Mixed General

Meeting

Mixed General

Meeting

April 30, 2004

Louis SchweitzerChairman and Chief Executive Officer

Thierry MoulonguetExecutive Vice President – Chief Financial Officer

1

Success of new models

Confirmed increase in operating margin in second half

Sharp rise in net income

Continued reinforcement of financial structure

2003 highlights

In a In a sluggishsluggish environment environment

2

Sales Financing Division

Automobile Division

* On a consistent basis

34.334.334.3

1.91.91.9 2,02,02,0

EEEEEEEE billionbillion

36.236.2 37,537,5

+ 3.8% (o/w – 2.1% from exchange rate impact)

35.535.535.5

Rise in revenues in 2003

+ 5.1 %

+ 3.7 %

20032002*

3

EEEEEEEE millionmillion

As a % of revenuesAs a % of revenues

Recovery ofoperating marginin 2nd half of 2003

20032003

2nd half

912912

588588

4.8 %

3.2 %

1st half

571571

3.3 %

2nd half

814814

4.3 %

1,4831,483 1,4021,402

4.1% 3.7%

1st half

2002

Sales FinancingDivision

AutomobileDivision

4

2002 2003

EEEEEEEE millionmillion

1,3351,335

1,7051,705

Major contribution from ourstrategic shareholdings

7171

175175

Nissan AB Volvo

2002 200320022003

5

A record net income

E��E��E��E��E��E��E��E��millionmillion

1,9561,956

2,4802,480

534534

1,0801,080 1,0511,051

20032000 2001 20021999

EarningsEarnings per per

shareshare (€)(€) 2.232.23 4.504.50 4.384.38 7.537.53 9,329,32

+ 26.8 %

6

1999 2000 2001 2002 2003

A return on equity much higherthan projected

Net Net incomeincome / / ShareholdersShareholders’ ’ equity equity ((beforebefore appropriation of net appropriation of net incomeincome for for thethe yearyear))

19.819.8

11.711.712.612.6

22.322.3

As a %As a %

20032000 2001 20021999

11%7.07.0

7

A strong financial structure

On 31.12.02 On 31.12.03

11,82811,82813,59113,591

2,4952,495 1,7481,748

21.1% 12.9%

Indebtedness of the Automobile Division

Shareholders’ equityEEEEEEEE millionmillionAs a % of As a % of shareholdersshareholders’ ’ equityequity

8

Cash tender offer for all the outstanding shares at the priceof €450 per share (cum coupon) or:

+19.1% compared to the closing price on March 11, 2004

+29.5 % compared to the six-month average*

Cash Tender Offer for Redeemable Shares

60% of 60% of thethe 2 million 2 million sharesshares werewere tendered tendered

* Based on volume-weighted average up to March 10, 2004

9

Change Q1 2004/Q1 2003 (in %)Change Q1 2004/Q1 2003 (in %)

A rise of sales in Western Europe in 1st quarter 2004

Registrations in Registrations in unitsunits (Cars +(Cars + LCVsLCVs))1er quarter 2003

1er quarter 2004

Western FranceEurope

-- 1.6 %1.6 %

+ 3.3 %+ 3.3 %

+ 2.6 %+ 2.6 %

Renault

WesternEurope

Market

10

Mégane family -Best-seller in Europe

Market share as % (Cars)

55

44

33

2000 2001 2002 2003 3 months 2004

MEGANE Rival models

MEGANE4.7 %

11

A strong rise in sales outsideWestern Europe

In Q1 200In Q1 20044 Group worldwide sales: Group worldwide sales: + 6+ 6..88 %%

Total Groupoutside

Western Europe

Resteof the world

Turkey

+21.4 %+21.4 %

+19.6 %+19.6 %

+362 %+362 % +44.5 %+44.5 % --36.5 %36.5 %

1st quarter 2003

1st quarter 2004

Renault : + 40.6 % SamsungDacia

100100

7575

5050

2525

Thousands Thousands of unitsof units

125125

150150

12

Revenues in 1st quarter 2004reflecting the increase of volumes

EEEEEEEE billionbillion

Sales Financing Division

Automobile Division

* On a consistent basis

Q1 2003* Q1 2004

8.498.498.49

0.470.470.470.490.490.498.968.969.959.95

+ 11.1 %

9.469.469.46

+ 5.3 %

+ 11.4 %

Mixed General

Meeting

Mixed General

Meeting

April 30, 2004

Louis SchweitzerChairman and Chief Executive Officer

14

The markets in 2004

Very slight growth in markets in Western Europe, close to 1%

Growth outside Europe

15

Outlook for 2004

The Group has set itself the objective of achieving an operating margin of around 4.5% of revenues

And also expects a further increase in net income(excluding exceptional items)

16

Mégane II Family

Grand Scénic

17

Expansion of the range -Modus .

18

Principles of the Alliance:vision - destination

Trust and mutual respect

A transparent organization with clear decision-making processes

DevelopDevelop synergiessynergiesExchange best practicesExchange best practices

A unique group, A unique group, unitedunited for performance, for performance, basedbased on on thethe followingfollowing principlesprinciples: :

19

The pillars of the Alliance

Shareholders satisfied with attractive returns fromboth companies

Best working conditions for men and women to develop their skills

A shared ambition: sustainable development

20

The objectives of 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 To rankrank amongamong thethe top top threethreeautomotiveautomotive groups in groups in thethe world: world:

21

Build recognition for our brand identity

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

Extend our international reach

Develop Renault’s core values

Translate success into financial performance

Renault’s profitable growth strategy

BasedBased on on fivefive goals:goals:

22

Solid fundamentals

! safety! efficient engines

A strong and innovative range

! Value-added innovations

! Daring design

Goal n°1 - Build recognition for our brand identity

1.9dCi 120 ch 300Nm BVM

23

Be the most competitive on our markets

Goal n°2 -Profitable growth strategy

Quality

Costs

Delivery times

24

EEEEEEEE 1.41.4

EEEEEEEE2.32.3

EEEEEEEE3.13.1

EEEEEEEE4.24.2

EEEEEEEE5.25.2

EEEEEEEE66

1998 1999 Cum.end 2000

2001 2002 Cum. end 2003

Cost-reduction plans -1998-2000 / 2001-2003

EEEEEEEE billion billion -- CumulatedCumulated

25

* Renault Nissan Purchasing Organization (RNPO)

Reduction in purchasing costs -Renault-Nissan Alliance

IIn 2004, RNPOn 2004, RNPO** handledhandled 70% 70% of Alliance of Alliance purchasespurchases

or EEEE21.5 billion

or EEEE33 billion

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Phase I

Phase II

Phase III

43 %

30 %

70 %

or €21,5 billion

or €33 billion

26

Application of best practices

Renault Valladolid Renault Valladolid plant (Spain) plant (Spain) --

Nissan Sunderland plant Nissan Sunderland plant ((UnitedUnited KingdomKingdom) )

27

Shorter development times

57 monthsSAFRANE

43 monthsVEL SATIS

53 monthsMEGANE I

28 monthsMEGANE II

55 monthsLAGUNA I

42 monthsLAGUNA II

Choice of design Start of production

28

Goal n°3 – Extend ourinternational reach

4 million 4 million vehiclesvehicles

20032003 Objective 2010Objective 2010

2.4 million2.4 millionvehiclesvehicles

Under Under thethe 3 Renault group brands:3 Renault group brands:

29

Internationalization -Renault brand

Mercosur

Turkey

Asia

Central and Eastern Europe

Mexico

30

1st wave of deployment1st wave of deployment

Other potential regionsOther potential regions2nd wave of deployment2nd wave of deployment

Internationalization –Dacia: L90 markets

31

Internationalization -Renault Samsung

Successful modelsDevelopment of new productsProduction of future Renault 4X4

SM3

SM5

120,000 120,000 300,000300,000vehiclesvehicles in 2003in 2003 vehiclesvehicles in 2010in 2010

32

Formula 1 – Promote recognitionof the Renault brand worldwide

Objective for 2004Objective for 2004: : rankrank amongamong thethe top top threethree constructorsconstructors

33

Goal n°4 –Develop Renault’s core values

95% of employees are proud tobelong to the Renault group

Provide training to employeesto maximize their skill levels

• Make ongoing contribution to sustainable development

Respect for people Respect for people andand thethe environmentenvironment

Kangoo : recycled and recyclable parts

34

Goal n°5 – Translate success intofinancial performance

Operating margin representing 4% of revenues on averageover a business cycle

Return on equity of no less than 11%

Zero indebtedness at the peak of the cycle

Key Key indicatorsindicators

35

Renault is building a lasting relationship with its shareholders

36

Ownership of Renault equity

On On DecemberDecember 31, 200331, 2003

Treasury stock 4,0%

Individual shareholders 6 %*French government 15.7%

Nissan 15.0%

Employees 4,1%

French institutional investors19%*

Foreign institutional investors 36%*

* Estimate

Public : 61,2 %

37

A lasting relationship with shareholdersbased on 3 principles

Strict application of the principles of corporate governance

An open policy of information and communication

An attractive dividend

38

Good corporate governance

Application of Application of thethe FinancialFinancial SecuritySecurity ActAct –– Art. 117Art. 117

The Chairman of the Board must draw up a report on:

• The conditions for preparing and organizing the Board’s work;

• Internal control procedures.

39

Board of Directors -other resolutions

Grant full and final release to Messrs. Bézard, Hanawa andMs Seyvet;

Change to articles of association with a view to increasing the number of directors appointed by the AGM*

from 13 to 14

Objective: Objective: GraduallyGradually increaseincrease thethe numbernumber ofofindependentindependent directorsdirectors

* Excluding employee representatives

40

SinceSince 1996, recommandations on1996, recommandations oncorporatecorporate governancegovernance have been have been takentaken intointo account account

((VienotVienot andand Bouton reports)Bouton reports)

Change to internal regulations, adoption of a director’scharter

Annual appraisal of the operation of the Board to identifyscope for improvement

Board of Directors -Operation

41

Specialized committees

The Accounts and Audit Committee: met 3 times in 2003 5 members, 3 of them independent; Chaired by Mr. Studer

The Appointments and Remuneration Committee: met 3 times in 2003; 3 members, 2 of them independent; Chaired by Mr. Riboud

The International Strategy Committee: met twice in 2003 6 members, 2 of them independent; Chaired by Mr. Martre

42

Transparent and open communications policy

Improvement in quality of information thanks to theShareholders’ Consultative Committee – Latest work:

• Preparation of AGM

• Upgrading of financial section of website www.renault.com

• Creation of a shareholder guide

Increased number of meetings with our shareholders:

• Approximately 10 shareholder meetings a year in Paris and other regions

• Shareholder club: 15 plant visits in 2004, discovery of automotive

industry, products…

43

An attractive dividend

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

+20 %+20 %

0.920.92

1.151.15

20032001

1.401.40

2002

+52 %+52 %

44

Movements in Renault share priceand CAC 40 and DJ Euro Stoxx Auto indices

Movements in Renault share priceand CAC 40 and DJ Euro Stoxx Auto indices

((indexedindexed on Renault on Renault shareshare priceprice on 31/12/96, on 31/12/96, €€17)17) Share price on 29/04/04: €63.05

10101997 1998 1999 2001 4/20042000 2002 2003

2020

3030

4040

5050

6060

7070+51.8% +48.3% +25.1% +16.0% -28.6% +13.1% +22.2%

RenaultRenault

CAC 40CAC 40

DJ Euro Stoxx AutoDJ Euro Stoxx Auto

+16.1%

+22.9%

+15.3%+15.3%

+3.7%+3.7%

+4.4%+4.4%

Mixed General

Meeting

Mixed General

Meeting

April 30, 2004

Louis SchweitzerChairman and Chief Executive Officer