Release date 09-30-2016 Page 1 of 5 Morningstar Analyst Rating Nissan Motor Co Ltd ADR NSANY . Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 19.64 ]0.03 | 0.15 % $ 19.37 19.33-19.64 16.57-21.92 3.76 39.91 bil 36,255 69,362 9.49 0.92 0.35 3.6 Dividends Stock Price 2016-01-01 - 2016-09-30 PINX:NSANY: -1.34|-6.41% Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield 30.00 20.00 09/02/2016 28/03/2016 0.40 3.76 % 10.00 2016 Morningstar’s Take Nissan's cross-ownership with Renault represents a rare, international alliance success story in the global automotive industry. Renault owns 43.4% of Nissan, while Nissan owns 15%... Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating $ 26.00 $ 15.60 $ 40.30 High None Standard C C - Key Stats Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity Stock Ind Avg 8.1 0.9 0.3 11.7 13 6.5 4.3 3 10.9 0.8 9.4 1.4 0.5 0.7 16.6 7.1 5.3 3.9 14.7 0.9 Recent Dividends & Splits Type Amount 03/28/2016 09/25/2015 03/26/2015 09/25/2014 Cash Dividends Cash Dividends Cash Dividends Cash Dividends 0.3965 0.3418 0.2653 0.2801 Competitors Name Price % Chg TTM Sales $ mil Nissan Motor Co Ltd $19.64 ADR Toyota Motor Corp ADR $116.06 Toyota Motor Corp $57.41 Volkswagen AG ADR $28.91 Daimler AG ADR $70.63 Daimler AG $70.63 0.15 ] 117,525 0.06 ] -0.21 [ 3.07 ] 2.73 ] 2.75 ] 275,541 275,541 238,572 169,978 169,978 Relative to Industry Recommendations Current 4.0 Total Analysts: 1 5.0 Buy 3.0 Hold 1.0 Sell Ownership Fund Owners - Avg Star Rating % Shares Held % Total Assets + Financials Annual Income Statement 2016-03 2015-03 2014-03 Quarterly 2016-06 2015-06 Balance Sheet Cash Flow ©2016 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ® ß Release date 09-30-2016 Page 2 of 5 Morningstar Analyst Rating Nissan Motor Co Ltd ADR NSANY . Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ 19.64 ]0.03 | 0.15 % $ 19.37 19.33-19.64 16.57-21.92 3.76 39.91 bil 36,255 69,362 9.49 0.92 0.35 3.6 Financials Annual Quarterly In millions except "EPS". Currency in JPY. ©2016 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ® ß Release date 09-30-2016 Page 3 of 5 Nissan Motor Co Ltd ADR NSANY Quote Stock Type Industry Classification NAICS SIC ISIC Fair Value Estimate Morningstar Rating TM 19.64 $ 26.00 QQQQ Company Profile () Manufacture of Motor Vehicles (2910) Operation Details Fiscal Year Ends CIK Year Established Employees (31/03/2009) Full Time Part Time Auditor (31/03/2009) Legal Advisor () Key Executives Last Close 30/09/2016 2017-03-31 800937 152,421 Nissan Motor Co Ltd is engaged in the manufacturing, sale and related business of automotive products, industrial machinery and marine equipment. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 0.1Mil 39.9Bil 5.0Bil 117.5Bil Consumer Cyclical Auto Manufacturers 1 Large Value No No Ernst & Young ShinNihon LLC ©2016 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ® ß Release date 09-30-2016 Page 4 of 5 Nissan Motor Co Ltd ADR NSANY Quote Stock Type Last Close 30/09/2016 Fair Value Estimate Morningstar Rating TM 19.64 $ 26.00 QQQQ Industry Peers Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage D/E Nissan Motor Co Ltd (JPY) Toyota Motor Corp (USD,JPY) Toyota Motor Corp (USD,JPY) Daimler AG (USD,EUR) Daimler AG (USD,EUR) QQQQ QQQ 39,852 193,587 192,034 73,548 73,538 507,421 2,218,765 2,218,765 7,974 7,974 0.3 0.7 0.6 0.4 0.4 0.9 1.2 1.2 1.3 1.3 8.1 8.3 8.2 8.2 8.2 3.8 3.1 3.0 5.4 5.4 6.8 8.4 8.4 8.9 8.9 5.1 9.5 9.5 7.9 7.9 30.5 85.3 85.3 42.2 42.2 0.8 0.6 0.6 1.1 1.1 Volkswagen AG (USD,EUR) Volkswagen AG (USD,EUR) Volkswagen AG (USD,EUR) Volkswagen AG (USD,EUR) Bayerische Motoren Werke AG (USD,EUR) QQQQ 70,306 70,040 64,065 63,975 53,831 -3,454 -3,454 -3,454 -3,454 6,686 0.3 0.3 0.3 0.3 0.5 0.7 0.7 0.6 0.6 1.1 7.2 0.1 0.1 0.2 0.2 4.4 8.8 6.0 6.0 6.0 6.0 10.8 0.2 0.2 0.2 0.2 22.8 0.7 0.7 0.7 0.7 1.2 53,708 52,554 51,959 49,169 48,603 6,686 333,193 333,193 12,444 6,686 0.5 0.4 0.4 0.3 0.5 1.1 0.8 0.8 1.1 1.0 7.2 15.9 15.7 4.1 6.5 4.4 2.9 2.8 4.8 5.0 8.8 10.3 10.3 2.4 8.8 10.8 5.3 5.3 3.2 10.8 22.8 36.0 36.0 18.4 22.8 1.2 0.5 0.5 1.2 1.2 47,559 40,035 32,239 30,235 30,169 8,482 507,421 6,417,303 3,493 431,336 0.3 0.3 0.3 0.5 0.9 1.5 0.9 0.6 1.1 2.3 5.6 8.2 5.5 7.7 7.1 5.0 4.2 2.9 3.7 3.0 6.8 6.5 10.5 15.4 5.4 5.1 9.5 10.1 14.1 14.3 30.5 33.6 86.2 248.7 3.1 0.8 0.7 0.0 0.0 29,842 29,389 26,703 24,502 23,488 -1,125 431,336 95,883 6,417,303 2,945 5.9 0.9 0.7 0.2 0.4 11.8 2.2 2.3 0.4 0.7 6.9 18.4 4.2 6.7 3.4 0.0 3.9 3.3 103.2 15.4 17.0 6.5 3.1 -17.7 14.1 3.3 9.5 2.7 -6.4 248.7 3.6 33.6 9.5 1.0 0.0 0.7 0.7 0.1 Renault SA (USD,EUR) BYD Co Ltd (USD,CNY) BYD Co Ltd (USD,CNY) Porsche Automobil Holding SE (USD,EUR) Suzuki Motor Corp (USD,JPY) 23,097 16,613 16,552 15,159 15,150 2,945 4,616 4,616 -944 122,916 0.4 1.2 1.2 6.6 24.9 24.8 3.4 3.1 10.7 10.7 2.7 4.8 4.8 0.1 0.2 0.2 0.5 0.7 3.2 3.2 0.5 1.7 Porsche Automobil Holding SE (USD,EUR) Toyota Industries Corp (USD,JPY) Suzuki Motor Corp (USD,JPY) Toyota Industries Corp (USD,JPY) Jardine Cycle & Carriage Ltd (USD) 15,147 14,708 14,590 14,507 12,845 -944 177,898 122,916 177,898 656 0.7 0.5 0.7 0.8 12,459 12,196 12,125 12,118 11,729 323 32,112 656 1,540 1,540 11,490 10,425 9,688 9,477 9,248 Great Wall Motor Co Ltd (USD,CNY) Mazda Motor Corp (USD,JPY) Great Wall Motor Co Ltd (USD,CNY) Guangzhou Automobile Group Co Ltd (USD,CNY) Mazda Motor Corp (USD,JPY) Dongfeng Motor Group Co Ltd (USD,CNY) Bayerische Motoren Werke AG (USD,EUR) Honda Motor Co Ltd (USD,JPY) Honda Motor Co Ltd (USD,JPY) General Motors Co (USD) Bayerische Motoren Werke AG (USD,EUR) QQQQ QQQQ QQ QQQQ Ford Motor Co (USD) Nissan Motor Co Ltd (USD,JPY) Hyundai Motor Co (USD,KRW) Audi AG (USD,EUR) Fuji Heavy Industries Ltd (USD,JPY) QQQQ Tesla Motors Inc (USD) Fuji Heavy Industries Ltd (USD,JPY) Tata Motors Ltd (USD,INR) Hyundai Motor Co (USD,KRW) Renault SA (USD,EUR) QQQQ Ferrari NV (USD,EUR) Mahindra & Mahindra Ltd (USD,INR) Jardine Cycle & Carriage Ltd (USD) Peugeot SA (USD,EUR) Peugeot SA (USD,EUR) Sime Darby Bhd (USD,MYR) Fiat Chrysler Automobiles NV (USD,EUR) Isuzu Motors Ltd (USD,JPY) Dongfeng Motor Group Co Ltd (USD,CNY) Isuzu Motors Ltd (USD,JPY) QQQ QQQ QQQQQ 13.1 2.2 0.5 4.0 6.0 9.5 3.6 3.6 -18.8 39.5 0.5 0.8 1.6 0.8 2.3 8.3 12.6 8.2 19.5 2.3 2.2 1.0 2.5 2.1 8.5 4.0 8.5 0.0 5.4 6.0 5.4 10.4 -18.8 16.9 39.5 16.9 27.3 0.4 0.5 0.4 0.4 2.9 1.1 0.8 0.2 0.2 104.6 2.8 2.2 0.9 0.9 34.4 26.4 18.4 8.5 8.2 1.0 0.9 2.2 16.2 0.0 -0.5 -0.5 15.6 6.8 10.4 0.2 0.2 2.3 27.3 3.6 3.6 23.4 0.9 0.4 0.4 0.4 2,157 719 102,704 11,424 102,704 1.1 0.1 0.5 0.5 0.5 1.5 0.6 1.3 0.7 1.3 21.9 14.5 9.9 5.5 9.4 3.2 2.6 2.8 2.4 6.1 25.2 6.4 0.7 6.4 9.6 0.8 9.0 5.8 9.0 15.8 1.1 95.0 55.3 95.0 0.4 1.5 0.2 0.1 0.2 9,127 9,086 9,081 9,073 9,062 8,267 118,896 8,267 6,443 118,896 0.8 0.3 0.8 1.6 0.3 1.5 1.0 1.5 1.4 1.0 7.4 7.7 7.4 9.6 7.7 4.9 1.9 6.9 2.2 1.8 27.0 7.9 27.0 27.5 7.9 14.8 6.7 14.8 -2.2 6.7 168.7 14.0 168.7 6.2 14.0 0.0 0.4 0.0 0.3 0.4 8,650 11,424 0.5 0.6 5.1 3.0 0.7 5.8 55.3 0.1 ©2016 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. 0.5 ® ß Release date 09-30-2016 Page 5 of 5 Nissan Motor Co Ltd ADR NSANY Quote Stock Type Last Close 30/09/2016 Fair Value Estimate Morningstar Rating TM 19.64 $ 26.00 QQQQ Industry Peers Geely Automobile Holdings Ltd (USD,CNY) Geely Automobile Holdings Ltd (USD,CNY) Yamaha Motor Co Ltd (USD,JPY) Hino Motors Ltd (USD,JPY) 8,252 8,054 7,019 6,267 2,763 2,763 40,321 57,162 1.6 1.6 0.5 0.4 2.6 2.5 1.5 1.5 19.9 19.5 17.6 11.1 0.5 0.5 2.4 3.0 8.4 8.4 4.5 7.0 10.8 10.8 4.2 5.9 671.7 671.7 18.5 15.6 0.1 0.1 0.3 0.1 Hino Motors Ltd (USD,JPY) Brilliance China Automotive Holdings Ltd (USD,CNY) Brilliance China Automotive Holdings Ltd (USD,CNY) Mitsubishi Motors Corp (USD,JPY) Ford Otomotiv Sanayi AS (USD,TRY) 6,225 5,701 5,591 4,632 3,878 57,162 3,386 3,386 72,575 899 0.4 7.2 7.1 0.2 0.6 1.5 1.7 1.7 0.7 3.6 11.0 11.3 11.0 6.4 12.9 3.1 1.2 1.3 2.7 5.0 7.0 -11.5 -11.5 4.4 17.0 5.9 -2.9 -2.9 6.0 6.2 15.6 23.6 23.6 69.6 18.0 0.1 New Flyer Industries Inc (USD) Elio Motors Inc (USD) Blue Bird Corp (USD) Supreme Industries Inc (USD) Kandi Technologies Group Inc (USD) 1,844 525 326 324 261 88 -26 12 18 5 0.9 3.3 20.3 2.0 9.4 4.3 0.9 0.4 1.1 1.2 3.3 1.0 49.1 17.5 45.8 0.7 4.7 36.2 3.5 5.5 3.1 7.2 -1.1 1.9 216.7 10.4 75 48 28 5 1 15 -1 -4 -1 -9 0.3 8.4 -16,088.0 -74.5 -47.0 -132.7 14.0 -68.9 -38.9 -5.6 -2.7 0 0 0 0.2 51.5 -205.6 -2.8 4.5 -51.6 -68.8 4.2 -1.0 -8.0 18.5 -5.2 17.0 -109.7 -991.4 6.2 18.0 -1,018.9 -9.9 19.9 -146.0 -0.3 22.6 27.5 -17,943.4 9.7 -2.2 -10.4 3.2 6.2 2.2 0.3 7.0 6.8 2.5 9.2 9.5 1.8 14.9 7.7 990.5 33.6 0.3 1.0 0.3 0.0 0.7 46.7 2.3 282.4 236.0 88.1 0.1 0.9 0.0 14.8 5.9 6.8 11.6 13.4 7.5 9.7 9.2 9.7 6.5 6.5 6.8 8.4 6.8 9.5 9.5 14.9 6,018.9 14.9 33.6 33.6 1.0 0.0 1.0 0.7 0.7 6.5 6.5 9.5 9.5 33.6 33.6 0.7 0.7 11.1 -378.4 119.1 0.9 SORL Auto Parts Inc (USD) GreenPower Motor Company Inc (USD,CAD) Grande West Transportation Group Inc (USD,CAD) Greenkraft Inc (USD) Saleen Automotive Inc (USD) Balqon Corp (USD) Green Automotive Co Corp MotivNation Inc (USD) Carroll Shelby International Inc (USD) Yamaha Motor Co Ltd (USD,JPY) 3.8 0.7 0.1 0.6 33.3 57.4 4.8 1.9 -3 -4 40,321 Highline Technical Innovations Inc (USD) Electric Car Co Inc (USD) Ford Otomotiv Sanayi AS (USD,TRY) Sea Star Group Inc eFleets Corp (USD) -11 -3 899 -4 0.3 T3 Motion Inc (USD) Xtreme Motorsports International Inc Vision Industries Corp (USD) Otokar Otobus Karoseri Sanayi AS (USD,TRY) Guangzhou Automobile Group Co Ltd (USD,CNY) -10 0.1 -1 95 6,443 Ghabbour Auto (USD,EGP) Tofas Turk Otomobil Fabrikasi AS (USD,TRY) BAIC Motor Corp Ltd (USD,CNY) Maruti Suzuki India Ltd (USD,INR) Hyundai Motor Co (USD,KRW) 188 911 3,559 46,988 6,417,303 Kia Motors Corp (USD,KRW) Mahindra & Mahindra Ltd (USD,INR) Hero MotoCorp Ltd (USD,INR) Eicher Motors Ltd (USD,INR) Chongqing Changan Automobile Co Ltd (USD,CNY) 2,611,392 32,112 23,647 14,323 10,358 0.5 0.7 6.0 2.7 Tofas Turk Otomobil Fabrikasi AS (USD,TRY) Jiangling Motors Corp Ltd (USD,CNY) Tofas Turk Otomobil Fabrikasi AS (USD,TRY) Hyundai Motor Co (USD,KRW) Hyundai Motor Co (USD,KRW) 911 1,845 911 6,417,303 6,417,303 0.9 3.8 11.5 6.4 Hyundai Motor Co (USD,KRW) Hyundai Motor Co (USD,KRW) 6,417,303 6,417,303 Industry Average — 25,658 567,908 23.7 9.7 9.4 6.5 0.5 1.4 9.0 2.9 7.0 16.2 11.8 ©2016 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. 0.0 0.4 0.1 0.3 0.0 0.3 0.4 ® ß