Nissan Motor Co., Ltd.’s (Nissan) 1Q 09 revenues were in line with our expectations. However operating and net performance fell below our expectations. We intend to marginally revise downwards our operating and net income estimates considering the prevailing significant economic slowdown experienced in North America coupled with higher-than-anticipated operating costs in 1Q 09. We maintain our HOLD rating for the Nissan common stock. We maintain our HOLD rating for the ADR based on our fundamental outlook and our expectation of a neutral currency impact on the ADR over the medium to long term. We maintain our HOLD rating for the ADR based on our fundamental outlook and our expectation of a neutral currency impact on the ADR over the medium to long term.

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