Joint Annual General MeetingRENAULT

Joint Annual General MeetingRENAULT

April 29, 2003April 29, 2003

Satisfactory results in 2002Satisfactory results in 2002

Consolidation of Renault's position as the leadingbrand in Western Europe

Improved operating margin

Substantial increase in Nissan and Volvo income

Record net income

Strengthening of the financial structure

Stable group world salesStable group world sales

Passenger and Passenger and light commercial light commercial vehiclesvehicles (millions) (millions)

2001 2002

2.40

-0.4 %

2.41

20022001

Renault, the leading brand inWestern Europe

Renault, the leading brand inWestern Europe

1997

Light commercial Light commercial vehiclesvehicles

Passenger andPassenger and LCVsLCVs

PassengerPassenger carscars

15.8%

11.3%

10.7%

Market shareMarket share (%)(%)

15

14

13

12

11

10

91998 1999 2000 2001 2002

Outside Western Europe -A successful expansion policy

Outside Western Europe -A successful expansion policy

--17,80017,800--22,40022,400

8,4008,400

--9,8009,800

19,10019,100

46,30046,300

3,3003,300

2002 2002 + 27+ 27,,100 units (100 units (++5.3 %)5.3 %)

ChangeChange 2002 2002 vsvs 2001 2001 inin unitsunits ((PCPC++LCVLCV))

Central EuropeBrazil

Rest of worldTurkey Argentina

Renault Dacia Samsung+6.1 % +65.4 %-5.9 %

Higher revenues in 2002Higher revenues in 2002

€ billion€ billion

+ 2.6 %

2001 * 2002

Sales Financing Division

Automobile Division

* On a like-for-like basis

33.733.733.7

1.71.71.7 1.91.91.935.435.4 36.336.3

34.434.434.4

+ 8.4 %

+ 2.3 %

20022001*

Higher than forecastoperating margin

Higher than forecastoperating margin

€ million€ million

% of revenues% of revenues 4.1 %

2001 * 2002

* Pro forma data

273273273

200200200

587587587

473473

1,4831,483

1.3 %

602602602

294294294

896896

2.5 %

20022001*

Impact of IAS 38

Automobile Division

Sales Financing Division

Automobile DivisionOperating margin

Automobile DivisionOperating margin

Growth factorsGrowth factors

Lower committed costs

Greater selectivity in administrative and IT costs

More effective R&D spending

Higher international contribution

A positive and growing contribution byRenault Samsung Motors

Stablilization of results in Mercosur and Turkeythanks to swift reaction by the Group

Strong growth in incomeof strategic shareholdings

Strong growth in incomeof strategic shareholdings

2001 * 2002

2001 2002

190190190

€ million€ million

497497

1,3351,335

1,1451,1451,145 282828

--2626

7171

434343

AB Volvo

2001

2001 2002

2001

2002

Impact of IAS 38

Nissan

Record net income in 2002Record net income in 2002

€ million€ millionImpact of IAS 38

1998 1999 2000 2001 20021998 1999 2000 2001 2002

1,9561,956

EPS EPS (€)(€)

5.645.64 2.232.23 4.504.50 4.384.38 7.53

1,3491,349

534534

1,0801,080 1,0511,051597597597

1,3591,3591,359

20021999 2000 20011998

Higher than forecast return on equity

Higher than forecast return on equity

Return onReturn on equity equity ((beforebefore appropriation of netappropriation of net incomeincome) Impact of IAS 38)

%%

1998 1999 2000 2001 2002

19.819.8

13.813.813.8

11.711.712.612.6

7.07.0

20.720.7

20021999 2000 20011998

An even strongerbalance sheet structure

An even strongerbalance sheet structure

Automobile activity debt€ billion€ billion% of revenues% of revenues

2001 20022001 2002At Dec 31 2001 At Dec 31 2002

10.110.1

11.811.8

3.93.9

2.52.5

39.121.1

Shareholders' equity

Western Europe -Market slowdown in Q1 2003

Western Europe -Market slowdown in Q1 2003

PercentagePercentage change Q1 2003 change Q1 2003 vsvs Q1 2002 Q1 2002

(PC + LCV)(PC + LCV)

1998 1999 2000 2001 2002France Germany UK Italy Spain Western Europe

--7.67.6

--1.41.4 --0.20.2 +4.1+4.1

--2.62.6

--3.93.9

2001

2002

Western Europe -A reversal of our seasonal sales trends

Western Europe -A reversal of our seasonal sales trends

Percentage market sharePercentage market share (PC)(PC)

January February March Q1

France 24.6 26.1 28.8

Germany 5.6 6.4 6.3

Italy 7.0 8.6 8.6

Spain 10.2 11.4 13.5

United Kingdom 5.6 8.0 5.3

Western Europe 2003 9.5 11.2 9.9 10.1

Western Europe 2002 10.7 11.7 10.4 10.8

Change 2003 vs 2002 -1.2 -0.5 -0.5 -0.7

Steady growth in sales outsideWestern Europe

Steady growth in sales outsideWestern Europe

Q1Q1 2003 2003 Group world salesGroup world sales: : --7.0 %7.0 %o/wo/w outsideoutside Western EuropeWestern Europe: +6.4 %: +6.4 %

7,3007,300Change Q1Change Q1 2003 2003 vsvs Q1Q1 2002 2002 inin units units ((PCPC++LCVLCV))

--1,6001,600

1,9001,900

--51,50051,500Western Europe

Restof world

SamsungDaciaRenault-11.6 % +29.5 %-8.4 %

Q1 2003 revenuesthat reflect this fall in volumes

Q1 2003 revenuesthat reflect this fall in volumes

€ billion€ billion

- 2.9 %

1er Trim. 2002 2002

Sales Financing Division

Automobile Division

* On a like-for-like basis

8.838.838.83

0.450.450.45 0.470.470.47

9.39.3 9.09.0

8.558.558.55

+ 4.2 %

- 3.2 %

Q1 2002* Q1 2003

Context 2003Context 2003

An uncertain environment

A dynamic product plan: the Mégane year

Scenic IIScenic II

Mégane IICoupé-Cabriolet

Mégane IICoupé-Cabriolet

Mégane IIBreak

Mégane IIBreak

Mégane IITricorps

Mégane IITricorps

Our profitable growth strategyOur profitable growth strategy

Is basedIs based onon five strategicfive strategic goals:goals:

Build recognition for our brand identity

Be the most competitive manufacturer on our markets in terms of quality, costs and delivery times

Extend our international reach

Develop Renault's core values

Translate success into financial performance

Three quantified objectivesThree quantified objectives

4 million vehicles in 2010

4% operating margin averaged over the business cycle

11% return on equity

Build recognition forour brand identity

Build recognition forour brand identity

Solid fundamentals

Safety: 5-star rating in the EuroNcap crash testsfor Laguna II, Vel Satis and Mégane II

Respect for the environment

A range of top-performing engines

Ongoing quality improvements

A strong and innovative range

Value-enhancing innovations

Distinctive, appealing design

An innovative rangeAn innovative range

VelVel SatisSatis Espace IVEspace IV

Mégane IIMégane II

Pursuing quality improvementPursuing quality improvement

Warranty periods extensions

Increasing requirements for customers

Higher complexity of vehicles

Quality : a top priority for manufacturersQuality : a top priority for manufacturers

Continuing decline inpurchasing costs

Continuing decline inpurchasing costs

Decline in purchasing costsDecline in purchasing costs

As a %As a %

2001 2002

-3.2-3.8

RRenaultenault NNissan issan PPurchasingurchasing OOrganizationrganization: : betterbetter performance performance thanthan Renault Renault alonealone

Renaultalone

Renault NissanPurchasing

Organization

Much shorter developmentand delivery times

Much shorter developmentand delivery times

Vehicle development times

Choice of Design

in 1992

Start of sales

LAGUNA

MEGANE

CLIO II

LAGUNA II

MEGANE II

46 months

in 2000

in 200229 months

Delivery times: New Distribution

1999 2002 ObjectiveVehicles builtto order 25% 50% 70%

International development – exploitthe potential of the group's 3 brandsInternational development – exploitthe potential of the group's 3 brands

In 2010Number of vehicles

3,000,000

500,000

500,000

TOTALTOTAL 4,000,0004,000,000

Formula 1 – Promote awareness of the Renault brand worldwide

Formula 1 – Promote awareness of the Renault brand worldwide

International development – exploitthe potential of the group's 3 brandsInternational development – exploitthe potential of the group's 3 brands

In 2010Number of vehicles

3,000,000

500,000

500,000

TOTALTOTAL 4,000,0004,000,000

International development -Dacia prepares for growth

International development -Dacia prepares for growth

Solenza

Pitesti plant(Romania)

Continued modernizationof plant and network

Development ofnew products:

Solenza – March 2003

E5,000 vehicle foremerging countries (end 2004)

International development -Renault Samsung Motors profitable already

International development -Renault Samsung Motors profitable already

SM5

Return to profitability 2 years

ahead of schedule thanks to

success of SM5

Launch of a second vehicle

(SM3) since second half of

2002

SM3

Develop a product rangeDevelop a product range

Develop Renault's core valuesDevelop Renault's core values

Respect the men and women of Renault and help them to progress

Work in compliance with the Alliance Charter

Contribute to sustainable development

Concept-carEllypse

Translate success intofinancial performanceTranslate success intofinancial performance

Meet shareholders' Meet shareholders' expectationsexpectations

By reaching our financial objectives:

Operating margin of 4% of revenues on average overa business cycle

Return on equity of 11%

By building a lasting relationship with our shareholders

Renault is building a lasting relationship with shareholders

Renault is building a lasting relationship with shareholders

Renault Renault shareshare ownershipownership on March 31, 2003on March 31, 2003

As a %As a %

Total equity capital Voting rights

Treasury stock3.6%

Employees3.3%

Nissan15.0%

Public

French State25.9%

French State31.8%

Public

Employees4.1%

64.1 %64.1 %64.1 %52.2 %52.2 %52.2 %

A constant concern:corporate governance

A constant concern:corporate governance

Strictly apply theStrictly apply the principlesprinciplesof of corporatecorporate governancegovernance

Adoption of the principal recommendations of theBouton Report

Director's charter

Renault Board of Directors

Renault Board of Directors

A board comprising 17 directors:

13 appointed by the AGM of shareholders

3 elected by employees

1 appointed by the AGM on basis of proposal byemployee-shareholders

Adoption of independence criteria in accordancewith the Bouton Report

Met 12 times in 2002

Specialized committees Specialized committees

Accounts and Audit Committee

Appointments and Remuneration Committee

International Strategy Committee

Open communicationspolicy

Open communicationspolicy

Better quality information

Sustainable development

Risk management

More meetings with our shareholders

Developmentof shareholder meetings

Dynamic management of our Shareholders' Club(plant visits, brand-relatedevents…)

Sharp rise in dividendSharp rise in dividend

Net dividend per share in €Net dividend per share in €

2001 2002

+25%+25%

0.920.92

1.151.15

20022001

Trend in Renault share,CAC 40 indices and

DJ Euro Stoxx Auto index

Trend in Renault share,CAC 40 indices and

DJ Euro Stoxx Auto index ((indexed indexed on Renault on Renault share priceshare price on 31/12/96, €17)on 31/12/96, €17) Share price 28/04/03:€37.85

10

20

30

40

50

60

70

-15.5%-15.5%

RenaultRenault

CAC 40CAC 40

DJ Euro Stoxx AutoDJ Euro Stoxx Auto

-3.7%-3.7%

-3.1%-3.1%

- 34 %

+13.1%+13.1%+48.3% +25.1% +16.0% -28.6%+51.8%

4/031997 1998 1999 2000 2001 2002

Joint Annual General MeetingRENAULT

Joint Annual General MeetingRENAULT

April 29, 2003April 29, 2003