differ from estimates because of a decline in profitability. This may
have a significant effect on the amount of deferred tax assets recognized in the
consolidated financial statements in the following fiscal years.
As a result, although the primary assumptions in item ii are based on premises
using the best possible estimates, there may be a difference between estimatesand future results of operations because of change in the economy or otherevents.

- 46 -

4. Notes to consolidated balance sheet(1) Receivables and contract assets from contracts with customers are included in notes
and accounts receivable and contract assets. Contract liabilities are included in othercurrent liabilities. The amounts of receivables, contract assets and contract
liabilities associated with contracts with customers are in “8. Note concerning
revenue recognition (3) Information for understanding the amount of revenue in thefiscal year ended March 2024 and following fiscal years.”(2) Accumulated depreciation of property, plant and equipment: 225,924 million yen(3) Contingent liabilities
As guarantor of employees' housing loans from banks and others: 393 million yen
5. Notes to consolidated statement of income
In sales, revenue from contracts with customers and from other sources are not shown
separately. Revenue from contracts with customers is in “8. Note concerning revenue
recognition (1) Separate information about income from contracts with customers.”
6. Notes to consolidated statement of changes in net assets(1) Shares issued and outstanding (as of March 31, 2024)
Common stock: 135,452 thousand shares(2) Dividend from retained earnings
1) Cash dividends paid
Type of Total dividends Dividends per
Effective
Resolution
Record dateshares(million yen)share (yen)dateOrdinary General
Shareholders
CommonMarch 31,
June 29,880
6.50
Meeting on June 28,
stock
2023
2023
2023
Meeting of theBoard of Directors Common
September 30, December
880
6.50
on November 9,
stock
2023
1, 2023
2023
Total
1,760
2) Dividend with a record date in the fiscal year ended March 31, 2024 and apayment date after the end of the fiscal year
Nissan Shatai plans to submit the following resolution for approval at the
101st Ordinary General Shareholders Meeting to be held on June 26, 2024
 Total dividends:
880 million yen
 Source of dividends:
Retained earnings
 Dividend per share:
6.50 yen Record date:
March 31, 2024
 Effective date:June 27, 2024

- 47 -

7. Notes to financial instruments(1) Overview of financial instruments
1) Initiatives and policies with respect to financial instruments
The Nissan Shatai Group places cash only in short-term deposits, etc. Internal
resources are used to fund working capital and capital expenditures; no funds areprocured from external sources for these requirements.
2) The content and risks of financial instruments
Notes and accounts receivable are receivables associated with business operations
which are generated as a consequence of normal business activities so deposits paid
are funds placed with a Nissan group finance company for the purpose of earning a
return on a temporary surplus of cash. Investment securities are stocks ofcompanies that are not listed. Long-term loans receivable are cash loans to a Nissan
finance company for the purpose of using surplus funds. Notes and accounts
payable and electronically recorded debt, which are obligations involving business
operations, are all due within one year. In addition, lease obligations associatedwith finance leases are mainly the balance due to suppliers for metal dies.
Notes and accounts receivable, which are receivables associated with business
operations, are vulnerable to credit risk involving customers.
3) The risk management structure for financial instruments
i. Management of credit risk (risks pertaining to the non-performance of contracts,
etc. by counterparties)
In accordance with the accounting regulations, Nissan Shatai periodicallymonitors the situation of its major counterparties regarding receivables associatedwith business operations and loans receivable, etc., manages the payment
deadlines and balances for each transaction partner, and works to quickly ascertain
and alleviate concerns about debt recovery caused by a worsening financial
position, etc. It also carries out the same management of the consolidated
subsidiaries in compliance with the regulations of Nissan Shatai.
ii. Management of market risk (risks of fluctuation in exchange rates, interest rates,
etc.)
Stocks, which are investment securities in Nissan Shatai, are unlisted stocks andnon-marketable stocks, etc., but periodically Nissan Shatai obtains informationfrom the company which issues those stocks to endeavor to ascertain the financial
position, etc.
iii. Management of liquidity risk pertaining to funds procurement (the risk of being
unable to make payment on the payment date)Nissan Shatai does not carry out external funds procurement, so it believes that
this risk is minor.
4) Supplementary explanation of matters concerning the fair value, etc. of financial
instruments
Fluctuation factors are incorporated in the measurement of the fair value offinancial instruments, so said value may fluctuate due to the adoption of differing
preconditions, etc.
5) Concentration of credit risk
95.6% of the receivables associated with business operations as of the consolidated
account closing day for the fiscal year that ended in March 2024 were receivables
with respect to Nissan Motor Co., Ltd.

- 48 -

(2) Fair value of financial instruments
The following table indicates the carrying value in the consolidated balance sheet,the fair value and the unrealized gain (loss) on March 31, 2024 (the consolidated
account closing day for the fiscal year that ended in March 2024). Cash on handand in banks, notes and accounts receivable - trade, deposits paid, trade notes andaccounts payable, electronically recorded obligations-operating, and accrued
expenses are all items that are either cash or that will be settled within a short time.
These items are omitted because their book values are very similar to their fairvalues.
Estimated fair
Unrealized gain
Carrying value
value(loss)(million yen)(million yen)(million yen)
Long-term loans receivable
70,00069,275(including the current portion(724)
of long-term loans receivable)
Total assets
Lease obligations(Current liabilities)
Lease obligations(Long-term liabilities)
Total liabilities

70,00069,275(724)

12,393

12,282(110)

12,27911,974(305)

24,672

24,257(415)* Non-listed stocks (324 million yen in the consolidated balance sheet) are notincluded in this table because these stocks do not have market prices.
(3) Item concerning fair values of financial instruments grouped into different levels
Fair values of financial instruments are grouped into the following three levels thatare based on the observability and importance of input used to calculate fair values.
Level 1 fair value: Of the inputs used for calculating observable fair values, fairvalues calculated by using market prices for assets and liabilities
used for the calculation of fair values determined by markets witha high trading volume
Level 2 fair value: Of the inputs used for calculating observable fair values, fairvalues calculated by using fair value calculation inputs other than
the inputs used in level 1
Level 3 fair value: Fair values calculated by using inputs for calculating fair values
that are not observable
When more than one input that has a significant impact on the calculation of fairvalue is used, the fair value is classified by using the input with the lowest level ofpriority for determining fair value.
1) Financial instruments shown at fair value on the consolidated balance sheet:
Not applicable- 49 -

2) Financial instruments other than those shown at fair value on the consolidatedbalance sheet:
Level 1

Level 2

Level 3Total

(million yen)(million yen)(million yen)(million yen)－

69,275－69,275－69,275－69,275

Lease obligations－

24,257－

24,257

Total liabilities－

24,257－

24,257Long-term loans
receivable (including
the current portion of
long-term loans
receivable)
Total assets

Note: Explanation of valuation methods used to calculate fair value and inputs
used to calculate fair value
Long-term loans receivable (including the current portion of long-term loans
receivable)

Fair values of long-term loans receivable are categorized as level 2 when,for each category of these loans based on their length and on their credit
risk rating used for credit management, present values of future cash flows
are calculated by using an interest rate obtained by adding a credit spreadto a suitable interest rate indicator such as the yield on Japanese
government bonds.
Lease obligations
Fair values of lease obligations are categorized as level 2. Fair value iscalculated by using the total of principal and interest and the current value
method using a discount rate that has been adjusted to reflect the remaining
time and credit risk of individual leases.

- 50 -

8. Note concerning revenue recognition(1) Separate information about income from contracts with customers
Information
processing(million yen)－Temporarystaffing(million yen)－Total
(million yen)

203,024

Equipment
maintenance(million yen)－

56,877－－－56,877

16,552－－－

16,552

17,467

874

3,989

2,286

24,617

293,921

874

3,989

2,286

301,071

Motor vehicles(million yen)
Passenger
vehiclesCommercial
vehiclesMicrobuses
Vehicle parts,
etc.
Sales toexternalcustomers

203,024

Notes 1. When the revenue of Nissan Shatai and its consolidated subsidiaries isdivided by region, Japan is the only source of revenue.
2. Revenue shown here for product and service categories is sales toexternal customers after eliminating intersegment sales and transfers.
3. Sales to external customers are derived from revenue from contracts withcustomers.
4. From the fiscal year that ended in March 2024, we changed to themethod of stating the “equipment maintenance,” “information
processing” and “temporary staffing,” which were previously included in“others,” as reportable segments because their quantitative importancehas increased.
(2) Information for understanding revenue from contracts with customers
This information is omitted because it is the same as the information in “1. Notes toConsolidated Financial Statements (2) Significant Accounting Policies 4) Standard
for recognition of revenue and expenses.”(3) Information for understanding revenue in the fiscal year that ended in March 2024
and following fiscal years
1) Contract assets and contract liabilities
Balances of receivables, contract assets and contract liabilities from contracts withcustomers are as follows.
Receivables from contracts withcustomers
Contract assets

Beginning of fiscal year
ended March 2024

End of fiscal year ended
March 2024

65,53949,232

2,313

3,759

(million yen)(million yen)On the consolidated balance sheet, receivables and contract assets resulting fromcontracts with customers are included in “Notes and accounts receivable andcontract assets.” The amount of contract liabilities at Nissan Shatai and its
consolidated subsidiaries is negligible.
Contract assets are primarily the portion of payments due for outsourced
automotive development activities for which invoices have not been issued andare primarily related to the rights of Nissan Shatai and its consolidated
subsidiaries.
The significant changes in contract assets during the fiscal year ended in March2024 were mainly due to increase in projects contracted from Nissan Motor Co.,
Ltd. In addition, during this fiscal year, there was no significant revenue- 51 -

recognized due to the fulfillment (or partial fulfillment) in prior fiscal years of
performance obligations.
2) Transaction prices allocated to residual performance obligations
At Nissan Shatai and its consolidated subsidiaries, the note about the allocation oftransaction prices to residual performance obligations does not include contracts
where the contract period is initially expected to be not more than one year tosimplify business processes. The total amount of transaction prices allocated toresidual performance obligations and expected period for the recognition ofrevenue are as follows.
Fiscal year ended March 2024
(million yen)

Up to one year

2,932

More than one year to two years

599

More than two years to three years

299

Total

3,831

9. Notes to per share information(1) Net assets per share: 1,287.05 yen(2) Net income per share: 3.01 yen- 52 -

10. Notes to significant subsequent events
Not applicable
11. Notes to impairment loss
In the fiscal year ended March 31, 2024, the Nissan Shatai Group recorded an
impairment loss for the following asset groups.
Use

Types

Place

Assets expected to bedisposed of in the
futureMachinery, equipment
and vehicles
Tools, furniture andfixtures

Hiratsuka City,
Kanagawa Prefecture

Amount(million yen)

The Nissan Shatai Group uses business segments (motor vehicles, equipment maintenance,
information processing, temporary staffing) for grouping assets. For idle assets which there
is no plan to use in the future and assets expected to be disposed of, etc. decisions about theneed for impairment are made for assets individually.
Nissan Shatai and some of its consolidated subsidiaries reduced the book values of assets
they expect to dispose of in the future to the amount that can be recovered, and recorded
said reduced amount in special losses as an impairment loss (155 million yen). The
breakdown of this is 138 million yen regarding machinery, equipment and vehicles and 16
million yen regarding tools, furniture and fixtures.
Note that for assets expected to be disposed of in the future, the amount that can berecovered is measured using the value in use, and the value in use is calculated as zero
because future cash flows are estimated to be negative.
12. OtherAmounts less than one million yen are rounded down.

- 53 -

13816

Nonconsolidated Balance Sheet (As of March 31, 2024)(Million yen)
AssetsCurrent assets
Cash on hand and in banks
Accounts receivable - trade,and contract assets
Work in process
Raw materials and supplies
Short-term loans receivablefrom subsidiaries and affiliates
Current portion of long-termloans receivable
Accounts receivable-other
Income taxes refund receivable
Deposits paid
Other
Total current assets

Liabilities
Current liabilities
21

Trade notes payable

49,716
226
610
2,575

Property, plant and equipment
Buildings
Structures
Machinery and equipment
VehiclesTools, furniture and fixtures
Land
Construction in progress
Total property, plant andequipment
Intangible fixed assets
Software
Other
Total intangible fixed assets
Investments and other assets
Investment securities
Investments in subsidiaries andaffiliates
Long-term loans receivable
Deferred tax assets
Other
Total investments and otherassetsTotal fixed assets

Electronically recorded
obligations-operating
Trade accounts payable
Short-term borrowings payable
to subsidiaries and affiliates

10,494

Lease obligations

12,42740,000Accounts payable-other

29,776
260
40,736169
164,093

Accrued expenses
Income taxes payable
Deposits received
Deposits received from
employees

Fixed assets

Accrued warranty costs
Other
10,565

Total current liabilities

1,142
13,503151
3,711
13,04536,407Long-term liabilities
Lease obligations
Accrued warranty costs
Accrued retirement benefits
Asset retirement obligations

78,528

Other

2,374
11
2,385

Total long-term liabilities
Total liabilities

323

Net assets
Shareholders' equity
Common stock

1,282

Capital surplus

30,0001,904
183

Total capital surplus

33,693Retained earnings

114,607

Legal reserve
Other retained earnings
Reserve for reduction entry of
replaced property
Reserve for reduction entry
General reserve
Retained earnings brought forward
Total retained earnings

Legal capital surplus

Treasury stock

Total assets

278,700

3

58,412
6,450

3,732
5,605
85
95
2,476
31
1,077
100,891
12,291
47
5,182
1,094
332
18,947
119,839

7,904

8,317
8,317

1,976

2,924
23
22,848114,866
142,638(0)

Total shareholders' equity

158,861

Total net assets

158,861

Total liabilities and net assets

278,700- 54 -

Nonconsolidated Statement of Income (From April 1, 2023 to March 31, 2024)(Million yen)
Net sales

291,497

Cost of sales

285,000

Gross profit

6,497

Selling, general and administrative expenses

6,112

Operating income

385

Non-operating income
Interest income and dividend income

320

Rent income on fixed assets

309

Other

97

Total non-operating income

727

Non-operating expenses
Interest expense

56

Rent expenses on fixed assets

257

Other

31

Total non-operating expenses

345

Ordinary income

766

Special income
Gain on sales of fixed assets

145

Total special income

145

Special losses
Loss on retirement of fixed assets

655

Impairment loss

148
2

Other

806

Total special losses
Income before income taxes

106

Income taxes-current(144)

Income taxes-deferred

181

Total income taxes

36

Net income

69- 55 -

Nonconsolidated Statement of Changes in Net Assets (From April 1, 2023 to March 31, 2024)(Million yen)
Shareholders' equity
Capital surplus
Commonstock

Balance at the beginningof current period

7,904

Retained earnings

Legal capitalsurplus

Other capitalsurplus

8,317

200

Other retained
earnings
Reserve for
reduction entry of
replaced property

Legal
reserve

1,976

2,958

Changes of items during
the period
Reversal of reserve for
reduction entry of
replaced properties(34)

Reversal of reserve for
reduction entry
Cash dividends paid
Net income
Purchase of treasury
stock
Retirement of treasury
stock
Total changes of items
during the period
Balance at the end ofcurrent period

(200)
-

-

(200)

-

(34)

7,904

8,317

-

1,976

2,924

- 56 -

Shareholders' equity
Retained earnings
Other retained earnings

Balance at the beginning ofcurrent period

Reserve for
reduction
entry

Generalreserve

Retainedearnings
brought
forward24

22,848138,959

Treasury
stock

Total
shareholders' equity

Total net
assets160,553

160,553

34

-

-

0

-

-

(1,760)(1,760)(1,760)

69

69

69

(0)

(0)

(0)

(22,436)

22,636--(22,636)

Changes of items during theperiodReversal of reserve for
reduction entry of replaced
properties
Reversal of reserve for
reduction entry(0)

Cash dividends paid

Net income

Purchase of treasury stock

Retirement of treasury stock
Total changes of items during
the period(0)-(24,093)

22,636(1,691)(1,691)

Balance at the end of current
period23

22,848114,866(0)

158,861

158,861- 57 -

Notes to Nonconsolidated Financial Statements
1. Significant Accounting Policies(1) Valuation method for assets
1) Securities
Equity securities issued by subsidiaries: Cost calculated by the moving averagemethodOther securities
Non-marketable stock and others: Cost calculated by the moving averagemethod2) Inventories
Work in process, raw materials and supplies: Primarily stated at cost determinedby the first-in and first-out method (cost of inventories is written-down when
their carrying amounts become unrecoverable).
(2) Depreciation
1) Property, plant and equipment (excluding leased assets)
Straight-line method using the estimated life as the useful life and an effective
residual value for the residual value
The main useful lives are as follows.
Buildings: ten years to 50 years
Machinery and equipment; ten years
2) Intangible fixed assets (excluding leased assets)
Straight-line method, but software for internal use is depreciated using thestraight-line method over a 5-year period, which is the time that software can beused internally.
3) Leased assets
Straight-line method using the estimated life as the useful life and an effective
residual value for the residual value(3) Basis for reserves and allowances
1) Allowance for doubtful accounts
Allowance for doubtful accounts is provided based on past experience fornormal receivables and on an estimate of the collectability of receivables fromcompanies in financial difficulty.
2) Accrued warranty costs
Accrued warranty costs are provided to cover the cost of all complaints about
products anticipated to be incurred during the period based on past experience.
3) Accrued retirement benefits
Accrued retirement benefits or prepaid pension costs are recorded at an amountcalculated based on the retirement benefit obligation and the fair value ofpension plan assets at the end of current fiscal year.
 Method for calculating the retirement benefit obligation
For calculating the retirement benefit obligation, the benefit formula basis has
been adopted for attributing projected benefits to periods.
 Actuarial gains and losses and past service cost
Actuarial gain and loss are amortized in the year following the year in which
actuarial gain and loss are recognized by the straight-line method over periods
which are shorter than the average remaining years of service of the eligible
employees (12 to 15 years).
Past service cost is being amortized as incurred by the straight-line method
over periods which are shorter than the average remaining years of service ofthe eligible employees (15 years).

- 58 -

4) Standard for recognition of revenue and expenses
For revenue in major businesses from contracts between Nissan Shatai and its
customers, the primary performance obligations and normal time when theseobligations are fulfilled (normal time for revenue recognition) are as follows.
i. Revenue from the sale of products
For revenue from the manufacture of vehicles and automotive parts by
Nissan Shatai, the fulfillment of performance obligations is recognizedprimarily when products are delivered to customers, resulting in the transferof the control of these products to customers. Payment for the fulfillment of
performance obligations is generally received within four months of thefulfillment of these obligations in accordance with separately specified
payment terms and there is no significant financing component. For
transactions where the supplier is obligated to buy back products that weresold (chargeable subcontracting), in cases where Nissan Shatai and its
consolidated subsidiaries are purchasers, net revenue is recognized because
Nissan do not have control of the supplied products.
Basic contracts for outsourcing manufacturing with customers concerning
the sale of automobiles and automotive parts include a product quality
assurance obligation provision. This obligation requires a warranty that
products will comply with the specifications in the contract with thecustomer. As a result, accrued warranty costs for expenses associated withthis guarantee are recognized.
ii. Subcontracting revenue
For performance obligations for subcontracting activities involving
automobiles services that require a specific length of time for fulfillment,
Nissan Shatai
recognize revenue over this period based on estimates of the degree ofprogress with fulfilling the obligation. In cases where it is not possible todetermine a reasonable estimate of this progress and expenses for the project
are expected to be recovered, revenue is recognized by using the cost
recovery method. Payments for these transactions are generally received
based on progress with fulfilling the obligation, such as by using contractual
milestones. The payment is usually received within two months ofcompletion of the fulfillment of the obligation and also there is no
significant financing component.
5) Accounting for retirement benefits
The accounting method used for unrecognized actuarial gains and losses andunrecognized past service cost is not the same as the accounting method used forthese items in the consolidated financial statements.
2. Note concerning change in presentation method(Nonconsolidated balance sheet)
The “current portion of long-term loans receivable” was included in “other” under “current
assets” in prior fiscal years but is a separate item beginning with the fiscal year ended
March 2024 due to an increase in its monetary importance.
The “current portion of long-term loans receivable” for the Nonconsolidated Statement of
Income for the fiscal year ended March 2023 is 93 million yen.

- 59 -

3. Note concerning accounting estimates
The following is a list of items based on accounting estimates that are included in thenonconsolidated financial statements for the fiscal year that ended on March 31, 2024 andthat may have a significant effect on the nonconsolidated financial statements for thefollowing fiscal year.
(1) Impairment of fixed assets
1) Amount in nonconsolidated statement of income for the fiscal year ended March
2024: 148 million yen
2) Information concerning the reasons for this estimate
Information concerning the reasons for this estimate is the same as the information
provided in “Notes to Consolidated Financial Statements, 3. Note concerning
accounting estimates.”(2) Recoverability of deferred tax assets
1) Amount in nonconsolidated statement of income for the fiscal year ended March
2024: 1,904 million yen
2) Information concerning the reasons for this estimate
Information concerning the reasons for this estimate is the same as the information
provided in “Notes to Consolidated Financial Statements, 3. Note concerning
accounting estimates.”
4. Notes to nonconsolidated balance sheet(1) Accumulated depreciation of property, plant and equipment: 199,884 million yen(2) Contingent liabilities
As guarantor of employees' housing loans from banks and others: 393 million yen(3) Monetary receivables from and payables to subsidiaries and affiliates
Short-term monetary receivables: 76,793 million yen
Long-term monetary receivables: 153 million yen
Short-term monetary payables: 35,077 million yen
Long-term monetary payables: 11 million yen
5. Notes to nonconsolidated statement of income(1) Transactions with subsidiaries and affiliates
Net sales: 290,896 million yen
Purchase: 367,216 million yen
Transactions other than operating transactions: 3,624 million yen
6. Notes to nonconsolidated statement of changes in net assets
The types and the total number of treasury shares at the end of current period
Common stock: 0 thousand shares- 60 -

7. Note to deferred tax assets and liabilities(1) Major components of deferred tax assets and deferred tax liabilities(Million yen)
Deferred tax assets
Accrued bonuses
Warranty costs
Securities valuation losses
Excess depreciation
Allowance for retirement benefits
Asset retirement obligations
Tax loss carryforward
Loss on valuation of inventories
Other
Sub-total
Valuation allowance
Total
Deferred tax liabilities
Reserve for reduction of replacement cost of specified properties
Other
Total
Net deferred assets

559
133
284
263
1,556
327
145
289
266
3,827
(656)
3,171
(1,255)(11)(1,267)
1,904(2) Accounting processing of income tax and local income taxes and accounting
processing for the tax effect accounting related to these taxes
Nissan Shatai has adopted the group tax sharing system and in accordance with theprovisions of Practical Solution on the Accounting and Disclosure Under the GroupTax Sharing System (Practical Solution No. 42, August 12, 2021), Nissan Shatai is
carrying out the accounting processing for income tax and local income taxes, theaccounting processing for the tax effect accounting related to these taxes, anddisclosures.

- 61 -

8. Note to related party transactions(1) Parent company and major corporate shareholders
Category

Name

Address

CapitalActivities(Million yen)

Kanagawaku,
Yokohama,
Kanagawa
Parentcompany

605,813

NissanMotorCo., Ltd.

Relationship

Voting rights
held by theparent company

Shareddirectors, etc.

(%)

Manufactureand sale ofautomobiles
and others

DirectNissan Shatai
purchases engine
and othercomponents from3
Nissan Motor andsells automobiles to
Nissan Motor.
FY-endItembalance(Persons)

50.0
Transferred

Indirect0.0

Description of transactions

Business relation

Amount(Million yen)

Business transactions

Sale of automobiles, etc.

290,879

Purchase of parts, etc.

7,621

(Million yen)Accounts
receivable trade, andcontract assets

48,807

Payables

1,742

Terms and conditions of transactions and policies on deciding terms and conditions
Prices of automobiles sold to Nissan Motor Co., Ltd. are determined by negotiations
while taking into account the total cost. The Nissan Shatai board of directors
confirms the progress and contents of these negotiations.
(2) Subsidiaries
Category

Name

Address

CapitalActivities(Million yen)

SubsidiaryNissanShataiKyushuCo.,
Ltd.

Miyakogun,
Fukuoka10

Relationship
Shared directors, etc.
Business relation

Voting rights heldby Nissan Shatai(%)

Manufactu
re ofautomobile chassis

DirectDescription of transactions(Persons)

100.0

Concurrent

Amount6
Item

Sale of parts andpurchase ofchassisFY-end balance(Million yen)

Business transactions

Sale of parts, etc.

320,429

Purchase of parts, etc.
Group financing loans
receivable348,207

Non-business
transactions

337(Million yen)Accounts
receivable-other
PayablesShort-term loans
receivable

Terms and conditions of transactions and policies on deciding terms and conditions
1) For prices of parts purchased from subsidiaries, Nissan Shatai submits a requested
price based on the market price and, after negotiations, a price is determined thatis the same as for ordinary transactions.
2) For loans payable and receivable, a reasonable interest rate is determined based.
3) Figures for group financing loans receivable are the differences from the end of
the previous fiscal year.

- 62 -

25,357
29,1802,575

(3) Other companies with affiliations
CategoryNameAddress

CapitalActivities

Voting rights heldby Nissan Shatai(Million yen)

Nishi-ku,
Yokohama,
Kanagawa

Subsidiary ofparentcompanyNissanGroup
Finance
Co.,
Ltd.

90

Relationship
SharedBusiness relation
directors, etc.

(%)

Financebusiness-

Description of transactions(Persons)

Manages funds of
the Nissan Shatai
Group

-

AmountFY-endbalance

Item(Million yen)Fund management(8,295)Interest income

297(Million yen)

Deposits paid
Current portion of
long-term loans
receivable
Long-term loans
receivable

40,73640,00030,000Accounts receivableother48

Terms and conditions of transactions and policies on deciding terms and conditions.
1) For terms for the management of funds, Nissan Group Finance submits terms(interest rate and other items) and the final terms are determined after taking into
account ordinary short-term market interest rates.
2) Figures for fund management are the differences from the end of the previous
fiscal year.
9. Note concerning revenue recognition
Information for understanding revenue from contracts with customers is the same as theinformation in “Notes to Consolidated Financial Statements 8. Note concerning revenue
recognition.”
10. Notes to amounts per share(1) Net assets per share: 1,172.82 yen(2) Net income per share: 0.51 yen
11. Notes to significant subsequent events
Not applicable.
12. Notes to impairment loss
In the fiscal year ended March 31, 2024, Nissan Shatai recorded an impairment loss forthe following asset groups.
Use

Types

Place

Assets expected to bedisposed of in the
futureMachinery andequipment
Tools, furniture andfixtures

Hiratsuka City,
Kanagawa Prefecture

Amount(million yen)

The details are stated in “Notes to Consolidated Financial Statements 11. Notes to
impairment loss.”
13. OtherAmounts less than one million yen are rounded down.

- 63 -

132
16

Copy of Independent Auditors’ Report on Consolidated Financial Statements
Report of Independent Auditors
May 16, 2024
The Board of Directors
Nissan Shatai Co., Ltd.
Ernst & Young ShinNihon LLC
Designated and Engagement Partner
Certified Public Accountant
Mika Nezu
Designated and Engagement Partner
Certified Public Accountant
Masanori Enomoto

Pursuant to Article 444, Section 4 of the Companies Act, we have audited the accompanying
consolidated financial statements, which comprise the consolidated balance sheet, the consolidated
statement of income, the consolidated statement of changes in net assets and the notes to consolidated
financial statements of Nissan Shatai Co., Ltd applicable to the 100th fiscal year from April 1, 2023
through March 31, 2024.
In our opinion, these consolidated financial statements present fairly, in all material respects, thefinancial position and results of operations of the Nissan Shatai Group, which consisted of Nissan Shatai
and consolidated subsidiaries, applicable to the fiscal year ended March 31, 2024 in conformity withaccounting principles generally accepted in Japan.
Basis for this opinion
We performed this audit in conformity with auditing standards generally accepted in Japan. Our
responsibility concerning the audit standards is prescribed in “Responsibilities of Auditors for Audits ofConsolidated Financial Statements.” We are independent of Nissan Shatai and its consolidated
subsidiaries in accordance with rules in Japan concerning business ethics. In addition, we fulfilled otherethical responsibilities in our role as an auditor. We believe that we received sufficient and suitable
audit evidence for the basis of our opinion.
Other information
Other information is in the business report and related supplementary information. Management is
responsible for the preparation and disclosure of other information. The statutory auditors and Board of
Statutory Auditors are responsible for establishing a reporting process for other information andsupervising the performance of the directors concerning the use of this process.
Other information is not included in our auditing opinion concerning the consolidated financial
statements.
Our responsibility concerning the audit of the consolidated financial statements is to read over the otherinformation and determine if there are any significant discrepancies between this information and theconsolidated financial statements or knowledge acquired by us during the auditing process. In addition,
we look for indications of any significant errors in other information other than the significant
discrepancies.
If we conclude that there are no significant errors in other information, based on our auditing activities,
we are required to report this conclusion.
There are no items that we should report concerning other information.
Responsibility of Management, Statutory Auditors and the Board of Statutory Auditors for theConsolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with accounting principles generally accepted in Japan. This responsibility
includes the design and operation of internal controls that management determines necessary to enable
the preparation and fair presentation of consolidated financial statements that are free from material
misstatements, whether due to fraud or error.

- 64 -

whether due to fraud or error.
When preparing the consolidated financial statements, management must determine if it is appropriate
to prepare the statements based on the going concern assumption. Management has a responsibility todisclose information regarding this assumption if there is a need for this disclosure based on accounting
principles generally accepted in Japan.
The statutory auditors and Board of Statutory Auditors are responsible for supervising the performanceof the directors regarding the design and operation of the financial reporting process.
Auditors’ Responsibility
Our responsibility is to express an opinion in the audit report, from an independent standpoint, on the
consolidated financial statements based on our audit. This opinion is based on a reasonable assurance
about if the consolidated financial statements are free from material misstatements, whether due to fraud
or error. Misstatements can occur due to fraud or error. We judge these misstatements to be material if
they, either singularly or collectively, can be reasonably expected to influence decisions by users of theconsolidated financial statements.
For this audit, we used an audit process in conformity with auditing standards generally accepted inJapan. We used this process to make judgments as business ethics professionals and to perform thefollowing tasks while retaining professional skepticism.
・We identify and evaluate the risk of material misstatements due to fraud or errors and create proposals
for audit procedures to deal with the risk of material misstatements and implement those procedures.
The procedures selected and implemented depend on the auditor’s judgment. Furthermore, we obtainsufficient and appropriate audit evidence for use as the basis of our opinion.
・The purpose of the audit of the consolidated financial statements is not to express an opinion about theeffectiveness of internal controls. For making these risk assessments, we consider internal controls
relevant to the audit in order to design audit procedures that are appropriate for current circumstances.
・We evaluate the suitability of accounting policies used by management and how those policies areapplied. We also evaluate the rationality of accounting estimates made by management as well as
the validity of the associated notes.
・We reached conclusions about whether it is appropriate for management to prepare the consolidated
financial statements based on the going concern assumption and whether there are any material
uncertainties regarding events or conditions that create significant doubt about the going concern
assumption. If we believed there were material uncertainties about the going concern assumption, we
would ask management in the audit report to include a precautionary statement in the notes to theconsolidated financial statements. If the inclusion of this note about the material uncertainty would not
be appropriate, we would be obligated to submit a modified opinion. Our conclusions are based on audit
evidence obtained by the date of the audit report. Future events or conditions may prevent the company
from remaining a going concern.
・We evaluated whether the presentation and notes of the consolidated financial statements conform withaccounting principles generally accepted in Japan and whether the presentation, composition andcontents of the consolidated financial statements, including the associated notes, and the transactions
and accounting activities that are the basis for the consolidated financial statements are presented
properly.
・We obtain sufficient and appropriate audit evidence concerning the financial information of
Nissan Shatai and its consolidated subsidiaries in order to form an opinion concerning theconsolidated financial statements. We are responsible for instructions, supervision and execution ofaudits of the consolidated financial statements. Our responsibility is to submit an audit opinion of
our own.
We report to the statutory auditors and the Board of Statutory Auditors the scope of the audit we haveplanned, when the audits will be performed, significant items discovered during audits, including
significant problems involving internal controls that were identified during an audit, and other items
required by the audit standards.
We report to the statutory auditors and the Board of Statutory Auditors that we are complying with rules
concerning business ethics in Japan regarding our independence. If there are any items that could
reasonably have an effect on our independence, we are taking any response measures to eliminate- 65 -

obstacles concerning our independence, or we are applying any safeguards for reducing obstacles
concerning our independence to an acceptable level, we report this information as well to the statutory
auditors and the Board of Statutory Auditors.
Conflicts of Interest
We have no interest in Nissan Shatai and its consolidated subsidiaries which should be disclosed incompliance with the Certified Public Accountants Act- 66 -

Copy of Independent Auditors’ Report on Financial Statements
Report of Independent Auditors
May 16, 2024
The Board of Directors
Nissan Shatai Co., Ltd.
Ernst & Young ShinNihon LLC
Designated and Engagement Partner
Certified Public Accountant
Mika Nezu
Designated and Engagement Partner
Certified Public Accountant
Masanori Enomoto

Pursuant to Article 436, Section 2, Paragraph 1 of the Companies Act, we have audited theaccompanying financial statements, which comprise the balance sheet, the statement of income, thestatement of changes in net assets, the notes to financial statements and the related supplementaryschedules of Nissan Shatai Co., Ltd. applicable to the 101st fiscal year from April 1, 2023 throughMarch 31, 2024
In our opinion, these financial statements present fairly, in all material respects, the financial position
and results of operations of the Nissan Shatai applicable to the fiscal year ended March 31, 2024 inconformity with accounting principles generally accepted in Japan.
Basis for this opinion
We performed this audit in conformity with auditing standards generally accepted in Japan. Our
responsibility concerning the audit standards is prescribed in “Responsibilities of Auditors for Audits of
the Financial Statements.” We are independent of Nissan Shatai in accordance with rules in Japan
concerning business ethics. In addition, we fulfilled other ethical responsibilities in our role as anauditor. We believe that we received sufficient and suitable audit evidence for the basis of our opinion.
Other information
Other information is in the business report and related supplementary information. Management is
responsible for the preparation and disclosure of other information. The statutory auditors and Board of
Statutory Auditors are responsible for establishing a reporting process for other information andsupervising the performance of the directors concerning the use of this process.
Other information is not included in our auditing opinion concerning the consolidated financial
statements.
Our responsibility concerning the audit of the nonconsolidated financial statements is to read over theother information and determine if there are any significant discrepancies between this information andthe nonconsolidated financial statements or knowledge acquired by us during the auditing process. In
addition, we look for indications of any significant errors in other information other than the significant
discrepancies.
If we conclude that there are no significant errors in other information, based on our auditing activities,
we are required to report this conclusion.
There are no items that we should report concerning other information.
Responsibility of Management, Statutory Auditors and the Board of Statutory Auditors for the Financial
Statements
Management is responsible for the preparation and fair presentation of the financial statements inaccordance with accounting principles generally accepted in Japan. This responsibility includes thedesign and operation of internal controls that management determines are necessary to enable thepreparation and fair presentation of financial statements that are free from material misstatements,
whether due to fraud or error.
When preparing the financial statements, management must determine if it is appropriate to prepare thestatements based on the going concern assumption. Management has a responsibility to disclose- 67 -

information regarding this assumption if there is a need for this disclosure based on accounting
principles generally accepted in Japan.
The statutory auditors and Board of Statutory Auditors are responsible for supervising the performanceof the directors regarding the design and operation of the financial reporting process.
Auditors’ Responsibility
Our responsibility is to express an opinion in the audit report, from an independent standpoint, on thefinancial statements based on our audit. This opinion is based on a reasonable assurance about if thefinancial statements are free from material misstatements, whether due to fraud or error. Misstatements
can occur due to fraud or error. We judge these misstatements to be material if they, either singularly orcollectively, can be reasonably expected to influence decisions by users of the financial statements.
For this audit, we used an audit process in conformity with auditing standards generally accepted inJapan. We used this process to make judgments as business ethics professionals and to perform thefollowing tasks while retaining professional skepticism.
・We identify and evaluate the risk of material misstatements due to fraud or errors and create proposals
for audit procedures to deal with the risk of material misstatements and implement those procedures.
The procedures selected and implemented depend on the auditor’s judgment. Furthermore, we obtainsufficient and appropriate audit evidence for use as the basis of our opinion.
・The purpose of the audit of the financial statements is not to express an opinion about the effectivenessof internal controls. For making these risk assessments, we consider internal controls relevant to theaudit in order to design audit procedures that are appropriate for current circumstances.
・We evaluate the suitability of accounting policies used by management and how those policies areapplied. We also evaluate the rationality of accounting estimates made by management as well as
the validity of the associated notes.
・We reached conclusions about whether it is appropriate for management to prepare the financial
statements based on the going concern assumption and whether there are any material uncertainties
regarding events or conditions that create significant doubt about the going concern assumption. If webelieved there were material uncertainties about the going concern assumption, we would ask
management in the audit report to include a precautionary statement in the notes to the financial
statements. If the inclusion of this note about the material uncertainty would not be appropriate, wewould be obligated to submit a modified opinion. Our conclusions are based on audit evidence obtainedby the date of the audit report. Future events or conditions may prevent the company from remaining agoing concern.
・We evaluated whether the presentation and notes of the financial statements conform with accounting
principles generally accepted in Japan and whether the presentation, composition and contents of thefinancial statements, including the associated notes, and the transactions and accounting activities thatare the basis for the financial statements are presented properly.
We report to the statutory auditors and the Board of Statutory Auditors the scope of the audit we haveplanned, when the audits will be performed, significant items discovered during audits, including
significant problems involving internal controls that were identified during an audit, and other items
required by the audit standards.
We report to the statutory auditors and the Board of Statutory Auditors that we are complying with rules
concerning business ethics in Japan regarding our independence. If there are any items that could
reasonably have an effect on our independence, we are taking any response measures to eliminate
obstacles concerning our independence, or we are applying any safeguards for reducing obstacles
concerning our independence to an acceptable level, we report this information as well to the statutory
auditors and the Board of Statutory Auditors.
Conflicts of Interest
We have no interest in Nissan Shatai which should be disclosed in compliance with the Certified Public
Accountants Act.

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Copy of Audit Report of Board of Statutory Auditors
Audit Report
Regarding the performance of duties by directors for the 101st business year beginning April 1,
2023, and ending March 31, 2024, the Board of Statutory Auditors hereby submits its audit report,
which has been prepared through discussions based on the audit reports prepared by the respective
statutory auditors, as follows:
1. Methods and Contents of Audit by the Statutory Auditors and the Board of Statutory Auditors
1) The Board of Statutory Auditors determined, among other things, the auditing policies andplan, the division of responsibilities and other matters for the fiscal year that ended on
March 31, 2021. The board received reports from individual statutory auditors concerning
the performance of audits and results. In addition, the board received reports from directors,
employees and the independent auditors concerning the performance of their duties and,
when necessary, asked them to provide explanations.
2) In accordance with the statutory auditors’ auditing standards specified by the Board of
Statutory Auditors, and in conformity with the auditing policies and plan and the division of
responsibilities for the fiscal year that ended on March 31, 2021, the statutory auditors
communicated effectively, including through online channels, with the directors, employees
in the internal audit division and other relevant employees for the purposes of collecting
information and maintaining a proper auditing environment. The statutory auditors also
used the following methods to conduct audits.
(i) To examine business operations and assets of the head office and other major businesssites, the statutory auditors attended meetings of the Board of Directors and otherimportant meetings; received reports from the directors and relevant employees
regarding the performance of their duties; asked them to provide explanations whennecessary; and examined important decision documents and associated information.
For subsidiaries, the statutory auditors communicated effectively with directors,
statutory auditors and other individuals at subsidiaries and exchanged information withthese individuals. When necessary, the statutory auditors received business reports
from subsidiaries.
(ii) The statutory auditors expressed an opinion concerning the framework needed toensure that the performance of duties by the directors, as listed in the business report,
comply with laws, regulations and the Articles of Incorporation. This opinion also
covered resolutions by the Board of Directors and the establishment of frameworks(internal control system) based on these resolutions concerning the maintenance ofsystems prescribed in Article 100, Paragraphs 1 and 3 of the Enforcement Regulationsof the Companies Act to ensure that the Nissan Shatai Group (Nissan Shatai Co., Ltd.
and its subsidiaries) operates properly. For this purpose, statutory auditors regularly
received regular reports from directors, employees and others regarding the status andimplementation of these systems and asked them to provide explanations whennecessary.
(iii) The statutory auditors used the status of the Board of Directors and other meetings to
examine the precautionary items of Companies Act Ordinance of Enforcement Article
118 5-a that are listed in the business report as well as the judgments and reasons foritem 5-b of this article.
(iv) The statutory auditors monitored and verified whether the independent auditors weremaintaining their independence and properly performing audits; received reports fromthe independent auditors about the performance of their duties and asked then for
explanations when necessary. The statutory auditors also received a notice from theindependent auditors confirming the establishment of a “system to ensure proper
performance of duties” (items stipulated in all paragraphs of Article 131 of Corporate
Accounting Rules) in accordance with Standards on Quality Control for Audit(November 16, 2021, Business Accounting Deliberation Council) and other relevant
standards.

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By using these methods, the statutory auditors examined the business report andsupplementary schedules, the nonconsolidated financial statements (nonconsolidatedbalance sheet, income statement, statement of changes in net assets and notes to thesestatements) and supplementary schedules, and the consolidated financial statements(consolidated balance sheet, income statement, statement of changes in net assets andnotes to consolidated financial statements).
2. Audit results
1) Audit results concerning business reports, etc.
(i) In our opinion, the business reports and supplementary schedules fairly represent thecondition of Nissan Shatai in accordance with the related laws and regulations and the
Articles of Incorporation.
(ii) With regard to the performance of duties by the directors, we found no evidence ofwrongful actions or material violations of related laws and regulations or the Articles
of Incorporation.
(iii) We acknowledge that the resolutions of the Board of Directors regarding the internal
control system are appropriate. We found no matters requiring attention concerning
the execution of duties by the directors regarding the internal control system.
(iv) For business report information about parent company, etc. transactions, there were noitems requiring attention concerning precautions to prevent negative effects on Nissan
Shatai’s interests from these transactions or concerning judgments by the Board of
Directors, and reasons for those judgments, about whether or not these transactions
had a negative effect on Nissan Shatai’s interests.
2) Results of audits of nonconsolidated financial statements and supplementary schedules
In our opinion, the auditing methods and results of the independent auditors, Ernst &Young ShinNihon LLC, are fair and reasonable.
3) Audit results concerning consolidated financial statements
In our opinion, the auditing methods and results of the independent auditors, Ernst &Young ShinNihon LLC, are fair and reasonable.
May 22, 2024
The Board of Statutory Auditors
Nissan Shatai Co., Ltd.
Full-time Statutory Auditor
Statutory Auditor (Outside Statutory Auditor)
Statutory Auditor (Outside Statutory Auditor)- 70 -

Kiyoshi Aoji
Tomonori Ito
Nobutaka Kanaji

Memorandum to Shareholders
Fiscal year
Ordinary General
Shareholders Meeting
Ordinary
GeneralShareholders
RecordMeeting
Date
Year-end
dividends
Interimdividends
Administrator ofshareholder register andspecial account
Administrator ofshareholder registermanagement office(Postal address)(Telephone inquiries)

From April 1 to March 31 of the following year
June of each year
March 31 each year
March 31 each year
September 30 each year

Sumitomo Mitsui Trust Bank, Limited
Stock Transfer Agency Business Planning Dept.,
Sumitomo Mitsui Trust Bank, Limited 1-4-1
Marunouchi, Chiyoda-ku, Tokyo
Stock Transfer Agency Business Planning Dept.,
Sumitomo Mitsui Trust Bank, Limited 2-8-4 Izumi,
Suginami-ku, Tokyo 168-0063
Tel: 0120-782-031 (free dial)
Reception hours: 9:00 to 17:00 (excluding Saturdays,
Sundays, and public holidays)

Internet home page URL

https://www.smtb.jp/personal/procedure/agency/(Frequently asked
questions (FAQ))

https://faq-agency.smtb.jp/?site_domain=personal

Notices
Change of address, request for purchase of shares fewer than one unit and otherprocedures
Shareholders who have an account at a securities company should ask the securities
company to perform the procedure. Sumitomo Mitsui Trust Bank, Limited is unable toperform these procedures if shares are held in a securities company account.
Shareholders who do not have a securities company account should contact Sumitomo
Mitsui Trust Bank by using the above telephone number. Information about
performing shareholder procedures and answers to frequently asked questions areavailable on the Sumitomo Mitsui Trust Bank frequently asked questions website
above.
Payment of unpaid dividends
Please contact Sumitomo Mitsui Trust Bank, Limited, the administrator of theshareholder register.
Trade nameEnglish version of nameNissan Shatai Kabushikikaisha
Nissan Shatai Co., Ltd.

- 71 -

Principal Products- 72 -

Direction for the Meeting- 73 -