• Control working capital requirements, in particular by reducing inventories by a further €800 million to €1 billion;

• focus capital expenditure and research and development programs on strategic projects, including electric vehicles and environment-friendly engine performance. Investments already made at the international level will be exploited to the full. New investments for vehicle projects have been put on hold at Chennai (India) and postponed at Tangiers (Morocco). Total investments in 2009 will be at least 20% lower than in 2008;

• step up the policy of cutting fixed costs, notably by controlling total salary costs and reducing G&A;

• strengthen operational synergies with Nissan to seize new opportunities, in particular by converging the entire engine range and working together on electric vehicles and light commercial vehicles.

In 2009, Renault can look forward to eight product launches (including New Renault Scénic) as well as New Mégane Renault Sport, Clio phase 2 and Trafic phase 3. These launches will give Renault the youngest range in Europe, with performances that meet the market’s new environmental standards and quality standards that reflect the advances made in the past years.

Renault will take rapid steps to adjust these measures should the economic environment deteriorate further.

These measures are designed to mobilize the entire company around a single priority in 2009: namely aiming for positive free cash flow.

Despite of the crisis, Renault Commitment 2009 over-arching ambition - to be Europe's most profitable and competitive full-line carmaker - continues to guide the company.