Financial information at september 30, 2012

• Weak demand in mature markets in an unfavorable economic environment, especially in Europe.

• Sales volumes down 6.7%, as expected, on more favorable prior-year comparatives.

• Stable tonnage since Q4-2011.

• Price-mix still positive, despite the contractual adjustments on July 1, particularly in the Earthmover business

As a result, Michelin confirms its guidance for full-year 2012, i.e. a clear increase in operating income before non-recurring items, with a 5% decrease in full-year sales volume, and around a €200-300 million favorable impact from raw materials in second half.

After around €2 billion in full-year capital expenditure, but before the impact of the sale of a property complex in Paris, the Group aims at a €400 to €500 million free cash flow generation.