[Foreign Language] Ladies and gentlemen, dear shareholders, hello everyone. It is a real pleasure for me and for the entire Michelin Teams to be with you again for our annual shareholders meeting. I would like to greet all those who are following us from a distance, thanks to the live webcast on our website. As we do every year, we will make this meeting a time for information, dialogue, and decision-making around what brings us together, your group, Michelin. On this stage, you will have seen, in addition to our Michelin Man, two illustrations of Michelin's innovative strength. First of all, the CrossClimate tire right next to the Michelin Man and the wheel we have developed, and you can see it, developed to equip the vehicle that NASA could send to the Moon by the end of the decade. We will come back to this later. Without further ado, I declare open our combined shareholders meeting 2025. With me are Yves Chapot, Managing Partner and CFO, and Benoit Balmary, Corporate General Counsel. Also present in the first row, Mrs. Itto El-Ahriri and Mr. Frédéric Lavoie, representing respectively the statutory auditors, PricewaterhouseCoopers, the members of the company's Supervisory Board. They're with us, with the exception of Thierry Le Henaff, Mr. Vincent Montagne, Chairman of Sagesse, the non-managing general partner, and in front of me, members of the Michelin Executive Committee and the Shareholders Committee, also seated in the first row. We will now proceed to the constitution of the bureau. As the Chairman of the meeting, I appoint as the scrutineers the two shareholders who each hold and represent the largest 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. Marc Donnet, representative of the Supervisory Board of Manufacture, Michelin's Employee Savings Fund, BIM Primotee. The board thus constituted appoints Benoit Balmary, here present as Secretary of the meeting. The attendance sheet shows that the quorum requirements have been met. You will be notified of the final count 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 shareholders meeting is convened on first notice. I'd now like to turn to a summary of the group's business in 2024 and the outlook for 2025. For this, I give the floor to Yves Chapot. Yves, over to you. [Foreign Language] Mesdames, messieurs, chers actionnaires. Ladies and gentlemen, dear shareholders, I'd like to take you back to the Michelin Group's 2024 activities and results and its outlook for the future. The group, as you know, continues to roll out its Michelin In Motion 2030 strategy. It is structured around four main business sectors: tires, connected mobility services and solutions, Composite Polymers Solutions for a wide variety of applications, and lifestyle, which offers remarkable experiences to millions of travelers through innovative digital services. Before presenting the group's results for the past year, I'd like to say a few words about our first sustainability report produced in full compliance with the European CSRD regulations, Corporate Sustainability Reporting Directive. Integrated into the 2024 Universal Registration Document, this report is a strong differentiating factor both in relation to our competitors and to the rest of the industry. It also marks the adoption of a common language for dealing with environmental, social, and governance issues, highlighting the work accomplished by the group in these areas over the years. I'd now like to take a look at the group's performance in 2024. The first area concerns people. As you know, Michelin places people engagement at the very heart of its business model and is committed to respecting and valuing its employees, integrating human issues into all its decisions. In 2024, as you can see here, the engagement rate rose to 84.7%, close to our target of 85% for 2030. The group is proud of this result, which reflects the confidence, motivation, and commitment of our employees to the values and objectives of the Michelin Group despite an uncertain context. In addition, the Worldwide Employee Shareholding Plan, BIB Action 2024, was deployed and met with great success with a subscription rate of 57%. Strengthening employee share ownership within the Michelin Group remains a priority, and our ambition is to increase our employee share ownership to 4% by 2030. Last December, the Fédération Française de l'Actionnariat Salarié awarded the group the Grand Prix de l'ACF, all tradable for its commitment to employee share ownership. Now, in the field of safety and security, Michelin continues to strengthen its workplace safety measures. Newly acquired activities, notably in Polymer Composite Solutions, continue to be progressively integrated into the TCIR. Although the TCIR deteriorated slightly over the year, it remained stable on a like-for-like basis. The activities of Polymer Composite Solutions are showing promising progress in this area. The year was also marked by a very significant reduction in serious accidents, down 17% overall. Michelin, a human adventure spanning 130 years, stands out for its concern for employees worldwide. In 2024, the group made progress in a number of areas, including the internal promotion to management positions of people who had been hired as production operators, the implementation of a Universal Social Protection base, the Michelin One Care Program, and the deployment of the living wage. Certified as a global living wage employer by the Fair Wage Network Organization, Michelin is thus committed to providing all its employees with a remuneration that enables them to meet their family's essential needs and build up precautionary savings. Now, concerning the planet, aware that the future of humanity depends on the protection of the planet and its resources, Michelin is determined to reduce the environmental impact of its activities as much as possible in line with its all-sustainable approach. Michelin thus aims to improve the rolling resistance of its tires by 10% by 2030 compared with 2020. By the end of 2024, an improvement of 4.3% has already been achieved. Thanks to the group's expertise in composite materials, our products reduce our customers' energy consumption and carbon footprint. For example, the Michelin Primacy 5 Tire, launched earlier this year, improves energy efficiency by 5% compared with its predecessors. At the same time, the group is deploying its Decarbonization strategy aimed at reducing CO2 emissions linked to the activities of its sites, a scope referred to as scopes one and two. It is based on energy sobriety, the electrification of some of our manufacturing processes, and the use of renewable energies, all supported by EUR 107 million of investments in 2024. In June of 2024, the reference body SBTi Science Based Targets initiative validated the group's new CO2 emission reduction targets, aiming for zero net emissions by 2050, with an even more ambitious goal of reducing CO2 emissions by 47% by 2030 compared with 2019. Finally, with an ever-increasing proportion of renewable and recycled materials in tires, the group is pursuing its roadmap to reach the target of 40% renewable and recycled materials by 2030, with particular attention paid to securing raw materials, access to renewable and recycled elastomers, and the speed of integration of renewable and recycled materials into semi-finished and finished products. The group's economic performance remained solid in 2024, despite contrasting trends in global markets. The new vehicle market experienced a significant downturn due to three main factors: slower growth in sales of electric vehicles in an uncertain regulatory environment, purchasing power constraints particularly affecting sales of premium vehicles, and a depressed domestic demand in China. The replacement market showed a positive trend. However, this good momentum is partly driven by increasing volumes of low-cost tires from Asia. Lastly, tire sizes continue to increase at a brisk pace, with the 18-inch and over segment growing by almost 10% a year. Against this backdrop, Michelin's reported sales of EUR 27.2 billion for 2024, with operating income of EUR 3.4 billion. The slight decline in operating income was mainly due to lower sales volumes, especially in the original equipment sector. The group has nevertheless strengthened its position in targeted markets, notably passenger car tires, 18 inches and over, reference transport fleets, and mining and aircraft tires. At the same time, Michelin strengthened its financial position thanks to strong cash generation of EUR 2.2 billion before acquisitions. This long-term performance is the result of rigorous management and enables us to invest in the future. Return on capital employed reached 10.5% in 2024, in line with our requirement to create value. As you can see, despite a particularly unstable economic and geopolitical context, the group's financial results remain solid, thus demonstrating its resilience and ability to overcome difficult conditions. The group continues to invest in its future with confidence and determination. Michelin consolidates its financial position, invests in innovation, attracts talents, reduces its environmental footprint, and remunerates its stakeholders. The group aims to offer its shareholders a fair return. We therefore propose for the 2024 financial year a dividend of EUR 1.38 per share, representing a payout ratio of 52% of consolidated net income group share. The Michelin share has delivered a total shareholder return of 130% over the past 10 years, including dividends and share price appreciation. In short, the group has the necessary resources to achieve its growth strategy while guaranteeing a fair distribution of value and satisfactory return for its investors. I would therefore like to present to you all the elements making up the breakdown of the value created by Michelin in 2024. In 2024, as you can see here, the group generated economic added value of close to EUR 13 billion, 64% of which was distributed to employees in the form of compensation and benefits. 16% was invested in the company. 11% was allocated to shareholders in the form of dividends or share buybacks, part of which, as a reminder, was used to buy back shares allocated to employees under company shareholding or long-term incentive plans. 6% was paid in the form of taxes to the countries where the company operates. Variations in the breakdown of added value between 2023 and 2024 are mainly due to salary increases awarded during 2024, the effect of the share buyback program, and the absence in 2024 of any major acquisition transactions such as FCG in 2023. Now, let's look ahead to 2025. Your group's outlook is set against a highly volatile backdrop, and this is fueled by strong geopolitical and macroeconomic uncertainties. International trade rules are evolving unpredictably and sometimes radically, and this is putting whole swathes of some economies in difficulty. The good news is that our strategy has prepared us for this type of environment. On the one hand, we favor production, which is as close to the market as possible, so we're less exposed to fluctuations in customs duties between countries. On the other hand, we have the diversity of our markets, which means we are less exposed to cyclical risks, and our customers range from private individuals to large corporations. We operate in a lot of automotive and mobility sections, as well as many other aeronautics and various industrial applications. Against this highly uncertain backdrop, Michelin in 2025 is aiming for an improvement in its operating income at constant exchange rates compared with 2024 and free cash flow generation before acquisitions of above EUR 1.7 billion in 2025. Once again, this year, we'l l be building on the strengths that make your group so strong: high-quality and committed teams, also a powerful and recognized brand, technological leadership, which is driven by innovation, and the unfailing quality of the products and the services that we offer to our customers. The group is therefore continuing to roll out its Michelin In Motion 2030 strategy, which is a strategy that continually strengthens the group's solidity and enables its development while respecting the planet's limits and acting responsibly towards its employees and society as a whole. Dear shareholders, thank you very much for your attention and also for your confidence. [Foreign Language] Thank you very much, Yves, for this very convincing presentation for 2024, which is obviously very positive for our group. Now, I'd like to give the floor to Mrs. Itto El-Ahriri, who represents the statutory auditors of the group. [Foreign Language] Ladies and gentlemen, dear shareholders, good morning. On behalf of the Statutory auditors, which is comprised of Deloitte & Associates and PricewaterhouseCoopers Audit, I'm pleased to present the report that we've drawn up for your attention. We have issued several reports in compliance with our assignment for the year ended 2024. First of all, and for the first time, we have our Sustainability Certification report. Then we are going to be presenting our reports on the consolidated final statements and also the regulated agreements and commitments with related parties. Also, we have a report on the 14th resolution, which is submitted to you concerning the reduction in your company's share capital. These reports are included in the Universal Registration Document, which is available on the company's website. I suggest that we give a brief summary of our reports. First of all, let's begin with the Sustainability Information report, which was issued for the first time on February the 18th. Our assignment consisted in carrying out the work necessary to issue an opinion expressing a limited assurance on, first of all, three conclusions: compliance with ESRS, which are the sustainability standards of the process used by the group to determine the information which is published, and this is what we call the double materiality analysis. Then we have compliance of sustainability information with the ESRS, and then we have the publication requirements, which are set out in Article VIII of the European Regulation on Taxonomy. Let me come back to each of these conclusions. First of all, the conclusion on compliance with ESRS, so the sustainability requirements and the double materiality process. Based on the checks that we've carried out, we have not identified any material errors, any omissions, or inconsistencies concerning the compliance of the process implemented by the group with the ESRS. Particular attention was paid to the following elements. First of all, stakeholder identification, then identification of impacts, risks, and opportunities, and finally, assessment of impact and financial materiality. The second conclusion, which is on the compliance of sustainability information with the ESRS. Based on the checks that we have carried out, we have not identified any material errors, omissions, or inconsistencies concerning the compliance of sustainability information with the ESRS. Without calling into question the conclusion expressed above, we'd like to draw your attention to the introductory paragraph of the sustainability report and the section of the management report, which sets out the first year of application of Article L233-28-4 of the French Commercial Code, which contains its scope and unpublished indicators. The following elements were given particular attention. First of all, the Greenhouse Gas Emissions, and secondly, the transition plan for climate change mitigation. The third conclusion is on compliance with the publication requirements, which are laid down in Article VIII of the regulation on green taxonomy. On the basis of the checks that we carried out, we've not identified any material errors, omissions, or inconsistencies concerning compliance with the green taxonomy requirements set out in this regulation. Now, let's move on to the reports on the annual accounts and financial statements issued on the 18th of February. These reports conclude that we've certified the financial statements without qualification with respect to IFRS, as adopted by the European Union for the consolidated financial statements, and the French accounting rules and principles for the annual financial statements. We've based our opinion on the work carried out and coordinated by our statutory auditors, which enables us to obtain reasonable assurance that the financial statements and financial information are fairly presented. Our work is tailored to the specific features and characteristics of your group, covering both day-to-day operations and special events of the year. For this, we rely on internal control procedures and systems, and we deploy our audit teams under our responsibility at the group's main subsidiaries worldwide. The conclusions of this work were presented to your group's management and audit committee. We also report that we have no matters to report in connection with our specific verifications, notably as regards the fair presentation of the information given in the chairman's report on group management and the accuracy and sincerity of the information provided on remuneration paid to corporate officers. Our reports also include a description of the key points of the audit, i.e., the points relating to the risk of material misstatement that we consider to be the most important for the audit of the financial statements for the year 2024. These were the main topics of discussion with the management and audit committee. For each of these key audit points, we describe in our reports the reasons that led us to select them, the nature of the risk identified, and the audit response that we've provided. For the year ended December 31st, 2024, these key points relate to, for the consolidated financial statements, valuation of goodwill on the most sensitive cash-generating units, and for annual financial statements, the valuation of equity investments. Let's now move on to the special report on regulated agreements. In this report, we have been advised of no agreements authorized during the year ended and any agreements which were concluded in 2024. Now, for extraordinary resolutions, we issue reports when this is required by law, and we have therefore issued a report under the 14th resolution, which is proposed and which authorizes the managing partners for a period of 24 months to reduce the company's capital by canceling shares which are acquired under an authorized share buyback program. Our report contains no specific comments or observations on this particular point. Thank you very much for your attention. [Foreign Language] Thank you very much to the Statutory auditors. Thank you for your presentation. Now I'd like to hand over to Barbara Dalibard, who is Chairman of the Supervisory Board, who is going to present the board's report. [Foreign Language] Ladies and gentlemen, dear shareholders, as every year, it's a great honor and a great responsibility to report to you on the work of the Supervisory Board. As you know, the mission of the Board that I chair is to monitor and to manage the management of the company for your benefit, the shareholders. In particular, the Board examines the quality of your group's management strategy. It also assesses certain major transactions, notably any acquisitions. It also plays a decisive role in the succession planning of the Managing Partners. My role is to ensure that I play an active role in the governance process through ongoing contact with the Managing Partners who run the company on a day-to-day basis. We also work closely with Sagesse, our non-managing general partner, which has an important role to play in ensuring balanced governance with its chairman, Vincent Montagne, whom I'd like to greet here today. Now, before I go into the details of our board's activities in 2024, I'd like to add that if you wish, you can find all of the detailed information in the Universal Registration Document, which is accessible on the michelin.com website. The missions that I've just mentioned can only be carried out by a fully mobilized team. The board has 11 members who are all present here today, and I'd like to thank all of the members for the commitment to your group. They met eight times in 2024 in plenary sessions with an attendance rate of 97.4%. Its composition and the diversity of skills and experience that it brings to the table are decisive factors in gaining a better understanding of the group's reality. As a result, 33% of the board's members are non-French. We also ensure the presence of major areas of expertise, enabling the board members to offer an informed opinion on the company's management, and you will be able to find a complete mapping of these areas of expertise in the Universal Registration Document. We implement the necessary training initiatives where appropriate to develop, for example, cybersecurity or other complex fields, so as to update the skills which are needed to deal with the new challenges which are faced by your group. We go directly to meet the teams who make Michelin what it does every day, as we did a couple of days ago at a major industrial site in Asia, where we saw how the group's strategies are translated in the field. Also, we verified the independence of board members in accordance with the Afep- MEDEF Code, with the exception of the members of the board who represent the employees who I'd like to greet, and I'd like to thank them for their invaluable and precious insight to our discussions. Also, I'd like to thank Thierry Le Hénaff, who's a member of the board and who chairs the meetings of the independent members and who reports back to the board on the areas of improvement which have been identified during the executive session. Thanks to the work carried out in this framework and the evaluation carried out every year in the spirit of continuous improvement, dear to Michelin, we are constantly striving to improve how the board operates so that we can better fulfill the mission that you've entrusted to us. These operating procedures are important because they enable us to give you the most informed opinion on the management of your group. At the end of our work on the activities carried out during 2024, I can say on behalf of the board that your company benefits from high-quality management, both determined in implementing the Michelin In Motion 2030 strategy and agile in the way it achieves it to adapt to changing circumstances. As you know, the international context is marked by its complexity and its uncertainty, and your group's international footprint brings it into direct contact with this reality. We've seen in our work that this is the case, and this poses challenges, for example, for the supply chain. Also, we've been able to measure the extent to which Michelin In Motion 2030 strategy is an important factor in our resilience. We've devoted several sessions to a detailed review of this strategy. We've also examined the differentiating assets that the group could bring to bear in these circumstances, including the Michelin brand, to which we devoted a full session on the occasion of the launch of the new part of the brand campaign. Fine management of the managing partners in this chaotic environment was appreciated by the board in its supervisory role. During our plenary meetings, we verified the quality of the group's financial management. We also took an in-depth look at the social and environmental aspects, including policies on living wages and minimum social protection with Michelin One Care, for example. At the end of this work, the board noted that the group's consistency on subjects such as people, economic and financial performance, and the planet is solid. Michelin's ability to grow these three dimensions together is, I believe, a distinctive strength. I would like to emphasize to what extent, in each of the discussions we have had with Michelin's teams, their competence, their tenacity, and their commitment have appeared to us as powerful assets in guaranteeing the success of your company. Each of our interactions was extremely rich and instructive, and I would truly like to thank all of the group's teams on behalf of the Members of the board. Now, I'd like to go into a little more detail on the work of the board's three committees. First of all, the Audit Committee, which has seen the first year of application of the Corporate Sustainability Reporting Directive, CSRD, with the review of the first sustainability report that we've already talked about. This work required a high degree of convergence with the CSR Committee, with the organization of several joint meetings. To this end, the committee reviewed the double materiality analysis, the analysis of issues that are both significant from the point of view of the group's impact on its environment and their financial impact. The committee carried out its important mission of internal control and risk management, and to this end, it examined all accounting and financial information, as well as the audit plan. IT and cybersecurity risks were specifically reviewed, given their sensitivity for the group. I would like to point out that the Audit Committee was able to examine the first tax transparency report issued by Michelin before the mandatory publication required by the Country-by-Country Reporting regulations, CbCR. It also examined a number of issues of importance for the group's financial management, including controlling free cash flow, which is maintained at a high level for fiscal 2024, and reviewing the deployment of the group's Transfer Pricing policy. Now, Jean-Michel Severino will shortly describe the work of the Remuneration Appointments Committee, but nonetheless, allow me to come back to a few decisive and key points. As in previous years, the committee reviewed the variable compensation paid to the Managing Partners and the Supervisory Board members. The work focused on talent management and the diversity and inclusion policy that we are very attached to. The committee examined the succession plan for the group's senior executives to prepare for any necessary renewals or replacements, as well as to deal with any crisis situations. In particular, we considered the development plans for promising profiles in the group. I'm convinced that this is a major resilience factor for your group. The committee continued to work on the succession plan for the Executive Committee and the Managing Partners, and this was done in close collaboration with Sagesse. This, too, is an important issue of governance continuity, which must be prepared and anticipated so as to safeguard the best interests of the group and its shareholders. Our work has been very constructive and has enabled us to look calmly ahead to Michelin's long-term prospects. Our fluid exchanges on this subject within the governance committee are, I believe, a guarantee of stability and efficiency in the interests of the group and its shareholders. As I mentioned, in relation to the audit committee, we had the analysis of double materiality in CSRD, which was further developed in the CSR committee through joint meetings. On a broader level, I think it's important to highlight the pivotal role played by the CSR committee, thanks to the fruitful exchanges and cross-participation of its members with the audit committee and the compensation and appointments committee. This brings a lot of value to the various committees, but also ensures the necessary convergence and coordination of the board's work as a whole. The CSR committee continued to keep abreast of its changes in regulations, standards, and best practices in the field of sustainability. For example, the analysis of the group's decarbonization plan was an important focus of our work, as every year, and the committee was able to appreciate the acceleration of your group's carbon roadmap, whose new trajectories have been validated by the SBTi, which is the leading external body on these issues. At the end of these analyses, I'd like to emphasize the seriousness with which your group tries to make a positive contribution to the protection of the planet and its resources, and the committee's discussions with Michelin's team have highlighted the group's mastery of these issues and the spirit of responsibility that guides it in taking its impacts into account. I'm drawing to the close of my presentation. I'd now like to turn to the resolutions that we put to your vote in a few minutes, and I would like you to vote in favor of them. With regard to the financial resolutions, the board was able to appreciate the excellence of the group's management and the solidity of its financial results that I mentioned earlier. Jean-Michel Severino will shortly present the resolutions concerning the remuneration policy for the Managing Partners and the Supervisory board members. In both cases, the proposed resolutions leave the remuneration policy unchanged. With regard to the Supervisory board, an increase in the overall remuneration package would allow us to take account of the growing investment required of the Board members and the increasingly widespread participation in the work of the various committees, as I mentioned. Jean-Michel Severino will propose the renewal of the term of Office of Board member Wolf Henning Scheider, who joined us in 2021. A member of the Audit and CSR Committees, Wolf Henning, brings to the board his extensive knowledge of the automotive and mobility sectors, which were acquired during a career in Germany, but also abroad. I would like to thank him sincerely for his commitment, and if you accept our proposal for his reappointment, I hope to be able to continue to count on his energy and his mastery of key issues for Michelin on the board. Dear shareholders, I would like to conclude by reiterating the board's confidence in the management of your company, which has succeeded in a very volatile environment in producing some very solid results. In this persistently difficult environment, your group is performing remarkably well, meeting its commitments and continuing to execute its strategy. On behalf of the board, I would like to express our sincere gratitude to Michelin's teams, who deserve all of the credit for this performance. Thank you very much for your attention, and now I'm going to hand over to Jean-Michel Severino. Thank you very much. [Foreign Language] Mesdames et messieurs. Ladies and gentlemen, dear shareholders, it is my honor and pleasure to address you for the first time as Chairman of the Compensation and Appointments Committee. I'd like to expand on some of the points covered by the committee's work, and in particular, the compensation of corporate officers and the board, which is at the very heart of its supervisory role. I invite you to refer to the Universal Registration Document freely available on michelin.com for further details on the committee's activity and work. We have therefore examined the remuneration paid to corporate officers in respect of the 2024 financial year. Details are given on pages 71- 80 of the Universal Registration Document. The screen shows the remuneration paid to the Managing Partners, the Chairman of the Supervisory Board, and the Supervisory Board as a whole in respect of the last financial year. These remunerations result from the application of the remuneration policy adopted by this meeting last year. The multi-year variable component corresponds to the allocation of performance shares. It is therefore a maximum attributable amount, the attainment of which depends on criteria in line with the success of your group's strategy, i.e., operational performance, performance in terms of social and environmental responsibility, and the relative evolution of the share price. The committee has reviewed all these computation items for 2024 and either for invite you to vote in favor of resolutions 8- 11 concerning their approval. You'll be asked to vote on the resolutions concerning the 2025 remuneration policy applicable to the managing partners and Supervisory Board members. Before going into the details of these recommendations, I would like to say that the committee I chair is committed to ensuring that the recommended remuneration policy is consistent with the best interest of your company. In particular, this means taking into account the group's performance when calculating variable remuneration and ensuring that such remuneration is fully consistent with the group's strategy. With regard to the Managing Partners, the Board recommends maintaining the current compensation policy in terms of both its structure and the criteria used to calculate variable compensation. Our proposal is to maintain the fixed portion unchanged and to base the annual variable compensation of the managing partners on financial, social, and environmental criteria fully consistent with the Michelin In Motion 2030 vision. Long-term variable compensation will take the form of performance share grants based on the same terms and criteria as those applicable to employees of group companies who are eligible. Annual variable compensation is capped at 150% of fixed compensation for both Managing Partners. The allocation of performance shares is capped at 140% of fixed compensation for the Chairman of the Executive Board and 120% for the non-general Managing Partner. These grant levels are at the median for CAC 40 executives with equivalent responsibilities. With regard to Supervisory Board members, our proposal is to maintain the structure, distribution rules, and individual amounts unchanged in 2025. However, as a result, as Mrs. Dalibard pointed out, as a result of the changing regulatory environment, we are witnessing a growing commitment on the part of board members and an increase in the time they devote to carrying out their duties. The fulfillment of their mission requires an increasing number of meetings and a commitment on the part of members to several committees. In order to take into account the potential impact of this growing investment on the remuneration of Board members and while maintaining the calculation methods enforced during the previous year, the resolution that will be put to your vote in a moment proposes raising the maximum total remuneration package for the board as a whole to EUR 1,150,000. This envelope excludes the specific remuneration of the Chairperson of the Supervisory Board, which was adopted last year and which we propose to maintain unchanged. All these recommendations concerning the remuneration policy of your group's corporate officers will be put to your vote in a moment in the sixth, seventh, and 13th resolutions. I now come to the 12th resolution, which will be put to your vote in a moment. The Supervisory Board, as Mrs. Dalibard pointed out, has unanimously decided to recommend the renewal of Mr. Wolf Henning Scheider in terms of office. Appointed at the Annual General Meeting in 2021, Mr. Scheider has made a significant contribution to the Board during his first four-year term, in particular with the Audit Committee and the Corporate Social Responsibility Committee, where his involvement is widely recognized. In line with the methodology it applies to the selection of new Board members, the Compensation and Appointments Committee was able to appreciate the complementary nature of Wolf Henning Scheider's expertise. His career path has led him to develop solid expertise in international corporate management and skills in all the sustainability issues identified for your company. His knowledge of the industrial world and the automotive sector in particular are invaluable assets for the successful performance of the missions that you entrusted to your Board. I therefore hope, with your approval, that the board can continue to count on Wolf Henning Scheider's contribution over the next four years. Dear shareholders, I've come to the end of my presentation. I would like to thank my fellow members of the Remuneration and Appointments Committee. We have carried out the work I have just reported on, guided by the long-term interests of your group, and with a view to fully accomplishing the mission you have entrusted to the board. Thank you very much for your attention. [Foreign Language] Thank you very much, Barbara. Thank you very much, Jean-Michel. These annual general meetings, the shareholders' meetings, are the perfect opportunity to shed light on your group's distinctive strengths, but also on the challenges it faces. For more than 130 years, some things have never changed in the way that your group does business every day, and it is Michelin's teams who say it best. I now invite Anne-Claire Argenson, Julien Blanc, and Sylvain Bardon to join us on stage. [Foreign Language] Hello everyone, my name is Julien Blanc, and I have been with Michelin for 15 years now. I am truly delighted to be with you today to explain, along with my colleagues Anne-Claire and Sylvain, why Michelin will always be Michelin. When we say that Michelin will always be Michelin, we mean that in addition to our raison d'être our convictions, or our unchanging values of respect, we can count on Michelin to always care about people, to always act as pioneers, and to always focus on technology. It is this desire that I wanted to talk to you about now. We have to take care of people. As you know, right from the start, Michelin has deployed comprehensive initiatives to promote health, safety, and quality of life in the workplace. The company has set up programs to support its employees in both their professional and personal lives with the creation of health centers, sports facilities, schools, and so on. This social innovation is truly a hallmark of the Michelin's identity. It is also illustrated by a universal protection base guaranteeing all employees worldwide a set of social benefits that, for many, go beyond what local public policies can offer. It is also illustrated by inclusion in the workplace, of course, through the decent pay we heard so much about last year and also through ongoing training. A concrete example in the field of training is the Manufacture of Talents, of which I am the Operations Manager. If I had to sum up what the Manufacture of Talents is, I'd say it's a major university with over 130,000 students, a university whose vocation is to support and train all of the company's employees worldwide. In this way, it is a concrete example of the group's raison d'être, which is to offer everyone a better way forward. What's more, it is also open to the outside world. Our buildings and training courses are accessible to employees of other companies and even to employees of the public service or associations. At Michelin, we are convinced that it is by developing people's talents today that we will meet the challenges of tomorrow. This means that, on the one hand, we need to maintain our fundamentals with guaranteeing Michelin's key skills, especially in the field of R&D and manufacturing, and on the other hand, preparing our teams for the needs of tomorrow because we know that 85% of tomorrow's jobs do not exist yet. To achieve all of this, the Manufacture of Talents relies on the collective intelligence of a network of 1,000 contributors, 45 pedagogical engineers, and 600 occasional trainers. We offer 25,000 training modules, not to mention the many digital platforms to which our employees have access using different tools and methods to cater for different learning styles. For example, we also support and train people with disabilities, but we also offer digital training courses for those who are not physically in Clermont-Ferrand. You know that linguistic diversity is important that we cover 17 languages in all. Because everyone is thinking about their future, we can help everyone build their career path and develop their skills. Michelin offers everyone, and that's one of our values, the opportunity to play a part in their own career path because the fundamental motivation is to never stop learning and to be able to pass on that knowledge. As you know, training has always played an important role within the group, and it's still the case today with an average of 43 hours of training per year per employee. That's around 5 million hours of training per year, and that's also why the company has dedicated a specific site to it in the Parc Cataroux with a purpose-built building which opened in 2022. This building, this Manufacture of Talents, is the first in a fine network that has begun to blossom all over the world in Pune in India, Landau in Germany, Olsztyn in Poland, Shenyang in China, Lamphun in Thailand. More than 10 Manufactures of Talents have opened around the world. With the Michelin Talents Manufacture, we're reinventing lifelong corporate training, and the group's raison d'être, which is to offer everyone a better way forward, really comes into its own. Michelin will always be Michelin because we are always committed to taking care of people, but that's not all. We also want to act as pioneers, and to tell you more about this, let me introduce you to Sylvain. [Foreign Language] Thank you very much, Julien. Thank you for this interesting presentation. I'm going to talk to you about Ladoux. My name is Sylvain, and I work at the Ladoux Research and Development Center, where we design the tires of tomorrow. I'm in charge of the research program aimed at designing an ambitious and daring wheel to equip a lunar exploration vehicle. These are the blue wheels you see on the vehicle to my left. This was a true technological challenge. The project is part of NASA's Artemis program, a modern odyssey aimed at discovering as yet unexplored areas, notably on the moon's south pole. Reaching these completely uncharted territories at the bottom of craters holds out the promise of incredible discoveries for human beings. Exploring new territories is the very soul of Michelin because we've always been pioneers, pioneers of mobility on the road and in the air, pioneers in the materials science, technological, and even scientific pioneers. This relentless search for innovation solutions continues today. In 2024, Michelin will have a total innovation budget of EUR 1.2 billion. Being a pioneer means always looking ahead, leading ambitious research programs that will shape the future. It means having a powerful global R&D organization with 6,000 experts in nine R&D Centers around the world. It means mastering unique, distinctive, and complementary know-how in the materials, product design, process engineering, and data. It's this intelligence that has enabled us to rise to technological challenges for decades now. This is not Michelin's first trip to the stars. We've already collaborated with NASA. Michelin was the exclusive partner of the American Space Agency between 1995 and 2007. This time, the challenge is on a different scale. It involves pushing back the limits of lunar exploration with unprecedented and exciting technological and human challenges. Just imagine, this lunar vehicle will have to complete a 10-year mission covering 10,000 km, where Apollo missions never went further than 40 km. It will have to carry two astronauts, enabling them to explore virtually inaccessible areas, and we, as Michelin, will have to guarantee their safety. Another challenge is that this vehicle will have to be completely autonomous, and we will have to guarantee its reliability. The vehicle's operating conditions are, of course, very special, and our wheels will have to cope with extreme conditions, hence the choice of an airless tire. We're talking about temperatures as low as minus 250° Celsius, for which conventional rubber would be as brittle as glass and as high as 100 °. Wheels will also be subjected to cocktails of intense galactic and solar radiation, which will act on the materials during long periods of exposure. We, therefore, had to mobilize Michelin's most advanced expertise to identify materials that would not only withstand the extreme conditions but also be compatible with the architecture of our wheel. Thanks to our R&D teams, we also developed cutting-edge manufacturing methods that were compatible with the high standards expected by NASA. Finally, inspired by our excellence and expertise in the field of civil engineering and agricultural tires and soft ground, we've designed an ultra-motorized wheel. This is essential on extremely crumbly lunar soil where everything sinks in like powder. We had to rise to an additional challenge because we know that this involves a co-design with the rest of the consortium in order to take into account the constraints of everyone so as to come up with the perfect solution. We embark on these ambitious projects out of a passion for science and technological challenges, but also out of a thirst for collaboration with demanding expert companies. When Michelin works on the design of revolutionary products like this one, we enrich our knowledge of new types of materials, processes, and numerical simulations. This new knowledge then spreads throughout the group, energizing our innovation for all our products. That is why it is essential to always be a pioneer. That is why Michelin will always be Michelin, a company always on the cutting edge, constantly striving to push back the boundaries, always striving for excellence, but also a tech company, as Anne-Claire will now explain to you. [Foreign Language] Thank you very much, Sylvain. Good morning, ladies and gentlemen. I'm Anne-Claire, and I work at the Ladoux site on innovation of passenger car tires. Finally, each of my colleagues has talked about innovation, social innovation, or more advanced innovation. Now, I'd like to talk to you about a third dimension, which is the dimension that enables us to be the technological leader that we are today. Because when we say that Michelin will always be Michelin, we mean that we will always be tech-focused. For 130 years, Michelin has relied on innovation to push back the technological limits and the detachable bike tire, the metallic tire with the first-ever rubber-metal adhesion system, the radial tire revolution, of course, or Michelin Energy, which was the first green tire thanks to the introduction of silica. Moreover, this mastery of materials, which is at the root of a large proportion of our tire innovation today, enables us to invest in new markets and new growth territories. Michelin will always be Michelin thanks to its ever-tech focus. This is an asset that we've developed since our beginning and which enables us every day to focus on scientific challenges. Imagine, we have over 12,000 active patents worldwide, and we've filed 258 patents in 2024 alone. Being always tech-focused means that we have to concentrate on innovation, which enables us to keep pushing back the boundaries and to bring technological breakthroughs to the market. Disruptive innovation also means designing a relevant offering that meets our customer expectations, and that's what Michelin did 10 years ago now when it ushered in a new era for tires, the era of genuine all-season tires. With the launch of the first Michelin CrossClimate tire in May 2015, we shook up technological conventions by bringing together for the first time ever the best performance of a summer tire and that of a winter tire, and we created the world's very first winter-approved summer tire. At the time, this was perceived as a daring gamble, and this breakthrough quickly established itself as a concrete response to motorists' expectations with greater simplicity, greater safety, and guaranteed mobility all year round, whatever the weather conditions. This involved a multitude of technological challenges that were met one after the other from new compounds, which had to be adapted to significant temperature variations, to the directional design of the tread, to the tread blocks and the 3D sipes. Finally, we had a tire that offered the advantages of summer tires in terms of wet braking, dry braking, longevity, and fuel efficiency, but with the advantages of winter tires in terms of traction and braking in cold or occasionally snowy conditions. Its successor was the Michelin CrossClimate 2, launched in 2021, which pushed the boundaries of this hybrid technology even further, adapting to all sizes of passenger vehicles while maintaining a high level of performance summer and winter alike. Today, Michelin is pursuing this same dynamic with the launch of two new tire references, the Michelin CrossClimate 3 and the Michelin CrossClimate 3 Sport, which is a world first as it is really the very first all-season sports tire, which is dedicated to sports cars. This tire is going to be presented for the first time to the press next week, so you've got the scoop here today. With this range of tires, we continue to take on technological challenges. We've worked on an optimized version of the tread compound to push the limits of wet grip, and we've created an innovative architecture that incorporates new generation composites whose characteristics make the tire's performance even sportier. For the tread, its design is based on mathematical and physical models that exploit the knowledge derived from tens of thousands of analytical data with the aim of delivering the key properties to enhance driving pleasure. This latest generation of Michelin CrossClimate is the perfect illustration of Michelin, which is always tech-focused. Thank you very much. With Sylvain and Julien, we are delighted to have been able to share this with you today, to give you our testimonials, and more than ever, Michelin will always be Michelin. [Foreign Language] That is the secret of Michelin, the quality of our innovation. Thank you very much, and the quality of our people. Thank you very much, Anne-Claire, Julien, Sylvain. Thank you very much for this wonderful demonstration of what Michelin does best. Now, ladies and gentlemen, dear shareholders, it is always a real pleasure to be here together with you for our annual shareholders meeting. Every year, your loyal attendance bears witness to the vitality of your group's relationship with its shareholders. It is a time to share information, as I said in my introduction. It is a time for dialogue, but also for decision-making, all of which will commit your group for the future. Thank you very much for attending. I can see there are so many people here in this room with us today. This is all the more important today as this annual shareholders meeting is taking place at a time when many of our reference points have been shaken up and at a time when the economic, social, political, and geopolitical environment in which your group operates is increasingly, let's say, I didn't really know what term to use, but let's say it's increasingly turbulent. Last year, during our last shareholders meeting, I talked about our agility that we need to show to be able to cope with the accumulation of crisis that have followed one after the other since COVID. This is all the more necessary today as we have seen the increasingly rigid international context. This rigid context is weighing on the economy, an economy which is already affected by an increase in savings, which reflects consumers' wait-and-see attitude and their loss of bearings. We can see this everywhere around us with the global growth, which is now driven primarily by the services sector, while consumer goods are experiencing much weaker growth. In particular, as Yves already mentioned when he took the floor, the market for new vehicles is in decline, and it's quite a stark decline for our markets. You know that the shift to electric vehicles due to regulatory constraints is not yet meeting the expected demand. All of these developments have a direct impact on our core markets, and this applies to not only original equipment but above all to the replacement markets for our replacement tires. Recent months have shown the fragility of the multilateralism which has been patiently built up after the Second World War, and this is particularly true of our group because we are present in 174 countries worldwide, and our international footprint is the largest of any CAC 40 company. Obviously, this brings Michelin into direct contact with this very complex reality. This global presence is a strength that enables us to pick up on the weak signals of coming transformations before they spread more widely, but it's also a factor of resilience. Our extensive geographic presence enables us to better anticipate and then absorb the shocks when they occur. Our local approach from the outset is also a decisive advantage at a time when international trade is under unprecedented strain. I would also add that we've learned to navigate in this new world. We're following the clear course which is set by our Michelin In Motion 2030 strategy, and we know where we want to go. We know how to be nimble and inventive, and we've learned this recently even more. We know how to adapt to changing circumstances. Our strategy is to extend the reach of our distinctive expertise and our differentiating assets. By expanding our playing field, our strategy makes us less dependent on fluctuations in the tire market alone. Day by day, together, we are building a world-leading manufacturer of composites and the experiences that transform our daily lives with our experience as well. As you know, the tire is the most iconic of these composites. It's also the most complex with over 200 components which are carefully assembled and processed using processes that we're constantly perfecting. It is this mastery of materials that enables us to design, to produce, and to sell other composites. What these have in common is that they have a high technological content and are essential to the functioning of the system to which they contribute. This is the case, for example, for all of our projects, but we're always going to be a critical contributor. This is the case, for example, for our conveyor belts or for the seals and joints that we design for the aerospace industry. We're developing a new araminal adhesive resin. We love these very meaningful words at Michelin, but put more simply, these are a new generation of adhesives, and these create a real difference which achieve a high level of performance. Not only do they stick very well, but they have a high level of performance which is based on plant components which are a lot more environmentally friendly and have no impact on human or animal health. These current glues use molecules which are very bad for health. The experiences that we can provide for our customers are just as unique and differentiating. Our understanding of usage and our data intelligence enables us to design innovative solutions to help our fleet customers meet all of their operational, human, and environmental challenges. Michelin offers, as you know better than anyone, memorable travel experiences which are further enhanced by innovative digital services. By extending our restaurant recommendations to include boutique hotels, we will continue to transform the daily lives of millions of travelers who put their trust in the Michelin Guide. In addition to raising the profile of our business and extending our reach, our strategy is to carry out the transformations which are needed to prepare Michelin for the decades to come. As we've just seen, our world is undergoing some major upheavals. True to our history, Michelin will continue to play a pioneering role in these ecological, social, and technological changes. We are transforming people development to enable everybody at Michelin to play an active role in their career path and to develop their skills. The talents manufacturer is a magnificent illustration of this ambition, and this is what Julien said so well. This is taking place just around the corner from here. I can almost see it from where I am, it is open to all. We are transforming ourselves by further strengthening the customer experience and customer satisfaction, which is one of Michelin's great strengths and has been from the outset. Here, we want to capitalize on this strength and to go even further today by solving customers' problems. Making problem-solving the beginning of all value creation. I do not want to miss this opportunity to say to you today that the Michelin teams and the Euromaster teams listen to the questions that are put at every shareholders meeting, and they will be present here outside of this room to answer any questions that you have about our products. If you want to take any orders as well, I think we can take orders at the end of the shareholders meeting. This is a real revolution. Another example of transformation is that we are reviewing our operating methods to make them much more agile with monitoring product availability, which is just one example. This is a key lever. As you know, Michelin doesn't have a great reputation in terms of satisfying deliveries. Basically, we really want to make significant progress on this lever. Also, we want to transform the way we innovate so that our unique research and development power can be deployed in ever more areas. Last year, for example, we launched more than 10 new tire ranges, and we registered more than 258 patents, and we're continuing to demonstrate the power of our innovation. We are mobilizing the full potential of data, and we're investing heavily in AI technologies. You know that there are thousands of people at Michelin who are working on these issues on a daily basis. For example, we're going to be offering a proactive, rather than reactive, maintenance solution for all of our customers. To finish with, we are making the protection of the planet and its resources a fundamental imperative. There's no possible development if we don't think about the environment where we work and live. This is leading us to focus on eco-design and lifecycle analyses, which are now standards for all of our products and all of our services. Obviously, the imperative of competitiveness is part of this global transformation of your company. This involves both growing and also making the most of our differentiating assets, such as our brand, our technology, our capacity for innovation, the quality of our teams. Also, this is everything that characterizes Michelin, but we have to ensure that our costs remain competitive in everything that we do. In the current global context, everybody will understand that this imperative is stronger than ever, more particularly in this very competitive cutthroat environment. In the French National Assembly and the French Senate over recent months, I have explained this on several occasions, and I will say it here again today. It is our responsibility today to ensure that our company will continue to exist tomorrow and that the world will be able to continue to benefit from our power of innovation. There are certain conditions for this, however. Now, I would like to say a few words about our industrial restructuring carried out in 2024 in France, in China, in Poland, and in Sri Lanka, where we had to make some very difficult decisions to close down or to reduce our activities due to structurally deteriorated market conditions. These decisions are always taken as a very last resort, and they're the most painful decisions that can be made when you're at the head of any company. I would particularly like to spare a thought for the teams directly impacted by these operations and whose commitment and competence are beyond reproach. When business has to stop, my responsibility, Michelin's responsibility continues, and that is why we are committed to helping everybody find a stable professional future. That's what we have to do. It's our priority, whether inside or outside the group. It is our priority. It is my absolute priority. We have to recreate on the territory at least as many jobs as those that have been lost. We have to make sure, as we've always done in the past, we have to make sure that we take care. All of our energy is devoted to this goal. This is particularly the case in France for our sites and our employees at Cholet and Vannes. The very uncertain context and these difficult decisions invite us to go back to basics. This means to the people, the people who make Michelin what it is on a day-to-day basis. Social cohesion within Michelin and more broadly our companies is a prerequisite for everything. Our group succeeds when everyone in its group develops and projects themselves in their work. On the 1st of January 2024, as we already mentioned, we deployed the living wage throughout the world so as to ensure that everybody can, through their work, enable a family of four people, two adults and two children, to buy food, to have housing, to travel, to have access to education, and to build up their savings. We work with an independent NGO to check that the salary conditions offered throughout the group, throughout the world, correspond to this living wage standard, taking account of the changes in the cost of living. In most cases, this wage is well above the legal minimum wage in each country. Also, we are implementing, and this is going to be seen at the end of the year, the Universal Social Protection Program, which is part of the Michelin One Care Program, to guarantee that all Michelin employees worldwide will be able to benefit at least from a package of social advantages based on three priorities: offer time to welcome a child, protect their family in the event of an accident, but also to benefit from a health program for themselves and their loved ones. Only then will we be able to enable everybody to develop their future with confidence and to succeed collectively. Twenty-eight years after joining Michelin, I'm still struck by the quality of the teams and the people that I interact with on a daily basis. I know what brings us together, and I know what we want to achieve together to bring the world critical innovations so that humanity can meet its greatest challenges in terms of development, health, and the protection of the planet and its resources. This is our dream. This is our corporate dream that we have co-constructed. To this end, Michelin, your company continues to stand out from the crowd. Today, we've been lucky enough to attend and to hear three presentations that remind us of what has made Michelin so strong and unique for 136 years. Always taking care because we want to offer everyone a better way forward. Always pioneering because we've always explored new territories, and we're not afraid of the unknown. Always tech-focused because we continue to place innovation at the heart of our action, and we always put technology at the service of our people. In a fast-changing world, Michelin is adapting and changing, but Michelin will always remain faithful to the three principles at the heart of our D&A. In this respect, Michelin, in the past, the present, and the future, Michelin, this is something I forgot to say in my introduction. I forgot to thank Michelle Rolier, who has honored us with this presence here today. That's the continuity. That's loyalty. That's what Michelin is all about. Michelin will always be Michelin, thanks to that. Thank you very much for your trust and for your attention. I invite you to join me in discovering a film that shows how your group is making progress every day towards realizing our ambitions. [Foreign Language] Je donne maintenant la parole. I now give the floor to Benoit Balmary, who will remind you of the resolution submitted for your vote because this is a shareholders' meeting. [Foreign Langauge] Merci, Monsieur le Président. Thank you very much. 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 Board's annual report on corporate governance, which includes detailed information on the board's activities and the remuneration of corporate officers, was posted on our website as early as April 7 within the universal registration document for the 2024 financial year, which also contains the reports issued by the statutory auditors. 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 18. Consequently, in order to devote sufficient time to your questions, these draft resolutions will not be presented during the meeting. 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-convocation or an e-invitation as of the next annual shareholders meeting in order to limit the overall use of paper. If you'd like to take advantage of the service, please contact the dedicated teams who will be waiting in the lobby to answer your questions. The full text of the 15 draft resolutions listed in the two slides behind me was also published in the Bulletin of Legal Announcements on April 7th in accordance with regulations. We collected your paper votes up to midnight on Tuesday, May 13th, and electronic votes up to 3:00 P.M. yesterday, Thursday, May 15th. [Foreign Langauge] Thank you very much, Benoit. The general discussion is now open. I would like to inform you. I wasn't expecting the music here. I would like to inform you that in accordance with our legislation, we've also accepted questions coming from the outside. Let's start with the shareholder's committee with the first question. [Foreign Language] Merci. Merci. Merci. [Foreign Language] The floor is yours. Unfortunately, we could not hear the question. You will have noted that we can see a lot of activities such as the one that you described. Of course, we are also very active because we have to define our strategy. A lot of activities, but it's very unstable. Basically, today we do not really know what will have an impact on Michelin. We consider different scenarios. We pay a lot of attention to declarations and measures implemented because there is a huge gap between theory and practice. This is something that we consider with great care. Our teams in North America are completely mobilized. If we consider North America, and especially the United States, 70% of what we sell in the U.S. is manufactured in the U.S. The rest is manufactured in neighboring countries, Mexico, Canada. We believe that there should not be any brutal changes because you know that is how the North American economy is structured. Retaliation measures following the measures taken by the U.S. We have to consider what the situation will be in other countries. Today, Michelin is Michelin, and we basically know how we have to react faced with the situation. Here again, it is very unstable, and this is a part of our overall environment. This leads to another question. What is the definition of order, and what is the definition of chaos? That is another philosophical question that we have to ask ourselves. Let's move on to the second question. Good morning. [Foreign Language] What are the main investment projects for Michelin in the future? [Foreign Language] To answer this question, I'm going to give the floor to Pierre-Louis Dubourdeau, Manufacturing Director of Michelin, and also member of the Executive Committee. [Foreign Language] Now, your group is constantly investing in all areas in order to support the growth of our business and invest in innovation. If you look at the past years, this represents over EUR 2 billion per year. One way of looking at investments and how we distribute the investment is to look at it per type of business. Of course, most of this investment will involve investing in innovation to develop new tires with four major objectives. First of all, we have to adapt our plans to make sure that in the future we will be able to sell innovative tires. We invest in molds and different technologies, and this represents the majority of our investments. We want to go one step further because we want to decarbonize our plants. Yves Chapot alluded to this. We also invest in the attractiveness of our company in order to attract employees and guarantee their safety. We also have projects to guarantee this cycle of value with the possibility of recycling tires and using recyclable materials. These are our four focuses. Of course, we do not limit ourselves to tires. We also invest in polymers and composite solutions. We invest in mature activities, for example, conveyor belts and seals and joints, and then new activities with resins and adhesives. We also invest in this area quite significantly. As you know, we also want to consider acquisitions that could support the group's strategy, and this could also represent additional investments. You know that the group can't actually afford this because of its financial situation. [Foreign Language] Thank you very much, Pierre-Louis. Mr. Laurent de La Fontaine. [Foreign Language] I heard what you said regarding artificial intelligence. Could you tell us more about Michelin's approach to artificial intelligence? [Foreign Language] I could actually use ChatGPT to answer you, but we have better than ChatGPT because we're lucky enough to have Philippe with us. He was at the head of R&D at Michelin. He will tell us about artificial intelligence. [Foreign Language] Thank you very much for this question. It's a great honor to be considered as more efficient than ChatGPT. Artificial intelligence is a differentiation lever, an additional one for us, for two reasons. The first one, I'm sure that you know, that every employee is very focused on facts. We have to focus on relevant data. In order for artificial intelligence to work in an efficient manner, it has to be based on reliable data. That is why we can actually trust artificial intelligence, because we know that this will really differentiate ourselves from our competitors, because we are based on true facts. We play an active role in this field. Now, we have thousands of people who actually use or generate elements of artificial intelligence. We have our own internal expertise, but we also use historic competencies, because you know that very close to Ladoux, we already used Neural networks decades ago. These are just examples of what we can do with artificial intelligence. If we consider the life cycle of this product, for example, if we consider the design, you know that Anne-Claire and her team, they use predictive tools, so AI-based tools to predict its performance and some elements of the design. Of course, it's confidential, so I'm not going to give you details, but some design elements were actually suggested with the help of artificial intelligence. Once it's manufactured, the artificial intelligence tools will actually examine and check the quality of the tire to make sure that when we sell these tires to our customers, they are of the highest quality. When we actually ship these tires, we have AI-based solutions that help us with the supply chain. On the road, we can also collect our customers' feedback, and this will be processed by AI tools to determine whether customers are satisfied with these tires or not. We have the best data in the industry, and we are very active in the way that we actually exploited these data using AI tools. [Foreign Language] I'd like to add that artificial intelligence, at Michelin, it's not only artificial. [Foreign Language] Let's open up the floor. I know that there are many of you. If you want to ask a question, please raise your hand. We have hosts and hostesses that will give you a microphone. Microphone number nine. No, microphone 11. Let's start with microphone 11 first. [Foreign Language] Good morning, Patrick Raison. I represent ANAF. I wanted to thank you for the quality of your financial data. The Universal Document that you alluded to is very detailed, but it's extremely interesting. You know that I take part in many shareholders meetings, and I have to say that yours is the one I prefer. It's very well organized, and thank you for all the documents that you shared with us. I have a few questions that I wanted to share with you concerning sales. We know that sales in France, it represents about 10% of your general income, up 2.5%. I noted that only sales in France were up in 2025, so congratulations. How can you actually explain this favorable evolution of your sales in France? Still regarding your income, what is the proportion of sales generated through new activities? I know that you set yourself a certain number of objectives some years ago. A recent agreement with Thales. A partnership. Can you tell us more about this partnership, what it's all about, and what's in it for the group? Thank you very much for your answers. [Foreign Language] You were kind enough to thank us for our Universal Document. You know that most of us actually use this as a bedside book, and it is really exciting. So we really recommend this universal registration document. A lot of persons were involved in the organization of this shareholders meeting, so thank you very much for your kind comments. Concerning sales in France, I will give the floor to Benedicte to tell us a little bit more about this, to explain why we were able to post these very good performances. [Foreign Language] You mentioned it. Our sales were up in France, especially in 2024. Following rather difficult years, but in 2024, our performance was actually quite good. This covers all our activities with sales teams that were extremely proactive. Florent alluded to this. When we work in highly competitive environments, and that is the case for Europe and France, we have two levers. First of all, competitiveness and innovation. We also need our teams in the field, and you know that they are extremely aggressive, and they have to defend our market share, our products, our innovative. They use high technology. This means that we have to explain this technology to our clients, to end users. That is really the result of our sales team. This explains our very good performance last year. Maude, over to you for the second question concerning our sales for new activities. [Foreign Language] Yes, thank you very much. You know that new activities beyond tires, we have Polymer Component Solutions, also connected services, and also distribution activities. We have restated last year our intentions for all of these activities, and we want to exceed 20% in sales by 2030. We are not far yet if we take account of everything I have just said. We are about 16% at present. Now I'd like to zoom in on Polymer Composite Solutions that I have the pleasure to supervise. We're somewhere around 5% of our sales. Obviously, in a group as big as Michelin, with such a long history, 5% is not a lot, but it's still quite a lot if you think about it, because we've got a global coverage. Also, we've got six product lines. We've got six product families. We have a good level of resilience in this very turbulent environment that Florent and Yves described earlier on. We are maintaining our activity quite well and also our level of profitability, because as we've already said, the strategy of this product family is to serve a whole series of vertical lines, and also not to suffer from the cyclical nature when we're too mono-product. Figures 5%, and obviously, we're well on track to grow this activity much more. Thank you very much, Maude. Now, to answer the third part of your question now, which is the partnership with Thales, what's in it for the group? [Foreign Language] Alexis, maybe you want to answer that question? [Foreign Language] Yes, your question brings me to talk about the simulation capacity. For more than 30 years now, Michelin has been using arithmetic and mathematical models to simulate the performance of tires in all conditions. It so happens that today we have an activity which is called Michelin Simulation Services, which is an activity that provides car makers and also competition and racing teams with vehicle transformers with different applications. We give data that enables them to simulate a body design or the performance of the tire, which needs to respond to certain requirements based on use. Our partnership with Thales will enable us to host all of this information in the cloud and to share this with the clients without losing any of our unique know-how, which is obviously one of the fundamental pillars here. Thank you very much. [Foreign Language] This time, if I'm right, is it 11 again? Because we had eight as well, microphone number eight, and nine seems to have disappeared. Eight then, in that case. [Foreign Language] Good morning, Noam Montagnanier. I've been at Michelin for a very long time. I have a technical question that I'd like to ask about natural rubber and heavier. I'd like to know if you're using more and more of this, less or more, and what are the proportions involved, because this could be related to certain tire ranges. I'd like to ask Philippe Jacquin to answer that question. [Foreign Langauge] We do have a tendency to use more natural rubber from rubber trees, particularly for processing this for recycled or renewable materials, because this is a renewable material. The idea is to put natural rubbers in certain areas of tires where we did not use this in the past. The consumption of natural rubber is still focused on the main historic usages that we have historically been focused on, particularly tires for mining, also tires for heavy trucks. These are two businesses where we have a high level of consumption of natural rubber compared to passenger cars, for example. Thank you very much. [Foreign Language] Now, let's take number seven. Nine seems to have disappeared somewhere. I cannot see number nine anymore, but we have number seven now, I think. [Foreign Language] I hope somebody has not got a health issue as we had last year. Frédéric Vardon. I'm retired and I worked a lot in IT and human resources management. I'd like to come back to AI. You've talked a lot about AI already as a tool to improve our services and to improve our products. My issue as a former manager is what's going to be the impact of AI on human work and people who are working in the group? You talked about Michelin always being Michelin, the fact that Michelin will remain Michelin. Here you're seeing a Stark acceleration, a change to our different professions. How are you going to be able to integrate the use of AI in your different businesses without it being a difficulty for human resources management and without it creating any more problems? Thank you very much. I'd like to hand over to Manuel Montana, who is Human Resources Manager, to answer that question. [Foreign Language] Yes, good morning, ladies and gentlemen. Thank you very much for that question, because this is a question which is really at the heart of our concerns right now. It is also at the heart of our Human Resources strategy. Now, at Michelin, you know that we like to say that technology has to serve human activity, not the contrary. Just to be able to achieve this, obviously, we have to have a forward-looking approach and a forward-thinking approach. We have colleagues and people and teams who are looking at five, 10 years timelines in the future to understand how we can integrate this technology and how we can do more human activities with technology, thanks to technology. Basically, we have the Talent Manufacture, which is a wonderful example, if you ask me, of how we are anticipating the future and these challenges of the future with AI and how we're going to be able to capitalize on this technology. Once again, it's there to benefit human beings and to serve human activity. Obviously, there will be many jobs which will be different tomorrow, thanks to technology. Let me give you an example. For example, in engineering, thanks to AI and thanks to the use of AI, there are certain professions which used to be considered as very strenuous because of the mental load. Thanks to AI, for example, we'll be able to relieve the employees of this mental load. We're going to be able to give them a lot more value in their jobs with less mental load and mental strain. This is something I'd like to share as an example. AI and technology have to serve human activity. This is how we work with this at Michelin. Yes, do not forget that Michelin is a human adventure above all. [Foreign Language] Now, number 10. [Foreign Language] Yes, good morning. Paul Stepanek. I'm an individual shareholder. I've got a question with regard to what you were saying about the moon lunar vehicle tires. I was thinking about whether you're going to develop this type of tire for overland or traditional overland vehicles. Also, how can we adapt the transfer of technology from this lunar tire to traditional tires? Also, I'd like to say that with regard to customs duties in the U.S., it's already started with some big companies listed on the stock exchange who have already started to relocate and to build factories in the U.S. to get around this issue. Are you planning to do something like that at Michelin? [Foreign Language] I'll answer the second part of the question first, and then I'll ask Jean- Claude to answer the first part of the question. Now, with regard to the customs issue in the U.S., changing a supply chain takes a lot of time. A supply chain is a very complex thing. When you've got a tire factory, when you take a decision to create the factory and when the plant comes up to full capacity, it takes four years for that to happen. Just because there's an ad hoc customs statement made changing our supply chain, this doesn't make any sense. It's not at all realistic to do that. I don't think we intend to structurally change our supply chain because there have been these statements made coming from the U.S. Our strategy is local for local. This means that we produce, let's say, 70% in the U.S. for the U.S. market. For North America, we are still importing for North America, but we need to increase capacity. In fact, it's got nothing to do with what has been stated by Trump. We need to have a more logical business. It's more logical, in fact, to produce where you are than to produce at the other side of the world and then to import to other places in the world or export to other places in the world. This is what we're trying to do now. We don't want to overreact to these statements made because very often they are changed shortly afterwards. Don't forget, when you actually set up a factory, it has to be a lasting factory. It has to be there for decades. Now, the second part of the question, Jean- Claude, could you answer that? [Foreign Language] Good morning, ladies and gentlemen. Thank you very much for your question. I think that you've understood when you saw that presentation that we're in very extreme conditions with this lunar vehicle tires. Obviously, it's really a very extreme and ultimate project. Now, to answer your question, the project as it's designed is very far from the normal usage conditions that we encounter across the world today, whatever type of vehicle we're talking about. This being said, for many years now, we've been working actively on airless tires. There are different concepts that have been presented to the market at different points in time in our history. At present, in fact, we do have some experiments which are currently underway with fleets of vehicles and also with some car manufacturers. As we're still in the exploratory phase, compared to some ideas we had six, seven years ago now, in some cases, we've concluded that the idea we had was not right. However, by rebound, in fact, we have come up with other usages that we hadn't thought of initially thanks to these experiments. This is an issue that is constantly evolving. Today, it is not generating high turnover or high sales, but nonetheless, we think it is interesting to continue to work on this for the future. [Foreign Language] Thank you very much, Jean Claude. Number 11. [Foreign Language] Good morning. Basically, it is not ChatGPT, it is just my phone. How does the group make sure that the resources that are allocated to innovation in different business lines, excluding R&D, are enough to respond to our objectives and ambitions? [Foreign Language] Thank you very much for that question. I am thinking about it. I am trying to gain a bit of time here before I answer. It is a very interesting angle that you have taken here because this is not really our approach. Basically, we ask each of our operational units and business units to work on exploring these issues. We've got a very powerful R&D center, but we ask each of our business units to innovate permanently and to have an innovation flow or work stream. Depending on how this advances in each business unit, things are very open, actually. We do have what we call a CIB, which is the Innovation committee which brings together all of the Management Partners. Basically, we can forecast our innovations for the future. Depending on the quality of the projects which are proposed there and depending on the quality of their ambitions and the potential impact that their projects might have, the executive committee can decide to allocate resources to that project. We have a project-by-project allocation rather than entity or business unit type allocation of resources for innovation. [Foreign Language] Now I can see somebody raising their hand. We've lost a lot of numbers between one and 10. I can see some arms raised here. Number eight. Number eight. [Foreign Language] How are you? We've got a lot of pensioners who are fighting fit, which shows that Michelin is very good for your health. Anyway, let's talk about being in full fine form. Your presentation at the National Assembly obviously got a lot of people talking. Do you think this is going to be followed up on? Do you think the French government and the European Union, they've seen all of these alerts and these warning signs that you talked about? Do you think they're going to take them into account? Do you see any reaction to that? Do you see any protections coming up for, for example, customs duties and anything to do with China or the U.S., not to mention them? [Foreign Language] I know who you are very well. Yes, I understand what your question is all about here. Anyway. Now, in answer to this question, more is the better if what I said really made people more aware of what's happening. It's true. I received a lot of people contacting me to re-explain what I'd already said in the National Assembly. This shows that people are very interested in this issue. Now, there's a gap between the reality of what we see on a daily basis because Michelin is operational and it operates day by day. Obviously, the political and regulatory environment, it takes time for them to react. There's a big gap between those two things. I think there's more and more awareness, which is becoming more and more acute with regard to the reality of what we experience in our group. My intervention before the Parliament was just to share my concerns and to share the reality of what we have imposed upon us by regulations and legislation. I can see somebody else. Number two. Oh, I thought it's because I couldn't see you. We're seeing some new numbers come up here. Oh, and number five has come up as well now. That's great. Not just the extreme ends of this scale. [Foreign Language] Mr. Perron, I am a shareholder from Clermont. Michelin is leaving the Grand Prix at the end of 2026. It's going to be a shame, but this shouldn't be prejudiciable and it shouldn't harm the company because don't forget that we have a lot of manufacturers who are going to rebound on the back of Michelin, which is leaving this Grand Prix. [Foreign Language] I suggest that Alexis Garcin, who's in charge of our competition activities, answers that question. [Foreign Language] Yes, thank you very much for underscoring what's going to what happened, in fact, on Sunday with the historic victory of a French rider. This is a source of national pride, but also pride for the Michelin teams because, as you know, Michelin is a partner of this racing series. Now, you should bear in mind that in motorbike competition or motorbike riding, there are five or six different series. Michelin has been present since 2016 on two of them, which is MotoGP and electric bikes. In the renewal of the agreements in 2027, Dorna, which is the organizer of these competitions, wanted to group together all of these categories in one single manufacturing category. As we do not want to extend beyond MotoGP and electric bikes, we had to assume that decision to work with another partner. We regret this decision, but I can tell you and I can guarantee that competition is part of Michelin's D&A. Michelin's history started with competition. The teams are currently working hard to sign new agreements and to pursue this engagement and commitment to competition because do not forget that competition is a laboratory for us to test new technologies, but it is also a showcase for us. It enables us to showcase our innovation in these most extreme conditions. [Foreign Language] Number three and then number five. [Foreign Language] Good morning. I am Mr. Maigrelis. I come from Clermont-Ferrand. I am a Michelin shareholder. I have been for 40 or 50 years now. I cannot even count. I have lost count. In the invitation document, I think it was on page 11, it's got a capital breakdown, a share capital breakdown. And I think that I saw something very surprising. I think I saw that more than 60%, I think it was 62.8% actually. So it's about two-thirds. We're just under two-thirds, but we're not far from two-thirds. So almost two-thirds of Michelin is owned by investors, Institutional Investors who are non-resident. So my question is, can you tell us any more about that? Could you give us more precise information on the continental breakdown of the 62.8% or so, the people who actually own Michelin? What continents do they come from? Are they European? Are they American? Are they Asian? [Foreign Language] Thank you very much for that question. I think this is a question that you concocted with Yves, isn't it? I think Yves is going to answer that question. Yes. [Foreign Language] We give the breakdown between what we call Residential shareholders, whether they're institutional or institutional, and the non-resident shareholders, which are non-French shareholders. We do not give any detailed information in the document because this fluctuates quite considerably from one month to the next. The breakdown per country does fluctuate. This breakdown reflects the global footprint of the group. Basically, you've got the U.S., you've got Canada, you've got the major European countries, the U.K., Germany, Norway, Switzerland, and you've got Italian shareholders as well. There are a few Asian shareholders as well. Obviously, the U.K., which is still a high or a very big financial center. The capital breakdown is, at the end of the day, rather close to many listed companies, CAC 40 companies. All of the major global investors are present. We're quite similar to everybody else. I was talking about Norway. That's the Norwegian Sovereign Fund, which is a Michelin shareholder. There are a lot of other shareholders as well, either through American investment funds or British funds or, as we've already said, other European nationalities. At the end of the day, when you look at the breakdown, it's very similar to the global footprint of the group. Thank you very much. I said this at the Senate. We're not the ones who actually choose our shareholders. They choose us. We'd be delighted to have more French shareholders, but we don't decide on that. It's very important to understand that Michelin has its roots in France, but Michelin is a very global group. Let's take number five now. [Foreign Language] Oui, bonjour. Good morning. My name is Arnaud. Can you Good morning. My name is Arnaud. Can you Good morning. My name is Arnaud. Can you tell us more about Carbios, a company that you actually created to some extent? [Foreign Language] Carbios. I could actually ask Maude to answer this question, but I could also answer it myself. I'll give the floor to Maude. [Foreign Language] We were not the only ones creating Carbios. We are minority shareholders because of our venture capital activities. We can talk about this because Carbios is based in the region. We really help them out, and we really appreciate their technology, but we are not fully responsible for this. Carbios is witnessing a very difficult period of time. That is the case for a lot of startup companies because of this technological change. I have been following and monitoring disruptive technologies for 25 years now. We know that there are always difficult situations for Carbios. We just have to clench our fists, and we have to adopt a proactive approach to find new customers. Here again, we are a minority shareholder. [Foreign Language] That is what happens in the field of Innovation. Some things work out, some things work a little bit less. We cannot actually do everything ourselves. Microphone number four. [Foreign Language] Patrick De Cox I used to work for Michelin, and I am now retired and very fit. We talked about the potential impact of U.S. trade barriers and tariffs. I know that a letter was sent to major companies, French, but also global companies. The view was to encourage companies to abandon programs that were designed to fight against discrimination. This letter sent, allegedly sent by the U.S. embassy. Did actually Michelin receive this letter encouraging them to abandon any program, encouraging diversity? [Foreign Language] No, we did not receive it. We did not receive it. Our policy in the field of diversity and inclusion is not designed to show, set the example. We actually take into account the situation in the world, and this is our policy. We want to work with people within the group who actually reflect the world and correspond to what the world is all about. No more, no less. We know that in the U.S., a certain number of measures are being taken because when you have an unbalance, you want to find a balance. By trying to find a balance, you create a new unbalance. I think that in time, common sense will come back. You know that at Michelin, we are very fond of common sense. Microphone number two. [Foreign Language] Good morning, Laurent Bador. I'm a shareholder, but I'm also in charge of the cfdt trade union at Michelin. Earlier on, you talked about the plants that were closed. I would like to thank you for this because the salaried employees I talk to every day are very much affected by the closing of Vannes and Cholet. Thank you for having mentioned this. We have been working hard to make sure that every salaried employee actually finds a new job. I would like to thank Michelin for everything that was done. We know that it is never sufficient, but we know that it has been very helpful for them. I have one question concerning your interview published this morning in a paper called La Montagne, talking about a decrease in the activity at the European level. You said that it is not a structural problem. I can tell you that employees at Michelin are very afraid of this decrease in activity. What can we do together to come up with solutions that in the future could help us? Because Europe for Michelin has to remain a market with highly efficient plants. [Foreign Language] Thank you very much for your question. Michelin is a people-focused company. People are at the very heart of everything we do. When we have to close a site, it goes really against our strategy because we know that it affects men and women, as you rightly pointed out. Today in Europe, the situation is extremely difficult. We're no longer in a position to export. If we look at our global model, it has always been based on exports from Europe to the rest of the world. Today, from an economic standpoint, the situation in Europe does not enable us to export our products. You know that we are experiencing a chaotic economic environment and our sites in Europe. It is also the case in other countries. We talked to China about this yesterday, and there is a problem of under-capacity. The current global economic situation is not favorable, but it mainly affects Europe because we are not able to export our products. Of course, we can engage in a discussion to determine what we can do to avoid this structural trend. Thank you very much for your proposal, and I will be glad to talk to you about this in greater detail. [Foreign Language] We have to stop with the questions now. One question online. As in the previous years, our volumes are on the decrease, and this has been offset by a mixed effect. How long can this go on before our overall performance, our bottom line, is impacted? For three years now, we've been experiencing some difficulties to come back to the level of activity that we posted in 2019. In 2020, of course, the COVID crisis struck us. Since then, the world is dysfunctioning in different areas. We know that the war in Europe is also having an impact. It is not our strategy to lower our volumes, but this is really the consequence of being present on such and such a market. Michelin today has a certain number of fundamentals, and these fundamentals are extremely healthy. As soon as the economic activity becomes stable again, we will grow again. We are rolling out our development plan, and it is based on growth. I consider that these decreased volumes today are only temporary. That is it for questions. I will now hand over to Benoit Balmary, who is going to talk to us about our resolutions. Foreign Language] Thank you very much. Let's talk about the quorum. I would remind you that in order to deliberate validly, our annual shareholders' meeting must reach the legally 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 705 million, a number of shares at present represented 475,311, so thus exceeding the legal required quorum of 41 million shares. For our extraordinary shareholders' meeting, the quorum required is of one-fourth of the shares entitled to vote. This gives us a floor of 176,000,436 shares, which once again has been comfortably exceeded, as we now have a number of shares at present of 465,000,708. 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 an explanatory film. [Foreign Language] In order to vote, a tablet was given to you. This was given to you personally, and it can only be used during this specific assembly. The voting window will appear automatically on your tablet for each resolution. In order to vote, it's very simple. Press the button corresponding to your choice: for, against, abstention in the middle. Then confirm your choice by hitting the OK button before the end of the vote. Once your vote is validated, you can no longer change it. Please return your tablets when exiting the room. [Foreign Language] If your tablet is not working, please raise your hand, and a hostess will come and exchange it for you. Let's move on to resolutions. Let's start with ordinary resolutions, which require a majority of votes, i.e., 50% plus one vote. First resolution: approval of the financial statements for the year ended December 2024. The vote is open. The vote is closed. In favor: 99.99%. The first resolution is carried. Second resolution: appropriation of the net income for fiscal year 2024 and declaration of dividend. The vote is open. The vote is closed. In favor: 99.94%. The second resolution has been adopted. Third resolution: approval of the consolidated financial statements for the year ended December 2024. The vote is open. The vote is closed. In favor: 99.99%. The third resolution was adopted. Fourth resolution: regulated agreements. The vote is open. The vote is closed. In favor: 99.92%. The fourth resolution is adopted. We do not actually have such regulated agreements, but we are bound to putting this resolution to a vote. Fifth: 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 takeover bid under a share buyback program with a maximum purchase price of EUR 55 per share. The vote is open. The vote is closed. In favor: 99.69%. The fifth resolution is adopted. Sixth resolution: approval of the compensation policy applicable to the partners. The vote is open. The vote is closed. In favor: 96.48%. The sixth resolution is adopted. Seventh resolution: approval of the remuneration policy applicable to board members. The vote is open. The vote is closed. In favor: 97.85%. The seventh resolution is adopted. Eighth resolution: approval of information on the remuneration of corporate officers. You may vote now. The vote is closed. In favor: 99.01%. The eighth resolution is adopted. Ninth resolution: approval of the compensation paid to Florent Menegaux in respect of the year ended December 31st, 2024. The vote is open. The vote is closed. In favor: 97.82%. This resolution is adopted. Tenth resolution: approval of the compensation paid to Mr. Yves Chapot during or granted in respect of the year ended December 31st, 2024. The vote is open. The vote is closed. In favor: 99.05%. The tenth resolution is adopted. Eleventh resolution: approval of the compensation paid to Mrs. Barbara Dalibard during or granted in respect of the year ended December 31st, 2024. The vote is open. The vote is closed. In favor: 98.93%. The eleventh resolution is adopted. Twelfth resolution: appointment of Mr. Wolf Henning Scheider as member of the Supervisory Board. The vote is open. The vote is closed. In favor: 98.01%. The twelfth resolution is adopted. Thirteenth resolution: remuneration of the Supervisory Board. The vote is open. The vote is closed. In favor: 97.84%. The thirteenth resolution is approved. Fourteenth resolution: authorization to be granted to the Managing Partners to reduce capital by canceling shares. The vote is open. The vote is closed. In favor: 99.65%. The fourteenth resolution is approved. Et enfin, quinzième résolution: And fifteenth resolution: powers. The vote is open. The vote is closed. In favor: 99.99%. The fifteenth resolution is adopted. Thank you very much for your attention. Superbe. [Foreign Language] Fantastic. As Michelin would say, there is always room for progress. Anyway, we have now covered the whole of the agenda, so I now would like to adjourn this session. I would like to thank you all very much for your presence here today, for your loyalty and for your trust. Also, I'd like to say that you can take advantage of the apéritif, which is going to be served in the entrance area, and I hope to meet you all again next year. Have a great day.