Renault S.A. Update to credit analysis

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1 CREDIT OPINION Renault S.A. Update to credit analysis Update Summary RATINGS Renault S.A. Domicile France Long Term Rating 3 Type LT Issuer Rating - Fgn Curr Outlook Positive Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Renault S.A.'s (Renault) 3 rating reflects (1) its position as one of Europe's largest car manufacturers, with a solid competitive position in France and satisfactory geographical diversity; (2) its long established strategic alliance with Nissan Motor Co., Ltd (Nissan, A2 negative) and Mitsubishi Motors Corporation (Mitsubishi), which generates substantial synergies and at-equity income; (3) the recent renewal of its model range across all segments, in particular new launches in the C and D segments; (4) the success of its entrylevel range of cars, which we believe will help the company continue to increase its volumes; (5) the continued success of its cost-reduction initiatives, which leverage the benefits of the increasing volume of new vehicle sales to enhance margins; and (6) its prudent financial policy, healthy liquidity and balanced debt maturity profile. Exhibit 1 The improvement in Renault's profitability has stopped recently Moody's adjusted Debt/ EBITDA Moody's adjusted operating margin Reported operating margin 5x 6.0% 5.0% 4x 4.0% Analyst Contacts Falk Frey Senior Vice President falk.frey@moodys.com 3x 3.0% x 2.0% 1x 1.0% 0.0% 0x -1.0% -1x Matthias Hellstern MD-Corporate Finance matthias.hellstern@moodys.com Timo Fittig Associate Analyst timo.fittig@moodys.com CLIENT SERVICES Americas Asia Pacific Japan EMEA % -3.0% -2x Operating margin before contribution from associates and joint ventures (JVs). For the 12 months ended June The rating is supported by Renault's progress in improving its profitability, as illustrated by a higher Moody's-adjusted operating margin of its automotive division of 3.8% in 2017 than the -1.2% in This margin nevertheless remains below those of other investment-graderated global automotive manufacturers (a reflection of Renault's market position in the lower-priced vehicles) and, moreover, has eroded somewhat over the 12 months ended June 2018 to 3.4% against our expectations. In the beginning of 2018, we expected Renault to be able to further improve its profitability, supported by a recovery in the Brazilian and Russian car markets, ongoing cost-efficiency measures and a further expansion into the sports utility vehicle and crossover segments, which should have enabled the company to benefit from better margins on a broader portion of its product offering. Furthermore, the rating incorporates (1) Renault's dependence on the contribution to its earnings and cash flow from Nissan's dividends; (2) its high exposure to Europe (including France), which represented 52% of unit sales in the first half of 2018 and where growth is

2 expected to soften (our growth forecast for the European light vehicle registration is only +1.0% for 2019), although mitigated by expected continued recovery in Russia and Brazil; and (3) an expected rise in investments for capital spending and R&D for alternative fuel and other technologies, which will constrain future free cash flow (FCF) generation, despite the fact that Renault's FCF has remained consistently positive in the past few years, also supported by a sizeable dividend income from its stake in Nissan. Credit strengths» Status as the third-largest car manufacturer in Europe» Successful entry-level model range and electric vehicles offering» Increased cost efficiency through strategic alliance with Nissan and Mitsubishi» Conservative financial policy and solid liquidity profile Credit challenges» High exposure to a very competitive European market, which is expected to soften in the next months» Increased need for investments to cope with regulatory risks related to fuel efficiency and emissions reduction, as well as for further development of alternative fuel vehicles» Low, although recently improved, automobile division profitability» Uncertainty about the future stability and continuation of the alliance with Nissan and Mitsubishi Rating outlook The positive outlook reflects our expectation that Renault will be able to further improve its profitability, despite slowing growth rates in some mature automotive markets like Western Europe and a stiffening competition. At the same time, the outlook reflects our expectation of a continuation of Renault s prudent financial policy, healthy liquidity and balanced debt maturity profile. The positive outlook further reflects our expectation that Renault s business setup has the capacity to contend with the longterm cyclicality in the global passenger vehicle markets and its challenging operating environment as a result of heavy investment requirements for (1) alternative propulsion technologies; (2) driverless vehicles; (3) the shift of production capacities towards alternative fuel vehicles; (4) connectivity; and (5) regulations related to vehicle safety, emissions and fuel economy. Factors that could lead to an upgrade We could consider a ratings upgrade if Renault were able to increase its profitability, aided by a successful execution of its strategy in the C and D segments and further cost efficiencies, while turning its high exposures to Russia and Latin America to an earnings enhancing factor because these markets are expected to recover over the next two years. An upgrade would also require Renault to successfully execute its expansion plans in China and, more generally, enhance its geographical profile over time, and maintain balanced financial policies and a solid liquidity profile. Quantitatively, upward pressure on the ratings could materialise if Renault achieves and then maintains a reported operating margin for its automotive division at or above 5% (excluding the share of income from Nissan), Moodys-adjusted debt/ebitda sustainably below 2x and a continuously positive annual Moody's-adjusted FCF of above 500 million. Factors that could lead to a downgrade Downward pressure on Renault's ratings could materialise if its strategy of building a consistently profitable model range and infrastructure were to be unsuccessful or if the company were to face declining market shares in key markets. More aggressive financial policies causing a deterioration in the company's financial profile or liquidity, or both, could also trigger a downgrade. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 2

3 Downward pressure on the ratings could materialise if the company's (1) reported operating margin for its automotive division were to remain sustainably in the low-single-digit range (in percentage terms), (2) Moody's-adjusted debt/ebitda were to increase towards 3.5x, or (3) FCF were to remain negative for a prolonged period. Key indicators Exhibit 2 Renault S.A. (automotive only) Dec-13 Dec-14 Dec-15 Jun % 5.2% 7.3% 7.7% 8.9% 7.5% EBITA Margin (excl. Nissan contribution) % -0.6% 1.2% 2.7% 4.1% 4.0% 3.4% Operating Margin % -1.2% 1.2% 2.9% 3.9% 3.8% 3.4% 3.5x 3.2x 2.4x 2.2x 1.7x 1.9x (Cash + Mkt Sec) / Debt 96.7% 100.5% 107.5% 105.3% 106.8% 108.4% RCF / Debt 16.0% 17.0% 20.1% 24.5% 21.3% 22.2% FCF / Debt 4.2% 7.1% 7.8% 8.1% 4.1% 4.6% 2.4x 4.0x 5.9x 7.8x 9.4x 9.1x Renault S.A. (automotive only) EBITA Margin % [1] Debt / EBITDA EBITA / Interest Expense All figures and ratios are calculated using Moody's estimates and standard adjustments; EBITA margin % includes equity-accounted contributions from Nissan; = Last 12 months. Profile Headquartered in Boulogne-Billancourt, France, Renault S.A. (Renault) is Europe's third-largest car manufacturer by unit sales. In addition to the Renault brand, the company manufactures cars under the Dacia, Renault Samsung Motors (South Korea), Alpine and Lada (Russia) brands. Moreover, Renault provides financing to dealers and end customers through its wholly owned finance company, RCI Banque (1 positive, baa3). In 2017, the company sold 3.8 million vehicles and reported total revenue of 58.8 billion. Renault currently holds a 43.4% equity stake in Nissan Motor Co., Ltd (Nissan). As of 31 December 2017, Renault s largest shareholders were the Government of France (Aa2 positive) and Nissan, both of which owned 15.0% of its total share capital, while Nissan does not hold any voting rights. Detailed credit considerations The renewal of model range supported volume growth beyond the strong recovery in the European car market According to ACEA, Renault increased its market share in Europe (European Union + European Free Trade Association countries) in 2018 slightly to 10.5% from 10.4% in This constitutes a volume increase of 0.8%, with Renault outperforming the market, which remained flat in 2018 compared to 2017, as well as its direct competitors, such as Fiat Chrysler Automobiles N.V. (Ba2 stable, -2.3% volume growth; 6.5% market share) and Ford Motor Company (Ford, 3 negative, -2.4%; 6.4%). The company's solid performance was aided by the continued renewal of Renault's lineup over the past three years, particularly in the C and D segments. Recent product launches include Renault's new pickup Alaskan, the renewed Renault Koleos, as well as the renewed Dacia Duster. The improved commercial performance in Europe illustrated a good market acceptance of the new models, enhancing the resilience of the group's automotive segment, which resulted in an improved profitability and cash flow generation in its core operations. Geographical profile somewhat focused on Europe, although international sales contribution is expected to increase Renault is predominantly present in Europe but also has exposures to Africa and the Middle East, Eurasia, Latin America and Asia Pacific. Europe remains by and large the principal contributor to the company's volume (52% in H1 2018), with France being the company's single largest market (19%). 3

4 Exhibit 3 Exhibit 4 High exposure to a very competitive European market Renault remains the main brand of the group Global car registrations of Renault by region (in units) Global car registrations of Renault by brand (in units) Europe Africa Middle-East India 5% Americas 5% 19% 19% Eurasia Asia-Pacific 8% 18% 10% 10% 10% 14% 14% 12% 52% 51% 52% FY 2016 FY 2017 H FY2016 figures restated to include AVTOVAZ (Lada) in Russia, consolidated first time in Source: Renault's earnings reports Renault Dacia 3% Lada Renault Samsung Motors 3% Jinbei & Huasong 4% 2% 9% 8% 9% 17% 17% 72% 71% 67% FY 2016 FY 2017 H % FY2016 figures restated to include AVTOVAZ (Lada) in Russia, consolidated first time in 2017; Jinbei & Huasong JV in China reported since January Source: Renault's earnings reports The proportion of international unit sales remained relatively constant during the last two years, reflecting strong growth in the Americas and the Asia Pacific regions (18% and 70% growth in car registration units in H from that in H1 2017), driven by Brazil and Argentina, as well as the integration of the Chinese joint venture (JV), while unit sales in the Africa, Middle East and India region have declined as a result of the sanctions on the Iran business (-5%). Unit sales in the Eurasia region continue to grow strongly (+15%), mainly driven by the success of the new Lada models Lada Vesta and XRAY particularly in Russia. We expect the recovery in Brazil and Russia to continue to mitigate the ongoing slowdown in the European market growth. Renault is absent in the US and only modestly present in China, where it launched its first locally produced vehicle, the Kadjar, in The car is manufactured in the new plant in Wuhan (an initial capacity of 150,000 vehicles per year), a project undertaken jointly with the Chinese car manufacturer Dongfeng Motor (A2 stable). In January 2018, Renault also started selling light commercial vehicles through its newly established Chinese JV, Jinbei & Huasong, to increase its penetration in the Chinese market. In H1 2018, Renault sold 84,750 vehicles through the JV and increased its unit sales in the Asia Pacific region to 170,324 units, up from 100,465 in H We expect Renault to further grow its volume in China in 2019, despite challenging market conditions. Recently increased profitability through ongoing cost-efficiency measures and volume gains Renault's profitability has sustainably increased in the years to 2016, with its reported operating income margin of the automotive division (always excluding the contribution from associates and JVs on a reported and adjusted basis) growing to 4.8% from 1.1% in 2014, and could be maintained at this improved level with 4.7% in Similarly, on a Moody's-adjusted basis, Renault's operating margin stood at 3.8% in 2017, up from 1.2% in Renault consolidated for the first time AVTOVAZ in 2017, which had a slight dilutive effect on its margins, recording a Moody's-adjusted operating margin of 3.4% as of the 12 months ended June This improvement was supported by the ongoing cost-efficiency measures and a volume increase (including sales to partners), fueled by the positive sales momentum across all segments since the last three years. The successful execution of new model launches enabled the company to benefit from better margins on a broader portion of its product offering. For the next months, we expect the European market to soften from high levels and the emerging markets, such as Brazil and Russia, to continue to recover and drive volume growth. The Moody's-adjusted EBITA margin used in our rating methodology includes Nissan's sizeable at-equity income, but it does not capture the share of Nissan's revenue. Hence, it was inflated at 7.5% as of the 12 months ended June 2018 (8.9% in 2017). Excluding the at-equity income in Nissan, Renault's EBITA margin stood at 3.4% as of the 12 months ended June 2018, around the level of some 4

5 of its peers we rate, such as Peugeot S.A. (Ba1 positive) (3.7% in 2017 and 3.7% in the 12 months ended June 2018) and Volvo Car AB (Ba1 stable) (5.5% in 2017 and 4.5% in the 12 months ended September 2018). We acknowledge Renault's commitment to pursue its efforts at building a more efficient and sustainable cost structure through ongoing cost reductions, as well as synergies achieved through its alliances with Nissan and Mitsubishi and, to a lower extent, Daimler AG (A2 stable). In Renault's new strategic midterm plan published in October 2017, the company aims to achieve an ambitious growth target of more than 70 billion in revenue (at constant currency) by 2022, constituting a compound annual growth rate of 3.8% from 2017 group revenue of 58.8 billion. At the same time, the company targets an operating margin of more than 7.0% by 2022 while maintaining a positive operational automotive FCF every year. The alliance with Nissan and Mitsubishi offers material synergies; further acceleration expected Renault and Nissan maintain a long-standing partnership, which dates back to Renault currently holds a 43.4% stake in Nissan, which is accounted for at-equity. Nissan is well positioned in the North American, Chinese and Japanese car markets, thereby adding additional geographical diversification to Renault's home markets. The share of income from Nissan is an important contributor to Renault's earnings. In 2017, the at-equity income (mainly from Nissan) amounted to 2.8 billion compared with 2.6 billion of Renault's reported operating profit (automotive only, including AVTOVAZ). Moreover, the dividends received from Nissan, which amounted to 710 million for the full-year 2017, are adding positively to the company's cash flow from operations and help fund to a large extent Renault's dividends to its shareholders ( 916 million in 2017). Recent developments around the arrest of Renault's chairman and CEO and former chairman of Nissan and Mitsubishi have created some uncertainty about the sustainability or potential changes to the alliance. A breakup would certainly have a negative impact on Renault's credit risk. Nonetheless, we expect Renault to continue to leverage its partnership with Nissan because the integration has been enhanced since 2014, with new joint projects in the areas of R&D, manufacturing and logistics, purchasing and human resources, which are gaining increased traction, thereby supporting a more competitive unit cost per vehicle. Moreover, Renault increased the amount of standardised modules with Nissan to over 130 modules, representing over 60% of vehicle value in 2017, doubling from around 30% in Mitsubishi joined the alliance in October 2016 after Nissan bought a 34% stake in the company, which should allow for further cost sharing. Together, the three companies reached sales of over 10.6 million units in 2017, being among the largest global original equipment manufacturers, together with Volkswagen and Toyota Motor Corporation (Aa3 stable), which reported 10.9 million and 10.4 million vehicles sold in the same year, respectively. By the end of the 2022 plan, Renault expects 80% of the model sold to be built on shared platforms (up from less than 25% in 2016). Besides strengthening the ties between the two companies, these projects yielded synergies of 5.7 billion in 2017 (versus 5.0 billion in 2016 and 4.3 billion in 2015), of which a little less than half benefited Renault, supporting the company's efficiency and credit quality. By the end of the 2022 plan, Renault expects to have doubled the R&D synergies with the alliance, representing a 25% capacity increase. Ranks first by battery electric vehicles sales in Europe but contribution still modest; stricter regulations on CO2 emissions increase investment needs Like its competitors, Renault faces stricter rules set by the European Union on allowed CO2 emissions levels. For 2017, Renault recorded CO2 emissions of 112 g/km on average for its fleet, ranking second after Toyota (103 g/km) and similar to that of Peugeot (112 g/ km). Renault plans to achieve its imposed target by 2021, which we estimate to be somewhat around the industry-average target of 95 g/km, through an increased share of battery electric vehicle (BEV) and plug-in hybrid electric vehicle, vehicle optimisations and electrification of internal combustion engines. By the end of its 2022 plan, Renault's aim is to offer eight pure electric vehicle models (five new and three renewals), which are planned to represent around 20% of its overall volume. Renault indicated that capital expenditure will further increase in 2019 from the currently elevated level of 4.7 billion in net Capex and R&D expenses (incl. AVTOVAZ) in 2017 ( 4.2 billion in 2016), but will decrease again by the end of 2022, to remain below the company's self-imposed 9% consolidated revenue ceiling. A rise in capital spending and R&D spending is required to meet future emissions reduction targets, roll out alternative fuel vehicles, and invest in autonomous driving technologies and mobility services. 5

6 Renault is the BEV market leader in Europe, with 35,535 units (+38%, excluding Twizy) sold in 2017 (25,648 in 2016), accounting for 23.8% of the total BEVs sold in Europe (European Union + European Free Trade Association countries) in the same year. The Renault ZOE, the company's best selling BEV, recorded 31,302 unit sales in 2017 (21,735 in 2016). However, the share of BEVs in Renault's total sales is still marginal, with just about 1.9% of European sales in The Renault-Nissan-Mitsubishi alliance should help combat stricter environmental regulations through joint electrification efforts. As of today, the alliance holds the largest share of the global electric car market, having sold over 680,000 units combined (as of January 2019) since the introduction of the Nissan LEAF in 2010 and the Renault ZOE in Under a new aligned electrification strategy between Renault and Nissan (Mitsubishi has not joined yet), the companies will no longer develop their own electric car platforms for upcoming models and instead exclusively use a new developed shared platform for the B and C segments from onwards. This step should generate further synergies, such as joint purchases and sharing of development costs, and allow for a more competitive selling price of future BEV models developed under the alliance. However, while the two companies will share the same platforms, as well as the engines and the batteries, they will still develop their own designs and do their own branding. Continued positive FCF and improving credit metrics until recently We acknowledge that Renault has consistently generated a positive FCF, partly helped by significant working capital releases, with annual capital spending at around 2.9 billion on average over the last five years, a prudent dividend policy and a sizeable dividend contribution from Nissan. In 2017, Renault's Moody's-adjusted FCF amounted to 0.5 billion ( 1.0 billion in 2016), aided by higher profitability and a 0.5 billion working capital inflow, and despite an increased dividend payment of 1.0 billion and capital spending. FCF represented 4.1% of Moody's-adjusted debt (8.1% in 2016). We expect Renault's FCF generation to remain positive for the next months, despite rising investments in product and technology development and R&D requirements to meet stricter emissions standards. Moreover, Renault's Moody's-adjusted leverage (debt/ebitda) remained adequate at 1.9x as of June 2018 (compared with 2.2x in 2016 and 1.7x in 2017), mainly because of sustainably improved profitability. Liquidity analysis Renault has a robust liquidity profile. As of 30 June 2018, Renault's principal sources of liquidity consisted of (1) cash and cash equivalents on the balance sheet, amounting to 12.1 billion; (2) undrawn committed credit lines of 3.5 billion; (3) short-term investments of 1.4 billion; and (4) expected positive funds from operations over the next 12 months. These cash sources provide good coverage for liquidity requirements that could arise during the next 12 months. These requirements consist of short-term debt maturities of around 0.7 billion, capital spending, working capital funding, day-to-day needs and expected dividend payments. Methodology and scorecard Under our global Automobile Manufacturer Industry rating methodology, Renault maps to a grid-indicated rating of 2 on the basis of its financials for the 12 months ended June 2018, which is one notch above the assigned 3 rating. When considering our month forward view, the grid also indicates 2. The grid-indicated outcome is a point-in-time snapshot at the peak of the industrial cycle; hence, it does not take into account the cyclicality of the industry and the product life cycle of car manufacturers. Moreover, the EBITA margin used in our grid is somewhat inflated by the fact that Nissan's contribution is included in the profit but not in the sales. Similarly, debt/ebitda included in the grid does not include Nissan's debt, while the EBITDA includes Nissan's equity contribution. 6

7 Exhibit 5 Rating factors Renault S.A. Auto Manufacturer Industry Grid [1][2] Current 6/30/2018 Measure Score a) Trend in Global Unit Share Over Three Years b) Market Position and Product Breadth/Strength 7.5% 7% - 8% Factor 1 : Business Profile (40%) Moody's Month Forward View As of 1/9/2019 [3] Measure Score Factor 2 : Profitability and Efficiency (20%) a) EBITA Margin Factor 3 : Leverage and Coverage (30%) a) Debt / EBITDA 1.9x A 1.8x - 2x A b) (Cash + Marketable Securities) / Debt 108.4% A 100% - 110% A c) RCF / Debt 22.2% 22% - 24% d) FCF / Debt 4.6% B 4% - 6% Ba e) EBITA / Interest Expense 9.1x A 9x - 10x A Factor 4 : Financial Policy (10%) a) Financial Policy Rating: a) Indicated Outcome from Scorecard 2 2 b) Actual Rating Assigned 3 [1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2] As of 6/30/2018(L); [3] This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures. 7

8 Appendix Exhibit 6 Selected historical Moody's-adjusted financial data Renault S.A. (automotive only) (in EUR Millions) Jun-18 Revenue 38,414 38,518 42,744 48,565 55,878 56,218 EBITDA 3,408 4,011 5,182 5,826 7,200 6,431 EBITA 1,250 2,005 3,122 3,730 4,999 4,215 INCOME STATEMENT EBITA (excl. Nissan contribution) ,146 1,989 2,208 1,907 EBIT 1,149 1,925 3,071 3,633 4,885 4,121 OPERATING PROFITS ,244 1,908 2,139 1,888 Interest Expense Cash & Cash Equivalents 11,679 12,734 13,046 13,285 12,988 13,493 Total Debt 12,076 12,676 12,141 12,618 12,156 12,445 Funds from Operations 2,477 2,717 3,060 3,904 3,636 3,893 CASH FLOW FROM OPERATIONS 3,267 3,313 3,668 4,217 4,160 4,442 Capex = Capital Expenditures 2,205 1,856 2,102 2,382 2,607 2, ,049 1,135 BALANCE SHEET CASH FLOW Dividends Retained Cash Flow 1,927 2,158 2,440 3,095 2,587 2,758 RCF / Debt 16.0% 17.0% 20.1% 24.5% 21.3% 22.2% Free Cash Flow (FCF) FCF / Debt , % 7.08% 7.79% 8.13% 4.15% 4.56% PROFITABILITY % Change in Sales (YoY) -1.1% 0.3% 11.0% 13.6% 15.1% 6.6% EBIT Margin % 3.0% 5.0% 7.2% 7.5% 8.7% 7.3% EBITA Margin % 3.3% 5.2% 7.3% 7.7% 8.9% 7.5% EBITA Margin (excl. Nissan contribution) % EBITDA Margin % -0.6% 1.2% 2.7% 4.1% 4.0% 3.4% 8.9% 10.4% 12.1% 12.0% 12.9% 11.4% Operating Margin % -1.2% 1.2% 2.9% 3.9% 3.8% 3.4% EBIT / Interest Expense 2.2x 3.8x 5.9x 7.6x 9.2x 8.9x EBITDA / Interest Expense 6.4x 8.0x 9.9x 12.1x 13.5x 13.9x Debt / EBITDA 3.5x 3.2x 2.3x 2.2x 1.7x 1.9x Net Debt / EBITDA 0.1x 0.0x -0.2x -0.1x -0.1x -0.2x INTEREST COVERAGE LEVERAGE All figures and ratios are calculated using Moody's estimates and standard adjustments. 8

9 Exhibit 7 Moody's-adjusted debt breakdown Renault S.A. (automotive only) Dec-13 Dec-14 Dec-15 Jun-18 10, , , , , , , , , , , , , , , , , ,445.0 (in EUR Millions) Dec-13 Dec-14 Dec-15 Jun-18 As Reported EBITDA 4, , , , , , Capitalized Development Costs , ,417.0 Unusual , , , , , ,431.0 (in EUR Millions) As Reported Debt Pensions Operating Leases Non-Standard Adjustments Moody's-Adjusted Debt All figures are calculated using Moody s estimates and standard adjustments. Exhibit 8 Moody's-adjusted EBITDA breakdown Renault S.A. (automotive only) Pensions Operating Leases Moody's-Adjusted Debt All figures are calculated using Moody s estimates and standard adjustments. Exhibit 9 Peer snapshot Renault S.A. (automotive only) (in US millions) Revenue Renault S.A. Nissan Motor Co., Ltd. Peugeot S.A. Fiat Chrysler Automobiles N. 3 Positive A2 Negative Ba1 Positive Ba2 Positive Volvo Car AB Ba1 Stable Jun-18 Mar-17 Mar-18 Sep-18 Jun-18 Sep-18 Sep-18 $28,511 $53,735 $63,135 $67,066 $99,316 $97,515 $96,449 $59,621 $73,548 $90,859 $122,636 $125,127 $135,084 $21,159 $24,722 EBITA Margin % 7.7% 8.9% 7.5% 5.9% 4.5% 3.9% 4.0% 3.7% 3.7% 3.9% 5.5% 5.8% 5.0% 5.5% 4.5% Operating Margin % 3.9% 3.8% 3.4% 5.1% 3.1% 2.3% 3.8% 3.6% 3.8% 3.7% 4.9% 5.2% 4.3% 4.9% 4.0% Debt / EBITDA 2.2x 1.7x 1.9x 0.4x 0.5x 0.5x 2.8x 3.1x 2.9x 3.5x 2.4x 2.0x 2.1x 1.9x 1.8x 105.3% 106.8% 108.4% 240.4% 239.9% 234.6% 110.0% 94.6% 103.3% 57.1% 51.7% 54.7% 124.3% 100.2% 86.4% RCF / Debt 24.5% 21.3% 22.2% 201.3% 145.6% 135.6% 27.3% 23.8% 27.7% 24.8% 33.9% 43.7% 49.0% 43.0% 42.7% FCF / Debt 8.1% 4.1% 4.6% 121.6% 36.6% -3.0% 8.3% -2.0% 6.3% 5.8% 4.7% 16.4% 22.4% -9.5% 4.3% 7.8x 9.4x 9.1x 22.3x 17.9x 14.7x 3.5x 4.1x 4.5x 1.9x 3.3x 3.8x 5.8x 7.5x 6.0x (Cash + Mkt Sec) / Debt EBITA / Interest Expense All figures and ratios are calculated using Moody s estimates and standard adjustments. = Fiscal year-end. = Last 12 months. 9

10 Ratings Exhibit 10 Category RENAULT S.A. Outlook Issuer Rating Senior Unsecured -Dom Curr Commercial Paper -Dom Curr Other Short Term -Dom Curr Moody's Rating Positive 3 3 P-3 (P)P-3 BANCO RCI BRASIL S.A. Outlook Bank Deposits -Fgn Curr Bank Deposits -Dom Curr Stable Ba3/NP Ba1/NP RCI BANQUE SUCURSAL ARGENTINA Outlook Issuer Rating -Dom Curr Stable Ba2 RCI BANQUE Outlook Bank Deposits Senior Unsecured Subordinate MTN -Dom Curr Commercial Paper Other Short Term -Dom Curr Positive 1/P-2 1 (P)Ba1 P-2 (P)P-2 ROMBO COMPANIA FINANCIERA S.A. Outlook Bank Deposits -Fgn Curr Bank Deposits -Dom Curr Senior Unsecured -Dom Curr NSR Senior Unsecured NSR Senior Unsecured MTN Stable B3/NP Ba3/NP Ba3 Aa1.ar Aa1.ar Source: Moody's Investors Service 10

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MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody s publications. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Moody s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody s Corporation ( MCO ), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY S affiliate, Moody s Investors Service Pty Limited ABN AFSL and/or Moody s Analytics Australia Pty Ltd ABN AFSL (as applicable). This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act By continuing to access this document from within Australia, you represent to MOODY S that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act MOODY S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ( MJKK ) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody s SF Japan K.K. ( MSFJ ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. REPORT NUMBER

12 CLIENT SERVICES 12 Americas Asia Pacific Japan EMEA