Ladies and gentlemen, dear shareholders, hello, everyone. It's a real pleasure for me and for the Michelin teams to be with you again for our annual general meeting. I would like to greet all those who are following us from a distance, thanks to the live webcast on our website. The annual general meeting is always an important moment, not only for making decisions, but also for providing information and exchanging ideas about what brings us together, i.e., your group, Michelin. You may have been surprised to see some of the objects on this stage. We wanted to highlight the richness of Michelin's know-how and the vast potential of its applications. But I'll come back to this in a moment. Now, without further ado, I declare open our annual general meeting, 2024. With me are Yves Chapot, General Manager and Group Chief Financial Officer, Benoît Balmary, Corporate General Counsel, Mrs. Heidi El Hariri, Mr. Jean-Christophe Georghiou, and Frédéric Gourd, representing respectively the statutory auditors, PricewaterhouseCoopers Audit and Deloitte & Associés. Also present in the first row, in the dark, but I can still see them, the members of the company's Supervisory Board. With the exception of Mr. Le Hénaff, Mr. de La Chevardière, and Mr. Scheider, who are following this event live from a distance. Mr. Vincent Montagne, Chairman of SAGES, the non-managing general partner. We shall now proceed to the constitution of the bureau. Chairing the meeting, I appoint as scrutineers the two shareholders who each hold and represent the greatest number of votes in this room, and who have agreed to act in this capacity. They are Mr. Pierre Michelin, Chairman of Mage-Invest, and Mr. Édouard Arroyo, w ho's the Chairman of the Supervisory Board of Michelin's employee savings fund, Bib'Hotte. The board that's constituted appoints Benoît Balmary, present with us today, as Secretary of the meeting. The attendance sheet shows that the quorum requirements have been met, and you will be notified of the final tally before the resolutions are put to the vote. The meeting may therefore validly deliberate on the matters on the agenda set out in the notice of meeting sent to you. This ordinary and extraordinary general meeting is convened on a first notice, and I'd now like to turn to a summary of the group's business in 2023, 2023, and the outlooks for 2024. For this, I give the floor to Mr. Yves Chapot. Ladies and gentlemen, dear shareholders, Michelin's All Sustainable approach, which constitutes our business model, permeates the group's strategy. It is based on the development and fulfillment of people, economic and financial performance, and respect for the planet and its inhabitants. The Michelin In Motion 2030 strategic plan, part of the group's All Sustainabl e approach since 2021, lays the foundations for growth in three areas: tires, connected solutions, and high-tech materials. This sustainable growth is possible thanks to the team's expertise and materials, our mastery of industrial processes, the strength of our Michelin brand, and our close relationship with our customers. About people now. For more than 130 years, Michelin has placed people at the heart of its strategy and remains firmly convinced that the group's performance is linked to the fulfillment and commitment of its employees, which improved again in 2023, reaching a level of 83.5%. This score confirms the feasibility of achieving an engagement rate of at least 85% by 2030. It is based on the in-depth work carried out by our managers with their teams to improve both commitment and management quality. Workplace safety is Michelin's number one commitment vis-à-vis its employees, and on September 29th, 2023, the group published its new health and safety statement. The year 2023 will have seen a further improvement in the number of accidents that per 200,000 hours worked, and we aim to be below 1 in 2024. In the field of diversity inclusion, the group aims to become a benchmark company. Our approach to diversity is the subject of policy and structured actions in five areas: diversity, identity, multinational management, disability, and equal opportunities. In this respect, the results are summarized by the IMDI indicator, with a rate of 72 out of 100 in 2023, and we are continuing to make progress. In terms of the value we create for our customers, beyond the quality of our products, we aim to provide them with the best value over the long term, with ever greater safety, while minimizing their environmental impact, thanks to the professionalism of our teams and the advantage provided by our services. With regard to environmental issues now, we are aware of the impact of our activities and products on global warming, and capitalize on the know-how of our research and development teams to make constant progress. We are firmly committed to reducing our net CO₂ emissions, halving them by 2030, and achieving zero net emissions by 2050. Several levers are being activated, including improving the energy efficiency of our industrial sites. We invest nearly EUR 100 million a year to electrify our processes and promote the use of renewable energies, thermal insulation, and air renewal in our buildings. At a time when the urgency of climate change calls for decisive collective action to reverse the trend, our ambition is also to improve the energy efficiency of tires during use, with the aim of improving by a further 10% by 2030, compared with a 2020 benchmark when we were already the market leader. Thanks to the expertise of our teams in the design, development, and production of innovative materials, we are active in a number of areas. First of all, reducing the rolling resistance of our tires, the production of tires that meet the demanding requirements of electric vehicles, and the provision of services and solutions that optimize the use and management of vehicle fleets. Concerning now the environmental footprint of our industrial activities, Michelin is deploying five priority programs. First of all, reducing water consumption, eliminate the consumption of solvents used in tire manufacturing, reducing the amount of waste generated, and reduced energy consumption, and of course, a lower CO2 emissions. The Gravanches site in France, close to Clermont, and the Shanghai site in China, are models of efficiency and already have zero net CO2 emissions, and we're pleased to present a film illustrating the Group's collective efforts in this area. Finally, the Group has set itself the challenge of achieving its ambition of an all-sustainable tire by 2050, incorporating 100% renewable and recycled materials. The incorporation of these materials in tire manufacturing is based on a number of principles designed to ensure an environmentally friendly approach and promote sustainability. Michelin also relies on research programs in the field of recycling, such as BlackCycle, the result of a European consortium coordinated by Michelin to develop a value chain around the recycling of end-of-life tires, or the BioButterfly project, with the construction of the first biosourced butadiene production demonstrator at our Bassens site near Bordeaux, and production has started recently. As you can see, Michelin is moving forward to deliver its planet ambitions for 2030, and the actions identified should enable us to align ourselves with the climate warming scenario, limited to 1.5 degrees, defined as part of the 2015 Paris Agreement. The good economic performance in 2023 illustrates the Group's strategy of leveraging its differentiating solutions, designed to meet increasingly demanding customer needs. Michelin maintained its sales, supported in particular by a 10% increase in sales in non-tire activities. These play a key role in the Group's sustainable growth and cover a variety of fields, such as connected mobility activities and polymer composite-based solutions, including conveyors. The integration of the Flex Composite Group, acquired in 2023, is part of this area. And in tires, Michelin continues to enrich its offering in the most value-creating segments, and to promote sales growth in the most promising segments, such as 18-inch tires for passenger cars. We've delivered a record operating income from our sectors in 2023, despite unfavorable markets and currencies, with a substantial mix effect resulting from our targeting of markets and segments and our improved value proposition. This result was also driven by an improvement in operating performance, offsetting cost inflation factors. Lastly, Michelin has significantly improved its free cash flow generation and return on capital employed, which is now above our target of 10.5%, and we also note a lower level of debt. Year after year, your group demonstrates the strength of its financial structure and its ability to create value while preserving its independence. In terms of shareholder policy, now, the profits generated enable Michelin to finance its innovation policy, attract talents, contribute to reducing its environmental impact, and remunerate its various stakeholders. Michelin targets a fair and attractive remuneration for its shareholders with progressive growth over time. We therefore propose a dividend of EUR 1.35 per share for 2023, representing a payout ratio of 49% of consolidated net income group share, and an increase of 8% compared with 2022. Over the past 10 years, total shareholder return, which takes into account the change in Michelin's share price and the reinvested dividend, has exceeded 120%. Given the high level of cash generation and the strength of its financial structure, the Group has also decided to launch a share buyback program that could represent up to EUR 1 billion over the period 2024-2026, of which EUR 500 million will take place this year. In short, you can see that your Group has the means to implement its strategy, its development strategy, while guaranteeing a fair distribution of value and a satisfactory return for shareholders. I'd like to take a moment to look at the value created by Michelin. This value is growing thanks to our All Sustainable business model in the three dimensions mentioned at the start of this presentation. In 2023, the economic added value created by the group amounted to EUR 13.1 billion, broken down as follows: 58% of this added value was allocated to employees in the form of salaries, variable benefits and fringe benefits. 22% was allocated to the group's development in the form of investments or acquisitions, and around 8% of this value was paid in the form of taxes to the countries in which the company operates. And finally, our shareholders received 7% of this added value in the form of dividend, of the dividends you are asked to approve today. As you can see on the right-hand side of the chart, the EUR 917 million increase in added value in 2023 compared with 2022 has mainly been allocated to investments in the group's growth, notably with the acquisition of FCG, i.e., EUR 633 million, with a share accruing to shareholders via the dividend increasing by EUR 65 million and a share accruing to employees increasing by EUR 3,337 billion. In June 2024, the group will publish its first tax transparency report to make its tax data accessible and to demonstrate its role as a socially responsible taxpayer. In this respect, the company's first responsibility is to ensure that it complies fully with all international, regional, and local tax, legal obligations, and the guiding principles that underpin them, and this is going to be done in line with the group's values. The report will present the group's tax strategy and also its global tax footprint for fiscal year 2023. Michelin's tax contribution for 2023, with customs duties, amounts to EUR 1.36 billion. So this is nearly 38% of the sector's operating income. To conclude this presentation, I'd like to share with you our outlook for 2024. In terms of tire markets, there should be overall stability, which is expected for each of our three segments: passenger car, light truck, and specialty business. Against this market backdrop, the group expects the sales volumes to fall between -2% and 0% compared with 2023, and aims to generate operating income for its business segments of over EUR 3.5 billion at constant exchange rates, with reported free cash flow before acquisitions of over EUR 1.5 billion. First quarter sales results, which were published a few weeks ago, have confirmed this outlook. Looking ahead now to 2030, the group has drawn up an ambitious roadmap, and all of our resources will remain mobilized to pursue our progress in the three inseparable areas of people, economic and financial performance, and the planet. Dear shareholders, thank you very much for your attention, but also thank you very much for your confidence. Now I'm going to show you a film which shows and illustrates the group's collective efforts to reduce environmental footprint of our industrial sites. [Foreign language] Thank you very much. Thank you very much to all of the teams who made this video. It's always very touching to see all of the progress that we're making in all of these different sectors. Thanks very much to all of the teams who are committed to this subject every day. Thank you very much, Yves, as well, for this look back to what we did in 2023 and all of our achievements, and also the future roadmap for 2024. Your group is transforming itself to preserve the planet and its resources. This is a source of both confidence and pride. We're truly building a sustainable company. Dear shareholders, as you know, this annual general meeting is a special opportunity to present the full range of Michelin's activities. Today, we wanted to highlight the ViaMichelin offering, which is being reinvented, and it's going to, with the launch in April, in fact. The idea is to offer everybody the best travel experience. I invite you to discover it now. [Foreign language] So well done to all of the teams who worked on this new travel experience. Really, it's wonderful to see how this has progressed over these many months, but it's fantastic to see this new version. And you can see it now, and you can experience it for yourselves by downloading it on the ViaMichelin application. So it's slightly different, but basically now you have all of the content and all of the great wealth of the offering offered by the Michelin Guide. And And everything in this application is wonderful. So now I'm going to hand over to Mr. Frédéric Gourd, who represents the statutory auditors. Ladies and gentlemen, dear shareholders, on behalf of the board of statutory auditors, I'm now going to present the reports that we've drawn up for you. For the ordinary business of this annual general meeting, we have three reports. We have our reports on the consolidated financial statements, on a report on the financial statements, and our report on the regulated agreements. We've also issued three reports in respect of the extraordinary resolutions of this meeting, on which you are going to be called upon to vote. These reports are included in the Universal Registration Document, which is available on the company's website and has been available since the 8th of April 2024. I'm now going to present these reports, starting with the reports accounts. So the reports on the consolidated and parent company financial statements were established on the 16th February and can be found on pages 445 and 464 of the Universal Registration Document. Firstly, we have confirmed in our reports that we've compliant with the rules of independence to which we are bound under our profession's code of ethics, and also the European regulation, which is applicable to the statutory audit of public interest entities. Secondly, our audit, which was designed to obtain reasonable assurance about the fair presentation of the financial statements and financial information. Our approach takes into account the specific characteristics of the Michelin Group, with its strong international presence and also the integration of recently acquired perimeters, but also an internal control system and information systems which are adapted to all of these challenges. In the course of our work, we call upon teams from different countries who are under our responsibility and supervision and who carry out the audits of the Group's various subsidiaries. Finally, we kept the Group management and the Audit Committee regularly informed of the progress and the outcome of our work. Our reports on the consolidated financial statements and the annual statements contain an unqualified opinion. Our reports include a description of the key audit issues relating to the risks of material misstatement that we consider to be the most important for our audit of the financial statements for the year ended December 31, 2023. For each of these key audits, we describe the reasons for selecting items, the nature of any risk identified, and our audit response. For the year ended 2023, these key points relate to, for the consolidated financial statements, valuation of goodwill on sensitive CGUs, and the valuation of employment benefits under defined benefit plans. For the annual financial statements, the valuation of equity investments. We also report that we have to carry out specific audits, and we have no observations to make on the conformity and the fair presentation with the financial statements of the information given in the chairman's report on the group's financial position. Likewise, we confirm in our Supervisory Board report on corporate governance that we have all of these disclosures required by law. Based on our work, we conclude that the presentation of the consolidated financial statements for inclusion in the annual financial report complies in all material respects with the required format. Now, let's move on to the special report on regulated agreements, which is on page 468 of the Universal Registration Document. In this report, we state that we have not been advised of any agreements authorized during the year ended, or in prior years and, which were pursued into the year ended December 31, 2023. As I was saying in my opening remarks, we've issued 3 reports on extraordinary resolutions. An initial report, pursuant to the 17th, 18th, 19th, 20th, and 21st resolutions on the proposed delegations to the managing partners, partners, or to one of them, of various issues or shares and/or securities. This report appears on page 525 of the Universal Registration Document and contains no specific comments or observations. Also, we've issued a second report pursuant to the 24th resolution on the proposed delegation to the managing partners or to one of them, of the authority to decide on a capital increase through the issue of ordinary shares with cancellation of preferential subscription rights reserved for members of a company savings plan. This report appears on page 527 of the Universal Registration Document and contains no specific comments or observations. Lastly, in accordance with the 26th resolution, we've issued a report on the proposal to delegate to the managing partners or to one of them, for a period of 24 months, the power to reduce the capital by canceling shares purchased by the company, up to a limit of 10% of the capital. This report appears on page 528 of the Universal Registration Document and contains no specific comments or observations. So that concludes our report, ladies and gentlemen. On behalf of the Board of Statutory Auditors, I'd like to thank you very much for your kind attention. Merci beaucoup. Thank you very much, Mr. Frédéric Gourd. Thank you very much for your speech. I'd like to take this opportunity now to thank Mr. Jean-Christophe Georghiou for his support, and the support that he's given us over the years in his role as the company's statutory auditor. So for reasons of internal rotation within PricewaterhouseCoopers, he has now been replaced by Miss Heidi El Hariri, who's in the center here. Now, I'd like to hand over to Mrs. Barbara Dalibard, who's chairman of the Supervisory Board, to present reports on the board's activities and also the draft resolutions. Ladies and gentlemen, dear shareholders, it's a great honor to address you at this annual general meeting and to report on the work of your Supervisory Board. I will give this report on behalf of all the members who are present here today. The board that I chair is part of an agile and robust governance structure, which is a guarantee of stability for your group. I'd like to emphasize the quality of the relationship with the other two pillars of this governance, which is the managing partners who run the company and define and implement its strategy. But at SAGES, which is the company's non-managing general partner, and its chairman, Vincent Montagne, who play a key role in the succession and remuneration of the managing partners. I'd like to thank them for their active and extremely valuable collaboration. Our ongoing contacts contribute to smooth governance in the interest of the group and its shareholders. The board plays an essential role in Michelin's corporate governance. It ensures that your company is properly managed and reports to shareholders. It examines the group's strategy and makes recommendations concerning major investments. This year, this led us to carry out a detailed analysis of the entire Michelin Motion strategy and its progress as part of a strategic seminar. So we took a closer look at various aspects of the strategy, and notably, the industrial strategy, and in particular, the roadmap to carbon neutrality and the strategies and opportunities in the electric vehicle market, but also a comprehensive overview of people-related topics, including the employee training approach in order to face up to business transformation. The board is called upon to make major decisions relating to corporate governance, the terms of reference of the managing partners and their remuneration with SAGES. We also maintain a close dialogue with our main investors through the governance roadshows that I have the pleasure of leading, and we present our governance principles and discuss the group's main social, societal, and environmental challenges. In all of these areas, the Supervisory Board is committed to applying the highest standards of governance, in line with the recommendations of the AFEP-MEDEF Code. I'm committed to implementing regular improvements in our operating methods. As the group is evolving and changing, it's only natural that the board should adapt accordingly, so that it can assume its role in the best possible way. I invite you to consult the Universal Registration Document for a more detailed description of our activity. As you can see on the screen, the composition of the board is carefully balanced. The board is made of 89% independent members, with the exception of the employee representatives, who have made a decisive contribution to our discussions, and I would like to thank them for that. Its 45% female membership and 33% of foreign nationality should enable it to take better account of the international reality of Michelin's activities, which today covers 175 countries. We are especially vigilant when it comes to mapping the skills of board members to ensure that the control we exercise over the company's management is appropriate. We are constantly on the lookout for emerging skills or those that may be lacking for the proper performance of our missions, in order to prioritize them for future recruitment. We also continue to train. We go out into the field to get a real feel for the most critical transformations required to implement the group's strategy. At the Ladoux Research Center, for example, we discussed the distinctive skills developed by the group in high-tech materials research. We also traveled to Central Europe to gain a better appreciation of the value created by the Shared Services Center for Operational Excellence at the service of the strategy and the All Sustainable approach. We have attended training sessions with independent experts on key topics such as cybercrime or the main regulations in terms of social and corporate responsibility, commitment, and reporting. The respective skills of the board members are decisive in the composition of its three committees. I'd like to take a closer look at these activities. The Audit Committee. The Audit Committee is at the heart of the board's supervisory role. Reviewing the financial statements is a major part of the commitment's work. To this end, the committee interacts directly with the group's finance department teams, as well as with the statutory auditors. The committee examined the management of risks relating to information systems. Cybersecurity is an important area of work for which the committee can call on external expertise. In addition to cyber risk, dedicated work was carried out on financial and fraud risk management, and then CSR risks were examined at a joint meeting with the CSR Committee. Finally, the evaluation of the group's negative externalities, in particular the CO2 emissions, was discussed in depth. Jean-Pierre Duprieu will shortly present the work of the Compensation and Appointments Committee... Now, he will talk to us about the compensation of corporate officers. The committee also reviewed the group's variable compensation policy. It had to assess the group's policies and action plans in terms of talent management, as well as diversity and inclusion issues. I would like to emphasize the importance and quality of the succession processes put in place for the group's senior executives. The same applies to Supervisory Board members. Each renewal or search for a new profile is the subject of an in-depth study of the skills required for the board to function properly, taking into account the changing challenges facing your company. This board is thus acting in line with the commitments it has made to this same assembly. The CSR Committee now. The Corporate Social Responsibility Committee dealt with an ever-increasing number of subjects of growing importance. It has revised the extra-financial performance declaration, which you can find in the Universal Registration Document. In terms of the Group's environmental responsibility, the committee analyzed the progress of the climate action plan, and in particular, the decarbonization plan in relation to emission targets for 2030 and 2050. It verified the Group's alignment with the biodiversity reporting standard, which will apply from 2024. It also looked into the question of wear particles and the scientific research efforts made by the Group on this subject. In the area of social and corporate responsibility, the committee analyzed the Group's living wage policy, as well as the social protection base common to all Group employees. It also examined the roadmap for steering the CSR performance of the Group's suppliers, taking into account the current evaluation of suppliers and the action plans implemented. The CSR Committee continued to keep abreast of regulatory developments and in particular, the European CSRD, directive, the Corporate Sustainability Reporting Directive, which strengthens, companies' environmental, social, and governance reporting obligations. After analyzing and joint work with the Audit Committee, it was decided to strengthen the system for certifying information published by the company on these subjects. And this is, why, when the resolutions are put to the vote, we will ask you to appoint statutory auditors to certify the company's sustainability disclosures. We will be proposing that you appoint PricewaterhouseCoopers Audit and Deloitte & Associés in this capacity, in addition to their role as statutory auditors. The Audit Committee will be responsible for monitoring the performance of the statutory auditors, and this work demonstrates the importance of good coordination between the three committees, which deal with many common issues. We are continuing to improve the way they operate, driven not only by the CSRD directive, but also by your group's Everything Sustainable ambitions. The CSR Committee is fully integrated in the group's broader CSR governance framework. Coordination with the Corporate Sustainability and Impact Department is crucial. Its members report regularly to the work sessions of the CSR Committee, which also draws on external expertise. The committee assesses the group's commitment to social, societal, and environmental issues, as demonstrated by its governance, which ranges from operational committees to the supervision provided by the group executive committee. I would like to take this opportunity to thank the group's management for the transparency with which we discuss these difficult issues which are so important for the future. As you can see, in 2023, the group's committees carried out a great deal of work on subjects of major importance to the group's strategy and future, and I would like to salute their respective chairman and chairwoman, as well as each of their members, for the quality of their contributions. Details of their activities can be found in the Universal Registration Document. Let's move on to the proposed resolutions, which I invite you to vote in favor of. With regard to financial resolutions, the board approved the group's management during the year and appreciated the excellence of its results. I mentioned earlier the appointment of the statutory auditors responsible for certifying sustainability information. This is a further proof of the seriousness of your group's approach in this area, under the watchful eye of the Audit Committee and the CSR Committee. Jean-Pierre Duprieu will shortly present the resolutions relating to the remuneration policy for managing partners and Supervisory Board members. It will propose the reappointment of one board member and the appointment of two new members. Jean-Pierre Duprieu and Anne-Sophie de La Bigne were not standing for re-election and will therefore leave the board at the close of this annual general meeting. Some sad news. Both members of the board since 2020, 2013, they have made a decisive contribution to our work, and I would like to thank them sincerely for their commitment to your company. Jean-Pierre Duprieu's in-depth industrial expertise, knowledge of international markets, and rigor and pragmatism were decisive assets for our board. As the chairman of the Remuneration and Appointments Committee, he has, among other things, done a remarkable job of ensuring that your group anticipates and develops the skills it will need in the future. As a member of this committee and of the CSR Committee, Anne-Sophie brought to bear her extensive knowledge of the regulatory issues that are transforming the context in which the industrial world operates, as well as the associated environmental challenges. On behalf of the board and the group, I would like to pay tribute to their availability and to the energy that they have devoted to Michelin and to their values, which are so dear to your company.... Anne-Sophie, Jean-Pierre, I have immensely enjoyed working with you, and I really enjoyed our fruitful exchanges. So once again, my warmest thanks on behalf of the board. Dear shareholders, you will be asked to vote on the appointment of two new members to the Supervisory Board. I would like to pay tribute to the quality of the candidates proposed by the Remuneration and Appointments Committee. Jean-Pierre Duprieu will present them to you in a moment. With your approval, two highly qualified individuals will be joining the board and making a major contribution to its work. I would like to thank them for their presence here today and welcome them in advance to the board, after your vote, obviously. But in conclusion, I would like to reiterate the board's appreciation of the quality of the company's management under the leadership of its managing partners. In a difficult environment, the group continues to deliver on its strategy and meet its commitments. On behalf of the board, I would like to express our gratitude to the group's employees for this performance. Thank you for your attention, and I now hand over to Jean-Pierre Duprieu. Ladies and gentlemen, dear shareholders, I am delighted to be with you for the last time at this annual general meeting to present the work of the Compensation and Appointments Committee. I'll come back to the compensation paid in 2023 to the managing partners and Supervisory Board members. I will present our remuneration policy for 2024, as well as the appointments we are proposing for your company's Supervisory Board. You can see on the screen the remuneration paid for 2023 to the managing partners and the chairman of the Supervisory Board. They result from the application of the remuneration policies adopted by the same general meeting last year. Details of these remunerations are given in the Universal Registration Document available on michelin.com. Barbara Dalibard has reminded you of the work carried out by the Compensation and Appointments Committee on these subjects, so I won't go into it again. In accordance with the guidelines set by the AFEP in 2021, we are presenting to you at this annual general meeting, the ratios measuring the differences between the remuneration of executive and corporate officers, compared with the median and average remuneration in this organization. The upward trend observed over 2023 for the chairman of the Supervisory Board reflects the 2023 remuneration policy adopted at last year's annual general meeting. This policy brought the remuneration of the chairperson of the board into line with market practice, with a view to ensuring the continuity and attractiveness of the position. During this transitional year, this change also meant that the remuneration received in respect of the previous year and paid in 2023, would be taken into account, cumulatively, in the same financial year. The table on the screen shows the attendance fees allocated for 2023, and those actually paid in 2023 for Supervisory Board members. Directors' fees for 2023 are based on the remuneration policy adopted at last year's annual general meeting. They break down into a base amount, identical for each member, and additional amounts based on participation in committees. The actual payment of 60% of all these amounts is conditional on the members' attendance at a board and committee meetings. I now come to the compensation policies for 2024, which we are submitting for your vote. For the managing partners, the committee's proposals take into account their respective functions, as well as their status as a general and non-general managing partners. They are in line with the 2023 policy, whose structure and criteria have not been modified for 2024. As in the previous years, we recommend that the variable annual remuneration of managing directors be based on financial, social, and environmental criteria that are fully aligned with your group's strategy. Multi-year variable compensation will take the form of performance shares, as has been available to eligible employees of group companies since 2020. The remuneration structure for Supervisory Board members that we're proposing for 2024 remains unchanged from 2023 in terms of amounts, distribution rules, and attendance conditions. I would now like to present the appointments we are proposing for your Supervisory Board, on which you will be asked to vote in a moment. The terms of office of three board members, Anne-Sophie de La Bigne, Patrick de La Chevardière, and myself, they will expire at the close of this annual general meeting. We will shortly be proposing the renewal of Patrick de La Chevardière's term of office. He has been an independent member of the board and chairman of the Audit Committee since 2020. The board has examined his candidacy for the first renewal of his term of office. Patrick de La Chevardière brings to our work all his skills and experience in terms of financial expertise, international corporate management, and knowledge of the industrial world. His involvement and assiduity over the past three years have led the Compensation and Appointments Committee to recommend its reappointment. Anne-Sophie de La Bigne and I have decided not to stand for re-election, having contributed to the work of the board and its various committees since 2013. With this in mind, the committee I chair has been careful to target precisely the skills required to enable the board to carry out its mission in the best possible way, but also to enrich the skills already present. To this end, we drew up a detailed expertise matrix, which you can find in the Universal Registration Document. We called on a leading consultancy firm to identify the people best suited to the profiles identified. Today, we are submitting for your approval the appointment of two new members who fully meet these criteria. Catherine Soubie has a wealth of expertise in the fields of finance, international corporate management, distribution, and business consulting. Her financial expertise, as well as her knowledge of social, human resources, and governance issues as Managing Director of Alixio, would bring a great deal of value to the board's work, especially within the Audit Committee. Dear Catherine, I'd like to give you the floor to introduce yourself in a few words. Thank you very much, Jean-Pierre. Ladies and gentlemen, dear shareholders, it gives me great pleasure to be given the possibility of submitting my candidacy. As Jean-Pierre pointed out, I have an expertise in the field of finance. I studied in the field of finance. I worked for a business bank. I have a great wealth of expertise in the field of mergers and acquisitions in France, but also worked for the Morgan Stanley's bank in the U.S., and then Barclays, and where I spent a couple of years. I was in charge of the business bank for France and Benelux. So I spent over 20 years in this field. I was able to learn a lot. I was also able to be part of many operations in different parts of the world, and I decided to take a step back for the first time 15 years ago, in order to become more familiar with what I call "real life," so the business world. So I joined Casino, and more recently, I joined a company called Alixio as Managing Director. So we are specialized in consultancy in the field of human resources and communication. As Jean-Pierre pointed out, I'm also a member of the board of director of three companies, Covivio, Sofina in Belgium, and the Clariane that I'm going to leave in a couple of weeks. So why am I so excited at the thought of joining Michelin? It's a marvelous group, a leading company with... It's a very strong brand. Everyone knows Michelin, but beyond that, the group has very strong values, as we've been able to see a few minutes ago. It has a very strong history, but it's also a company turned towards the future, because we know that innovation is really part of the group's DNA. Now, I've been part of a training course to discover the different activities of the group, and we even were taught how to manufacture a tire, and I am deeply impressed by the quality, the engagement of all those people I met. Now I understand the success of the group over the last few years. If you trust me, I hope that I will be able to bring my expertise to the groups to rise to future challenges and my in-depth knowledge of the world of finance. I hope that within the Supervisory Board, I will be able to contribute to sustaining the group's success in the future. So thank you very much, Catherine. We're also proposing the appointment of Mr. Pascal Vinet, who would bring in-depth knowledge of the industrial world, which he's developed over 38 years' experience with the Air Liquide Group. His expertise in research, particularly in the field of materials, naturally brings him closer to your group's strategic challenges. His experience as a manager in an international group and his knowledge of the American and Asian markets have also prompted us to propose his appointment as a member of the Supervisory Board. So Dear Pascal, please, introduce yourselves directly. Thank you. Thank you very much, Jean-Pierre. Ladies and gentlemen, dear shareholders, I'm absolutely delighted to be here today and to stand before you to introduce myself very quickly. So I'm Pascal Vinet. I'm Assistant Managing Director of the Air Liquide Group, a group that I've worked for, for more than 38 years now, as Jean-Pierre said. So after being trained in a technical and scientific background, I've got an engineering degree, and also I've got a PhD in physics. And this is what I did most of my research work in, in the U.S. and NASA, on material behavioral characteristics. So I've moved a lot in 38 years with Air Liquide. I've done lots of operational and functional activities, also a lot of expatriate experiences. I've had an expatriate experience in the U.S., where I spent six years between 2016 and 2021, where I was managing a big acquisition made by the Air Liquide Group in 2016. So all of these different activities over the years, operational activities. Also, I've managed a lot of industrial subsidiaries. I also managed the activities of the Air Liquide Group in health, and this was across the globe.... I've managed more functional activities. Jean-Pierre mentioned my research activity. I was research director for the Air Liquide Group, and I also managed strategy for Air Liquide. Now, in addition to my very operational and management activities with Air Liquide, I'm in charge of security and safety and industrial systems for the group. That's a quick overview of my background. I'm very happy to join the Michelin Supervisory Board if you trust me with your vote. As Catherine has just said, Michelin, for me, is a company with a group with a long history, with values, with technologies, and I really like everything it does. It's got some extraordinary products as well, so I really hope that you're going to trust me with your vote, and I would be delighted to bring my skills and experience to the Supervisory Board and the management of your company. Thank you very much. Thank you very much, Pascal, dear shareholders. I've come to the end of my presentation now. I'd also like to thank the members of the board with whom I've really enjoyed working. Also, in particular, I'd like to thank my fellow members of the Compensation and Appointments Committee. I've presented the work of this committee for the last time, with the satisfaction of recommending the appointment of the people who are best placed to carry out the Supervisory Board's essential mission to serve your group. Thank you very much for your attention. Thank you very much, Barbara. Thank you very much, Jean-Pierre. Also, my warmest thanks to Pascal and to Catherine for your presentations. Now, I'd just like to extend my thanks to Jean-Pierre and Sophie. I've known them now for more than a decade, 11 years, actually. I'd just like to talk about everything you've contributed to us, but also everything you've contributed to me personally. It's always a very moving moment when people like this, who we've progressed with over several years and moved forward with over several years, when they head off to new destinies. So I wish you all the best, and also really from the bottom of my heart, I wish you a great future. So now, I hope if the shareholders vote and follow the choice of the Remuneration and Appointments Committee, I hope that we can welcome Catherine and Pascal among us. So good luck to you, and we'll see later on what happens. Now, I'd also like to share the key elements of your group's strategy in a few minutes. But before I do this, I would like to show you a film, and this is a film which expresses what makes Michelin so unique. Where did it all begin? Was it our sense of wonder or curiosity that made us want to understand the mystery of things? Unlock the secrets of matter, to make it our own. Master the impossibly small, to do great things. Matter is a riddle, the kind that humbles you. To understand it is to respect fundamental facts, because you can't get around science, can't get around truth. So we made a promise of sorts: be absolutely uncompromising for mysteries to reveal themselves to us. Making opposites attract, bringing together what won't stay together, making the impossible possible. Learning how to get the most from materials, working with them, shaping them. Turning them into something universal... and trustworthy. Of course, we know what excellence demands. We'll never cease to learn. Have an idea, test it out. Success is built on boldness. Embrace mistakes. Try another way. Grow. When each of us learns, we all make progress. We'll never cease to innovate, because we know what's at stake. Above all, shouldn't an object last? Only that's no longer enough, so we've given ourselves the greatest challenge of all: to dive back into the heart of matter, to make it an endless resource, make it smart, to expand the realm of possibilities. There's no limit to the power of matter. To build the city of tomorrow. To meet the demands of today without taking from the future. To make complexity an ally, serving only the essential, because even if matter can do anything, we'll only make it do what counts. To set energies free. Motion can't be held back, only guided. To benefit everyone and everything. To protect life and all that surrounds us. We are of those who do, and no matter how far we go, we'll stay true to who we are, living up to the trust we're given. So where did this all begin? With our unshakable faith in humanity, in humanity's ability to build a positive future for humanity and for nature, to which we owe everything. It's always particularly moving to see this when you work at Michelin. Ladies and gentlemen, dear shareholders, I'm particularly moved and I'm particularly happy whenever I see this type of film, which really does express what has driven us since the beginning and what we do every day at Michelin. This film shows our belief in human progress, but also our determination to contribute to this progress through our innovation. Let me have a little drink. So this is really what sets Michelin apart. But first and foremost, I'd like to thank you. So I'd like to thank you once again for attending our annual general meeting. So this is where we share the progress that we've made, but also the key elements of our corporate strategy, and this is where we make key decisions for our group. Yves, he talked about this earlier on, and he told you that our group, your group, in 2023, achieved a very solid performance, both in terms of its economic performance and also personal development for our headcount, but also in terms of protecting the planet and its resources. In this very remarkable year, I'd just like to highlight our ability to make progress in all three dimensions at the same time. It's through these very concrete examples that we come to grips with the reality of what we do. We saw this in the film earlier on. For example, when we deploy a new electric press technology to cure our tires, we use seven times less energy than the steam presses, and we emit 4,000 tons less CO2 every year. And therefore, we're significantly improving the working environment of our staff, because, the temperature in the curing rooms has decreased dramatically. And when we put our data intelligence to work for our fleet managers, we improve, driver safety. We also optimize the performance of the entire fleet, and we reduce its environmental footprint. Every day, within your Michelin Group, our teams, work to manage and to combine progress for people, progress for the planet, but also progress for economic performance. This is a source of pride, but also a source of confidence in our ability to continue to meet, the challenges that we face in the future. Now, three years ago, I had the privilege to present our Michelin In Motion strategy, and this is the strategy that we're going to be pursuing until 2030. So this set the course that enabled us to navigate in an increasingly complex, volatile, and uncertain environment. There are many other adjectives that come to mind to describe that environment. This strategy will continue to guide us through to 2030. We can already see how far we've come. Our growth now is real and tangible. Our growth is the source of profitability, and this profitability underpins our long-term development, despite a highly unsettled business environment. Over the past three years, we have further strengthened our innovative power, and this is what enables us to offer ever more efficient and environmentally friendly products and services.... At the same time, we are transforming ourselves profoundly. We measure the concrete effects every day in the experience that we offer to our customers, and also in the design of our products. We also measure the wealth created by our acquisitions. All of this is possible because our company is, first and foremost, a committed human community. This community progresses if everyone, and only if everyone, feels protected, if everybody feels, recognized, able to act and to take initiatives. The decent wage, which was implemented, at a global level in January 2024, and the Michelin One Care program, enable every employee to benefit from the same essential labor and social rights. This community is at its best when we build a more diverse and a more inclusive company in all of its dimensions, in all the dimensions of diversity and inclusion. Now, looking back over the last three years, we can now say that our Michelin In Motion strategy has made us ever more resilient. By deploying our core know-how in new markets, we are extending our playing field, and we're becoming less and less dependent on the economic climate. The growth of our non-tire business this year, once again, shows this. We have double-digit growth. As we continue to implement our strategy, we've aimed to further accentuate the value that we create for our people, but also for the planet and economic performance. So this is not incompatible. So what we do on a daily basis, this is demonstrating that these three things are a whole and are not incompatible. Your Michelin Group has some tremendous assets, with high quality, highly committed teams, and cutting-edge technology. We have a strong brand. We have exceptional products and exceptional services for all of our customers. We create a real difference, and this difference needs to be recognized. This is what we call our value approach, and the value approach enables us to improve our team workers' conditions, our workstation ergonomics, and training opportunities, and creates development prospects for all. It consolidates our technological edge. It has a positive impact on the environment by aiming to use fewer resources, and also to decarbonize all of our human activities. This value approach means prioritizing the markets and the geographies in which we operate. Michelin can do a lot, but we need to focus our resources, and we need to focus our efforts on where we can make a real difference, and Michelin has so much to offer. The film that we've just seen is a good reminder of two essential features of Michelin's DNA. First of all, our passion for innovation, which is at the service of human progress, and our fundamental mastery of materials. Over time, we've developed unrivaled expertise in polymer composites. I'm going to come back to that in a few minutes to explain what these barbaric words represent. We excel in the art of designing and combining materials so as to create products with an exceptional performance. The tire is, without doubt, the most emblematic composite. It's a very complex product, a tire. It's one of the most complex composites, units. It has over 200 materials which are processed and assembled by unique processes. So if we put these 200 materials together, that we put into a tire, if we were to lay them out on a table, they wouldn't necessarily naturally form a tire. But when you use a tire, these 200 materials work together, and when it's a Michelin tire, obviously, it lives a lot longer than others. So we ask this round and black object, which is nonetheless a technological tool; we're always asking more from these tires. We're asking these tires to be round and flat, to be exposed to high temperatures and high-resistance, to have great endurance, and so many other characteristics. So we spend our time reconciling things which might seem completely unreconcilable. And Michelin, and I'm sorry for the name, this new Michelin tire, Air X Skylight tire, this is a great example. So we have difficulty naming our tires, I must say, and we produce better tires than names. Basically, we're asking this tire to allow ever more takeoffs and landings for planes, and we're asking it to go from -50 degrees to +120 degrees in a fraction of a second when planes land. Also, we're asking these tires to be a lot lighter, so as to save up to 250 kilograms on the landing gear of an Airbus A350. So less weight for the tire. This means less weight on board the plane, and also less materials to produce this tire, and this is a clear benefit for the environment. So these product characteristics are in high demand for many other very demanding applications, such as the building industry, energy, and healthcare. Now, you have- When you arrived here at the Zenith, you may have discovered the Michelin shade structure. This shading system reflects our expertise in the assembly of materials for inflatable structures. It can provide up to 260 square meters of cool space in hot weather. This is very useful in the summer, for example, in areas where no other technical solutions are possible, especially on some squares where trees cannot grow because of what is present underground. It's also our textiles that form the floats and the floor of the boat that you see on stage. They make it a highly portable tool that can be deployed within a few minutes, allowing rescue operations to happen to save lives, for example. Our composites, they can be as visible as they are imperceptible. When a machine is running, you can be sure that inside there is a composite material. Our products come into their own in complex systems, ensuring optimum operation. As I explained, the tire alone on a table is not really that useful. But then, if you fit a tire onto a wheel and onto a vehicle, all of a sudden, it really radically changes your vehicle. The tire, such an elaborate composite, is so critical that over time we've developed an intimate knowledge of its uses. This understanding, combined with our data intelligence, helps our fleet customers to meet their operational, environmental, and the human challenges. The tire that you might have used to come here would not be able to operate in India, in China, or in the U.S. When we talk about experiences that transform our daily lives, how can we not think of the Michelin Guide? Since 1900, it has been guiding travelers towards new discoveries and remarkable new experiences. With it, all our travel-related activities continue to be digitized to offer our customers new, ever more relevant and innovative experiences. Thanks to our know-how, we can continue to innovate in the service of human progress. Together, we're building a world-leading manufacturer of the composites and experiences that transform our daily lives. By continuing to write the Michelin story, we are projecting our exceptional heritage into the future. We do so with confidence because we know that some things simply never change. Michelin will always be Michelin, because we will continue to take care of people. Strengthened by our values and our raison d'être, we are committed to offering everyone a better way forward. Michelin will always be Michelin, because we will always be pioneers. We are constantly exploring new territories, and we will continue to do so, because we want to make a decisive contribution to the great challenges facing humanity. And Michelin will always be Michelin, because we will continue to place innovation at the very heart of our actions. We do this by ensuring that technology remains at the service of people and improves living conditions for as many people as possible. Ladies and gentlemen, dear shareholders, as you've seen, Michelin will always be Michelin. We are continuing along the path laid out by our founders more than a century ago, and you can count on the commitment of all the teams in your group and here and in the rest of the world, and on my own, as we develop this mission. Thank you very much for your trust and attention. I now give the floor to Benoît Balmary, who will remind you of the resolutions submitted for your vote. Thank you, Mr. Chairman. Ladies and gentlemen, dear shareholders, we would like to inform you that the documentation relating to the draft resolutions on the agenda of our combined ordinary and extraordinary general meeting has been published within the legal deadlines. In particular, the Supervisory Boar d's annual report on corporate governance, which includes detailed information on the board's activity and on the remuneration of corporate officers, was posted on our website on April 8, within the Universal Registration Document for the 2023 financial year, which also contains the reports issued by the statutory auditors. The full text of the 27 draft resolutions, as they're currently proposed, was published in the Bulletin des Annonces Légales, the BALO, on April 8. The notice of meeting, including the full text of the draft resolutions and the corresponding reports by the chairman of the Management Board and the Supervisory Board, was sent to each shareholder on April 19. Consequently, in order to ensure that the annual general meeting runs smoothly, and in particular, to devote sufficient time to your questions, these draft resolutions will not be presented at the meeting. In accordance with regulations, we collected your paper votes up to midnight on Tuesday, May 14, and electronic votes up to 3:00 P.M. yesterday, Thursday, May 16. As you know, preserving our planet and its resources is a major challenge for your group. With this in mind, you will be able to receive an e-invitation as of the next annual general meeting in order to limit the overall use of paper. I invite you to contact the dedicated teams, who will be waiting for you in the lobby, to answer your questions and enable you to benefit from this service. Thank you very much for your attention. Thank you very much, Benoît. The general discussion is now open. I would like to inform you that in accordance with the possibility offered by law, the answers to written questions prior to the annual general meeting have been published on the company's website. And I'd like to start the session with the questions from the floor, and then we'll take the questions you've sent us remotely via the dedicated email address. I would first like to give the floor to the members of Michelin's Shareholders' Committee. I think they're ready. Good morning, Vianney Leroy. I'm a shareholder and an employee of Michelin, and today I also represent all the individual shareholders via the Shareholders' Committee. Thank you very much for giving me the possibility of asking this first question. Can the Michelin Group, via its, reputation, play a role in, reducing, consumption, what, what we call the sobriety of usages? Lorraine Frega is in charge of, digital services within the group, and she's also in charge of supervising the group's strategy, among other functions. Lorraine? Thank you very much for this, question. This is something that we feel very passionate about, so I would, answer yes. This, concept of sobriety is really at the very heart of, our, corporate culture. We need to boost our product, performance, the product and the services with less material, reduced emissions. This is what we've been doing, for a long time. This culture, this culture of sobriety, something that we are pushing forward for all our products throughout their life cycle, is something that affects all our activities. But it goes beyond our activities, because we really want to encourage this culture of sobriety, especially in national and international rules and regulations. And we also reach out to our customers, because when customers understand the impact of their choice, when they select a tire, for example, they can then take the right decision. When we talk about regulations, Michelin has played an active role in promoting a European regulation, encouraging all of us to use our tires as long as possible. But, of course, these tires have to remain safe. This regulation will see the day in 2024. It will lead to a lesser waste and less emissions because of a lower fuel consumption. Then retreading is another example. Michelin is really a pioneer in the field of retreading, and retreading will really lengthen the lifespan of our tires. A truck will be able to cover twice the number of miles with the same tire, thanks to retreading. We also talked about this earlier. At the very heart of our action lies this notion of sobriety, especially when we talk about connected services for professional fleets. So we're going to help the fleets optimize the way that they manage their tires. We're also going to help them lower their fuel consumption by training drivers on a daily basis to adopt the best driving behavior. We also support fleets when they want to transition towards electric vehicles.... Generally speaking, I know that Yves was talking about BlackCycle. The Michelin Group is collaborating with a certain number of start-ups, NGOs, and research institutions in order for us to move forward together to protect resources, to protect biodiversity, and also to reduce CO2 emissions. Let me give you one example: We play an active role in order to develop a recycling sector, focusing on end-of-life tires, to turn these tires into a new form of raw material. We're also in favor of a European regulation that will really promote the notion of sustainable rubber. Yves Chapot mentioned this in his presentation. This strategy, our strategy, complies with these international principles in order to protect the environment. For example, the Paris Accord in 1990... in 2015. We are definitely very much involved in reducing consumption. Thank you very much, Lorraine. Second question, Catherine Michaud. I'm a member of the shareholders' committee. I have a question on AI, artificial intelligence. Is Michelin going to integrate this in R&D in order to optimize resources and be more efficient? We already have a lot of artificial... well, at least a real intelligence, human intelligence, within the R&D department, but I'm going to give the floor to Eric, who's in charge of Research and Development and a member of the Group Executive Committee. Thank you very much for this question. At Michelin, the use of AI is something that we're already working on, and it's been a part of our activities for some years now. Of course, the research and development is the first area where we decided to get a better understanding of the possibilities offered by artificial intelligence. So we use this today in the development of new products, because we have this capability to use a lot of data to influence our decisions, to select the best component or the best material to meet specific sets of specifications. And this is something that we are already doing. What is interesting is that artificial intelligence alone works better in some areas. And if we consider our research processes, we have strong synergies because we have a strong history. First of all, we have an approach that really focuses on a rigorous process when we characterize and select our products. This means that we have a lot of historical data with regards to how we manufacture our tires. Artificial intelligence really fits into this process, and this is the reason why this tool is extremely interesting. It's powerful. It's powerful because it's very quick, so we're able to identify the right solution much more quickly. It also reduces the environmental footprint of our R&D process, because we're able to take decisions much more quickly with less physical prototypes. We use virtual prototypes and less tests to reach the same result. Another aspect that is specific to Michelin, and also explains why AI is a real added value, is the fact that artificial intelligence alone is one thing, but it's even more powerful when it is coupled with a physical analysis, a modeling capability, in order to better understand how tires work. We have a major advantage because we've been investing for decades in the modeling systems of our tires to better understand how they work. If we combine the two, we're able to fine-tune our analytical capabilities. Artificial intelligence is not here to replace human intelligence, our analytical work. It's an additional tool in our toolbox in order to demultiply our capabilities. And our analysts, our researchers, can then focus on those areas of work that require a lot of creativity to push back the boundaries of what is possible. And artificial intelligence is used in R&D, but it is also used in many, many other sectors, and we have a lot of applications, for example, in the supply chain or connected services, or other areas where we use artificial intelligence. So we can only see the front row, and the rest of the room is in the dark. Maybe we can switch on the lights. Please feel free to raise your hand, and you will be given a microphone. I can see there is a question here to my right. And if other people want to take the floor, feel free to raise your hand. A person there. There's a person there. [Foreign language] Please, show me your sign. So question one, ten, and then eight at the back of the room. I feel that no one's listening to me. No, you are listening to me. Okay, good. Très bien. Okay. Thank you very much. So question number one: Hello, everyone. I'm a shareholder, and I'm also a Michelin employee, and this is the first time that I attend the annual meeting. I wanted to write down my question because I wanted to get it right. It's: these diversity and inclusion initiatives, to what extent are they part of Michelin's global strategy? Thanks, he- Thank you very much, David. I know him. He's really, really tall. He's almost a giant. I'm tall, but he's even taller than I am. So maybe Jean-Claude, you could answer this subject. Donc, Jean-Claude Pats is a member of the executive committee of the group, and he's also in charge of headcount and people. Thank you very much, David. Thank you very much for this question. Obviously, diversity and inclusion, this is an extremely important dimension of our strategy. Yves referred to this when he gave the report on the progress and the results that we obtained in 2023. Now, why is this important? Well, because, within the Michelin Group, we want any person, irrespective of their characteristics, we don't want anybody to feel that they're faced with a glass ceiling or, we don't want them to feel, "Well, this is just not possible for me." So, in this framework, we've developed and defined an indicator that, which, was presented, which is our IMDI indicator. I'm not going to go into detail because it's very complex, but basically, through all of these, indicators, which make up, this, measurement system, we measure how we're progressing on all of these points every year, and this, enables us to measure our progress. And this is absolutely crucial, for social cohesion in our group, but also for, engagement, so that everybody's engaged towards the group. Obviously, nobody must feel left out. Nobody must feel, "Because I'm this," or "Because I'm that, I have less opportunities to develop my career within the group." So the answer is yes. Thank you very much. So now, question ten. Paul Stefanek: I'm an individual shareholder. I'd like to ask a question about the future sports policy of the Michelin Group, and what are the future prospects, for these, different sports, disciplines that you want to enter into? Thank you very much. Maybe I'll call on Scott Clark, who's in charge of our sports. So all of the people who are on the executive committee, they're going to be answering. So he's in charge of, car tires and also competition activities. Good morning, ladies and gentlemen. Very much... Thank you. Thank you very much for this, question. You know that competition is really part of the group's DNA. This is a way for us of showing our leadership techniques and also the performance of our products, but also boosting the group image. And for us, it's another opportunity to accelerate, to accelerate our know-how and our sustainable development activities. So sometimes think, people ask: What's the link between sustainability and competition? Well, we use competition today to quickly develop tires with a high rate of sustainable materials and to test these tires out in very difficult conditions. So for example, in MotoE, we have a 50% sustainable material rate, and for endurance, we have a sustainable material rate of 63%. So to answer your question, the most important part for us today is to find the competition organizers that we can work with, that we can really use to showcase our products and to tell a story around our tires and to talk about the advantages of our tires for competition performance, for sustainability, and things like this. It's not always the case. It's not always easy to find those organizers. Not all organizers want to leave us margin to tell a story. There are some series where they prefer that the tires remain invisible. That's not our strategy. Our strategy is to use motorsports for competition to accelerate our innovation. Today, the endurance series, such as the 24 Hours Le Mans, the WEC in the US, and the other competition races, these are the best ways of doing this, and MotoGP and MotoE as well. So, MotoGP with motorbikes that are really almost touching the ground when they turn the corners. So this is obviously something that shows that the role of the tires is absolutely critical, and this is a good way of us to show our leadership in terms of sustainability. So thank you very much for that question. Thank you, Scott. So I'd just like to add a few words on this, because Michelin created ASM Omnisports a long time ago, and this is part of the group's philosophy. People are at the heart of our strategy, and a person has a physical body that we have to maintain and to give free range to human genius. Basically, Michelin is the leading sponsor of ASM Handisport, and we were also the first sponsor of the rugby team. It so happens, for reasons that I'm not going to go into today, that there was a difficult situation there for the rugby sponsorship operation. So basically, we bought this company recently to help the company reach new heights. So this is where Michelin is directly involved, but obviously, Michelin has no vocation to enter other sports. Now, this being said, I noted down question eight. There was a question eight somewhere. Oh, you've withdrawn your question. Then there was 12. Keep your boards up, please. So number 12, please. I'm a Michelin shareholder. I've been a Michelin shareholder for several decades now, and the Michelin assets abroad, you know that Michelin has factories and sites in countries where we have issues with patents. You know that the long-term know-how of Michelin is liable to be copied by the local companies. We saw this with the Danone in China, for example, or Renault in Russia. Also, with regard to the French shareholders, when a Michelin site is relocated abroad, it's the French shareholders who are underprivileged compared to others because the French shareholders, like other French people, have to pay taxes and the labor consequences of this unemployment, which is suffered from in France. And then finally, with regard to CO2, the activity in China leads to more than half of CO2 increases, and this has been the case since 1990 across the world. So the wealth produced in China emits 4-5 times more CO2 on average, and it's more than if these tires were produced in France. With regard to salaries and everything that's paid to the subcontractors, also the taxes in China and also the energy which is produced... So the profits from the Chinese activity don't necessarily compensate for this and don't contribute to our profitability. So how can we decrease these three disadvantages, and how can we decrease this risk? Thank you very much. I'm going to hand over to Yves Chapot to answer that question. Well, first and foremost, the group has a strategy which is to produce as close as possible to its customers. And therefore this means that we have to locate our production capacity as close as possible to our customers. So what we do, apart from for specialty products, which don't justify having a site on each continent, so what we try and do is have our plants as close as possible to our customers. So our Chinese plants, since you gave this example, our Chinese plants are working almost exclusively for the Chinese market. And therefore, there's never been any relocation of production from Europe or France or the U.S. to China because the products that we sell and we produce in China are well, I would say 99% of them are sold in China. And then, for the French shareholders of the group, like any other shareholder of the group, they do benefit from the group performance in their region. I think the group has excellent performance in China, but also in other regions across the globe. Also, the subsidiaries are enabling us to increase the group dividends, and this enables us to pay dividends to our shareholders. Just for everybody to bear these figures in mind, less than 10% of our sales in France, and more than 15% of our employees are in France. We have all of our research activities, we have all of our headquarters activities, which are located in France. Then behind all of this, Michelin's development across the globe is really done, and also the Michelin shareholders do benefit from the rollout of Michelin sites and the work of Michelin across the globe. Now, with regard to the protection of our know-how and patents, now, this is a subject that we have to pay close attention to, but this doesn't only concern China, because Michelin has the best, by far, the best technology. So everybody's looking to what we do, and it's no surprise to know that we've had discussions with various states who seem very close to us, but who aren't hesitating to come and study our processes and our products. So we have very tight security and safety policy to protect our know-how and technology, and we're very, very careful about this. So now, number one. Thank you very much, Florent Menegaux. I am a shareholder and employee. I have a question about the heavy trucks segment, because we know this is a very difficult segment where there's a very tough competition. In Germany, we've seen that there are some factories closing down, and also we've seen that it's difficult to get or generate margin at group level in that segment. So what's your long-term strategy for the trucks market? So let me hand over to Bénédicte de Bonnechose, who's in charge of all of these truck and van and light truck activities. Thank you very much for that question. To answer your question, I'd just like to start off by saying that the heavy goods and trucks activity, when you project the figures into the midterm, and when we think about electrification, also it might be hydrogen, if you look at the sustainable and resources issues, Michelin is focusing on using all of these different technologies in our activity across the globe. So we're quite confident when we project ourselves into the future, and we're thinking about these future trends in the big areas where we operate, particularly in North America and in Europe. But this being said, as you've already stressed at the end of last year, we did make a few announcements so as to do with the overcapacity production situation that we had in Europe, which is obviously the result of big developments of imports of Chinese tires for more than 15 years into Europe, and the Ukraine crisis and the war in Ukraine and the heavy inflation, which has weighed heavily on our costs. This has become unbearable. This is why we've announced the closure of 3 sites in Germany to give more competitiveness back to our European plants. So, I can tell you that, we are quite confident for our truck activity across the globe. As Florent was saying earlier on, we've had to make some important economic choices where we can express our differences, and this is mainly in North America, Europe, and South America. Thank you very much for that question. Thank you very much, Bénédicte. So, maybe to add to that, for years, we've striven to offset the loss of market share that we had in Europe, and this is due to the fact that Europe enabled truck tires from other countries to come to Europe with completely different rules. And so we lost market shares, but all of our main competitors lost the same market share rates. So we lost a lot of market share, and for years, we tried to offset this by exporting tires. We exported tires from our European sites. We exported these truck tires to the rest of the world, and it so happens, as Bénédicte was explaining, it so happens that we've lost market share, but now, in fact, we are no longer in a position to export from Europe because our production costs are no longer competitive on the export market. So, as Yves was explaining, we can produce locally for local markets, but exporting, it's not at all competitive. So this is why, we've had to readjust our production capacity in Europe, but because we're no longer competitive, and we're no longer able to export this type of tire from Europe to the rest of the world. So now, question number three, please. Yes, Christian Pasquier. I'm an individual shareholder. I'm following motorsports with great attention, and Michelin sponsors and fits MotoGP with a great deal of success. But in Formula One racing, aren't you sad to see that for many years, in all of the world's racing tracks, there's a lot of advertising from your Italian and Chinese competitors? And have you carried out an impact study on the commercial impact of this? Because there are 1.5 billion TV viewers who watch Formula One racing on television. Okay, thank you very much for that question. Scott, maybe you can answer that question. So you can start off by answering that question, and I'm going to add to what you say. So correct me if I'm wrong or if I say anything wrong. Well, it's true that there's Formula One is extremely popular, but as I was saying in my answer to the previous question, is the visibility of tire manufacturers in Formula One, is it positive or not? Because the organizers are asking for products which are degraded, and a lot of people are talking about the tire performance and saying the tire performance is not great for Formula One. So as I was saying, we're looking for opportunities where we can showcase the performance of our products and where we can tell a story which is positive, and we're not looking to improve our visibility, because we're already extremely visible across the globe with Michelin tires and the Michelin brand. So basically, we're looking for more opportunities to showcase our products, and we're going to continue to look for opportunities and competition to do this. Obviously, we'll always look at Formula One opportunities, if they decide to change their strategy or their approach with regard to tires. Yes, to add to what Scott has just said, bear in mind that the main reason why Michelin takes part in competitions is because this will accelerate our innovation process. Now, obviously, there are different benefits from media presence, but this is not what we're looking for in competition. What we're looking for most is to test things out, to test our performance out, and to help us develop our technologies quicker. So if you have a tire that doesn't work, obviously we don't. We don't have tires that don't work. So this is why we're not in Formula One, because our tires work. Number seven, please. Michel Navarro. I'm a retired Michelin employee. I've been retired for two years now. Oh, you look full healthy and well. So I have a question for the new Michelin Wine Guide. For several years now, Michelin bought the Robert Parker Wine Guide. They bought it a few years ago, and the Robert Parker Guide, Wine Guide, was a very reputed guide among winemakers, and this has had a great deal of influence on wine production. And obviously, we invented the word Parkerization for a wine tasting. But when you look on Robert Parker's website, you can see that this belongs to Michelin, but there's not much communication around Michelin on the Robert Parker website. If you read their annual report, they don't really talk... Our annual report, we don't talk about the Robert Parker Guide in our annual report. So my question is, why did Michelin buy the Robert Parker Guide, and what is your communication policy on this guide? And how can you reconcile the wine guide with road safety issues, for example? How do you reconcile the Robert Parker brand, which is a very strong brand, with the Michelin brand? And one final question, which is a very interesting question: Are you recruiting inspectors for the wine guide? Because I'm looking for a job. So, Michel, you know what the procedure is, so, send your CV and if, and send in your application if you want. So I'm going to hand over to Adeline Challon-Kemoun, who has two hats. In fact, she's supervising all of the so-called lifestyle activities, so this includes the Robert Parker Guide, and also she's supervising all of our engagement and communication activities. Yes, good morning, sir. Thank you very much for this question. Well, the wine activity today is a very important activity as part of our so-called lifestyle activities. Florent talked about that a few minutes ago. Now, the travel and leisure activity experience that we want to offer our customers concerns restaurants, hotels, but also the gourmet and table experience, so the wine experience is fully part of this strategy. Now, in among these activities, we have several brands. In the hotel industry, we have Tablet, and in wine, we have Robert Parker. And basically, today, we are pursuing our investigations to see to what extent the Michelin Guide could, in fact, assume responsibility for the Robert Parker brand, such as the Tablet brand that we have in the hotel industry. So this is something we're looking at, because we're thinking about providing more services to our customers who are looking for a full leisure experience around the Michelin brand, sorry. Communication, you're quite right. Today, it's Robert Parker, which assumes the activity in terms of communication, and Michelin does a bit of communication as well. And all of the specialists in the wine-growing industry and the distribution industry for wine, they know this brand today, and they know that it's a Michelin brand. So the question is as to its future development. How are we going to develop this in future? Is Michelin going to take more responsibility for this brand as for the Michelin Guide for restaurants? Now, in terms of road safety, don't forget that we support all of these road safety initiatives and sobriety, not only for the environment, but also sobriety in terms of not drinking and driving. So for the restaurant and the wine industry, you know, we do a lot of work in sobriety. So thank you very much for that. Question number 6 now. 6, 4, 10, and then 3. Bingo. Noël Montagnon. I am a long-term shareholder, and I would like to talk about accidents that struck Goodyear. Is that something that could happen to other manufacturers as well? And what kind of consequences could this have on Michelin? I'm not going to comment on the situation of our competitor, but what I can tell you, however, is that at Michelin, we have quality procedures in place that are extremely robust. If we consider our development teams, we have processes that enable us to make sure that such accidents will not occur. So touch wood, because in the field of tires, you know that it's a product that is an extremely complex product, and we cannot fully master the evolution of all the components in time. But at Michelin, we really pay particular attention to the quality of our development process, and we also monitor all the usages. Every time we have a doubt, we recall the tires immediately. This is what we did in the past. Our processes are robust. Whenever there's a doubt, we recall the tires. That's what we do at Michelin. Question number four. Hello, everyone. Laurent Bador, I'm an employee, and I'm the union representative at Michelin. I wanted to ask two questions. First of all, you talked about the decent wage. Well, we would like to congratulate you because I think it's a step in the right direction. This is something that we've been asking for some time because we have French employees, but we also have employees throughout the world, and they need to be reassured when they work for Michelin. They have to know that they will make enough money to enable them to live decently for themselves and for their family. So thank you very much. However, I'd like to draw your attention to the fact that in the field of rubber manufacturing in France, we haven't been able to sign agreements on minimum wages, and we're still below the minimum wage. I think it would be useful for you to also intervene in the fields of the rubber sector. And then, Bib'Action was canceled last year, and this is something that was felt negatively by many employees. So I wanted to know if Bib'Action is going to take place this year, and will we have more interesting conditions, especially for the lower wages, in order for employees with low wages to be given the possibility of becoming shareholders? So, Laurent, thank you very much. We know each other very well, so thank you very much for these two questions. I'd like to come back to the question of a decent wage. In China, in most areas where we are present, Michelin's minimum wage is two and a half higher than the minimum wage in China. So when we produce in China, people are being paid the same as in other countries. Concerning the rubber sector, of course, we're going to have to make additional efforts because, of course, we tend to concentrate on Michelin, but we will definitely encourage them to look into this possibility. And for Bib'Action, can you tell us what happened and what will happen in the future? We had to cancel the Bib'Action program in 2023, but from a legal standpoint, we did not have the possibility of doing it, and we decided to improve our offer. I can't give you any details today. We will communicate in a few weeks on this. So the 2024 program will be a revised offer, and it will be more interesting for the lowest wages, especially the part of the free shares, for example, the number of the free shares per share bought. This will probably be improved. We will take into account the fact that we unfortunately had to cancel the Bib'Action last year, so we decided that we will definitely offer these possibilities to all employees every year. But unfortunately, the first year, we weren't able to do it, but this year we will offer more advantageous conditions. Question number 10 now. Question number 3, then. So 10. Hello, Jean-Marie Hivet. I have a question for you: Where is hydrogen? What about hydrogen? So are we still going to develop hydrogen? Yes, Maude can actually help you find hydrogen. So Maude is in charge of our activities, everything that has to do with the flexible composites. So thank you very much for this question. Hydrogen. Hydrogen is present at different levels of the Michelin Group. First of all, our joint venture, Symbio, they're specialized in hydrogen fuel cells, especially for commercial vehicles, so mid-sized vehicles, but also for trucks and heavier vehicles. Symbio is a company with a high growth rate, and we have two partners, Faurecia, an automotive partner, and Stellantis. So when these three players are around the table, of course, we have a lot of chances to succeed, and the company is actually growing at a fast rate. But we have to acknowledge the fact that the hydrogen net market is not a linear market. It is quite chaotic. We have no real visibility because, of course, the hydrogen distribution network also has to be strengthened. So it's the question of the chicken or the egg, and we have to be present. And this is the case, we're part of a company called Hympulsion, and specialize in the distribution of hydrogen in the Rhône-Alpes region. We don't want to be a major player in the distribution of hydrogen, but we really want to promote this source of energy. Seeing that we are a leader in terms of the services, we have to take this opportunity to offer additional services. Our ViaMichelin offer also helps us support companies who want to develop hydrogen fleets. We are currently expanding our ViaMichelin offer to hydrogen, and hydrogen is very much present within the group and within our lab. We're still working on innovative composites that are at the heart of the production of hydrogen or the production of electricity that uses hydrogen. I hope that this answers your question, and of course, we're going to monitor the markets. There is no real visibility, but in the mid and the long term, I think there are a lot of opportunities in this field. Thank you very much. Three questions, maybe. Serge Carton. So you know that the Olympic Games are going to take place in France, and Michelin was a part of, was a partner in the framework of the Winter Olympic Games. Why is Michelin not a partner for the 2024 Olympic Games in Paris? Adeline will give us an answer. Because we did actually consider it. Thank you very much. As you know, Michelin really supports its sports in different areas, but we're not a partner for these Olympic Games for a very simple reason. To become a sponsor in this area, it's really about promoting the brand of a company. It's not really about showcasing our differences, and you know that in terms of brand awareness, we have 100% brand awareness rate in France and most countries where the Olympic Games are being broadcast. So we would rather opt for other possibilities to promote our brand. So we have a new advertisement campaign that was launched last Monday. And then for a technical reason, for these Olympic Games, Bridgestone, our competitor, is the exclusive partner for the tire industry. And even if we had taken the decision to become a partner, we wouldn't have had the possibility. But here it was a deliberate choice. We did not want to be a partner. Question number four. Good morning. Bertrand Boipet. I'm a private shareholder, and I would like to talk to you as a client. On the third of April 2024, I ordered four e.Primacy tires, and I was told that one tire was to arrive on the sixth of May and three other tires on the fourteenth of May, and I still haven't received my tires. So my question is the following: Do you think it's normal that you're not in a position to deliver four tires at the same time, and I had to wait a month and a half and still haven't got my tires? Is this really compatible with Michelin's brand image? And what should I do? Because, you know, I still have my winter tires. We're close to the month of June now. Should I actually buy a tire from a competitor? Because I could do this as a client, but as a Michelin shareholder, I don't really want to do that. So here I am smiling at you, but as if they do in Japan, because I don't really feel comfortable with this. We've made a lot of progress, but there's still a long way to go to improve our supply chain, to be able to deliver our products on time. And maybe after this general assembly, we can actually look at your personal case to make sure that your distributor is not lying to you. So maybe he doesn't have the tires because he doesn't want to have them. So that's something we have to look into. And then the supply chain, in order to meet all the needs and all the tire sizes and all the tire categories, to make sure that we meet our customers' needs, this is something that we really consider as our top priority. We've made a lot of progress in this field. We still have a long way to go, as you rightly pointed out. Now, if we consider the fact that you ordered four tires, you received one, and then three additional tires, and at the end of the day, you haven't received any of them, of course, we have to improve our process. I can't tell you more. I understand your concern. Come to see us at the end of this general meeting, and we will find a solution. Now, the good news is, this month of May is very cold, and you can actually continue using your winter tires. Question eight. We're running a bit late. So question eight, it all depends on the length of the question. Hello, everyone. Christine Blanchet. I'm a retired Michelin employee. I worked 42 years for Michelin. I'd like to come back to Bib'Action. Are you considering offering attractive prices for retired employees who spent all their career working for Michelin? Well, first of all, congratulations. Thank you very much for these 42 years, and you look very, very young. So it shows that Michelin keeps people young and fit. And you know that working at Michelin, it really keeps you healthy. So our Bib'Action plan doesn't... Oh, it does, says my colleague. Oh, so we do have possibilities for retired employees. Retired employees have access to Bib'Action. It's easier for us to reach out to employees because they're part of the same communication system, whereas the retired employees, they're no longer part of the group's headcount. Some retired employees benefited from the 2022 or 2020 Bib'Action plans. But it's a little bit more complicated because you don't have access to all the information, at least it's more difficult for you to access the information. The other comment that I wanted to make is that this is a benefit that is limited to the retired employees, French retired employees. Of course, we want to promote private shareholders. If we have your details, I'm sure that we can find them. Benoît confirms we have your details, so we will tell you more about this program. I just found out actually that it also applies to French retired employees. Question number five, this will be the last one. I'd like to introduce myself, Philippe Deville. I used to work here in Clermont, used to work as a pilot as well here in Clermont. Since 2003, well, I created a company in Paris, and I import Chinese two-wheelers, and I asked to have Michelin tires fitted onto these two-wheelers in China, but I was never given a positive answer. Do you think it will be possible one day? Maybe Scott can answer that, but if we look at OEM tires, we also want to make money because it involves the same technology. So for the replacement sector and OEM, we use the same technology. But manufacturers in China, they're not ready to pay for these premium technologies. This is the reason why we're not present in the field of two-wheelers, especially for OEM tires. And if you import vehicles from China, try to convey this message. If they're interested in our technology, they can have access to it, but there's a price to pay for that. Thank you very much. The question and answer session is now over, and I'd like to hand over to my colleague for a more formal part of the meeting. I'd like to hand over to Benoît Balmary, who will tell you about the final quorum count. Thank you very much, Florent. I would remind you that in order to deliberate, validly, our annual general meeting must have reached the legal required quorum of one-fifth of shares, with voting rights. According to the breakdowns provided to me, the quorum has been reached since we have, out of a total number of shares with voting rights of 711 million, a number of shares are present or represented at 486,000, thus effectively exceeding the legal required quorum of 152 million shares. For our extraordinary general meeting, the quorum required is, one-fourth of the shares entitled to vote. This gives us a floor of 177 million shares, which once again, has been comfortably exceeded as we have a number of shares present or represented at 446 million, 636. Under these conditions, both our ordinary and extraordinary shareholders' meetings can validly deliberate. I would like to remind you that, voting will be carried out using an electronic tablet, the operation of which will be described in a short video. To vote on the resolutions, you have a tablet. This tablet is strictly personal and is only used for this annual general meeting. When we announce a resolution to be voted on, you have the voting window, which will automatically appear on your tablet, even if this is on standby. So very simple, to vote, just to press the button, which corresponds to your choice: for, abstention, or against. Press Okay to validate your choice before the voting closes. Once your vote has been validated, you can no longer change your vote. Thank you very much, and please hand back your tablet when you leave the room. So if your tablet isn't working, please raise your hand, and a hostess will come and exchange it for you. So now let's move on to vote on the resolutions, and let's start with the ordinary resolutions, which need the majority of the votes, 50% + one vote. So the first resolution is approval of the financial statements for the year ended 2023. The vote is open, and don't forget to validate your vote by pressing Okay. So the voting ballot has closed. For 99.99%, this first resolution is adopted. So the second resolution is appropriation of net income for fiscal year 2023 and fixing the dividends. The vote is open.... So the voting has closed. For 99.94%, so the second resolution is adopted. Third resolution, approval of the consolidated financial statements for fiscal year 2023. The vote is open. The voting is closed. For 99.99%, the third resolution is adopted. Fourth resolution, regulated agreements. The vote is open. So the voting is closed. For 99.99%, the fourth resolution is adopted. Fifth resolution, authorization to be granted to the managing partners or to one of them to enable the company to trade in its own shares, except during a public tender offer as part of a share buyback program with a maximum purchase price of 55 EUR per share. The vote is open. And the voting is closed. For 99.49%, the fifth resolution is adopted. Sixth resolution, approval of the compensation policy applicable to managing partners. The vote is open. The voting is closed. For 96.51%, the sixth resolution is adopted. Seventh resolution, approval of the remuneration policy applicable to Supervisory Board members. The vote is open. The vote is closed. For 99.77%, the seventh resolution is adopted. Eighth resolution, approval of information on the compensation of corporate officers. The vote is open. The vote is closed. For 99.03%, the eighth resolution is adopted. Ninth resolution, approval of the compensation paid to Mr. Florent Menegaux during or awarded in respect of the year ended December 31, 2023. The vote is open. The voting is closed. For 98.08%, the ninth resolution is adopted. Now, the tenth resolution, approval of the compensation paid to Mr. Yves Chapot during or granted in respect of the year ended December 31, 2023. The vote is open. The vote is closed. For 98.22%, the tenth resolution is adopted. The 11th resolution, approval of the compensation paid to Mrs. Barbara Dalibard during or granted in respect of the year ended December 31, 2023. The vote is open. The voting is closed. For 99.74%, the 11th resolution is adopted. Now, 12th resolution, appointment of Mr. Patrick de La Chevardière as a member of the Supervisory Board. The vote is open. The voting is closed. For 98.32%, the 12th resolution is adopted. Now, 13th resolution, appointment of Mrs. Catherine Soubie as a member of the Supervisory Board. The vote is open. The vote is closed. For 98.56%, the 13th resolution is adopted. 14th resolution, appointment of Mr. Pascal Vinet as member of the Supervisory Board. The vote is open. The voting is closed. For 99.41%, the 14th resolution is adopted. Fifteenth resolution, appointment of PricewaterhouseCoopers Audit as statutory auditor, auditors responsible for certifying sustainable information. The vote is open. The voting is closed. For, 96.21%, the fifteenth resolution is adopted. Sixteenth resolution, appointment of Deloitte & Associés as statutory auditors responsible for certifying sustainability information. The vote is open. The voting is closed. For, 98.86%, the sixteenth resolution is adopted. Now, we're going to proceed to vote on the extraordinary resolutions, which I would remind you require two-thirds majority. So let's move on to the seventeenth resolution, sorry, which is a delegation of authority to be granted to the managing partners or to one of them to issue shares and or equity securities, giving access to other equity securities and or securities giving access to equity securities of the company to be issued with preemptive subscription rights. The vote is open. The voting is closed. For 94.11%, the 17th resolution is adopted. 18th resolution, delegation of authority to be granted to the managing partners or to one of them to issue shares and/or equity securities, giving access to other equity securities and/or securities giving access to equity securities of the company, to be issued by way of a public offering other than those referred to in the first paragraph of Article L. 411-2 of the French Monetary and Financial Code with cancellation of preferential subscription rights. Voting open. The voting is closed. For 88.06%, the 18th resolution is adopted. Nineteenth resolution, delegation of authority to be granted to the managing partners or to one of them to issue shares and or equity securities, giving access to other equity securities and or securities giving access to equity securities of the company, to be issued as a part of an offer referred to in the first paragraph of Article L. 411-2 of the French Monetary and Financial Code with cancellation of preferential subscription rights. The vote is open. The voting is closed. For, 84.14%, the nineteenth resolution is adopted. 20th resolution, authorization to be granted to the managing partners and to one or to one of them in the event of the issue with our preemptive subscription rights of shares in the company and or securities, giving access to the company's capital under this 18th and 19th resolutions to set the issue price in accordance with the terms and conditions to be determined by the annual general meeting, subject to a limit of 10% of the share capital per twelve-month period. The vote is open. The voting is closed. 85.94% for, the 20th resolution is adopted. 21st resolution, authorization to be granted to the managing partners or to one of them to increase the number of shares to be issued in the event of oversubscription in connection with capital increases carried out with or without preemptive subscription rights. The vote is open. The voting is closed. For 80.54%, the twenty-first resolution is adopted. Twenty-second resolution, delegation of authority to be granted to the managing partners or to one of them to carry out a capital increase by capitalizing reserves, profits, or premiums. The vote is open. Voting is closed. For 99.82%, the twenty-second resolution is adopted. Now, the twenty-third resolution: delegation of authority is granted to the managing partners or to one of them to carry out a capital increase through the issue without preemptive subscription rights of ordinary shares to be used to remunerate contributions of securities in the event of public exchange offers or contributions in kind. The vote is open. The voting is closed. For 97.08%, the twenty-third resolution is adopted. Now, 24th resolution: delegation of authority to be granted to the managing partners or to one of them to carry out a capital increase reserved for employees who are members of a group savings plan and/or to sell shares on a reserved basis without preemptive subscription rights. The vote is open. The voting is closed. For 98.88%, the 24th resolution is adopted. 25th resolution: limitation of the total nominal amount of capital increases and issues of securities or debt securities. The vote is open. The voting is closed. For 95.94%, the 25th resolution is adopted. 26th resolution: authorization to be granted to the managing partners or to one of them to reduce capital by canceling shares. The vote is open. The voting is closed. For 99.75%, the 26th resolution is adopted. Now, finally, 27th resolution: powers for formalities. The vote is open. The voting is closed. For 99.99%, the 27th resolution is adopted. Thank you very much for your attention. So I'm giving you all a round of applause for two reasons: because you just have voted on 27 resolutions adopted, and Benoît has presented that so fluidly, it was incredible. So every year, you're getting better and better and faster and faster, I must say. It was extraordinary, and I hope that next year there are going to be even more resolutions to vote on. Remarkable! So, we have no business on the agenda, so therefore, I declare the meeting adjourned. I'd like to thank all of you for your presence here today, for your loyalty, and also for your trust and confidence more generally, and this has been reflected in the voting. So for those of you who are here present today, you can take advantage of an aperitif, which is going to be served in the entrance hall. But before we leave, it's almost like going to the cinema today, so let's take a look at a brand-new film, which shows our brand-new campaign, which is part of a campaign that's been rolled out this week in France and which will soon be rolled out in 10 countries across the globe. So this is a film that highlights your group's innovative strength on the road, but also beyond our roads. Basically, it shows a lot of wonderful images, and I hope that we'll meet again next year. So after the film, you're free to leave. Thank you very much.