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2015REGISTRATION DOCUMENT

Including the annual “ nancial report

CONSOLIDATED FINANCIAL STATEMENTS

AT 31DECEMBER 2015 RFA 163

5.1. Consolidated statements of income 164

5.2. Consolidated statements of income and expenses

recognised in equity 166

5.3. Consolidated balance sheets 168

5.4. Consolidated statements of cash " ows 170

5.5. Consolidated statements of changes in equity 172

5.6. Notes to the consolidated “ nancial statements

at December 2015 173

5.7. Statutory Auditors" Report on the consolidated

“ nancial statements 260

PEUGEOTS.A. FINANCIAL STATEMENTS FOR THE YEAR ENDED

31DECEMBER 2015 RFA 261

6.1. Income statement for the year ended

31 December 2015 262

6.2. Balance sheets at 31 December 2015 263

6.3. Cash " ow statements for the year ended

31 December 2015 264

6.4. Notes to Peugeot S.A. Financial Statements 265

6.5. Financial performance of the company

over the past “ ve years 283

6.6. Statutory Auditors" Report on

the “ nancial statements 284

6.7. Statutory Auditors" Special Report on Related

Party Agreements and Commitments 285

INFORMATION ABOUT THE COMPANY

AND ITS SHARE CAPITAL 289

7.1. Information about the Company RFA 290

7.2. Information about the Company"s share capital RFA 292

7.3. Ownership structure

RFA 296

7.4. Corporate “ nancial i nstrument m arkets 299

SHAREHOLDERS MEETING OF

27APRIL2016 303

8.1. Report of the Managing Board on the resolutions

presented at the combined shareholders" meeting (ordinary and extraordinary) on 27 april 2016 304

8.2. Agenda and text of the proposed resolutions 316

8.3. Auditors" Reports 324

ADDITIONAL INFORMATION 327

9.1. Persons responsible

for the Registration Document

RFA 328

9.2. Historical “ nancial information 329

9.3. Documents available to the public 329

9.4. Persons responsible for auditing the accounts RFA 330

9.5. Cross-reference tables 331

ANNUAL FINANCIAL REPORT ELEMENTS ARE CLEARLY IDENTIFI ED

IN THIS TABLE OF CONTENTS WITH THE SIGN

RFA 1

CONTENTS

2 3 46
5 7 8 9

PSA GROUP 3

1.1. Key “ gures 4

1.2. History and highlights of the Company"s business 6

1.3. Organisational structure 7

1.4. Activities and strategy 9

1.5. Risk factors

RFA 20

CORPORATE RESPONSIBILITY: SUSTAINABLE DEVELOPMENT INITIATIVES 31

2.1. Corporate social responsibility: an integral part

of the Group"s strategy 32

2.2. Embracing environmental issues

RFA 35

2.3. Corporate sustainable development commitment RFA 58

2.4. Human resources, driving change within PSA

RFA 72

2.5. Extra-“ nancial performance of PSA 95

2.6. Independent veri“ er"s report on the review of social,

environmental and societal information published in the management report 97

2.7. Reporting scope, methodology

and cross-reference tables 100

CORPORATE GOVERNANCE RFA 105

3.1. Management and supervisory bodies 106

3.2. Report of the Chairman of the Supervisory Board

on corporate governance and internal control and risk management procedures 119

3.3. Statutory Auditors" Report on the report prepared

by the Chairman of the Supervisory Board of Peugeot S.A. 131

3.4. Compensation of corporate o? cers 132

ANALYSIS OF THEBUSINESS ANDGROUP OPERATING RESULTS IN

2015 AND OUTLOOK 145

4.1. Analysis of the Business and consolidated

annual results

RFA 146

4.2. Financial position and cash

RFA 150

4.3. Parent company results

RFA 152

4.4. Major contracts 154

4.5. Capital expenditure and

Research & Development

RFA 154

4.6. Recent events and outlook

RFA 161

PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT 1PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT

2015

The original French version of this Registration Document, which contains all of the information in the Management Report,

was filed with the French securities regulator (Autorité des Marchés Financiers ... AMF) on 24 March 2016 , in accordance

with the provisions of Article 212-13 of the AMF General Regulations. It may be used in connection with a financial transaction in conjunction with an Offering Memorandum approved

by the AMF. It was prepared by the issuer and is the responsibility of the person whose Signature appears therein.

It contains all of the information concerning the Annual Financial Report.

REGISTRATION DOCUMENT

including the annual financial report 1

2PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT

1.1. KEY FIGURES 4

Consolidated Income Statement 4

Consolidated Balance Sheet 4

Consolidated Statement of Cash Flows 5

1.2. HISTORY AND

HIGHLIGHTS OF THE

COMPANYS BUSINESS 6

1.3. ORGANISATIONAL

STRUCTURE 7

1.3.1. Group organisational structure -

functions 7

1.3.2. Group organisation 7

1.3.3. Parent-subsidiary relationships 8

1.3.4. Simpli“ ed organisation structure

at 31?December 2015 8

1.4. ACTIVITIES AND STRATEGY 9

1.4.1. Main business activities of the Group 9

1.4.2. The Groups strategic trends 19

1.5. RISK FACTORS 20

1.5.1. Operational risks 20

1.5.2. Financial market risks 25

1.5.3. Risks relating to Banque PSA Finance 26

1.5.4. Legal and contractual risks 27

1.5.5. Risk coverage - insurance 29

PSA GROUP

PSA PEUGEOT CITROËN

- 2015 REGISTRATION DOCUMENT 3 1

4PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT

1

PSA GROUP

1.1. Key ? gures

1.1. KEY FIGURES

This document gives the PSA Group"s consolidated financial statements for the years 2015 and 2014. The 2013 consolidated financial statements are included in the Registration Document that was filed with the French securities regulator (

Autorité des Marchés

Financiers

- AMF) on 2 April 2014 under no. D. 14-0269. Please also

see paragraph 5.1 below.The Group"s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union as at 31 December 2015, the balance sheet date.

2014 Comparative information has been restated in accordance

with IFRS 5.

Consolidated Income Statement *

(in million euros)

20152014

Manufacturing

and sales companiesFinance companies Eliminations TotalManufacturing and sales companiesFinance companies Eliminations Total

Revenue54,426267(17) 54,67651,310300(18) 51,592

Recurring operating income (loss)2,72942,73370196797

Operating income (loss)1,97061,9762896124

Net financial income

(expense)(642)(642)(750)(5)(755)

Income taxes(687)(19)(706)(206) (100)(306)

Share in net earnings

of companies at equity31412343727412286

Profit (loss) from operations

held for sale or to be continued in partnership726513798796

Consolidated profit (loss)

for the period1,0271751,202(645)90(555) Attributable to equity holders737162899(787)86(5) (706)

Attributable to minority

interests2901330314245 151 Basic earnings per 1 par value share attributable to equity holders of the parent1.14(1.15)

* The results for 2014 and 2015 reflect the reclassification of operations held for sale or to be continued in partne

rship.

Consolidated B alance S heet *

ASSETS

(in million euros)

31?December 201531December 2014

Manufacturing

and sales companiesFinance companies Eliminations TotalManufacturing and sales companiesFinance companies Eliminations Total Total non-current assets20,9261,131(2) 22,05520,331279(5) 20,605 Total current assets18,8391,193 (608) 19,42416,526 6,209 (704) 22,031

Total assets of operations held for sale or to be continued in partnership616 7,048(33) 7,631167 18,529 (120) 18,576

TOTAL ASSETS40,381 9,372 643 49,110 37,024 25,017 829 61,212 PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT 5

PSA GROUP

1

1.1. Key ? gures

EQUITY AND

LIABILITIES

(in million euros)

31 December 201531 December 2014

Manufacturing

and sales companiesFinance companies Eliminations TotalManufacturing and sales companiesFinance companies Eliminations Total

Total equity12,219 10,418

Total non-current liabilities 9,984 17 10,001 11,637 2 (1) 11,638 Total current liabilities 20,104 3,405 (551) 22,958 18,071 13,368 (536) 30,903

Transferred liabilities of operations held for sale or to be continued in partnership 401 3,623 (92) 3,932 37 8,508 (292) 8,253

TOTAL EQUITY & LIABILITIES 49,110 61,212

* Balance sheets at the end of December?2014 and 2015 reflect the reclassification of operations held for sale or to be continued in partnership.

Consolidated Statement of Cash Flows *

(in million euros)

20152014

Manufacturing

and sales companiesFinance companies Eliminations TotalManufacturing and sales companiesFinance companies Eliminations Total Consolidated profit (loss) from continuing operations 955 (4) 951 (654) (297) (951) Funds from operations 4,490 22 1 4,513 2,038 (41) 1,997

Net cash from (used in) operating activities of continuing operations5,432 6,56041 12,0333,728(198)17 3,547

Net cash from (used in)

investing activities of continuing operations(2,692)(125)111 (2,706)(2,259)(31)(2,290)

Net cash from (used in)

financing activities of continuing operations(644) (830)142 (1,332)7033334 1,040

Net cash related to the non-transferred debt of finance companies to be continued in partnership (8,234) (5) (8,239) (1,155) (300) (1,455)

Net cash from the transferred assets and liabilities of operations held for sale or to be continued in partnership42938 (218) 76247 2,17932 2,258

Effect of changes in exchange rates (112) (19) 3 (128) 47 1 (1) 47

Increase (decrease) in cash from continuing operations and from operations held for sale or to be continued in partnership 2,026 (1,710) 74 390 2,266 799 82 3,147

Net cash and cash equivalents at beginning of period 8,427 2,603 (128) 10,902 6,161 1,804 (210) 7,755

NET CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD 10,453 893 ?54? 11,292 8,427 2,603 ?128? 10,902

* Net cash in 2014 and 2015 reflects the reclassification of operations held for sale or to be continued in partne

rship.

6PSA PEUGEOT CITROËN - 2015 REGISTRATION DOCUMENT

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