MICHELIN - 2008 ANNUAL REPORT

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Additional Information regarding Management and Supervisory Bodies Mandates and positions held in other companies filled during the last five years by Company Directors MANAGING GENERAL PARTNER: MICHEL ROLLIER 2004 – 2005 Director of Moria SA Member of Altamo’s Supervisory Board 2006 Unlimited Partner of Compagnie Financière Michelin Director of Moria SA Member of Altamo’s Supervisory Board 2007 Unlimited Partner of Compagnie Financière Michelin Director of Moria SA 2008 Unlimited Partner and Managing Partner of Compagnie Financière Michelin Director of Lafarge (since May 7, 2008) Director of Moria SA MANAGING PARTNER: DIDIER MIRATON 2004 – 2005 – 2006 Head of Michelin’s Technology Center 2007 Head of Michelin’s Technology Center (until he was appointed Managing Partner) Director of Vilmorin (since December 12, 2007) 2008 Director of Vilmorin MANAGING PARTNER: JEAN-DOMINIQUE SENARD 2004 Member of Alcan Group’s Executive Committee Chairman of Péchiney SA 2005 – 2006 Michelin Group CFO 2007 Michelin Group CFO (until he was appointed Managing Partner) Director of Compagnie Financière Michelin 2008 Director of Compagnie Financière Michelin ERIC BOURDAIS DE CHARBONNIERE 2004 – 2005 – 2006 Member of the Supervisory Board of Oddo et Cie Member of the Board of Directors and Chairman of the Audit Committee of Thomson SA Member of the Supervisory Board of ING Group 2007 Member of the Supervisory Board of Oddo et Cie Member of the Board of Directors of Thomson SA Member of the Supervisory Board of ING Group 2008 Member of the Supervisory Board of Oddo et Cie Member of the Board of Directors of Thomson SA Member of the Supervisory Board of ING Group PAT COX 2005 Chief Executive Officer of European Integration Solutions LLC 2006 – 2007 Chief Executive Officer of European Integration Solutions LLC Chairman of International Movement, headquarters Chairman of Mouvement Européen Director of Trustees of the Crisis Group Director of Trustees Friends of Europe General Commissioner of Europalia Director of UCD Michael Smurfit Graduate School of Business 2008 Chairman of International European Movement Board Member of Trustees of the International Crisis Group Board Member of Trustees Friends of Europe Director of UCD Michael Smurfit Graduate School of Business Member of the Consultative Committee to the Chairman of University College Cork Blue Box Creative Learning Centre sponsor Member of the European Supervisory Board of Microsoft Member of the Supervisory Board of Pfizer Europe Director of Tiger Developments Europe Member of the Supervisory Board of APCO Worldwide International FRANÇOIS GRAPPOTTE 2004 Chief Executive Officer of Legrand Director of BNP Paribas Director of Valeo Board Member of F.I.E.E.C. (1) Board Member of Gimélec (2) Member of the Board of Promotelec (3) 2005 Chairman of Legrand Director of BNP Paribas Director of Valeo Galeries Lafayette Supervisory Board Member Board Member of F.I.E.E.C (1) Board Member of Gimélec (2) Member of the Board of Promotelec (3) 2006 Honorary Chairman of Legrand Director of BNP Paribas 194 2008 Michelin Annual Report
Director of Valeo Board Member of F.I.E.E.C. (1) Board Member of Gimélec (2) Member of the Board of Promotelec (3) 2007 Honorary Chairman of Legrand Director of BNP Paribas Director of Valeo Member of the Board of Promotelec (3) 2008 Honorary Chairman of Legrand Director of BNP Paribas (1) Fédération des Industries Electriques, Electroniques et de Communication. (2) Groupement des industries de l’équipement électrique, du contrôlecommande et des services associés. (3) Promotion de l’installation électrique dans les bâtiments neufs et anciens. PIERRE MICHELIN 2004 – 2005 – 2006 – 2007 – 2008 No mandate held in other companies LAURENCE PARISOT 2004 Chief Executive Officer of Ifop Chief Executive Officer of Optimum 2005 Chairwoman of Ifop Director of BNP Paribas Director of Havas Euro Disney SCA Supervisory Board Member Chairwoman of MEDEF 2006 Chairwoman of Ifop Director of BNP Paribas Director of Havas (until June 2006) Euro Disney SCA Supervisory Board Member (until January 2006) Chairwoman of MEDEF 2007 Chairwoman of Ifop Director of BNP Paribas Director of Coface SA (from February 1, 2007) Chairwoman of MEDEF 2008 Vice-Chairwoman of Ifop's Directoire Director of BNP Paribas Director of Coface SA Chairwoman of MEDEF BENOÎT POTIER 2004 Chairman of L’Air Liquide SA’s Directoire Chief Executive Officer of Air Liquide International Chief Executive Officer of American Air Liquide Inc. (AAL) Director of Société d’Oxygène et d’Acétylène d’Extrême-Orient (SOAEO) Chief Executive Officer of Air Liquide International Corporation (ALIC) Director of Air Liquide Italia Srl., AL Air Liquide España, Air Liquide Asia Pte Ltd, Air Liquide Canada Inc. Director of Air Liquide America Holdings Inc. (AHI) Chairman of American Air Liquide Holdings Inc. (AALH) Director of Groupe Danone Director of Ecole Centrale des Arts & Manufactures 2005 Chairman of L’Air Liquide SA’s Directoire Chief Executive Officer of Air Liquide International Chief Executive Officer of American Air Liquide Inc. (AAL) Director of Société d’Oxygène et d’Acétylène d’Extrême-Orient (SOAEO) Chief Executive Officer of Air Liquide International Corporation (ALIC) Director of Air Liquide Italia Srl., AL Air Liquide España, Air Liquide Asia Pte Ltd, Air Liquide Canada Inc. Director of Air Liquide America Holdings Inc. (AHI) Director and Chairman of the Audit Committee of Groupe Danone Director of Ecole Centrale des Arts & Manufactures 2006 Chief Executive Officer of L’Air Liquide, Air Liquide International, American Air Liquide Inc, Air Liquide International Corporation Chairman of American Air Liquide Holdings Inc Director of Société d’Oxygène et d’Acétylène d’Extême-Orient (SOAEO) (until March 2006) Director of Air Liquide Italia Srl., AL Air Liquide Espana Director and Chairman of the Audit Committee of Groupe Danone Director of Ecole Centrale des Arts & Manufactures Insead France Board Member 2007 Chief Executive Officer of L’Air Liquide, Air Liquide International, American Air Liquide Inc, Air Liquide International Corporation Chairman of American Air Liquide Holdings Inc Director of Air Liquide Italia Srl. (until April 2007), AL Air Liquide Espana (until May 2007) Director and Chairman of the Audit Committee of Groupe Danone Director of Ecole Centrale des Arts & Manufactures Insead France Board Member 2008 Chief Executive Officer of L’Air Liquide, Air Liquide International, American Air Liquide Inc, Air Liquide International Corporation Chairman of American Air Liquide Holdings Inc. Chairman of the the Air Liquide Company Foundation Director and Chairman of the Audit Committee of Groupe Danone Director of Ecole Centrale des Arts et Manufactures Insead France Board Member Director of ANSA Member of the Board of Directors of AFEP Director of Cercle de l’industrie LOUIS GALLOIS 2004 Chairman of SNCF Member of the Board of Directors of Thales Member of the Board of Directors of EADS NV 2005 Chairman of SNCF Member of the Board of Directors of Thales (until May 8, 2005) Member of the Board of Directors of EADS NV 2006 Chairman of SNCF (until July 2, 2006) Joint executive chairman of EADS NV (from July 2, 2006) Chairman of Airbus (since October 3, 2006) Other Information Additional Information Consolidated Financial Statements The Managing Partners’ Report Michelin at a Glance 195
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2008 ANNUAL REPORT
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Tire Lifecycle: a technological and
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Michelin Durable Technologies: a cl
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Tire Lifecycle Phase 2: Raw Materia
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Tire Lifecycle Phase 3: Manufacturi
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Tire Lifecycle Phase 4: The usage p
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Michelin plays an active role in or
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Innovation, safety, quality, perfor
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Profile 117,565 employees (110,252
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Michel Rollier’s Message Dear Mad
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Management The Company is led by Me
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le Control message de Michel Rollie
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Strategy Competitive Edge, Growth,
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Regulations that promote fuel-effic
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Streamlining inventory and logistic
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A new approach to costs Buying bett
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A brand promise and six commitments
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2008 Figures The Economic Environme
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Michelin Key Figures Sales declined
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The Michelin Share Michelin Share P
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Rationalize specifications, standar
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Passenger Car and Light Truck & Rel
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11 th consecutive success for Miche
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Versatile by nature The BFGoodrich
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Truck and Bus & Related Distributio
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The Dutch army chose Michelin Follo
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MICHELIN X One wins America Over…
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Specialty Businesses Active in all
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Quality rewarded Caterpillar delive
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700 More than 700 Michelin Exelagri
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650 publications and 15.5 million m
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Change in Results In a highly deman
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Restructuring of Italian operations
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ROCE (Return On Capital Employed) A
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CONSOLIDATED KEY FIGURES AND RATIOS
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Proposed Resolutions As part of the
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Report of the Chairman of the Super
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Nevertheless, in practice, the char
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- risk-prevention measures, - perso
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For each of these processes, an eva
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Through the Design to Cost approach
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Notes to the consolidated financial
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Consolidated balance sheet (in EUR
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Consolidated cash flow statement (i
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interests to be recorded in equity
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FOREIGN CURRENCY TRANSLATION Presen
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Goodwill is not subject to amortiza
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The fair value of the liability por
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are hedged on a selective basis acc
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Currency Translation Risk A breakdo
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5 Segment reporting Business segme
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9 Non-recurring income and expense
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12 Earnings per share Basic earnin
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Goodwill The amounts allocated to t
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FINANCE LEASES Capitalized property
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The breakdown by currency and matur
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The contractual amounts of the non
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Deferred tax assets are recognized
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21 Current financial assets The ca
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25 Financial liabilities The carry
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LOANS FROM FINANCIAL INSTITUTIONS A
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Movement of defined benefit net lia
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Change in the financial situation o
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The main assumptions (pay increases
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Changes in the financial situation
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A one-percentage-point change in th
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27.2. SHARE PURCHASE PLANS In 2008,
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30 Details of the cash flow stateme
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KEY MANAGEMENT AND SUPERVISORY BOAR
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Companies Registered office Nature
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Companies Registered office Nature
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35.2. Companies consolidated using
Page 146 and 147: Experts, managers, cross-sectional
Page 148 and 149: Michelin’s Corporate Governance:
Page 150 and 151: Mission The scope of the Committee
Page 152 and 153: 2 - Summary Table of the Compensati
Page 154 and 155: 5 - Performance bonus shares grante
Page 156 and 157: ● Long Term Incentive The status
Page 158 and 159: Statement of operations on Michelin
Page 160 and 161: Risk Management Operating Risk Mana
Page 162 and 163: ● “Property Damages”, with a
Page 164 and 165: Breakdown of male and female employ
Page 166 and 167: Profit-sharing and variable pay pro
Page 168 and 169: Safety at the workplace For all Mic
Page 170 and 171: mentoring new hires. This last acti
Page 172 and 173: The principles applied by the Purch
Page 174 and 175: The 2008 detailed results on the si
Page 176 and 177: 2.5 Resource consumption Energy The
Page 178 and 179: 3. DATA RECAP TABLE The last column
Page 180 and 181: data with the supporting documents.
Page 182 and 183: In its capacity as major player in
Page 184 and 185: General information regarding Compa
Page 186 and 187: The Bylaws do not provide for an ob
Page 188 and 189: GRANTED BY THE JOINT SHAREHOLDERS M
Page 190 and 191: (In number of shares with a nominal
Page 192 and 193: Free share allocations Since the Jo
Page 194 and 195: Undiluted basis Group share of equi
Page 198 and 199: 2007 Joint executive chairman of EA
Page 200 and 201: Balance Sheet at 31 December, 2008
Page 202 and 203: Statement of income 2008 (in EUR) 2
Page 204 and 205: Notes to the Balance Sheet and the
Page 206 and 207: Provisions Nature of provisions (in
Page 208 and 209: Prepaid income and expenses Prepaid
Page 210 and 211: Inventory of securities held as at
Page 212 and 213: Statement of changes in shareholder
Page 214 and 215: Appropriation of 2008 net income (i
Page 216 and 217: Statutory Auditors’ Special Repor
Page 218 and 219: Annual Information Document Press r
Page 220 and 221: Information published in a French n
Page 222 and 223: Design and production: W & CIE Copy
Page 224: INVESTOR RELATIONS Valérie Magloir
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MICHELIN - 2008 ANNUAL REPORT

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