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News of April 10, 2002

PSA Peugeot Citroën Introduces New Supplemental Retirement Plan

Paris - After six months of negotiations and eight meetings, PSA Peugeot Citroën has signed an agreement with labor unions calling for the introduction of a new supplemental retirement plan.

The plan will apply to the nearly 25,000 employees of the main French companies in the Group's Automobile Division and Logistics and Transportation business whose compensation exceeds the social security ceiling on contributions. It is designed to provide these employees with supplemental retirement benefits to offset the forecast decline in the so-called replacement rate, which is the percentage difference between an employee's total pension and his or her salary upon retirement.

The defined contribution system, which will come into effect next July 1, will be financed two-thirds by the Company and one-third by the employees. Employee savings will be invested in mutual funds managed by a joint Company-employee commission. In the event the employee leaves the Company, he or she will retain the benefits, which will be transferable to a similar system.

The approach taken by all parties demonstrates their commitment to implementing measures today to maintain the level of future employee pensions. It supports PSA Peugeot Citroën's employee relations policy by strengthening the employee savings plans already in place, and especially the Long-Term Employee Stock Ownership Plan introduced in 1999.

The CFE-CGC, CFTC, CGT-FO and GSEA unions announced their decision to sign the agreement after consultations with the union locals, Works Councils and Central Works Councils of the companies concerned. The CFDT and CGT unions will announce their position after consulting their organizations.

(April 9, 2002)

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