Michelin Announces Repurchase Results

On 15 June 2009, Compagnie Générale des Etablissements Michelin – Michelin to its friends – launched a repurchase procedure aimed at all outstanding lowest ranking subordinated notes redeemable in cash due 3 December 2033 (the “TSR”), a total of 350,429 – a number corresponding to an aggregate principal amount of 350,429,000 euros.

During the repurchase procedure between 15 June 2009 and 23 June 2009 (inclusive), Michelin repurchased 124,427 TSR corresponding to an aggregate nominal amount of 124,427,000 euros (representing approximately 24.9 per cent of the aggregate nominal amount initially issued), at a fixed price of 850 euros per TSR (excluding accrued interest).

The repurchase price (including accrued interest) has been paid or will be paid to TSR holders on the third trading day following the effective repurchase date of each TSR. The repurchased TSR will be cancelled by Michelin, pursuant to the terms and conditions of the TSR and in accordance with applicable law.

At the closing of the repurchase procedure and taking into account the previous off-market repurchases made since 2007, Michelin repurchased a total of 54.8 per cent of the aggregate principal amount of TSR initially issued. Accordingly, there are now 226,002 outstanding TSR, representing 45.2 per cent of the aggregate principal amount initially issued.

Michelin states it reserves the right to continue to repurchase the TSR after the repurchase procedure according to market conditions and in accordance with applicable regulation.