[PDF] (E)Annual Securities Report_Final_filed on May 31 2019 (translation)

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Confidential C

SECURITIES REPORT

1. This document is a printed copy, with table of contents and page numbers inserted, of

the data of the Securities Report under Article 24, Paragraph 1 of the Financial Instruments and Exchange Law filed on May 31, 2019 through Electronic Disclosure for Investors" Network (EDINET) provided for in Article 27-30-2 of such Law.

2. The documents attached to the Securities Report filed as stated above are not included

herein. However, a copy of the audit report is attached at the end hereof.

RENAULT

(E05907)

Confidential C

(TRANSLATION)

Cover Page

Document Name: Securities Report

Based on: Article 24, Paragraph 1 of the Financial Instruments and

Exchange Law

Filed with: The Director General of Kanto Local Finance Bureau

Filing Date: May 31, 2019

Fiscal Year: From January 1, 2018 to December 31, 2018

Corporate Name: Renault

Name and Title of Representative: Thierry Bolloré

Chief Executive Officer

Location of Head Office: 13-15, Quai Le Gallo, 92 100 Boulogne-Billancourt, France

Name of Attorney-in-fact

: Takashi Tsukioka, Attorney-at-law Address of Attorney-in-fact: Nagashima Ohno & Tsunematsu

JP Tower, 2-7-2 Marunouchi, Chiyoda-ku, Tokyo

Telephone Number: 03-6889-7000

Name of Person to Contact: Ryosuke Fukuhara, Attorney-at-law Place to Contact: Nagashima Ohno & TsunematsuJP Tower, 2-7-2

Marunouchi, Chiyoda-ku, Tokyo

Telephone Number: 03-6889-7000

Place(s) of Public Inspection: Not applicable

- i -

TABLE OF CONTENTS

PART I CORPORATE INFORMATION ...................................................................................................................... - 1 -

I. SUMMARY OF LAWS AND REGULATIONS IN THE COUNTRY TO WHICH THE COMPANY BELONGS .............. - 1 -

1. SUMMARY OF CORPORATE SYSTEM, ETC. .......................................................................................................................................................... - 1 -

2. FOREIGN EXCHANGE CONTROL SYSTEM: ........................................................................................................................................................ - 17 -

3. TAXATION: - 19 -

4. LEGAL OPINIONS ............................................................................................................................................................................................... - 21 -

II. OUTLINE OF THE COMPANY ................................................................................................................................ - 22 -

1. DEVELOPMENT OF MAJOR MANAGERIAL INDEX, ETC.: .................................................................................................................................. - 22 -

2. HISTORY: - 26 -

3. CONTENTS OF BUSINESS: .................................................................................................................................................................................. - 30 -

4. STATEMENT OF RELATED COMPANIES ............................................................................................................................................................ - 83 -

5. STATEMENT OF EMPLOYEES: ........................................................................................................................................................................... - 91 -

III. STATEMENTS OF BUSINESS ..............................................................................................................................- 101 -

1. Management Policies, Management Environment and Problems to be Dealt With, etc.: ........................................................................................ - 101 -

2. RISKS IN BUSINESS, ETC. ................................................................................................................................................................................. - 101 -

3. ANALYSIS BY MANAGEMENT OF STATE OF FINANCIAL CONDITION, OPERATING RESULTS AND CASH FLOW .......................................... - 129 -

4. IMPORTANT CONTRACTS RELATING TO MANAGEMENT, ETC.: ..................................................................................................................... - 148 -

5. RESEARCH AND DEVELOPMENT ACTIVITIES ................................................................................................................................................. - 148 -

IV. STATEMENTS OF FACILITIES .............................................................................................................................- 163 -

1. OUTLINE OF CAPITAL INVESTMENT, ETC. ..................................................................................................................................................... - 163 -

2. STATEMENT OF PRINCIPAL FACILITIES ......................................................................................................................................................... - 163 -

3. PLAN FOR CONSTRUCTION, REMOVAL, ETC. OF FACILITIES ........................................................................................................................ - 168 -

V. STATEMENTS OF THE COMPANY ......................................................................................................................- 168 -

1. STATEMENTS OF SHARES, ETC. ....................................................................................................................................................................... - 168 -

2. POLICY OF PAYMENT OF DIVIDENDS: ........................................................................................................................................................... - 174 -

3. DEVELOPMENT OF STOCK PRICE: ................................................................................................................................................................. - 175 -

4. STATEMENT OF OFFICERS: ............................................................................................................................................................................. - 175 -

5. STATE OF CORPORATE GOVERNANCE, ETC. .................................................................................................................................................. - 246 -

VI. Financial Condition: ................................................................................................................................................- 293 -

1. FINANCIAL STATEMENTS ................................................................................................................................................................................ - 294 -

2. DETAILS OF MAJOR ASSETS AND LIABILITIES ..................................................................................................................................................... 432

3. OTHER 432

4. DIFFERENCES BETWEEN IFRS AND JAPANESE GAAP ......................................................................................................................................... 457

VII. MOVEMENT OF FOREIGN EXCHANGE QUOTATION ....................................................................... 464

VIII. OUTLINE OF HANDLING OF SHARES, ETC. OF THE COMPANY IN JAPAN ................................... 464

IX. REFERENCE INFORMATION RELATING TO THE COMPANY ................................................................................ 464

1. INFORMATION OF PARENT COMPANY, ETC. OF FILING COMPANY ................................................................................................................... 464

2. OTHER REFERENCE INFORMATION .................................................................................................................................................................... 464

PART II INFORMATION CONCERNING GUARANTOR, ETC. OF THE COMPANY ................................................ 465

AUDITORS" REPORT .................................................................................................................................................... 466

Note (1) Unless otherwise specified herein, the "Company", "Renault", "Renault SA" or "Renault S.A."

refers to Renault, and the "Group", the "Renault Group" refers to Renault and all of its fully consolidated subsidiaries. Note (2) Unless otherwise specified herein, the reference to "Euro", "€" and "EUR" are to the lawful currency of European Union and French Republic. The telegraphic transfer for selling Euro against yen quoted by MUFG Bank, Ltd. as of March 11, 2019 was EUR 1 = JPY126.09. Any

conversions made herein from the Euro amounts into Japanese yen was made at this exchange rate for conversion convenience purposes only and should not be deemed a representation of future exchange rates.

Note (3) Where figures in tables in this document have been rounded, the totals may not necessarily be the aggregate of the sum of the relevant figures.

- 1 -

PART I CORPORATE INFORMATION

I. SUMMARY OF LAWS AND REGULATIONS IN THE COUNTRY TO WHICH THE

COMPANY BELONGS

1. SUMMARY OF CORPORATE SYSTEM, ETC.

(1) CORPORATE SYSTEM IN THE COUNTRY OR STATE TO WHICH RENAULT

BELONGS:

Most often used forms of limited liability companies are Société Anonyme and Société par actions

simplifiée forms for larger scale companies and Société à Responsabilité Limitée form for smaller

scale companies. The legal framework applicable to such companies is the French Commercial

Code.

The following is a summary of the major provisions applicable to Sociétés Anonymes (hereinafter

referred to as an "SA") under the French Commercial Code modified pursuant, amongst others, to a law dated May 15, 2001 titled N.R.E ("Nouvelles Régulations Economiques"), a law dated August 1,

2003 titled "Loi de Sécurité Financière", an Ordinance n°2004-604 dated June 24, 2004, a law dated

July 26, 2005, titled "Loi pour la confiance et la modernisation de l"économie, a law dated August, 4,

2008 titled LME ("Loi de modernisation de l"économie"), an Ordinance n° 2010-1511 dated

December 9, 2010 transposing the European Directive 2007/36 on the rights of the shareholders of the

listed companies, a law dated March 22, 2012 titled "Loi de simplification du droit et d"allègement des

démarches administratives" ("Loi Warsman II"), a law dated March 29, 2014 aiming at recapturing

the real economy ("Loi Florange"), an Ordinance n°2014-863 dated July 31, 2014 relating to

company law, an Ordinance n° 2014-948 dated August 20, 2014 on corporate governance and equity

transactions in publicly-owned companies, an Ordinance n°2015-1127 dated September 10, 2015

reducing the number of shareholders in a non-listed SA, a Law n°2015-990 dated August 6, 2015 aiming at simplifying economy ("Loi Macron"), an Ordinance n°2016-131 dated February 10, 2016, aimed at reforming contract law, a Law n°2016-1691 dated December 9, 2016 aiming at fighting

against corruption ("Loi Sapin II"), and a Decree n° 2017-663 dated April 27, 2017 and a Law n°

2018-771 dated September 5, 2018, providing new rules on gender pay equality.

Upon the incorporation of an SA, the By-laws shall be prepared and signed by the initial shareholders.

Such By-laws shall be filed with the Registrar of the authorized Commercial Court depending on the

intended location of the SA"s headquarters. The status of a legal entity can be obtained only when a

registration certificate is issued by the Registrar of the Commercial Court. The By-laws is a document which provides for the basic rules governing the SA.

Shareholders

A société anonyme is a corporation composed of at least two shareholders (seven in an SA with listed

securities) created for a commercial purpose. The shareholders of an SA are subject to liability for

the debts of the corporation only to the extent of their capital contributions thereto.

The shareholders are vested the ultimate power over the SA. In particular, the shareholders

appoint the Supervisors ("membres du conseil de surveillance"), or the Executive Officers ("membres

du directoire"), in a two-tier company, or the Directors ("administrateurs"), in a unitary company, as

the case may be, and the Independent Auditor (commissaire aux comptes) of the corporation, may declare dividends, may approve the financial statements, may decide to dissolve the corporation and may authorize any modification of the registered capital, as well as any other amendments of the

By-laws.

- 2 -

Capital Stock

Subject to certain limited exceptions, the registered capital of the SA may not be less than EUR

37,000 (Article L. 224-2 of the French Code de commerce).

Under the French Law, the capital stock of the SA is divided into shares and may comprise, preferred

shares, investment certificates (certificats d"investissement; hereinafter referred to as the "CI") and

voting rights certificates (certificats de droit de vote; hereinafter referred to as the "Voting Right

Certificate"), although it is no longer possible to issue new CI and Voting Rights Certificates.

There are no legal restrictions on the par value of a share and the par value of a share is not required

to be provided in the By-laws. Shares may be issued by the SA either in nominative or in bearer form,

except where the nominative form is mandatory pursuant to French laws or provisions set forth in By-laws. Shares issued by a listed company and which must not be in nominative form pursuant to French laws or provisions set forth in By-laws must be in bearer form. Whether the shares are in

nominative form or bearer form, the ownership of such shares is represented by an entry in the

shareholders" account and shareholders" registry opened with the company (in case of a nominative share) or with a financial institution (in case of a bearer share), instead of a share certificate.

CI are transferable securities deriving from the fractioning of existing shares or a share capital

increase against cash, and representing the economic interests granted to the shares (i.e. right to

dividend, surplus and residual property after liquidation) and granting a right to the CI holder to request for the same information held by a shareholder. The voting right of CI is represented by the Voting Right Certificate. Therefore, at the time CI were issued, the same number of the Voting Right

Certificates was issued. The issued CI could not exceed 25% of the issued capital. In the event the

CI and the Voting Right Certificate is transferred to the same person, such CI and Voting Right Certificate will be consolidated into one ordinary share. The Voting Right Certificate (if there is issued CI) may only be in nominative form. It is reminded that CI can no longer be issued by the company ("titres en voie d"extinction"). In order to render effective a transfer of shares, the shareholders are required in practice to give

instructions to the company or, as the case may be, to the financial institution to implement the

transfer of the shares from the initial shareholder to the benefit of the new shareholder. The shares

may be freely transferred to a third party if no provision requiring approval (generally, approval of the

Board of Directors or of the Supervisory Board, as the case may be) is provided in the By-laws. Such restricting provisions are not allowed in the By-laws of listed companies.

Form of Capital Investment

The shares are issued upon payment in cash or contribution in kind. The amount paid must be

deposited with the bank, notary public or the Caisse des Dépôts et Consignations. Upon incorporation

of the company and in certain circumstances, articles L. 225-11 and R. 225-12 of the French

Commercial Code (as amended by Loi Sapin II) provide that such deposited funds may be withdrawn. Should the shares be issued against cash (exclusively), upon incorporation of the company at least

50% of their nominal value must be paid at the point of issuance, the remaining portion of the

nominal value having to be paid within the 5 years following incorporation. After incorporation of the

company, at least 25% of the nominal amount of the shares issued against cash (exclusively) must be

paid at the point of issuance, the remaining portion of the nominal value having to be paid within the

5 years following the share capital increase. By exception, in case the shares are issued with a

premium, such premium must be paid in whole at the point of issuance. - 3 - When shares are issued in consideration of contribution in cash, the existing shareholders have a

preferential right to subscribe for the shares to be issued. The shareholders can waive such

preferential right during a shareholders meeting or individually.

In case the shares are issued in consideration of contribution in kind (tangible or intangible assets), a

report on the amount of such contribution by an independent appraiser (commissaire aux apports)

appointed by the Commercial Court will be required, except in certain circumstances. Such report, if

any, shall be filed with the Registrar of the authorized Commercial Court.

Increase or Decrease of Capital

The capital of an SA may be increased either by an issuance of new shares or an increase in par value

of outstanding shares or the exercice of rights attached to securities giving access to the company"s

share capital. The authorization to increase the capital is within the sole competence of the

shareholders assembled at an Extraordinary General Meeting which can delegate this power or its competence to the Board of Directors or the Management Board, as the case may be. Issuance of shares can be generally made in consideration of (a) contributions made in cash, (b) contributions made in kind or (c) by capitalization of reserves, benefits, or issuance premiums. An SA may reduce its capital by the reduction of the par value of its shares or by the reduction in number of its outstanding shares upon approval of the Extraordinary General Meeting of shareholders, who can delegate this power or its competence to the Board of Directors or the Management Board, as

the case may be. Strict equality among the rights of the shareholders must be respected. Similarly,

the corporation may not, by reducing its capital, place its creditors in a less advantageous situation.

Increase or decrease in capital requires certain filings with the Registrar of the Commercial Court.

Issuance of Bonds or Hybrid Securities

The Board of Directors may decide to issue, by its own (1), ordinary bonds (other than those giving

access to the share capital of the company), except if this right is reserved to the General Meeting of

the Shareholders in the By-laws or if the General Meeting has specifically used this right. The Board of Directors, upon delegation of the shareholders at the Extraordinary General Meeting of

the shareholders, may issue securities that grant, within a certain period or on a particular date, the

holder of such securities the right to subscribe to shares representing a portion of the share capital of

the company by way of conversion, exchange, redemption, presentation of warrants or any other method.

(1) The ordinance n°2017-970 dated 10 March 2017 has expanded the circle of persons who can be granted a delegation of

power by the board of directors to issue bonds.

Management

The management of an SA is entrusted (a) either to a Board of Directors and its Chairman

("Président") and Chief Executive Officer ("Directeur Général") or (b) to a Management Board

(directoire) acting under the supervision of a Supervisory Board (conseil de surveillance).

The management of Renault is entrusted to a Board of Directors and its Chairman and Chief

Executive Officer - see Section I-1- (2) "Management" below.

At an Extraordinary Shareholders Meeting, the shareholders may decide, upon proposal of the

- 4 - management, to change the form of management. (a) Board of Directors and the Chairman and Chief Executive Officer

Power of representation of the company is entrusted (i) either to its Chairman and Chief

Executive Officer being the same person or (ii) to its Chief Executive Officer (and having

therefore a separate "non executive" Chairman). The law makes a distinction between the

function of Chairman and Chief Executive Officer, even though both functions can be vested in a single person: (i) either a management entrusted to its Chairman and Chief Executive Officer (CEO). The management is vested in a single person who acts both as Chairman and Chief Executive

Officer ("Président-Directeur Général"). Subject to the powers expressly assigned by law to

Shareholders" Meetings and subject to the powers specially assigned by law to the Board of Directors, the Chairman and Chief Executive Officer has the broadest powers to act for the company in all circumstances. He provides the general management of the company, which he represents in its dealings with third parties.quotesdbs_dbs1.pdfusesText_1

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