• Unit sales down 20.1% over the first nine months and 14.0% in the third quarter, in line with the decline in global tire markets
   
• Price-mix significantly positive at 7.6% for the first nine months, led by the MICHELIN brand’s solid performance and the Group’s pricing policy
   
• Tire market conditions expected to vary by business and geography over the final quarter:
    
  • Passenger car and light truck tires: positive impact of i) automobile industry stimulus programs and ii) a technical rebound as dealer destocking fades and winter tire demand rises
  • Truck tires: original equipment demand has bottomed out at very low levels. In the replacement segment, the trucking market is still hesitant, but dealers and fleets are no longer drawing down inventory
  • Specialty tires: original equipment markets are extremely weak while awaiting, in particular, the initial impact of government stimulus packages. The Mining segment remains on an upward trend
     
• Second-half 2009: improved profitability versus the first half, thanks to the raw materials tailwind (full-year costs down €550 million at constant exchange rates). A further reduction in inventory and capital expenditure confirmed at €700 million for the year

Based on these factors, Michelin maintains its objective of generating positive free cash flow in the second half of 2009

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