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News of April 03, 2002

Renault shareholders approve plans to strengthen the Alliance with Nissan

Nissan acquires 13.5% stake in Renault for E EE E 1. 904 billion

Renault shareholders approved the capital increase reserved for Nissan at the Extraordinary General Meeting on March 28, 2002. Renault's Board of Directors met immediately after the EGM and launched the transaction - scheduled for March 29 - at a price of E EE E 50.39 per share. Nissan said it would initially subscribe for E EE E 1. 904 billion, equivalent to 13.5% of Renault's share capital, via its wholly-owned subsidiary, Nissan Finance.

Paris - Meeting on March 28, Renault's Extraordinary General Meeting of Shareholders approved plans to strengthen the Alliance with Nissan, notably the reserved capital increase at E 50.39 per share. The subscription price was announced on March 20 when the Board of Directors' meeting was convened and corresponds to the average share price over the 20 consecutive trading days up to March 18 inclusive.

Following the EGM, Renault's Board of Directors agreed to go ahead with the operation totalling E 1. 904 billion. This amount corresponds to Nissan's decision to initially acquire a 13.5% stake in Renault via its wholly-owned subsidiary, Nissan Finance.

As the agreement announced on October 30, 2001 provided for acquisition of an equity interest of up to 15%, Nissan stated that it was retaining the right to increase its initial stake after closing its annual financial statements and finalizing its forecast for fiscal year 2002 to be disclosed in May. This second capital increase would be subject to the prior approval of the Commission des Participations et des Transferts (CPT). Based on the same agreement, Renault raised its stake in Nissan from 36.8% to 44.4% on March 1, 2002.

(March 29, 2002)

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