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PEUGEOT S.A.

Incorporated in France with issued capital of €786,588,648 Governed by a Managing Board and a Supervisory Board Registered Offi ce: 75, avenue de la Grande-Armée

75116 Paris - France

R.C.S. Paris B 552 100 554 - Siret 552 100 554 00021 Phone: + 33 (0)1 40 66 55 11 - Fax: + 33 (0)1 40 66 54 14 psa-peugeot-citroen.com

2014REGISTRATION DOCUMENT

2014REGISTRATION DOCUMENT

PSA PEUGEOT CITROËN 2014 Registration Document1 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 27 March 2015, in accordance with the provisions of Article212-13 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

2014
PSA PEUGEOT CITROËN 2014 Registration Document 2

CONSOLIDATED FINANCIAL

STATEMENTS AT

31 DECEMBER 2014

AFR 169

5.1. Consolidated statements of income 170

5.2. Consolidated statements ofincome and

expenses recognised in equity 172

5.3. Consolidated balance sheets 174

5.4. Consolidated statements ofcash" ows 176

5.5. Consolidated statements ofchanges in equity 178

5.6. Notes to the consolidated " nancial statements

atDecember2014 179

5.7. Statutory Auditors Report onthe consolidated

" nancial statements 263

PEUGEOT S.A. FINANCIAL

STATEMENTS FOR THE YEAR

ENDED 31 DECEMBER 2014

AFR 265

6.1 Income statement for the year ended

31December 2014 266

6.2 Cash " ow statements fortheyear ended

31December2014 267

6.3 Balance sheets at 31December 2014 268

6.4 Notes to Peugeot S.A. Financialstatements 270

6.5 Corporate " nancial results over the past " ve years 288

6.6 Statutory auditors report onthe " nancial statements 289

6.7. Statutory Auditors special report on related party

agreements and commitments 290

INFORMATION ABOUT

THE COMPANY AND ITS SHARE

CAPITAL 295

7.1. Information about the Company AFR 296

7.2. Information about share capital

AFR 298

7.3. Ownership structure

AFR 302

7.4. Corporate " nancial instrument markets 304

COMBINED GENERAL

MEETING OF 29 APRIL 2015 307

8.1. Report of the Managing Board on the resolutions

submitted to the combined Shareholders Meeting on 29April 2015 308

8.2. Agenda and text oftheproposedresolutions 321

8.3. Auditors Reports 334

ADDITIONAL INFORMATION 341

9.1. Persons responsible fortheRegistration Document AFR 342

9.2. Historical " nancial information 343

9.3. Documents available to the public 343

9.4. Persons responsible for auditing the accounts

AFR 344

9.5. Cross-reference tables 345

PSA PEUGEOT CITROËN 3

1.1. Key " gures 4

1.2. History and highlights oftheCompanys business 6

1.3. Organisational structure 7

1.4. Business activities and strategy 11

1.5. Risk factors

AFR 22

CORPORATE RESPONSIBILITY:

SUSTAINABLE DEVELOPMENT

INITIATIVES 33

2.1. Corporate social responsibility: an integral part

of the Groups strategy 34

2.2. Embracing environmental issues

AFR 39

2.3. Company sustainable development commitment

AFR 66

2.4. Human resources, driving change within

PSAPeugeotCitroën

AFR 79

2.5. Extra-" nancial performance ofPSAPeugeot Citroën 102

2.6. Independent veri" ers report 104

2.7. Reporting scope, methodology

and cross-reference tables 106

CORPORATE GOVERNANCE AFR 111

3.1 Management and SupervisoryBodies 112

3.2. Report of theChairman of the Supervisory Board 124

3.3. Statutory Auditors Report on thereport prepared

by theChairman of the Supervisory Board of PeugeotS.A. 137

3.4. Management Compensation 138

GROUP EARNINGS IN 2014 AND

OUTLOOK 149

4.1. Analysis of Consolidated Operating Results AFR 150

4.2. Financial Position and Cash

AFR 154

4.3. Parent Company Results

AFR 157

4.4. Major Contracts 159

4.5. Capital Expenditure and research

and Development

AFR 160

4.6. Recent Events and Outlook

AFR 168

5 6 7 8 9 2 3 4 AFR 1

CONTENTS

PSA PEUGEOT CITROËN 2014 Registration Document3

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 7

1.3.4. Main subsidiaries and equity holdings

ofthecompany 8

1.4. BUSINESS ACTIVITIES AND STRATEGY 11

1.4.1. Main business activities ofthegroup 11

1.4.2. The Groups strategic trends 21

1.5. RISK FACTORS 22

1.5.1. Operational risks 22

1.5.2. Financial market risks 26

1.5.3. Risks related to Banque PSAFinance (BPF) 27

1.5.4. Legal and contractual risks 29

1.5.5. Risk coverage ... insurance 31

PSA PEUGEOT CITROËN

1 PSA PEUGEOT CITROËN 2014 Registration Document 4

PSA PEUGEOT CITROËN1

1.1.Key " gures

1.1. KEY FIGURES

This document gives the PSAPeugeot Citroën Groups consolidated financial statements for the years 2014 and 2013. The 2012 consolidated financial statements are included in the Registration Document that was filed with the French securities regulator (Autorité des Marchés Financiers ... AMF) on 28March 2013 under no. D.13-0239. Please also

see paragraph5.1 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 31December 2014, the balance sheet date.

Comparative information has been restated to reflect the application of

IFRS5, 10 and 11 and IFRIC21.

CONSOLIDATED INCOME STATEMENT

(in?millions of euros)

20142013

Manufacturing

and Sales CompaniesFinance Companies Eliminations TOTALManufacturing and Sales CompaniesFinance C ompanies Eliminations TOTAL

Revenues53,019628(40) 53,60752,459668(48) 53,079

Recurring operating

income/(loss)779126- 905(516)152- (364) Operating Income/(loss)100123- 223(1,681)152- (1,529)

Net financial expense(755)(8)- (763)(664)-- (664)

Income taxes(226)(87)(313)(266)(40)- (306)

Share in net earnings

of companies at equity27012- 2821658- 173

Net income/(loss)

from operations intended to be transferred to new joint ventures(34)50- 16(19)118- 99 Consolidated profit/(loss)(645)90- (555)(2,465)238- (2,227)

Group share(787)86(5) (706)(2,556)2236 (2,327)

Attributable to minority

interests (in euros)14245 1519115(6) 100

Basic earnings per 1 par value

share ... Group share(1,15)(6,80)

CONSOLIDATED BALANCE SHEET

ASSETS

(in?millions of euros)

31 December 201431 December 2013

Manufacturing

and Sales CompaniesFinance Companies Eliminations TOTALManufacturing and Sales CompaniesFinance C ompanies Eliminations TOTAL Total non-current assets20,331279(5) 20,60519,709389(1) 20,097 Total current assets16,5266,209(704) 22,03115,524 24,668(568) 39,624

Total assets intended to

be transferred to new joint ventures16718,529(120) 18,57643-- 43 TOTAL ASSETS37,024 25, 017 (829) 61,212 35,276 25,057 (569) 59,764 PSA PEUGEOT CITROËN 2014 Registration Document5

1PSA PEUGEOT CITROËN

1.1.Key " gures

(in?millions of euros)

20142013

Manufacturing and Sales CompaniesFinance CompaniesEliminations TOTALManufacturing and Sales CompaniesFinance C

ompanies Eliminations TOTAL

Consolidated profit/(loss)

from continuing operations (611) (211) - (822) (2,446) (128) - (2,574 ) Funds from operations 2,126 13 - 2,139 804 (21) - 783

Net cash from/(used in)

operating activities 3,878 448 (262) 4,064 1,244 (478) (9) 757

Net cash used in investing

activities of continuing operations (2,314) (22) - (2,336) (2,474) (33) - (2,507)

Net cash from/(used in)

financing activities of continuing operations 675 3 334 1,012 2,058 (153) - 1,905

Net cash used by new borrowings and repayments of borrowings of finance operations not transferred to new joint ventures-(1,448)- (1,448)- (2,294)- (2,294)

Net cash from/(used

by) changes in assets and liabilities of finance operations intended to be transferred to new joint ventures(20) 1,81710 1,807(72) 3,09974 3,101

Effect of changes

in exchange rates 47 1 - 48 (91) (6) 4 (93)

Increase/(decrease) in cash and

cash equivalents of continuing operations and operations intended to be transferred to new joint ventures 2,266 799 82 3,147 665 135 69 869

Net cash and cash equivalents

at beginning of period 6,161 1,804 (210) 7,755 5,496 1,669 (279) 6,886

NET CASH AND CASH EQUIVALENTS AT END OF PERIOD ... CONTINUING OPERATIONS8,427 2,603 (128) 10,902 6,161 1,804 (210) 7,755

EQUITY AND

LIABILITIES

(in millions of euros)

31 December 201431 December 2013

Manufacturing and S

ales CompaniesFinance Companies Eliminations TOTALManufacturing and Sales CompaniesFinance C ompanies Eliminations TOTAL

Total equity10,418 7,837

Total non-current liabilities 11,637 2 (1) 11,638 12,622 364 (1) 12,985 Total current liabilities 18,071 13,368 (537) 30,903 18,109 21,401 (568) 38,942

Liabilities intended to be

transferred to new joint ventures 37 8,508 (292) 8,253 - - - -

TOTAL EQUITY & LIABILITIES61,212 59,764

CONSOLIDATED STATEMENT OF CASH FLOWS

PSA PEUGEOT CITROËN 2014 Registration Document 6

PSA PEUGEOT CITROËN1

1.2.History and highlights oftheCompanys business

1.2. HISTORY AND HIGHLIGHTS OF THE COMPANYS BUSINESS

Founded in 1896, PeugeotS.A. engaged in manufacturing and sales until 1965, when it was transformed into a holding company as part of a legal and financial restructuring of the Group. Its operating activities were taken over by a subsidiary, Automobiles Peugeot. In 1974, PeugeotS.A. acquired all of the outstanding shares of Citroën

SA and then merged the two companies in 1976.

In 1978, the Chrysler Corporation sold its European manufacturing and sales operations to Peugeot S.A. In 1980, the newly-acquired companies ...which continued to do business under the Talbot marque... were transferred to Automobiles Peugeot. In 1979, Chrysler Financial Corporations European commercial financing subsidiaries were acquired, marking a turning point in the development of the Groups finance business. Aciers et Outillages Peugeot merged with Cycles Peugeot in 1987 and was renamed Ecia. It then became Faurecia in 1998 following its friendly merger with automotive equipment manufacturer Bertrand Faure. In2001, Faurecia acquired Sommer Alliberts automotive equipment business. PSA Finance Holding, whose subsidiaries provide financing for Peugeot and Citroën sales, was transformed into a bank in 1995. Its current name is Banque PSAFinance. The Automotive Division was reorganised in late1998 to align legal structures with the new functional organisation introduced that year. Automobiles Peugeot and Automobiles Citroën transferred all their motor vehicle development and manufacturing assets to Peugeot Citroën Automobiles and their capital equipment design and manufacturing operations to Process Conception Ingénierie. Since 2012, PSAPeugeot Citroën and General Motors (GM) have been working together through three shared projects (C-CUV, B-CUV and potentially B-LCV) and the setting up of a sales organisation to develop synergies off of these three projects. At the end of2012, PSAPeugeot Citroën sold 75% of the capital of GEFCO SA, the groups parent company which specialises in Logistics,

to JSC Russian Railways (RZD).Following the project to increase the investment of PSA Peugeot Citroën and Renault in the capital of the subsidiaries Française de Mécanique (Douvrin, Nord-Pas de Calais) and Société de Transmissions Automatiques (Ruitz, Nord-Pas de Calais), in December 2013 PSAPeugeot Citroën took exclusive control of Française de Mécanique.

On 19February 2014, the Group announced major transaction plans for its development, including the strengthening of its industrial and commercial partnership with Dongfeng Motor Group (DFG). The final agreements were signed on 26March 2014. In addition, PeugeotS.A. carried out capital increases totalling 3billion, which were approved by the Annual Shareholders Meeting of 25 April 2014. Share subscription warrants (BSA) were issued to shareholders for free on that same date. For more details, please refer to Sections1.4.2.2 and 4.4 below. Following the start of exclusive negotiations on 19 February 2014, Banque PSAFinance and Santander Consumer Finance (Santander CF) announced on 10July that they had signed a framework agreement to create a partnership in 11 countries in Europe, which will take the form of joint ventures in most countries, or of commercial agreements. On 2 February 2015, the first joint ventures started operations in France and the United Kingdom. For more details, please refer to

Sections1.4.1.3 below.

In addition, to speed up the expansion of Peugeot Motocycles, strengthen the brand and its products, and secure its future, PSAPeugeot Citroën started exclusive negotiations with the Mahindra & Mahindra Group (M&M) to form a long-term strategic partnership. These transactions, which were completed on 19January 2015, left M&M holding a 51% interest in Peugeot Motocycles (PMTC). For more details, please refer to Note3.3.B to the 2014 consolidated financial statements (see

Section5.6 below).

On 13 February 2015, the Group signed a purchase agreement for Mister Auto, an e-commerce leader for spare parts for all automotive brands on the European market. This transaction remains subject to the fulfilment of conditions precedent, one of which is the clearance from the relevant competition authorities. PSA PEUGEOT CITROËN 2014 Registration Document7

1PSA PEUGEOT CITROËN

1.3.Organisational structure

1.3. ORGANISATIONAL STRUCTURE

1.3.1.

GROUP ORGANISATIONAL STRUCTURE - FUNCTIONS

EXECUTIVE COMMITTEE

VPS REPORTING TO THE CHAIRMAN

OF THE MANAGING BOARD MANAGING BOARD

Programmes

and Strategy

Patrice LUCASResearch and Development

Gilles Le BORGNEIndustrial Operations and Supply Chain

Yann VINCENTEmmanuel DELAY

Chairman of the Managing Board

Carlos TAVARES

Human Ressources

Philippe DORGEGeneral CounselOlivier BOURGESPurchasing Yannick BÉZARD

Quality

Philippe PELLETIERStyle Jean-Pierre PLOUÉCommunication Bertrand BLAISE

China and ASEAN

Grégoire OLIVIERMiddle East and AfricaJean-Christophe QUÉMARD

Peugeot brand

Maxime PICATCitroën brandLinda JACKSONLatin America Carlos GOMESEurasia Christophe BERGERANDDS brand Yves BONNEFONTEuropeDenis MARTIN

Finance

Jean-Baptiste CHASSELOUP de CHATILLON

India-Paci“c

1.3.2.

GROUP ORGANISATION

The executive management of the PSAPeugeot Citroën Group is the responsibility of the Managing Board, which is presented in detail in

Section3.1below.

The Managing Board is responsible for executive leadership and financial management. It helps to define and implement the Groupsquotesdbs_dbs22.pdfusesText_28

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