April 10, 2002

Michelin offers employees discount on company shares

Laval, Quebec – Starting tomorrow, the Michelin Group will give its 100,000 employees worldwide, including 5,000 in Canada, a subsidy on purchases of Michelin shares.

On April 5, a special share subscription price was set at CDN$49.05. The subscription price includes a 20 percent discount off the reference price (average of opening prices over the 20 trading sessions prior to April 5 on the Paris Stock Exchange). Michelin will match the price of the first ten shares purchased by 50 percent off the subscription price, making the employee price CDN$24.50 per share. The next 10 shares could be purchased at 33 percent off the subscription price. Any additional shares beyond 20 could be purchased by employees at the subscription rate.

Easy terms are being made to subscribers to allow for interest-free instalments, spread over a 12 month period. The offer was designed to be within everyone’s reach, whatever the economic conditions in all the countries concerned.

“We see this as a great opportunity for employees,” said Jim Micali, president and chairman of Michelin North America. “By setting up a worldwide Employee Stock Purchase Program, Michelin wishes to strengthen even further our existing relationship between the employees and the company and to
associate them more closely with the development of the Michelin Group, worldwide,” he added.

The subscription period will take place between April 11 and 30, 2002. The offering will first be made in 16 of the 56 countries where Michelin does business. In 2003 a second phase will be made available to employees in the remaining countries, subject to technical and regulatory approvals.

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