Financial information at march 31, 2010

• Significant rebound in every tire market, except the original equipment truck segment in Europe, off of favorable prior-year comparatives.

• Volume up 15.3% for the quarter, gaining momentum late in the period as market share held firm.

• A negative 2.1% price-mix effect, reflecting i) faster growth in original equipment than replacement sales and ii) the application of contractual price adjustments indexed to raw materials costs, particularly in the specialty tire business.

• Around 10% growth in volume as mature economies gradually recover.

• Continued deployment of a responsive pricing policy, assuming current raw materials prices hold firm.

• Capital expenditure of €1-1.2 billion, mainly due to outlays for projects in Brazil, China and India.

In light of these factors, Michelin maintains its objective of generating positive free cash flow for the year.