282m 75% +575m. Net sales Operating income before non-recurring items. Operating margin before non-recurring items. Net Loss.

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2 First-Half 2009 Financial Highlights Net sales Operating income before non-recurring items Operating margin before non-recurring items Net Loss Net debt-to-equity ratio Free cash flow** 7,134m 282m 4.0% (122)m 75% +575m % Change YoY -13.4% -60.2% -4.6 pts N/M* 9 pts improvement (vs. Dec. 31, 20) +1,020m *Non meaningful **Cash-flow from operating activities less cash flow from investing activities 2 - First-Half 2009 Results July 31, 2009

3 3 - First-Half 2009 Results July 31, 2009

4 Sharp Drop in World Markets Passenger Car/Light Truck Markets at June 30, 2009 % change YoY Europe with CIS North America Asia South America Africa Middle East Total Original Equipment Replacement -12.1* *Europe excluding CIS: -6.5% Truck (radial market) Europe with CIS North America Asia South America Africa Middle East Total Original Equipment Replacement First-Half 2009 Results July 31, 2009

5 12 10 US Economic Indicators Continued to Weaken in H Unemployment rate (adjusted for seasonal fluctuations) 5% 4% Average hourly wage (% change, YOY) % 2% 1% % Private savings rate (as a % of disposable income) Construction starts (thousands, rolling 12 months) First-Half 2009 Results July 31, 2009

6 Similar Macroeconomic Scenario in Europe 10,0 9,5 9,0 8,5 8,0 7,5 Europe OECD Unemployement Rate 9,67 9,38 9,18 8,70 8,52 8,2 8,30 8,0 8,00 7,9 7,85 7,92 7,7 7,6 7,55 7,63 7,71 % Industrial Production 7,0 6,5-10 6,0 5,5-15 5, janv-06 avr-06 juil-06 oct-06 janv-07 avr-07 juil-07 oct-07 janv- avr- juil- oct- janv-09 avr-09 Private Savings Rate Source: Global Insight Customer Satisfaction Index France Allemagne Germany janv-98 juil-98 janv-99 juil-99 janv-00 juil-00 janv-01 juil-01 janv-02 juil-02 janv-03 juil-03 janv-04 juil-04 janv-05 juil-05 janv-06 juil-06 janv-07 juil-07 janv- juil- janv-09 juil First-Half 2009 Results July 31, 2009

7 Chinese Inventory Rebuilding Insufficient to Qualify as a True Global Economic Upturn Jan- Feb- Reuters/Jefferies-CRB Index* Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- *Raw Material Purchase Index Jan- Feb- Mar- 7 - First-Half 2009 Results July 31, 2009 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 China Purchase Manager Index (PMI) & ISM Manufacturing Report Jul Oct Jan 09 Apr 09 Jul 09 Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Baltic Dry Index China PMI US ISM Manufacturing Report

8 Heavy Destocking in H1 Europe North America Q1 Q2 Q3 Q4 Q1 09 Q2 09 Q1 Q2 Q3 Q4 Q1 09 Q Original Equipment Markets change in % Replacement Markets change in % First-Half 2009 Results July 31, 2009

9 Slight Improvement in US Vehicle Miles Traveled in April and May 3,050 3,000 2,950 Miles in billions 2,900 2,850 2,800 2,750 2, First-Half 2009 Results July 31, 2009

10 OE* Markets tending to bottom out at very low level Huge Destocking in Replacement Markets Europe North America Q1 Q2 Q3 Q4 Q1 09 Q2 09 Q1 Q2 Q3 Q4 Q1 09 Q Original Equipment Markets change in % Replacement Markets change in % -5-8 * Original Equipment First-Half 2009 Results July 31, 2009

11 Steep Drop in Truck Registrations in Europe Truck Registration Trends >16t in rolling 12 months In units 340, , , , , , First-Half 2009 Results July 31, 2009

12 Average US Truck Fleet Age at Historic High Average age E P A E P A E P A Environmental Protection Agency New Regulation 12 - First-Half 2009 Results July 31, 2009

13 Western Europe Freight Tonnage Down approx. 15% vs Q4 20 Monthly Truck Tonnage in France and Spain (as of May 31, 2009) In France In Spain 210, , , , , , , , First-Half 2009 Results July 31, 2009

14 US Freight Tonnage Down 13.6% Since June 20 Truck Tonnage in the United States (as of June 30, 2009) June -13.6% June Source: ATA Truck Tonnage Index 14 - First-Half 2009 Results July 31, 2009

15 15 - First-Half 2009 Results July 31, 2009

16 Net Sales Declined by 13.4% at Current Exchange Rates YoY change (in millions) as a % of net sales -1,917 8,239 Volumes -23.3% Price Mix +9.6% Currency +2.9% 7, % H1 20 Net Sales H Net Sales 16 - First-Half 2009 Results July 31, 2009

17 Sharp Drop in H1 Volumes Price Mix Steady YoY change in % Volumes Price Mix Currency Q1 Q2 Q3 Q4 Q1 09 Q2 09 Q1 Q2 Q3 Q4 Q1 09 Q2 09 Q1 Q2 Q3 Q4 Q1 09 Q First-Half 2009 Results July 31, 2009

18 Operating Income: Sharp Drop in Volumes Partly Offset by the Price Mix YoY in millions, as a % of sales Price mix H1 20 Operating Income before non-recurring items Volumes Currency Other External Costs* (o/w raw materials: (117)m % H Operating Income before non-recurring items *External costs: raw materials, energy, logistics at constant exchange rates 18 - First-Half 2009 Results July 31, 2009

19 Raw Materials Costs Down -500/-600M in 2009 After Six Years of Increases In millions (at constant exchange rates) / (e) 19 - First-Half 2009 Results July 31, 2009

20 Firm Resistance in Passenger Car and Specialty Businesses Steep Drop in Truck Tires Operating margin before non-recurring items, as a % of net sales 20% 17.8% 7.6% 6.3% 5.2% 8.6% 4.0% -7.9% Passenger Car Light Truck & Distribution Truck & Distribution Specialty Businesses Total H1 20 H First-Half 2009 Results July 31, 2009

21 Good Resilience of the Michelin Brand Passenger Tourisme Car camionnette Light Truck & Distribution & RelatedAssociée Distribution Net Sales H (in millions) 3,949 YoY (% change ) -9.4% Operating Income (before non-recurring items) % Operating Margin (before non-recurring items) 6.3% -1.3 points 21 - First-Half 2009 Results July 31, 2009

22 Significant Drop in Volumes Truck Poids & Related lourd & Distribution Associée Net Sales H (in millions) 2,071 YoY (% change ) -23.2% Operating Income (before non-recurring items) (163) N/M Operating Margin (before non-recurring items) -7.9% point 22 - First-Half 2009 Results July 31, 2009

23 Sustained High Margins Specialty Activités Businesses de spécialités Net Sales H (in millions) 1,114 YoY (% change ) -6.1% Operating Income (before non-recurring items) % Operating Margin (before non-recurring items) 17.8% -2.2 points 23 - First-Half 2009 Results July 31, 2009

24 Strong Impact From Non-Recurring Expenses in millions Net Sales H H1 20 YoY 7,134 8, % Operating Income (before non-recurring items) % of net sales % 7 8.6% -60.2% -4.6 points Non-Recurring Expenses (292) - - Operating Income (10) 7 - Cost of Net Debt Other Financial Income and Expenses (138) (106) - Income Tax +23 (181) - Share of Profit from Associates Net Loss (122) First-Half 2009 Results July 31, 2009

25 25 - First-Half 2009 Results July 31, 2009

26 Strong Free Cash Flow Generation in millions EBITDA* (before non-recurring items) H H1 20 YoY 751 1, Change in inventory ,033 Change in trade receivables Change in payables Tax and finance costs paid Change in provisions Other WCR OPERATING CASH FLOW Gross capex Other FREE CASH FLOW** ,020 *EBITDA before non-recurring items: operating income excluding depreciation, amortization and impairment of PP&E and intangibles **Free cash flow: operating cash flow less gross capex and other 26 - First-Half 2009 Results July 31, 2009

27 Responsive Production Actions Have Brought Inventories Under Control End Dec. 07 End Mar. Quarterly change in volumes End June End Sept. End Dec. End Mar. 09 End June First-Half 2009 Results July 31, 2009

28 Sharp Reduction in Net Debt In millions 4, Free cash flow Other Currency 3,818 Dividend (cash) Net debt January 1, 2009 Net Debt June 30, First-Half 2009 Results July 31, 2009

29 Record Low Gearing by End-June Despite the Difficult Environment 112% 104% 90% 90% 89% 86% 70% 80% 84% 75% /30/ /30/ /30/ /30/ 20 06/30/09 Gearing: Net debt/equity 29 - First-Half 2009 Results July 31, 2009

30 2009: Focusing on Key Economic and Financial Metrics Strongly improved responsive production actions Costs under control Inventory down in volume and in unit value Capex scaled back sharply except in emerging markets Objective: Generate positive free cash flow in H First-Half 2009 Results July 31, 2009

31 31 - First-Half 2009 Results July 31, 2009

32 Production Capacity in Growth Regions Will Increase Brazil: new Passenger Car/Light Truck tire plant India : new Truck and Earthmover tire plant China: doubling Truck and Passenger Car/Light Truck production capacity 32 - First-Half 2009 Results July 31, 2009

33 33 - First-Half 2009 Results July 31, 2009

34 Gains in Logistics and SG&A Costs in Line with Objectives m in gains H Objectives Cumulated Gains in millions 34 - First-Half 2009 Results July 31, 2009

35 Ongoing Product Range Optimization m in gains 8,000 g 7,200 g H Objectives Cumulated Gains in millions 35 - First-Half 2009 Results July 31, 2009

36 Sustained Productivity Efforts Despite Fall in Volumes Tonnage/Headcount* 100 Production H1 20 H H1 20 H * Including temps 36 - First-Half 2009 Results July 31, 2009

37 A Steady Decline in the Headcount Since June , % 120, , , % 114, , ,000 1,000 June- July- August- Sept- Oct- Nov- Dec- Jan-09 Feb-09 Mar-09 Apr-09 May-09 June-09 Employees on payroll (excluding temps) 37 - First-Half 2009 Results July 31, 2009

38 38 - First-Half 2009 Results July 31, 2009

39 Regulations Geared to Safety and Environment Improve safety Reduce air pollution Limit noise pollution 39 - First-Half 2009 Results July 31, 2009

40 New Tire Regulation Strengthens Michelin s Brand Equity All tire types Labeling: Fuel consumption categories Wet grip categories External rolling noise categories Minimum performances threshold Applicable in First-Half 2009 Results July 31, 2009

41 More Flexible and Responsive for a Greater Rebound 41 - First-Half 2009 Results July 31, 2009

42

43 Contacts Investor Relations Valérie Magloire Jacques-Philippe Hollaender +33 (0) , avenue de Breteuil Paris Cedex 07 France 43 - First-Half 2009 Results July 31, 2009

44 Disclaimer «This presentation is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed ed information on Michelin, please consult the documentation published in France by Autorité des Marchés Financiers available from the website. This presentation could contain a number of provisional statements. ts. Although the Company believes that these statements are based on reasonable assumptions at the time of the publication of 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 induced by these statements.» 44 - First-Half 2009 Results July 31, 2009

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