Renault S.A. · » Low, albeit improving, automobile division profitability Rating outlook ... the company manufactures cars under the Dacia, Renault Samsung Motors (South Korea),

CORPORATES

CREDIT OPINION17 January 2018

Update

RATINGS

Renault S.A.Domicile France

Long Term Rating Baa3

Type LT Issuer Rating - FgnCurr

Outlook Positive

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Analyst Contacts

Falk Frey +49.69.7073.0712Senior Vice [email protected]

Matthias Hellstern +49.69.7073.0745MD-Corporate [email protected]

Perrine Bajolle +49.69.7073.0902Associate [email protected]

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Renault S.A.Update following change of outlook to positive

SummaryRenault's Baa3 rating reflects (1) its position as one of Europe's largest car manufacturerswith a solid competitive position in France and satisfactory geographical diversity, (2) its longestablished strategic alliance with Nissan Motor Co., Ltd ('Nissan', A2 stable) and MitsubishiMotors ('Mitsubishi' unrated) which generates substantial synergies and at-equity income,(3) the recent renewal of its model range across all segments, in particular new launches inthe C and D segments, (4) the success of its entry-level range of cars which we believe willhelp the company continue to increase volumes, (5) the continued success of cost reductioninitiatives which leverage the benefits of increasing volumes of new vehicle sales to enhancemargins, and (6) its prudent financial policy, healthy liquidity and balanced debt maturityprofile.

Exhibit 1

Renault's profitability has sustainably recovered over the last three years

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

-2x

-1x

0x

1x

2x

3x

4x

5x

2011 2012 2013 2014 2015 2016 LTM

Moody's adjusted Debt/ EBITDA Moody's adjusted operating margin

Reported operating margin

Operating margin before contribution from associates and joint ventures. LTM (last twelve months) June 2017Source: Moody's Financial Metrics

The rating is supported by the progress made by Renault in order to improve its profitabilityas evidenced by a higher Moody's-adjusted operating margin of its automotive divisionof 3.7% for LTM June 2017 (4.0% in 2016 versus -1.2% in 2013). This margin neverthelessremains below that of other investment-grade rated global automotive manufacturers.We expect that Renault will further improve this level of profitability over the next 18 to24 months supported by a recovery in the Brazilian and Russian car markets, ongoing costefficiency measures and further expansion into the SUV and Crossover segments whichenables the company to benefit from better margins on a broader portion of its productoffering.

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Furthermore, the rating incorporates (1) Renault's dependence on the contribution to its earnings and cash flows from Nissan'sdividends, (2) its high exposure to Europe (including France) representing 55% of unit sales in H1 2017, where growth is expected tosoften (Moody’s growth forecast for the European light vehicle registration is only +1.0% in 2018) mitigated however by an expectedrecovery in Russia and Brazil and (3) an expected rise in investments for capital expenditures and research and development which willconstrain future free cash flow generation even though the rating recognizes that Renault's free cash flow has remained consistentlypositive in the past few years, also supported by sizeable dividend income from its stake in Nissan.

Credit strengths

» Third largest car manufacturer in Europe

» Successful entry level model range and electric vehicles offering

» Increased cost efficiency through strategic alliance with Nissan/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 12-18 months

» Increased need for investment to cope with regulatory risk regarding fuel efficiency and emission reductions as well as for furtherdevelopment of alternative fuel vehicles

» Low, albeit improving, automobile division profitability

Rating outlookThe positive outlook anticipates that Renault will be able to further improve profitability despite slowing growth rates in some matureautomotive markets like Western Europe and a stiffening competition. At the same time the outlook anticipates a continuation ofRenault’s prudent financial policy, healthy liquidity and balanced debt maturity profile.

The positive outlook further reflects Moody's expectation that Renault’s business setup has the capacity to contend with the long-termcyclicality 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 upgradeWe could consider an upgrade if Renault were able to increase its profitability aided by a successful execution of its strategy in the Cand D segments and further cost efficiencies, whilst demonstrating its strong exposures to Russia and Latin America to become anearnings enhancing factor while these markets are expected to recover over the next 2 years.

An upgrade would also require that Renault executes successfully on its expansion plans in China, and, more generally, enhances itsgeographic profile over time, maintains balanced financial policies and a solid liquidity profile.

Quantitatively, upward pressure on the ratings could materialize if Renault achieves and then maintains a reported operating marginfrom its automotive division at or above 5% (excluding the share of income from Nissan), a Moodys-adjusted debt/EBITDA ratiosustainably below 2x and a continuously positive Moodys-adjusted free cash flow above €500 million per year.

Factors that could lead to a downgradeDownward pressure on Renault's ratings could build if its strategy of building a consistently profitable model range and infrastructurewere to be unsuccessful or if the company were to face declining market shares in key markets. More aggressive financial policiescausing a deterioration in the companys financial profile and/or liquidity 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 onwww.moodys.com for the most updated credit rating action information and rating history.

2 17 January 2018 Renault S.A.: Update following change of outlook to positive


Downward pressure on the ratings could materialize if the company's reported operating margin from its automotive division wereto remain sustainably in the low-single-digit range (in percentage terms), its Moodys-adjusted debt/EBITDA ratio were to increasetowards 3.5x or free cash flow were to remain negative for a prolonged period of time.

Key indicators

Exhibit 2

Renault S.A. (automotive only) Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

LTM

(Jun-17)

EBITA Margin % 3.9% 3.3% 5.2% 7.4% 7.8% 8.3%

Operating Margin % -0.6% -1.2% 1.2% 3.0% 4.0% 3.7%

Debt / EBITDA 3.2x 3.5x 3.2x 2.3x 1.8x 1.8x

(Cash + Mkt Sec) / Debt 90.7% 96.7% 100.5% 107.5% 120.5% 103.8%

RCF / Debt 15.6% 16.0% 17.0% 20.1% 28.6% 21.9%

FCF / Debt 4.3% 4.2% 7.1% 7.8% 9.5% 5.7%

EBITA / Interest Expense 3.0x 2.4x 4.0x 6.0x 7.9x 8.0x

All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. LTM (last twelve months) June 2017Source: Moody's Financial Metrics

ProfileHeadquartered in Boulogne-Billancourt, France, Renault S.A. ('Renault') is Europe's third largest car manufacturer by unit sales. Inaddition to the Renault brand, the company manufactures cars under the Dacia, Renault Samsung Motors (South Korea), Alpineand Lada (Russia) brands. Moreover, Renault provides financing to dealers and end-customers through its wholly-owned financecompany, RCI Banque (Baa1 stable, baa3). In 2016, the company sold 3.18 million vehicles and reported total revenues of €51.2 billion.Renault currently holds a 43.7% equity stake in Nissan Motor Co., Ltd ('Nissan', A2 stable). As of 31 December 2016, Renault’s largestshareholders were the French government and Nissan, which owned 19.7% and 15.0% of its total share capital, respectively.

Detailed credit considerationsRenewal of model range supported volume growth beyond strong recovery in the European car marketAccording to ACEA, Renault increased its market share in Europe (European Union + EFTA countries) in 2017 by 0.3 points to 10.4%compared to 2016. This constitutes a volume increase of 6.7%, outperforming the market, which recorded a 3.3% growth in 2017,as well as its direct competitors, such as Volkswagen AG (A3 negative, +2.1% volume growth; 23.8% market share) and Ford MotorCompany (Ford, Baa2 stable, -0.3%; 6.6%).

The company's strong performance was aided by the successful renewal of 35% of Renault's line-up in the past two years in particularin the C & D segment (Espace, Talisman, Kadjar, Megane, Scenic, etc.). The improved commercial performance in Europe proved a goodmarket acceptance of the new models, enhancing the resilience of the group's automotive segment which resulted in an improvedprofitability and cash flow generation in its core operations.

However, we note that the European pipeline will be weaker in 2018 but will gain momentum again in 2019. This lack of model launchin Europe in 2018 will be mitigated by a refreshed line-up in recovering emerging markets.

Geographic profile somewhat focused on Europe but international sales contribution expected to increaseRenault is predominantly present in Europe, but has also exposure to Africa and the Middle East, Eurasia, Latin America and Asia Pacific.Europe remains by and large the principal contributor to the company's volumes (55% for H1 2017) with France being the company'ssingle largest market (20%).



Exhibit 3

High exposure to a very competitive European marketGlobal car registrations of Renault by region (in units)

Exhibit 4

Renault remains the main brand of the groupGlobal car registrations of Renault by brand (in units)

57% 57% 55%

13% 15%13%

13% 11%10%

13% 11%17%

4% 5% 5%

FY 2015 FY 2016 H1 2017

Europe Africa Middle-East India Americas Eurasia Asia-Pacific

Note: AVTOVAZ (Lada) in Russia is consolidated for the first time in 2017Source: Renault Earnings Reports

78% 78%71%

20% 18%

18%

3% 3%

3%

8%

FY 2015 FY 2016 H1 2017

Renault Dacia Renault Samsung Motors Lada

Note: AVTOVAZ (Lada) in Russia is consolidated for the first time in 2017Source: Renault Earnings Reports

The proportion of international revenues continued to increase during the first half of 2017, reflecting strong growth in the Americaregion (+40% revenues growth compared to H1 2016) driven by Brazil and Argentina and in the Eurasia region (+71%) driven by Russia.Going forward, we expect the recovery in Brazil and Russia to continue mitigating then the expected slowdown of the European marketgrowth.

Renault is not present in the US and only modestly in China, where it launched its first locally produced vehicle, the Kadjar, in 2016.The car is manufactured in the new plant in Wuhan (initial capacity of 150,000 vehicles per year), a project undertaken jointly withChinese car manufacturer Dongfeng Motor (unrated). With 36,000 vehicles sold during H1 2017, Renault tripled the volume sold inChina compared to the same period in 2016, mainly thanks to the new crossover Koleos, launched in late 2016, produced locally andconfirming that SUVs are very successful with Chinese buyers. In 2018, we expect that Renault will further grow its volume sold inChina, from low levels in absolute terms though.

Increased profitability through ongoing cost efficiency measures and volume gainsRenault's profitability increased in 2016 with its reported operating margin of the automotive division (always excluding thecontribution from associates and joint ventures on a reported and adjusted basis) growing to 4.9% compared to 3.6% in 2015.Similarly, on a Moody's-adjusted basis, Renault's operating margin stood at 4.0% in 2016, up from 3.0% in 2015. Renault consolidatedfor the first time AVTOVAZ in 2017 which had a slight dilutive effect on margins which nevertheless remained at historic high levelswith a Moody's-adjusted operating margin of 3.7% as of LTM June 2017.

This improvement was supported by the ongoing cost efficiency measures and a volume increase (including sales to partners), fueledby the positive sales momentum in the European market since the last two years. The successful execution of new model launchesenabled the company to benefit from better margins on a broader portion of its product offering. For the next 12-18 months, weexpect the European market to soften from high levels and emerging markets such as Brazil and Russia to continue to recover and drivevolume growth.

The Moody's-adjusted EBITA margin used in our rating methodology includes Nissan's sizeable at-equity income but it does notcapture the share of Nissan's revenue. Hence, it is inflated at 8.3% as of LTM June 2017 (7.8% in 2016). Excluding the at-equity incomein Nissan, its EBITA margin stood at 4.0% as of LTM June 2017, being around the level of some of its rated peers such as Ford (4.2% in2016 and 2.8% LTM June 2017) and GM (5.1% in 2016 and 5.2% LTM June 2017).



We acknowledge Renault's commitment to pursue its efforts at building a more efficient and sustainable cost structure throughongoing cost reductions, as well as synergies achieved through its alliance with Nissan/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 growthtarget of more than €70 billion in revenues (at constant currency) by 2022, constituting a CAGR of 5.4% from 2016 group revenuesof €51.2 billion. At the same time the company targets an operating margin of more than 7.0% by 2022, while maintaining a positiveoperational automotive free cash flow every year.

Alliance with Nissan and Mitsubishi offers material synergies; further acceleration expectedRenault and Nissan maintain a long-standing partnership which dates back to 1999. Renault currently holds a 43.7% stake in Nissan,which is accounted for at-equity. Nissan is well positioned in the North American, Chinese and Japanese car markets, thereby addingadditional geographic diversification to Renault's home markets. The share of income from Nissan is an important contributor toRenault's earnings. In 2016, the at-equity income (mainly from Nissan) amounted to €1.6 billion compared to €2.3 billion of Renault'sreported operating profit (automotive only). Moreover, the dividends received from Nissan, which amounted to €728 million in the fullyear 2016, are also adding positively to the company's cash flow from operations and help fund to a large extent Renault's dividends toits shareholders (€701 million in 2016).

Going forward, we expect Renault will continue to leverage its partnership with Nissan as the integration has been enhanced since2014 with new joint projects in the areas of R&D, manufacturing and logistics, purchasing and human resources, which are gainingincreased traction, thus supporting a more competitive unit cost per vehicle. Moreover, Renault increased the share of standardizedmodules with Nissan to 65% by end 2016, doubling from 33% in 2013. By the end of the 2022 plan, Renault expects that 80% ofthe model sold will be built on shared platforms (up from less than 25% in 2016). Besides strengthening the ties between the twocompanies, these projects have yielded synergies of €5 billion in 2016 (versus €4.3 billion in 2015 and €3.8 billion in 2014), of whicha little less than half benefited Renault, supporting the company's efficiency and credit quality. By the end of the 2022 plan, Renaultexpects to have doubled the R&D synergies with the Alliance, representing a 25% capacity increase.

Mitsubishi has joined the alliance in October 2016 after Nissan bought a 34% stake in the company, which should allow for furthercost sharing. Together the three companies reached sales of close to 10 million units in 2016, constituting almost the size ofVolkswagen and Toyota, which reported 10.3 and 10.2 million vehicles sold in the same year, respectively.

#1 in battery electric vehicles sales in Europe but contribution still modest; stricter regulations on CO2 emissions increaseinvestment needsLike its competitors, Renault faces stricter rules set by the European Union on allowed CO2 emission levels. For 2016, Renault recordedCO2 emissions of 109.8 g/km on average for its fleet, ranking third after Peugeot Citroen (102.4 g/km in 2016) and Toyota (106.2 g/km). Renault plans to achieve its imposed target by 2021, which we estimate to be somewhat around the industry average target of95 g/km, through an increased share of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (P-HEV), vehicle optimizationsand electrification of internal combustion engines. By the end of its 2022 plan, Renault's ambition is to offer 8 pure EV models (5new and 3 renewals) which are planned to represent around 20% of overall volumes. Renault indicated that capex and R&D spendingwill increase in 2018 and 2019 from the 2016 levels but will decrease again by the end 2022 below the company's self imposed 9%of consolidated revenues ceiling. A rise in capex and R&D spending is required to meet future emission reduction targets, roll outalternative fuel vehicles and invest in autonomous driving technologies and mobility services.

We positively note that Renault is the BEV market leader in Europe with 25,648 units (excluding Twizy) sold in 2016, accounting for28% of the total 90,795 BEVs sold in Europe (EU + EFTA) in the same year. The Renault ZOE, the companies best selling BEV, recorded21,735 unit sales. However, the share of BEVs on Renault's total sales is still marginal with just about 1% in 2016.

The Renault/Nissan/Mitsubishi alliance should help to 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 527,762 units combined (as of 2017/11/30)since the introduction of the Nissan LEAF in 2010 and the Renault ZOE in 2012. Under a new aligned electrification strategy betweenRenault and Nissan (Mitsubishi has not joined yet) they will no longer develop their own electric car platforms and instead exclusivelyuse a new developed shared platform for the B and C segments from 2020/21. This step should release further synergies, such as jointpurchases 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 comeup with their own designs and do their own branding.

Continued positive free cash flow and improving credit metricsWe acknowledge that Renault has consistently delivered a positive free cash flow, partly helped by significant working capital releases,a capex at around €2.8 billion on average over the last 5 years, a prudent dividend policy and a sizeable dividend contribution fromNissan. In 2016, Renault's Moody's-adjusted free cash flow amounted to €1.0 billion (slightly up year-on-year) aided by higherprofitability and a large working capital inflow. Free cash flow represented 9.5% of Moody's-adjusted debt (7.8% in 2015). Weexpect Renault's free cash flow generation will remain positive for the next 12-18 months, despite rising investments in product andtechnology development and R&D requirements in order to meet stricter emissions standards.

Moreover, Renault's Moody's-adjusted leverage (debt/EBITDA) improved to 1.8x as of June 2017 (from 2.4x in 2015 and 3.2x in 2014)mainly thanks to increased profitability.

Liquidity analysisRenault has a robust liquidity profile. As of 30 June 2017, Renault's principal sources of liquidity consisted of (1) cash and cashequivalents on the balance sheet amounting to €11.1 billion, (2) undrawn committed credit lines of €3.4 billion, (3) short-terminvestments of €1.1 billion and (4) expected positive funds from operations over the next 12 months. These cash sources providegood coverage for liquidity requirements that could arise during the next 12 months. These requirements consist of short-term debtmaturities of approximately €4.6 billion, capital expenditure, working capital funding, day-to-day needs and expected dividendpayments.

Methodology and scorecardUnder Moody's rating methodology for the global automotive manufacturer industry, Renault maps to a Baa2 on the basis LTMfinancials as of June 2017, which is one notch above the assigned Baa3 rating. When considering our 12-18 month forward view, thegrid indicates a Baa1, which is two notches above the assigned rating. The grid-indicated outcome is a point-in-time snapshot atthe peak of the industrial cycle, hence it does not take into account the cyclicality of the industry and the product life cycle of carmanufacturers. Moreover, we note that the EBITA margin used in our grid is somewhat inflated by the fact that Nissan's contribution isincluded in the profit but not in the sales. Similarly, the debt/EBITDA ratio included in the grid does not include Nissan's debt whereasthe EBITDA includes Nissan's equity contribution.

Exhibit 5

Renault S.A.

Auto Manufacturer Industry Grid [1][2] Current

LTM 6/30/2017

Moody's 12-18 Month Forward View

As of 1/12/2018 [3]

Factor 1 : Business Profile (40%) Measure Score Measure Score

a) Trend in Global Unit Share Over Three Years Baa Baa Baa Baa

b) Market Position and Product Breadth/Strength Baa Baa Baa Baa

Factor 2 : Profitability and Efficiency (20%)

a) EBITA Margin 8.3% Baa 9.0% Baa

Factor 3 : Leverage and Coverage (30%)

a) Debt / EBITDA 1.8x A 1.5x Aa

b) (Cash + Marketable Securities) / Debt 103.8% A 130.0% Aa

c) RCF / Debt 21.9% Baa 35.0% Baa

d) FCF / Debt 5.7% Ba 7.0% Ba

e) EBITA / Interest Expense 8.0x A 10.0x A

Factor 4 : Financial Policy (10%)

a) Financial Policy Baa Baa Baa Baa

Rating:

a) Indicated Rating from Grid Baa2 Baa1

b) Actual Rating Assigned Baa3

[1 All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations. [2] As of 6/30/2017(L); Source: Moody’s FinancialMetrics™ [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.



Appendix

Exhibit 6

Peer comparisonRenault S.A. (automotive only)

(in US millions)FYE

Dec-15

FYE

Dec-16

LTM

Jun-17

FYE

Dec-14

FYE

Dec-15

FYE

Dec-16

FYE

Dec-15

FYE

Dec-16

LTM

Sep-17

FYE

Dec-15

FYE

Dec-16

LTM

Sep-17

FYE

Dec-15

FYE

Dec-16

LTM

Jun-17

Revenue $47,458 $53,735 $57,482 $74,640 $70,378 $68,692 $140,566 $141,546 $143,267 $145,922 $156,849 $152,810 $60,428 $59,621 $60,276

EBITA Margin 7.4% 7.8% 8.3% 9.9% 8.6% 7.4% 4.7% 4.2% 3.1% 3.7% 5.1% 4.6% 3.0% 3.9% 4.0%

Operating Margin % 3.0% 4.0% 3.7% 7.6% 6.3% 5.4% 3.7% 3.1% 2.0% 3.1% 4.7% 4.1% 2.5% 3.8% 4.1%

Debt / EBITDA 2.3x 1.8x 1.8x 1.1x 1.3x 1.6x 2.2x 2.6x 2.9x 2.8x 2.3x 2.6x 3.4x 2.8x 3.0x

(Cash + Mkt Sec) / Debt 107.5% 120.5% 103.8% 213.6% 165.0% 172.1% 96.6% 97.9% 92.3% 64.4% 69.6% 51.1% 93.7% 110.1% 112.2%

FCF / Debt 7.8% 9.5% 5.7% 15.5% -33.2% 2.4% 12.8% 4.3% -2.6% 1.0% 15.6% 5.5% 17.2% 8.3% -0.7%

EBITA / Int. Exp. 6.0x 7.9x 8.0x 23.7x 23.7x 19.7x 5.0x 4.5x 2.9x 2.6x 4.4x 4.4x 2.0x 3.2x 4.3x

Renault S.A. Hyundai Motor Company (ex-finance) Ford Motor Company General Motors Company Peugeot S.A.

Baa3 Positive Baa1 Stable Baa2 Stable Baa3 Stable Ba1 Stable

All figures & ratios calculated using Moody’s estimates & standard adjustments. FYE = Financial Year-End. LTM = Last Twelve Months.Source: Moody’s Financial Metrics™

Exhibit 7

Moody's-adjusted debt breakdownRenault S.A. (automotive only)

(in EUR Millions)

FYE

Dec-12

FYE

Dec-13

FYE

Dec-14

FYE

Dec-15

FYE

Dec-16

LTM Ending

Jun-17

As Reported Debt 10,078 10,286 11,144 10,504 9,194 9,901

Pensions 1,647 1,385 1,572 1,427 1,592 1,592

Operating Leases 873 702 696 675 672 672

Non-Standard Adjustments -229 -297 -736 -465 -626 -378

Moody's-Adjusted Debt 12,369 12,076 12,676 12,141 10,832 11,787

All figures are calculated using Moody’s estimates and standard adjustments.Source: Moody’s Financial Metrics™.

Exhibit 8

Moody's-adjusted EBITDA breakdownRenault S.A. (automotive only)

(in EUR Millions)

FYE

Dec-12

FYE

Dec-13

FYE

Dec-14

FYE

Dec-15

FYE

Dec-16

LTM Ending

Jun-17

As Reported EBITDA 5,639 4,193 4,800 5,744 6,830 7,694

Pensions 47 41 53 21 27 27

Operating Leases 291 234 232 225 224 224

Capitalized Development Costs -764 -732 -842 -874 -903 -1,035

Unusual -1,293 -328 -232 66 -321 -393

Moody's-Adjusted EBITDA 3,920 3,408 4,011 5,182 5,857 6,517

All figures are calculated using Moody’s estimates and standard adjustments.Source: Moody’s Financial Metrics™.



Exhibit 9

Summary financials and ratiosRenault S.A. (automotive only)

(in EUR Millions) 2012 2013 2014 2015 2016 LTM

INCOME STATEMENT

Revenue 38,859 38,414 38,518 42,744 48,565 52,726

EBITDA 3,920 3,408 4,011 5,182 5,857 6,517

EBIT 1,442 1,149 1,925 3,071 3,665 4,248

OPERATING PROFITS -238 -449 461 1,278 1,940 1,969

Interest Expense 516 530 501 525 481 545

BALANCE SHEET

Cash & Cash Equivalents 11,222 11,679 12,734 13,046 13,048 12,236

Total Debt 12,369 12,076 12,676 12,141 10,832 11,787

CASH FLOW

Funds from Operations 2,340 2,477 2,717 3,060 3,904 3,634

CASH FLOW FROM OPERATIONS 3,262 3,267 3,313 3,668 4,217 4,252

Capex = Capital Expenditures 2,320 2,205 1,856 2,102 2,382 2,529

Dividends 411 550 559 620 809 1,057

Retained Cash Flow 1,929 1,927 2,158 2,440 3,095 2,577

RCF / Debt 15.6% 16.0% 17.0% 20.1% 28.6% 21.9%

Free Cash Flow (FCF) 531 512 898 946 1,026 666

FCF / Debt 4.29% 4.24% 7.08% 7.79% 9.47% 5.65%

PROFITABILITY

% Change in Sales (YoY) -3.8% -1.1% 0.3% 11.0% 13.6% 15.3%

EBIT Margin % 3.7% 3.0% 5.0% 7.2% 7.5% 8.1%

EBITDA Margin % 10.1% 8.9% 10.4% 12.1% 12.1% 12.4%

Operating Margin % -0.6% -1.2% 1.2% 3.0% 4.0% 3.7%

INTEREST COVERAGE

EBIT / Interest Expense 2.8x 2.2x 3.8x 5.9x 7.6x 7.8x

EBITDA / Interest Expense 7.6x 6.4x 8.0x 9.9x 12.2x 12.0x

LEVERAGE

Debt / EBITDA 3.2x 3.5x 3.2x 2.3x 1.8x 1.8x

Net Debt / EBITDA 0.3x 0.1x 0.0x -0.2x -0.4x -0.1x

All figures and ratios calculated using Moody's estimates and standard adjustments.Source: Moody's Financial Metrics.

Ratings

Exhibit 10Category Moody's RatingRENAULT S.A.

Outlook PositiveIssuer Rating Baa3Senior Unsecured -Dom Curr Baa3Commercial Paper -Dom Curr P-3Other Short Term -Dom Curr (P)P-3

BANCO RCI BRASIL S.A.

Outlook StableBank Deposits -Fgn Curr Ba3/NPBank Deposits -Dom Curr Ba1/NP

RCI BANQUE SUCURSAL ARGENTINA



Outlook StableIssuer Rating -Dom Curr Ba3

RCI BANQUE

Outlook StableBank Deposits Baa1/P-2Senior Unsecured Baa1Subordinate MTN -Dom Curr (P)Ba1Commercial Paper P-2Other Short Term -Dom Curr (P)P-2

ROMBO COMPANIA FINANCIERA S.A.

Outlook StableCorporate Family Rating Ba3Senior Unsecured -Dom Curr Ba3NSR Corporate Family Rating Aa1.arNSR Senior Unsecured Aa1.arNSR Senior Unsecured MTN Aa1.ar

Source: Moody's Investors Service



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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDITRISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THERELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITYMAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGSDO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’SOPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVEMODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’SPUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOTPROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THESUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATIONAND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FORPURCHASE, HOLDING, OR SALE.

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CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSESAND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as wellas other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information ituses 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 anyindirect, 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 anysuch 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 ordamages, 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 aparticular 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 compensatorylosses 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 theavoidance 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 SUCHRATING 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 (includingcorporate 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 appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintainpolicies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO andrated 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 atwww.moodys.com 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 InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent 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 orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion asto 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. It would be recklessand inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or otherprofessional adviser.

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’sOverseas 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 NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity 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 registeredwith 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 preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it feesranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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