Pbn) (LHS) FY19 FY20 FY17 FY18 Source: Deulsche Bank estimates: assumes 10% EPS growth Growth (RHS) 40% 35% 30% 25% 20% 15% 10% 5% 0% Deutsche Bank Research' European Equity Focus -Jarkary 2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00232975 DB-SDNY-0086791 EFTA01385505

aimler value / Net cash/pensions Renault core by Current price Renault share core business difference Source: Renault. Deutsche Bank estimates Deutsche Bank Research' European Equity Focus —January 2018 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL 7S DB-SDNY-0086813 SDNY_GM_00232997 EFTA01385