Financial information at september 30, 2011

• Sales volumes up 9.3%

• Markets expanding, despite slower momentum in the third quarter

• Solid performance by the MICHELIN brand

• Pricing policy added 10.0% to nine-month sales growth and, as announced, will offset the full-year impact of higher raw materials costs

In line with general economic trends, tire markets, and especially the Truck Tire segment, turned downwards over the summer, confirming Michelin’s measured optimism expressed in late July.

In the fourth quarter, growth in the European replacement Passenger Tire and Light Truck Tire segment will depend on winter tire sales to end-customers. The Truck Tire market is expected to remain uncertain, notably in Europe, while the Specialty markets will stay very buoyant.

In this environment, the Group reaffirms that growth in sales volumes should trend towards 8% by year end.

Michelin continues to efficiently manage its operations. It confirms that free cash flow will be temporarily negative in 2011, due to the impact of raw materials costs on working capital requirement, and expects operating income to end the year substantially higher than in 2010.