PSA & Opel / Vauxhall Alliance: Driving Towards A Better Future A Game-Changing Alliance for PSA & Opel / Vauxhall • Leading European OEM: #1 / #2 Positions Across Key Markets • Complementary Brands • Drive Efficiency on a Higher Scale • Stronger Homebase to Address International Growth Opportunities • Step-Change in Innovation Capability 4.3 MM €55 Bn €4.8 Bn +50% Vehicles Auto Revenue(1) Auto EBITDA(2) R&D Spend Notes 1. 2016A metrics 2. 2016E metrics. Defined as recurring operating income + D&A, assuming 40% of Opel / Vauxhall Auto R&D capitalized 2 Opel / Vauxhall Teams to Drive Turnaround with Full PSA Support 3 Alliance Will Enhance Push-to-Pass and Raise Opel / Vauxhall to Industry Benchmark Current Perimeter Growth(1) by 2018 vs 2015 Group Revenue 10% Additional 15%(1) by 2021E Automotive Average (4) (4) Recurring Operating >4.5% over >6% by 2021E(3) 2% by 2020E 6% by 2026E Margin 2016A-18E Operational Free Positive by 2020E Cash Flow(2) Notes 1. At constant (2015) exchange rate 2. Defined as ROI + D&A – restructuring – capex – Capitalized R&D – Change in NWC 3. vs. initial guidance of 6% by 2021 4 4. Subject to full review of IFRS – US GAAP differences Existing PSA – Opel / Vauxhall OEM Partnership Already Delivering Significant Results Proven Cooperation Model Impact of 3 Joint Vehicle Programs from c.€1.1 Bn Savings Already Based on Three Key Pillars 2017E Onwards Generated With Add. €0.3 Bn p.a. Joint Purchasing Organization Crossland X C3 Aircross PSA Share - In € Bn 220k units (2018E)(1) – Alignment of pricing to benchmark on joint procurement BVH1 platform R&D/ Capex, Joint +0.3 p.a. Purchasing base Opel plant Organization (JPO) Launch 2017E Joint Product Development & 1.1 Cross-Manufacturing Grandland X Peugeot 3008 – Three common vehicles Mainly related to JPO 300k units (2018E)(1) and purchasing on 3 (20% of combined volumes) projects – Projects on time/ at cost EMP2 platform PSA plant – Cost efficiency Launch 2017E Strong Cultural and Engineering Fit B-LCV – Joint working groups across both 300k units (2019E)(1) companies EMP2 platform 0 0 2012–17 Savings Additional Savings – Track record in delivering PSA plant @ PSA @ PSA tangible savings Launch 2018E Sources: Company Information, IHS (February 2017) Note 1. Based on IHS 5 The PSA – Opel / Vauxhall Combination Leads to Mass Market Leadership A Transformational Strategic Combination(1)... ...Strengthening PSA’s Position in Europe’s Mass OEM Market European Light Vehicle Sales(2) MM Units, 2016A 22.5% 17.1% 14.4% 7.9% 6.9% 6.6% 5.9% 5.6% Global Sales 3.1 1.2 4.3 3.9 (MM units) 3.0 European 10.7% 6.5% 17.1% 2.5 Market (# 3) (# 7) (# 2) Share(2) 1.4 1.2 1.1 Auto. 1.0 1.0 Revenue 37.1 17.7 54.8 (€ Bn) 0 0 0 0 0 0 0 0 Auto. EBITDA 4.0 0.8(3) 4.8 (€ Bn) % Market Share Source: Company information, IHS Automotive (February 2017) Notes 1. Based on 2016 figures 6 2. Excluding Russia and Turkey 3. Defined as recurring operating income + D&A, assuming 40% of Opel / Vauxhall Auto R&D capitalized Strong Geographic Complementarity Strong Complementarity Leading Positions (#1 / #2) Across European Markets 2016A PSA & Opel / Vauxhall Volumes + #8 #6 11% #2 3.6 #6 #4 17% #2 3.1 #2 #9 31% #1 2.4 #4 #6 14% #2 2.0 #3 #5 22% #1 1.3 #3 #5 21% #1 0.6 Market Size (MM units) PSA Volume Opel / Vauxhall Volume PSA + O / V Market Share Source: IHS Automotive (February 2017) 7 Differentiated Brand Awareness and Image High Level of Spontaneous Brand Awareness… …A Strong Image… …and Low Cannibalization Risk Willingness to Substitute(1) 64% <3% 23% #2 20% 50% <3% 32% #4 30% 46% 8% 40% #4 44% 43% 6% 46% #1 54% 35% 2% 84% #1 74% Opel / Vauxhall Peugeot Citroën Source: Company information, New Car Buyer Survey – Mainstream brands Note 8 1. E.g. less than 3% of customers for a given model of Opel would alternatively buy a Peugeot model Major Improvement in Momentum at Opel / Vauxhall Effective Strategic Action Plan Launched Improving Financial Performance(1) European Sales Volume (‘000) Model and 29 60% +7.7% 1.16 Engine 1.08 Offensive Model launches over 2016A sales with 2016A–2020E <2y launches 2014A 2016A Revenue (€ Bn) European Car of the Year 2016 +8.2% 17.7 16.4 Brand and Product Image 2014A 2016A EBIT (€ Bn)Bn)(2) Market Penetration Footprint Optimization 2014A 2016A (0.3) • Optimization of dealer network • Manufacturing: production (0.9) Improved relocation / Bochum closure Efficiency • Improved sales efficiency (1.8%) through launch of FinCo in 2013 • Discontinued activity in Russia (5.5%) Margin % Sources: Company information, New Car Buyer Survey Notes 1. Based on contributed entity (pro forma derived from GME accounts in US GAAP & adjusted to perimeter of transaction) 9 2. EBIT defined as ROI post non-recurring costs Clear Additional Levers to Drive Performance Towards Benchmark Levels Relative Performance Across Key Metrics 2015A Harbour Rate Efficiency (# Hours / Car) 28.5 28.1 105% 24.4 96% 82% 21.6 Opel / Vauxhall PSA EU Average PSA PSA Benchmark Opel / Vauxhall (2012A) (2015A) Inventories % of Revenue PSA Harbour Rate Evolution 96% 98% 14.2% 11.6% 7.7% 7.7% 79% 2014A 2015A 2016A PSA PSA Benchmark Opel / Vauxhall (2012A) (2016A) (2016A) Sources: Company information, Harbour- Analyse DSI Note 10 1. EU average includes: Kia, BMW, Mercedes, Renault, VW, PSA, Ford, Jaguar, FCA, Opel/ Vauxhall Significantly Enhanced Scale Across Segments, Especially B & C Segment Model Examples Europe Light Vehicle Sales (2) Market Position ‘000 Units, 2016A Significant scale enhancements on most competitive segments A C1 Adam 242 #4 #2 B 208 Corsa 708 #3 #2 C 308 Astra 521 #2 #2 D 508 Insignia 131 #6 #3 B-SUV 2008 Mokka 422 #2 #2 Passenger Passenger Car C-SUV 3008 Grandland X 106 #5 #5 B-MPV C3 Picasso Meriva 89 #7 #2 C-MPV 5008 Zafira 263 #2 #1 EV(1) ION Ampera-E(1) 2.1 Berlingo / Combo Partner 442 #2 #1 Expert/ Vivaro Jumpy LCV Jumper/ PSA Opel / Vauxhall Movano Boxer Sources: IHS Automotive (February 2017) Notes 11 1. Launched in 2016A 2. Excluding Russia and Turkey PSA Platforms and Powertrain Rapidly Rolled Out to Opel / Vauxhall Ramp Up of Joint Platforms to Full Convergence Within 8 Years Complementary Powertrain Offering % Combined Volumes on Common Platforms PSA technologies deployed on Opel / Vauxhall 100% Expected completion of transaction – Small efficient ICE – PHEV 80% – Electric platforms (E-CMP) c. 70% by 2023E 60% Combined Sourcing c. 50% by 2020E 40% Platform convergence will facilitate combined sourcing Crossland X % Sourcing from Europe 20% Grandland X c. 45% vs. 92% Combo 0% 2017E 2019E 2021E 2023E 2025E 2027E Source: IHS Automotive (February 2017) 12 Combination to Generate Annual Synergies of €1.7 Bn and €1.2 Bn Working Capital Release • Scale effects Purchasing c. 30% • Technical best practices leading to optimized purchasing • Combination of purchasing functions and European sourcing • Convergence of platforms and powertrains R&D c. 25% • Design to cost • Full digitalization of product development • Alignment of industry benchmarks Manufacturing c. 20% • Plant modernization and improved efficiency • Alignment with industry benchmarks SG&A c. 10% • Multiple areas of joint savings • Leveraging gains in manufacturing efficiency and common developments Capex c. 15% • Optimization of joint capex c. €1.7 Bn p.a. c. €1.1 Bn p.a. c. €(1.6) Bn Run-Rate Synergies By 2026E Synergies Expected By 2020E (c. 65%) Total Implementation Costs Working Capital • PSA with strong track record c. €1.2 Bn Optimization • Full realization by 2022E 13 Scope for Greater Innovation and Optimised Technology Spend Opportunity to Optimize R&D Budget Re-Direct Investments to “Future Mobility” Technologies R&D Budget € Bn o/w €0.9 Bn outsourced R&D in HCC(1) 1.4 Net gain Connected Car Autonomous Driving 3.3 2.9 1.9 Total Savings / Expected Budget Joint Development Combined 2016A 2016A (Platform / Powertrain) Budget & Reinvestment in New Technologies Shared Mobility Electric / Hybrid Target c. 5% of total revenue Source: Company information Note 14 1. High Cost Countries Broadening Partnership with General Motors in Advanced Technologies and Services • Long-term supply of Fuel Cell Stack system for Fuel Cell future PSA vehicle • PSA and General Motors electrification component Electrification technology cooperation • Shared purchasing and related scale 15 Auto Transaction Consideration for PSA of €1.32 Bn Opel / Vauxhall €1.32 Bn • 7.4% 2016A pro forma Revenue Automotive General • GM retains all pensions obligations excluding German active workers and certain Motors regional plans contributed to PSA - Europe • Total net underfunded status of pensions obligations retained by GM: c. $6.5 Bn Pensions • GM to fully fund plans assumed by PSA on IFRS (c. €3.0 Bn funding) 16 PSA and BNP Paribas To Acquire General Motors’ European Financing Activities Continuation of PSA’s Highly Successful Partnership Model in Consumer / Dealer Financing, Supporting the Development of Automobile Distribution • PSA and BNP Paribas to acquire General Motors Europe financing activities for €0.9 Bn, 0.8x Book Value • 50 / 50 ownership, with BNP Paribas to consolidate the entity • Well capitalised, low risk profile financing activity • Significant room for value creation through the partnership and alignment of Opel Financing Activities with best in class levels (penetration, cost of funding, IT platform…) 17 GM Europe Financing Activities Serve Opel and Vauxhall Across Europe A High Quality Auto Finance Player Pan-European Footprint Critical to Opel / Vauxhall’s Auto Operations Pan-European footprint, present in 11 countries 72% of Earning Long-standing relationship with ~1,800 dealers Assets in Germany and the UK Full spectrum product offering to consumers and dealers, including leasing activities in Germany Robust funding platform leveraging on German deposits (€1.8 Bn) and securitisation capabilities (€4.0 Bn) Earning Assets of €9.6 Bn (2/3 consumer, 1/3 commercial) c.