MICHELIN - 2008 ANNUAL REPORT

Prepaid income and expenses
Prepaid expenses correspond to operating and financial
expenses.
In an amount of ............................................................................... € 2,111,939
Prepaid income corresponds to operating income.
In an amount of ......................................................................................................................nil.
Revaluation reserve
Revaluation reserve amounts to € 624,772,330 of which:
● EUR 32,091 related to land,
● EUR 624,740,239 related to shares in subsidiaries and
affiliates.
Reserves (in EUR)
Reserves at December 31, 2008 break down as follows:
Legal reserve of which EUR 26,943,175
allocated to long-term capital gains 28,799,834
Special long-term capital gains reserve 881,419,038
Other reserves 366,620,583
Capital structure
1. Share capital at January 1, 2008 143,999,169 EUR 2
2. Shares issued during the year 998,253 EUR 2
3. Shares cancelled during the year – –
4. Share capital at December 31, 2008 144,997,422 EUR 2
SHARE SUBSCRIPTION OPTION PLAN
Status of the share subscription option plans to December 31, 2008
Grant Date Call Date Expiry Date Call Price
(in EUR)
Options
December 31, 2008 December 31, 2007
May 2002 May 2006 May 2011 44.00 215,451 240,085
May 2003 May 2007 May 2012 32.25 103,897 118,447
November 2003 November 2007 November 2012 34.00 173,515 186,645
May 2004 May 2008 May 2013 40.00 155,700 169,900
July 2004 July 2008 July 2013 44.50 120,100 120,700
May 2005 May 2009 May 2014 48.00 216,000 218,500
November 2005 November 2009 November 2014 48.00 874,950 888,000
May 2006 May 2010 May 2015 58.00 133,900 136,700
May 2007 May 2011 May 2015 91.00 1,165,250 1,182,750
May 2008 May 2012 May 2016 62.00 310,000
206 2008 Michelin Annual Report