The King George Hotel (http://www.kinggeorge.com/?chebs=grey_pr_1109), located in the heart of San Francisco's Union Square, is a boutique hotel offering European comfort and flair that is perfect for business and leisure travel. The King George Hotel maintains a tradition of charm which has been its trademark since it opened in 1914. The Inn at Union Square (http://www.unionsquare.com/?chebs=grey_pr_1109) is a quaint, 30-room inn with an unbeatable Union Square location at its doorstep. The Inn focuses on providing personalized service in a relaxed atmosphere, just steps away from numerous San Francisco points of interest.

For more information about Greystone Hotels and their properties, please visit our website (http://www.greystonehotels.com/default.asp?chebs=grey_pr_1109).

About Greystone Hotels (http://www.greystonehotels.com/default.asp/?chebs=grey_pr_1109): Greystone Hotels owns and operates its hotels with a focus on providing their guests value, modern style, and a comfortable guest experience. Partnered with Luxe Hotels Worldwide, Greystone Hotels trademark is to provide exceptional customer service to their guests for an unforgettable experience. Working towards a "greener" hospitality industry, Greystone Hotels has begun a company-wide environmental leadership program, which is continuously reviewed and maintained in each hotels environmental mission.

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2009 nine-month net sales down 12.5% to E10.9 billion

q Unit sales down 20.1% over the first nine months and 14.0% in the third quarter, in line with the decline in global tire markets

q Price-mix significantly positive at 7.6% for the first nine months, led by the MICHELIN brand's solid performance and the Group's pricing policy

q Tire market conditions expected to vary by business and geography over the final quarter:

o Passenger car and light truck tires: positive impact of i) automobile industry stimulus programs and ii) a technical rebound as dealer destocking fades and winter tire demand rises

o Truck tires: original equipment demand has bottomed out at very low levels. In the replacement segment, the trucking market is still hesitant, but dealers and fleets are no longer drawing down inventory

o Specialty tires: original equipment markets are extremely weak while awaiting, in particular, the initial impact of government stimulus packages. The Mining segment remains on an upward trend

q Second-half 2009: improved profitability versus the first half, thanks to the raw materials tailwind (full-year costs down E550 million at constant exchange rates). A further reduction in inventory and capital expenditure confirmed at E700 million for the year

Based on these factors, Michelin maintains its objective of generating positive free cash flow in the second half of 2009

Net Sales by Reporting Segment

+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|                         Net sales                           |3rd Quarter |3rd Quarter |3rd Quarter |Nine Months |Nine Months |Nine Months |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|(in E millions)                                              |            |            |            |            |            |            |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|                                                             |            |            |            |            |            |            |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|                                                             |       2009 |       2008 |   % Change |       2009 |       2008 |   % Change |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|Passenger Car and Light Truck Tires and Related Distribution |      2,093 |      2,194 |     - 4.6% |      6,042 |      6,551 |     - 7.8% |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|Truck Tires and Related Distribution                         |      1,206 |      1,464 |    - 17.6% |      3,277 |       4,16 |    - 21.2% |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|Specialty Businesses1                                        |        455 |        554 |    - 17.8% |       1,57 |       1,74 |     - 9.8% |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+
|Group Total                                                  |      3,754 |      4,212 |    - 10.9% |     10,888 |     12,451 |    - 12.5% |
+-------------------------------------------------------------+------------+------------+------------+------------+------------+------------+

1 Earthmover, Agricultural, Two-Wheel and Aircraft tires; Maps and Guides; ViaMichelin and Michelin Lifestyle.

Analysis of Net Sales

+-----------------+-----------------+-----------------+-----------------+-----------------+
|(in E millions)  |3rd Quarter 2009 |3rd Quarter 2009 |Nine Months 2009 |Nine Months 2009 |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|Net sales        |           3,754 |                 |          10,888 |                 |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|                 |      YoY Change |      YoY Change |      YoY Change |      YoY Change |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|Total change     |            -458 |         - 10.9% |          -1,563 |         - 12.5% |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|Of which volumes |            -590 |         - 14.0% |          -2,507 |         - 20.1% |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|Price-mix        |             144 |          + 4.0% |             752 |          + 7.6% |
+-----------------+-----------------+-----------------+-----------------+-----------------+
|Currency effect  |             -12 |          - 0.3% |             192 |          + 1.8% |
+-----------------+-----------------+-----------------+-----------------+-----------------+

Market Review

+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|         Nine months 2009           |Europe incl. CIS |North America | Asia   |South America |Africa/Middle East | Total  |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|% change YoY                        |                 |              |        |              |                   |        |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Passenger Car and Light Truck Tires |                 |              |        |              |                   |        |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Original Equipment                  |         - 28.8% |      - 41.1% |- 11.6% |      - 17.0% |           - 25.0% |- 23.3% |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Replacement                         |        -10.0%** |       - 5.8% | - 2.5% |       - 5.8% |            - 5.2% | - 6.6% |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Truck Tires*                        |                 |              |        |              |                   |        |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Original Equipment                  |         - 66.8% |      - 44.2% |- 17.5% |      - 31.7% |           - 25.1% |- 41.4% |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+
|Replacement                         |         - 25.9% |      - 15.9% | - 7.4% |      - 20.6% |            - 7.1% |- 14.0% |
+------------------------------------+-----------------+--------------+--------+--------------+-------------------+--------+

*Radial market only

**Down 4.3% excluding the CIS

+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|        Third quarter 2009          |Europe incl. CIS |North America | Asia  |South America |Africa/Middle East |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|% change YoY                        |                 |              |       |              |                   |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Passenger Car and Light Truck Tires |                 |              |       |              |                   |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Original Equipment                  |         - 18.2% |      - 18.1% |+ 0.6% |      - 10.2% |           - 25.0% |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Replacement                         |         -5.8%** |       + 3.8% |+ 1.5% |       - 2.3% |            - 5.2% |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Truck Tires*                        |                 |              |       |              |                   |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Original Equipment                  |         - 65.3% |      - 36.2% |- 9.6% |      - 33.4% |           - 25.1% |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+
|Replacement                         |         - 16.4% |      - 11.9% |+ 1.1% |      - 16.4% |            - 7.1% |
+------------------------------------+-----------------+--------------+-------+--------------+-------------------+

*Radial market only

**Down 0.1% excluding the CIS

q Passenger Car and Light Truck Tires

- Original Equipment

o While tire markets remained weak over the first nine months of the year, the trend line showed some sequential improvement in the third quarter compared with the first two. The Chinese market continued to expand, gaining 34.9%, while demand in Europe, North America and other mature markets was buoyed by automotive industry support programs.

- Replacement

o In Europe and North America, the market saw a technical rebound as dealers stopped drawing down inventory, while demand firmed somewhat with the upturn in kilometers driven.

o Over the third quarter, the European market contracted by 5.8% year-on-year, after falling 10.6% in the first quarter and 13.7% in the second. As winter approaches, dealers are rebuilding their winter tire inventory. Excluding the CIS, which is still being impacted by the collapse in Russian demand, the European market declined 0.1% in the third quarter.

o Led by an upturn in miles driven in the US, demand in North America recovered in the third quarter, rising 3.8% year-on-year after falling 11.8% in the first quarter and 9.7% in the second.

o Markets in Asia rose by 1.5% in the third quarter, compared with a 9.2% decline in the first quarter and stable growth in the second. Nine-month performance varied by country, with a strong 14.8% increase in the aggressively competitive Chinese market and declines in Japan, Thailand, India and Malaysia.

o The sell-in price structure held firm overall, except during promotional campaigns focused on certain types of tires or regions.

q Truck Tires

- Original Equipment

o Tire demand remains very weak, particularly in Europe, North America and South America, in line with the truckmakers' low production output.

o The Asian OE market did not decline as fast as in the first half, while the Chinese market was stable over the first nine months of the year.

- Replacement

o In general, replacement truck tire markets are no longer declining in the mature economies. Both dealers and fleets have stopped destocking, as demonstrated by the slight upturn in retreading demand. Beyond this technical rebound, however, the markets will truly recover only when there is renewed demand for freight and international trucking services.

o The Chinese market was generally stable over the first nine months, but seems to be showing signs of recovery.

o Truck tire prices have remained particularly firm.

q Specialty Tires

- Earthmover Tires: except for China and India, original equipment and Infrastructure markets remained very weak in the third quarter. Only the Mining market remains on an upward trend, lifted by sustained strong demand for ore and energy, particularly from Asia, and by tire inventory rebuilding on mine sites.

- Agricultural Tires: all of the markets were down for the first nine months, with the decline worsening in the third quarter, even for the tires fitted on high-powered farm machinery that had previously fared better in the downturn. Without any visibility of where farm markets are going, original equipment and replacement customers are hesitant to invest.

- Two-Wheel Tires: the motorized segments were down over the first nine months, with a steeper decline in North America, but showed signs of revival in the third quarter, with a slight improvement in Europe.

- Aviation Tires: in an environment shaped by falling markets, especially in the general aviation segment, the percentage of aircraft equipped with radials rose as older planes were retired more quickly.

Michelin Net Sales

q Overview

Net sales ended the first nine months of the year down 12.5% at current exchange rates, impacted by the following factors:

- A 20.1% fall in unit sales, caused by the drop in tire demand in every market except China. The volume impact eased somewhat in the third quarter, with a 14% contraction in tonnages sold.

- The price mix effect was still significantly positive, at 7.6%. Pricing policies were held firm over the period, although prices contractually indexed to raw materials prices were lowered in July. Bear in mind that prices of Passenger Car and Light Truck tires and Specialty tires had been raised in third-quarter 2008.

The product mix continued to move upmarket, thanks to the Michelin brand's solid resilience and a favorable replacement/OE market mix.

The price-mix effect was a positive 4.0% in the third quarter.

- The positive 1.8% currency effect stemmed from the combination of the rise of the US dollar and the decline of the British pound against the euro. The recent weakness in the US dollar caused the currency effect to swing to a negative 0.3% in the third quarter.

q Net Sales by Reporting Segment

- Passenger Car and Light Truck Tires and Related Distribution

Net sales for the first nine months of the year amounted to E6,042 million, down 7.8% from the year-earlier period.

o The volume effect remained negative for the first nine months, although it has sequentially improved with each quarter since the beginning of the year.

o The price effect was positive, reflecting the price increases passed along in 2008.

o The mix effect continued to benefit from the value of the MICHELIN brand and the improvement in the segment/speed rating mix. In the third quarter, however, the favorable impact was dampened by the increase in OE sales compared with replacement sales.

- Truck Tires and Related Distribution

Net sales for the first nine months of the year amounted to E3,277 million, down 21.2% from the year-earlier period.

o Unit sales remained sharply down on the prior-year period, in line with truck tire markets in general. OE sales have bottomed out at a low level, while replacement sales are gradually reducing their year-on-year shortfall with each quarter.

o The price effect is still positive, with the lack of any sequential decline reflecting the stickiness of previously implemented price increases.

- Specialty Tire Businesses

Net sales of the Specialty Tire businesses declined by 9.8% to E1,570 million in the first nine months of 2009. Price schedules were contractually adjusted to reflect the decline in raw materials costs.

o Earthmover tires: Business held up well in the Mining sector, where the Group reported gains in market share, tonnage and net sales. Thanks to market share gains in every region, net sales in the Infrastructure segment outperformed the market. The OE business saw a steeper decline in the third quarter than in the first half.

o Agricultural tires: Despite OE market share gains, both OE and replacement sales were down sharply for the period.

o Two-wheel tires: Sales of motorcycle and scooter tires turned upwards in the third quarter in Europe, Brazil and the ASEAN countries, led by a refreshed model line-up and the success of the Michelin Power One range. They continued to decline in North America, however.

o Aircraft tires: Sales continued to improve over the period and will enjoy a favorable price environment over the full year. The USAF delivery contracts are proceeding as planned.

Third-Quarter 2009 Highlights

q Global advertising campaign launched, reflecting the MICHELIN brand's new global communication strategy

q Two new winter tires for vans: the MICHELIN Agilis Alpin and MICHELIN Agilis X-Ice North

q Michelin to buy out minority interests in Shanghai Michelin Warrior Tire Co. Ltd (SMWT)

q European Union agrees to introduce an energy performance tire labeling system in 2012

A full description of third-quarter 2009 highlights may be found on the Michelin website:

www.michelin.com/corporate

Conference call

The quarterly information for the period ended September 30, 2009 will be reviewed during a conference call in English later today (Wednesday, October 26, 2009) at 6:30 pm, CET (5:30 UT). If you wish to participate, please dial one of the following numbers from 6:20 pm CET:

- In France 01 72 00 13 69

- In the UK 0203 367 9453

- In the United States 1 866 907 5923

- From anywhere else +44 203 367 9453

Please refer to the www.michelin.com/corporate website for practical information concerning the conference call.

Investor Calendar

2009 net sales and earnings:

Friday, February 12, 2010 before start of trading

Quarterly information for the three months ending March 31, 2010:

Monday, April 29, 2010 after close of trading

+--------------------------------------------+
|            Investor Relations              |
+--------------------------------------------+
|Valérie Magloire                            |
+--------------------------------------------+
|+33 (0) 1 45 66 16 15                       |
+--------------------------------------------+
|+ 33 (0) 6 76 21 88 12 (cell)               |
+--------------------------------------------+
|valerie.magloire@fr.michelin.com            |
+--------------------------------------------+
|Jacques-Philippe Hollaender                 |
+--------------------------------------------+
|+33 (0) 4 73 32 18 02                       |
+--------------------------------------------+
|+ 33 (0) 6 87 74 29 27 (cell)               |
+--------------------------------------------+
|jacques-philippe.hollaender@fr.michelin.com |
+--------------------------------------------+
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+--------------------------------------------+
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+--------------------------------------------+
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+--------------------------------------------+
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+--------------------------------------------+
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+--------------------------------------------+
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+--------------------------------------------+
|Individual shareholders                     |
+--------------------------------------------+
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+--------------------------------------------+
|+33 (0) 4 73 98 59 08                       |
+--------------------------------------------+
|jacques.engasser@f                          |
+--------------------------------------------+

Disclaimer

This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.

This press release could contain a number of provisional statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing 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.

Copyright Hugin

The appendixes relating to the press release are available on: http://www.hugingroup.com/documents_ir/PJ/CO/2009/159630_88_8061_Q3-2009-Eng.pdf

Information réglementée : Type : Nouvelle information Thème(s): Communiqués au titre de l'obligation d'information permanente - Communiqué sur comptes, résultats, chiffres d'affaires

This announcement is originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

[CN#159630]

The 125-seat Solbar offers a new interpretation of wine country cuisine in a decidedly relaxed environment, with special emphasis on the restaurant's indoor-outdoor setting. Leading Solbar's culinary team is Executive Chef Brandon Sharp, whose pedigree includes tenures at Michelin-starred Gary Danko in San Francisco, Restaurant August in New Orleans and the world-renowned French Laundry in Napa Valley.

Sharp offers a dichotomous menu of healthy cuisine, side by side with more indulgent fare, all under the banner of what he terms "California Soul Food," featuring authentic California cuisine with influences from around the world. His menu also reflects his commitment to sourcing ingredients locally and organically and highlighting the seasonal variety of Napa Valley's bounty.

Signature small bites include Freshly Baked Sea Salt Flatbread with Romesco Sauce, Salsa Verde and Babaganouosh; Herb Roasted Chicken Soup with Handmade Gnocchi, Black Pepper and Young Autumn Vegetables; Pasilla Chile Rubbed Pork Cheek Tacos with Lime and Creme Fraiche; and the real crowd pleaser, the Lucky Pig, a shared dish featuring a Slow-Roasted Shoulder of Long and Bailey Duroc Pork with Black Sesame Crepes, Pickled Pineapple, Mongolian Peanuts, Lettuce cups and more.

Signature main courses include: such as Preserved Lemon and Chickpea Stew with Lacinato Kale, Roasted Garlic, Tomato Confit, Harissa and Mission Variety Extra Virgin Olive Oil; Pan-Seared Pacific Halibut with Carnaroli Rice Pilaf, Comice Pears, Clamshell Mushrooms and Fresh Herbs; and Painted Hills Ranch Beef Shortribs with Cremy Anson Mills Polenta, Escarole, Gremolata and Red Wine Jus.

An innovative and comprehensive beverage list offers the perfect pairing of food and wine at Solbar, including a carefully-selected wine list featuring many of the resort's exclusive Napa Valley-based Vintner Members, as well a selection of signature hand-crafted cocktails using fresh and local herbs and spices for Solbar's onsite herb garden.

Renowned Napa Valley architect Howard Backen was the driving force behind the design of Solbar, with interiors designed by San Francisco-based Dowling Kimm Studios. Together, they created a social setting that redefines what one would expect to find in wine country. Lofty ceilings, large sliding glass doors that open to panoramic views of the Palisades Mountains, and a warm color palette inspired by the local landscape, give Solbar an atmosphere of contemporary, casual sophistication. The 125-seat restaurant features earth-friendly interiors including tabletops made from reclaimed Douglas fir, sustainable wool and leather upholstered lounge furniture, and low-impact paint. The restaurant and lounge flows onto an outdoor patio offering al fresco drinks and dinner in the glow of a 20-foot fire pit.

Solbar is located at Solage Calistoga, an 89-room design-focused, environmentally focused resort featuring the award-winning Spa Solage, a full-service spa offering treatments with a playful twist on Calistoga's historic mud bath tradition. The resort was designed to interpret the valley's rural heritage in a fresh style described as "Napa Barn meets San Francisco loft." The resort's spacious rooms and suites - known as "studios" - feature open floor plans, warm color palates, stone showers with pebble flooring and contemporary furnishings. Perfect for couples, families, or groups, Solage Calistoga is a stylish yet welcoming destination.

Solbar is open daily for breakfast, lunch, and dinner. For more information or to make a reservation, please call 866-942-7442 or visit www.solagecalistoga.com. The address is 755 Silverado Trail, Calistoga, Calif.

About Auberge Resorts Auberge Resorts is a collection of exceptional hotels, resorts and private clubs, each with a unique personality that assures a memorable guest experience. Among the distinctive properties are Auberge du Soleil, Napa Valley; Esperanza, Cabo San Lucas; Calistoga Ranch, Napa Valley; The Inn at Palmetto Bluff, South Carolina; Encantado, Santa Fe; Rancho Valencia Resort and Spa, Rancho Santa Fe, Calif. and Pond Bay opening in 2010 on the island of St. John in the U.S. Virgin Islands, with several others currently in development. While Auberge Resorts nurtures the individuality of each establishment, all are characterized by a set of communal elements: intimate, understated elegance; captivating locations that inspire exceptional cuisine and spa experiences; and gracious yet unobtrusive service. For more information about Auberge Resorts, please visit www.aubergeresorts.com.

About Solage Hotels & Resorts Solage Hotels & Resorts is a new brand from Auberge Resorts, the award-winning creators of Auberge du Soleil, Esperanza, Calistoga Ranch and The Inn at Palmetto Bluff. Solage offers contemporary, design-focused properties that are stylish yet welcoming, creative dining and bar destinations and inviting social spaces with a fresh attitude. Taking an energetic approach to wellness, Solage puts a creative spin on traditional spa concepts and offers extensive fitness programs. Solage proves that luxury can be compatible with sustainability by incorporating environmentally sensitive design and green practices at every property. The brand debuted in 2007 with the opening of its first resort, Solage Calistoga, in Napa Valley. For more information about Solage Hotels & Resorts, please visit www.solagehotels.com.

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"All of us at Cyrus are extremely honored and proud to maintain our two-star rating," remarked Chef Douglas Keane of Cyrus. "It feels incredible to continue to be recognized for the quality that we strive to deliver to each and every one who dines at Cyrus."

Other restaurants in the company of two Michelin star Cyrus in the San Francisco Bay Area 2010 Guide include Coi in San Francisco, Manresa in Los Gatos, California and Meadowood in St. Helena, California.

About Cyrus Steps from the Plaza in Healdsburg, California, Cyrus features acclaimed Chef Douglas Keane's definitive culinary style of "Contemporary Luxury," a sophisticated cuisine with strong classic French influences, modern global accents and an emphasis on seasonality. Orchestrated by legendary Maitre d'Hotel Nick Peyton, Cyrus presents classic, gracious service in a setting of approachable glamour. The expertly crafted wine list features over 1,000 selections, carefully balanced between prestigious Old World favorites, acclaimed labels from most major wine-producing regions in the world, and a strong selection from the neighboring vinicultural appellations.

The award-winning Chef Keane, 2005 Esquire magazine's "Chef of the Year," Food & Wine magazine's "Best New Chef 2006,"was most recently honored with James Beard "Best Chef - Pacific" 2009. Cyrus has been heralded as one of Gourmet magazine's "Top 50 Restaurants in America," and has received four stars from the San Francisco Chronicle's Michael Bauer and two stars from The Michelin Guide. Cyrus is located in the heart of Sonoma wine country at 29 North Street in downtown Healdsburg, California. For more information, visit www.cyrusrestaurant.com.

MEDIA CONTACT: Cinch PR & Branding Group, Inc. Alli Goldstein Office 415.392.2230 Cell 415.846.4147 allig (at) cinchpr (dot) com

Defne Altan Office 415.392.2232 Cell 415.505.1261 defnea (at) cinchpr (dot)com

Katherine Petty Office 415.392.2235 Cell 415.596.3261 katherinep (at) cinchpr (dot) com

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