Renault S.A. Press Release

Since 2000, operations at Renault S.A. ("Renault" or the "Company") have
been significantly influenced by three major events: (1) the sale of
Renault V.I./Mack, its commercial vehicle business, to AB Volvo and
exiting direct participation in the truck market; (2) contribution from
the turnaround of Nissan Motors; and (3) the sharp deterioration of its
international profitability impacted by the crises in Argentina and
Turkey, where Renault has the leading position.  In addition, higher
costs related to product renewal and extended warranties also weighed on
profits.  Weak market conditions and high product development costs will
continue to pressure earnings in 2002 despite new models and ongoing
cost reduction.  Longer term, Renault's profitability is expected to
grow due to (1) an aggressive new model launch schedule between
2002-2004 to replace its aging product line,  (2) higher synergies from
the expanded alliance with Nissan, and (3) ongoing cost reduction.
Proceeds from selling non-core businesses helped pay down debt in 2001
despite a deficit in free cash flow.  The balance sheet continued to
strengthen in the first half of 2002 because of improving free cash
flow.  Going forward, the expanded alliance with Nissan and associated
cost sharing on facilities and product development will help limit
capital spending.  This bodes well for further improvement of the
balance sheet.