MICHELIN - 2008 ANNUAL REPORT

GRANTED BY THE JOINT SHAREHOLDERS MEETING OF MAY 16, 2008
Issues with pre-emptive rights
Operations / Securities concerned Resolution N° Term of mandate (expiry) Maximum amount of the issue on the basis
of a EUR 45 share price (in euros)
Maximum nominal amount
of capital increase (in euros)
Used in the financial
year
Capital increase (ordinary shares and securities
giving access to capital)
11 th 26 months (July 2010) 2.25 billion
(ordinary shares)
100 million (1) (2) or 35% of
current issued capital
None
Capital increase through incorporation of
reserves
1 billion (3)
None
(securities giving access to capital)
15 th 26 months (July 2010) 1.8 billion 80 million None
(1) EUR 100 million capping of global nominal amount of capital increase for operations authorized under the 11 th , 12 th and 16 th resolution (20 th resolution).
(2) Amount that can be raised by a maximum of 15% in the event of excess demand and subject to the respective ceilings set in the 11th and 12th resolutions (13 th resolution).
(3) EUR 2 billion capping of global nominal amount for all bond or debt issues giving access to capital or not, authorized by the 10t th , 11 th , 12 th and 17 th resolutions (20 th resolution).
Issues without pre-emptive rights
Operations / Securities concerned Resolution N° Term of mandate (expiry) Maximum amount of the issue on the Maximum nominal amount
basis of a EUR 45 share price (in euros) of capital increase (in euros)
Used in the financial
year
Capital increase (ordinary shares and securities giving
access to capital)
12 th 26 months (July 2010) 1.283 billion
(ordinary shares)
57 million (1) (2) (3) (or 20% of
current issued capital)
None
700 million (4)
(securities giving access to capital)
None
Capital increase (ordinary shares) to remunerate
share contributions in the event of public exchange
offerings or contributions in kind
16 th 26 months (July 2010) 1.283 billion 57 million (5) None
(1) EUR 100 million capping of global nominal amount of capital increase for operations authorized under the 11 th , 12 th and 16 th resolutions (20 th resolution).
(2) Amount that can be raised by a maximum of 15% in the event of excess demand and subject to the respective ceilings set in the 11 th and 12 th resolutions (13 th resolution).
(3) With the authorization to freely determine the issuing price of ordinary shares, capped at 10% of the Company’s capital per year (14 th resolution).
(4) EUR 2 billion capping of global nominal amount for all bond or debt issues giving access to capital or not, authorized by the 10 th , 11 th , 12 th and 17 th resolutions (20 th resolution).
(5) Amount to be included in the calculation of the overall maximum amount of capital increase authorized under the 12 th resolution.
Issues reserved to employees
Operations / Securities concerned Resolution N° Term of mandate (expiry) Limits Used in the financial
year
Free (ordinary) share allocations 18 th 38 months (July 2011) capped at 0.5% of capital None
Capital increase (ordinary shares) 19 th 26 months (July 2010) capped at 2% of current issued capital None
186 2008 Michelin Annual Report