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MICHELIN 1999 Consolidated Sales -- EUR 13.76 billion (FRF 90,280 million)

11 February 2000

MICHELIN 1999 Consolidated Sales -- EUR 13.76 billion (FRF 90,280 million)

    PARIS, Feb. 11 -- Consolidated net sales for 1999 were
EUR13,763 million (FRF90,280 million), a 10.2% increase on the previous year.
The increase includes the effect of a change in the scope of consolidation,
mainly from the inclusion of Tire Centers Inc., (TCI), acquired last April, a
US company specializing in tire distribution and re-treading.
    At constant exchange rates and consolidation scope the increase was 4.9%,
summarized as follows:

    -- Sales volume, expressed in tonnes, was up by 5.2%,
    -- The average sales price fell slightly, by 0.3%.
    The year featured strong sales growth in North America, with volume up by
almost 12% at a constant scope, reflecting both the vigour of the region's
economy and market share gains.
    Sales in the buoyant European markets, having weakened in the first half
of the year, recovered during the second half thanks mainly to the success of
the new line of winter tires.  In total, sales volume was up by only 1% on the
previous year.
    Despite the recession in South America, sales were up by 6% at a constant
scope of consolidation, due to strong growth of tire sales in the Brazilian
replacement market.
    With the exception of Japan where trade remained flat, sales in the Asian-
Pacific zone were up sharply, notably in Thailand, Australia, Korea and China.
The overall growth of sales volume in the region was close to 9%.
    Consolidated net sales for the fourth quarter were EUR3,911 million
(FRF25,656 million) and this was an increase of 20.2% on the sales for the
corresponding period of 1998.  The increase includes, however, the integration
of TCI's net sales for the last 8 months of the year.  At constant parities
and scope of consolidation net sales were up by 3.4%.
    The table below summarizes the trend in net sales in the fourth quarter
and since the start of the year, compared with the corresponding periods of
the previous year:

                  4th Quarter 1999       Cumulative, year 1999
    Total change            +20.2%                      +10.2%
    of which:
    scope of consolidation   +8.6%                       +2.7%

    volume at
    constant scope           +5.2%                       +5.2%
    price                    -1.7%                       -0.3%
    parities                 +6.1%                       +1.4%
    other                    +0.8%                       +0.8%

    For further information:  Etienne Mercier, +33-145-66-11-06, or Eric Le
Corre, +33-145-66-10-04, MICHELIN