Financial information for the three months ended march 31, 2016

• Volumes up 3.7%, outpacing the market in all business segments, increasing 4% for Passenger Car and Light Truck tires, 3% for Truck tires and remaining stable (0%) for Specialty businesses. Growth was achieved in the following market conditions:

  • Robust demand in the Passenger Car and Light Truck and Truck segments in mature markets,

  • Mixed demand in the new markets, with strong Passenger Car and Light Truck tire demand in China, buoyant sales in India and a marked decline in South America,

  • Specialty tire markets still affected by ending inventory drawdowns at mining companies.

• Price effect negative at 0.8%, an improvement shaped by the Group’s active management approach, and the success of its new product and service offerings for the Group's different brands.

Over the full year, tire markets are forecast to remain mixed, with demand for Passenger Car, Light Truck and Truck tires expected to continue rising in mature markets while staying in line with 2015 trends in new markets. These developments will remain favorable for Michelin. The Specialty tires market is expected to continue to be affected by mining company inventory drawdowns.

In this environment, for 2016, Michelin is targeting volume growth that outpaces global markets, and confirms its objectives to increase operating income before non-recurring items at constant exchange rates and generate structural free cash flow of more than €800 million.