Thierry MOULONGUET Renault’s CFO & EVP Renault-Nissan Alliance Perspective.

Thierry MOULONGUET Renault’s CFO & EVP

Renault-Nissan Alliance Perspective

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Renault-Nissan Alliance structure:Optimizing the global allocation of resources

RENAULT NISSAN

Renault-Nissan BV

50% 50%

100%Strategic

Management Strategic Management

19 Cross Company Teams (CCTs)

Joint companies eg: RNPO - RNIS

4 Functional Task Teams (FTTs)

44.4%

15%

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The 7 management guidelines for the revival of Nissan

1. Focus on profit and organize the decision process around a set of simple financial yardsticks.

2. Link compensation and promotion to performance.

3. Concentrate on the core business.

4. Seek new opportunities for growth.

5. Transform a collection of regional fiefdoms into a global group.

6. Associate public commitments – empowerment –transparency and accountability.

7. Build a budget combining project – global function and regional approaches to stretch the performance through transversality.

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The performance drivers of the Alliance

1. Common platforms

2. Common purchasing

3. Common manufacturing

4. Exchange of best practices

5. Common IS/IT infrastructures

6. Complementarities in the international development of Renault and Nissan

7. Sharing of resources for new R&D development

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Renault-Nissan Alliance : win-win

1. Acceleration of international deployment2. Economies of scale (purchasing, common engines & platforms,

co-development)3. Sharing of best practices (quality, industrial & engineering)4. Optimization of capacity utilization5. Contribution to net result & dividend flow

6. Cooperation on leading technologies

Advantages drawn by Renault

Advantages drawn by Nissan

1. Initial financial input from Renault2. New performance orientated culture3. Cost and vehicle project management4. Re-invention of a « product policy »5. Turn-around in Europe6. Development of captive finance business

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Worldwide production facilities :Complementarities within the Alliance

China

Indonesia

Iran Japan

TaiwanMalaysia

Uruguay

Colombia

MoroccoThailand

Russia

Mexico

United States

South Africa

Spain

United Kingdom

Argentina

Brazil

Slovenia

Chile

Turkey

FranceKorea

Romania

Renault Renault Samsung MotorNissan Dacia

India

Renault Renault Samsung MotorNissan DaciaRenault Renault Samsung MotorNissan DaciaRenault Renault Samsung MotorNissan Dacia

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Nissan operating margin

1.4%

4.75%

7.9%

10.8%11.1%

10%

0%

2%

4%

6%

8%

10%

12%

1999 2000 2001 2002 2003 2004

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Nissan - ROIC

0%

5%

10%

15%

20%

25%

1999 2000 2001 2002 2003 2004

1.3%

12.7%

7.5%

19.8%21.3%

20 %

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A positive impact of Nissan's resultsin Renault's accounts

Dividends receivedfrom Nissan

Nissan contributionto Renault's results

2000-2004: 894 million euros of dividends received

20042003200220012000

50

0

100

150

200

250

300

350

400

0

500

1,000

1,500

2,000

In millions of euros

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Market Capitalization

Market Cap Rank Market Cap Rank EVOLUTION (EURm) March 29,1999 (EURm) March 29, 2005 2005/1999

Toyota 96 736 1 Toyota 103 677 1 1,07DaimlerChrysler 81 541 2 DaimlerChrysler 38 144 2 0,47Ford 59 848 3 Honda 36 086 3 0,90GM 52 518 4 Nissan 35 240 4 3,89Honda 39 961 5 BMW 23 461 5 1,44VW 22 159 6 Renault 19 960 6 2,38BMW 16 277 7 Ford 15 960 7 0,27Fiat 13 522 8 Volvo AB 15 476 8 1,48Volvo AB 10 439 9 Volkswagen 14 552 9 0,66Nissan 9 049 10 GM 12 507 10 0,24Renault 8 393 11 Peugeot 11 949 11 1,81Peugeot 6 615 12 Hyundai Motor 11 083 12 1,68Suzuki 6 065 13 Porsche 9 860 13 2,91Mazda 4 459 14 Suzuki 7 378 14 1,22Fuji Heavy 3 521 16 Fiat 5 260 15 0,39Porsche 3 990 15 Mitsubishi 4 348 16 1,43Mitsubishi 3 043 17 Mazda 3 198 17 0,72Hyundai Motor 678 18 Fuji Heavy 2 902 18 0,82

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The objectives of the Alliance vision - destinationThe objectives of the Alliance vision - destination

For the quality and value of its products and services, in each region and market segment,

In key technologies,

In terms of operating profit thanks to its strategy of profitable growth.

To rank among the top threeTo rank among the top threeautomotive groups in the world: automotive groups in the world: