• 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
  • 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

Investor Relations Media Relations Individual shareholders
Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@fr.michelin.com

Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 71 14 17 05 (cell)
matthieu.dewavrin@fr.michelin.com

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
corinne.meutey@fr.michelin.com
Jacques Engasser
+33 (0) 4 73 98 59 08
jacques.engasser@fr.michelin.com

DISCLAIMER

This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.

This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.

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