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Standard & Poor’s Upgrades Michelin to BBB+

Compagnie Générale des Établissements Michelin

Standard & Poor’s has upgraded Michelin’s long-term credit rating to BBB+ from BBB, while affirming its A-2 short-term rating and stable outlook.

According to the Standard & Poor’s press release, the decision reflected the significant improvement in Michelin’s operating performance over the past two years and the strengthening of its balance sheet.

The agency also affirmed its confidence in Michelin’s ability to maintain its creditworthiness, in particular thanks to its geographic footprint, specialty product lines and leadership in the premium segments.

The upgrade further confirms Michelin’s sustained performance improvement dynamic and the validity of its strategic vision.

Investor Relations Media Relations Individual shareholders

Valérie Magloire
+33 (0) 1 78 76 45 37
+33 (0) 6 76 21 88 12 (cell)
valerie.magloire@fr.michelin.com

Matthieu Dewavrin
+33 (0) 4 73 32 18 02
+33 (0) 71 14 17 05 (cell)
matthieu.dewavrin@fr.michelin.com

Corinne Meutey
+33 (0) 1 78 76 45 27
+33 (0) 6 08 00 13 85 (cell)
corinne.meutey@fr.michelin.com
Jacques Engasser
+33 (0) 4 73 98 59 08
jacques.engasser@fr.michelin.com

DISCLAIMER

This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com website.

This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.


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