Renault S.A. Update to credit analysis following change in outlook. CREDIT OPINION 12 March Update. Summary

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1 CREDIT OPINION Renault S.A. Update to credit analysis following change in outlook Update Summary RATINGS Renault S.A. Domicile France Long Term Rating 3 Type LT Issuer Rating - Fgn Curr Outlook Stable 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 good geographical diversity; (2) its long established strategic alliance with Nissan Motor Co., Ltd (Nissan, A2 RUR Down) 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 entry-level 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 E Operating margin before contribution from associates and joint ventures (JVs). For the 12 months ended June 2018 and 2018E (based on preliminary results). Source: Moody's Financial Metrics Renault's profitability remains below that of other investment-grade-rated global automotive manufacturers (a reflection of Renault's market position in the lower-priced vehicles) and, moreover, has eroded over the 12 months ended December 2018 to 3.3% against our expectations. The deterioration in Renault's profitability during the course of 2018 and our expectation that the group's profitability will not improve to a level commensurate with a 2 long term issuer rating (namely reported operating profit margin post exceptionals at or above 5%) within the next 12 to 18 months has been a key driver of our decision to change the outlook on Renault's rating to stable from positive on 07th March 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 approximately 50% of unit sales in 2018 and where growth is expected to soften, although mitigated by expected continued recovery in Russia and Brazil;

2 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 automobile division profitability» Uncertainty about the future stability and continuation of the alliance with Nissan and Mitsubishi Rating outlook The stable outlook anticipates that Renault will be able to maintain its operating profitability around current levels and to maintain its Moody s adjusted Debt/EBITDA ratio well below 3.5x. The stable outlook also anticipates a continuation of Renault's prudent financial policy, healthy liquidity supported by positive free cash flow generation and balanced debt maturity profile. The stable outlook further reflects Moody's expectation that Renault's business setup has the capacity to contend with the long-term cyclicality within the global passenger vehicle markets and its challenging landscape 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 as well as (5) regulations relating to vehicle safety, emissions and fuel economy. Factors that could lead to an upgrade We could consider a rating 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 key indicators Dec-14 Dec-15 Jun-18 EBITA Margin % [1] 5.2% 7.3% 7.7% 8.9% 7.5% 6.1% EBITA Margin (excl. Nissan contribution) % 1.2% 2.7% 4.1% 4.0% 3.4% 3.3% Moody's adjusted operating income margin 1.2% 2.9% 3.9% 3.8% 3.4% 2.8% Debt / EBITDA 3.2x 2.4x 2.2x 1.7x 1.9x 2.1x 100.5% 107.5% 105.3% 106.8% 108.4% 110.5% RCF / Debt 17.0% 20.1% 24.5% 21.3% 22.2% 22.9% FCF / Debt 7.1% 7.8% 8.1% 4.1% 4.6% 1.1% EBITA / Interest Expense 4.0x 5.9x 7.8x 9.4x 9.1x 10.0x Renault S.A. (automotive only) (Cash + Mkt Sec) / Debt Dec-18E (1) (1) 2018E are based on preliminary results reported by Renault and are therefore estimates All figures and ratios are calculated using Moody's estimates and standard adjustments; EBITA margin % includes equity-accounted contributions from Nissan; =Last 12 months; 2018E are based on 2017 adjustments as Renault has not yet disclosed its annual report with footnotes Source: Moody's Financial Metrics 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 2018, the company sold close to 3.9 million vehicles and reported total revenue of 57.4 billion. Renault currently holds a 43.4% equity stake in Nissan Motor Co., Ltd (Nissan). As of 31 December 2018, 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 (~50% in 2018), with France being the company's single largest market (18%). 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% 10% 10% Eurasia Asia-Pacific 8% 19% Renault Dacia 3% Lada Renault Samsung Motors 3% 8% 9% 17% 17% Jinbei & Huasong 4% 2% 10% 18% 11% 14% 14% 52% 51% 49% FY 2016 FY % FY2016 figures restated to include AVTOVAZ (Lada) in Russia, consolidated first time in 2017 Source: Renault's earnings report 72% 71% FY 2016 FY % 2018 FY2016 figures restated to include AVTOVAZ (Lada) in Russia, consolidated first time in 2017; Jinbei & Huasong JV in China reported since January 2018 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 (12% and 68% growth in car registration units in 2018 y-o-y), driven by Brazil, as well as the integration of the Chinese joint venture (JV), while unit sales in the Africa, Middle East and India region have declined close to 16% as a result of the sanctions on the Iran business and weak sales in India (-5%). Unit sales in the Eurasia region increased 2%, mainly driven by the success of the new Lada models Lada Vesta and XRAY particularly in Russia whilst the Turkish market was challenging. We expect the recovery in Brazil and Russia to continue to mitigate the ongoing slowdown in the European market growth in Renault is absent in the US and only modestly present in China, where it launched, early 2016, its first locally produced vehicle the Kadjar, followed end 2016 by the Koleos. The cars are 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 2018, Renault sold 165,603 vehicles through the JV and increased its unit sales in the Asia Pacific region to 329,744 units, up from 195,290 in H We expect Renault to further grow its volume in China in 2019, despite challenging market conditions. Renault's profitability improvements have stalled in 2018 after good progress made in prior years 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 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. Renault's profitability has deteriorated in Renault posted a reported operating profit margin for its automotive business of 3.3% in 2018 (4.3% excluding impairments, capital gains on disposals and restructuring charges), down 130bps from June 2018 and 140bps from fiscal year end 2017 (down 40bps year-on-year pre-exceptionals). The deteriorating operating profitability was mainly linked to lower volumes, raw material cost inflation and negative currency effects whilst Renault s cost cutting efforts under its Monozukuri programme fell slightly below expectations ( 421 million savings and 362mio net of G&A increases). The sharp increase in exceptionals (~ 500 million increase in impairments, capital gains and restructuring charges) also negatively impacted the group s operating profitability post exceptionals. 4

5 Going into 2019 Renault will face a challenging comparison basis for the first six months of the year against a difficult market backdrop in New product launches mainly in the second half of the year, an acceleration of cost cutting measures and a recovery from a very low basis in certain emerging markets gives us, however, some comfort that Renault can stabilize its operating profitability at current levels. 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 still inflated at an estimated 6.1% as of the 12 months ended December 2018 (8.9% in 2017) notwithstanding that the at-equity income from Nissan reduced markedly in 2018 to 1,524 million from 2,784 million in Excluding the at-equity income in Nissan, Renault's EBITA margin stood at 2.8% as of the 12 months ended December 2018, below the level of some 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 5-year 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. With the negative development in 2018 we believe that this target will be very challenging to achieve. 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 2018, the at-equity income (mainly from Nissan) amounted to 1.5 billion ( 2.8 billion in 2017) compared with 2.4 billion of Renault's reported operating profit pre-exceptionals (automotive only, including AVTOVAZ). Moreover, the dividends received from Nissan, which amounted to 784 million for the full-year 2018, are adding positively to the company's cash flow from operations and help fund to a large extent Renault's dividends to its shareholders ( 1,027 million in 2018). On 12th March 2019, the alliance members announced the creation of an alliance board composed of Renault, Nissan and Mitsubishi Motors. The new alliance board will be focused on overseeing the operations and the execution of projects. The new board will be composed of four members: the Chairman of Renault, the CEO of Renault, the CEO of Nissan and the CEO of Mitsubishi Motors. All the operating decisions will be consensus-based. All members of the alliance have confirmed that they won't be any changes in cross shareholdings for the time being. The creation of a new alliance board with a more balanced and consensus-based decision making process is supportive of the long viability of the alliance and should support the achievement of cost synergies over time. 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. 5

6 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 4.6 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. Renault is the BEV market leader in Europe, with units (+38%, excluding Twizy) sold in 2018, accounting for 22.2% 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 39,458 unit sales in 2018 (+26.1% y-o-y). However, the share of BEVs in Renault's total sales is still marginal, with just about 2.5% 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 3.3 billion on average over the last five years, a prudent dividend policy and a sizeable dividend contribution from Nissan. In 2018, Renault's Moody's estimated adjusted FCF amounted to around 0.2 billion ( 0.5 billion in 2017). The estimated 2018 FCF represented around 1% of Moody's-adjusted debt (4.1% in 2017). 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 an estimated 2.1x as of December 2018 (compared with 1.7x in 2017). Liquidity analysis Renault has a robust liquidity profile. As of 31 December 2018, Renault's principal sources of liquidity consisted of (1) cash and cash equivalents on the balance sheet, amounting to 11.8 billion; (2) undrawn committed credit lines of 3.5 billion; (3) current financial assets 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 3.3 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 December 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 6

7 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. Exhibit 5 Rating Factors Renault S.A. Auto Manufacturer Industry Grid [1][2] Measure Score Moody's Month Forward View As of 1/9/2019 [3] Measure a) Trend in Global Unit Share Over Three Years b) Market Position and Product Breadth/Strength 7.5% 5% - 6% Ba Factor 1 : Business Profile (40%) Current 6/30/2018 Score Factor 2 : Profitability and Efficiency (20%) a) EBITA Margin Factor 3 : Leverage and Coverage (30%) a) Debt / EBITDA 1.9x A 2x - 2.2x A b) (Cash + Marketable Securities) / Debt 108.4% A 100% - 110% A c) RCF / Debt 22.2% 22% - 23% d) FCF / Debt 4.6% B 1% - 2% B e) EBITA / Interest Expense 9.1x A 9x - 9.5x A Factor 4 : Financial Policy (10%) a) Financial Policy Rating: a) Indicated Outcome from Scorecard 2 b) Actual Rating Assigned 2 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); Source: Moody s Financial Metrics [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. Source: Moody s Financial Metrics 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. Source: Moody s Financial Metrics 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. Source: Moody s Financial Metrics 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. Source: Moody s Financial Metrics 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 RUR Down 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. Source: Moody s Financial Metrics 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 Stable 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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12 Contacts 12 CLIENT SERVICES Stanislas Duquesnoy VP-Sr Credit Officer Matthias Hellstern MD-Corporate Finance Americas Asia Pacific Falk Frey Senior Vice President Timo Fittig Associate Analyst Japan EMEA