Compagnie Générale des Etablissements Michelin

Environmental & Social Information • Sep 18, 2013

Michelin Sets Six Major Sustainable Development Objectives for 2020

At the 2013 Autumn Conference organized by Kepler Cheuvreux, Jean-Dominique Senard, Chief Executive Officer of Michelin, reminded participants that Michelin has laid the foundations for a New Phase of Dynamic Growth, led by its powerful innovation capabilities, improving competitiveness and robust gains in the most promising segments thanks to the engagement and professionalism of its teams. He also emphasized the Group's sustained progress over the 2011-2015 period, as well as its clearly strengthened balance sheet.

Acting as an efficient, responsible company, Michelin is now entering a new phase of improvement and growth. Mr. Senard presented the six major Michelin Performance and Responsibility objectives for 2020:

• Improve the performance of our products by at least 10% compared with 2010, while using fewer raw materials in their production.
• Enhance the responsible purchasing, production and supply chain processes, in particular to improve the energy efficiency of our plants and reduce our carbon footprint.
• Drive sustainable financial performance by delivering €1 billion in structural free cash flow per year and at least a 15% return on capital employed.
• Pursue Group-wide programs to improve employee engagement, well-being and development.
• Live in harmony with our host communities, by deploying employee-driven outreach programs and helping to create local jobs.
• Promote better quality of life through clean, sustainable mobility, safer roads and recycling solutions to support a circular economy.

Mr. Senard's presentation may be viewed on www.michelin.com/corporate.

Investor Relations	Media Relations
Valérie Magloire	Corinne Meutey
+33 (0) 1 78 76 45 37	+33 (0) 1 78 76 45 27
+33 (0) 6 76 21 88 12 (cell)	+33 (0) 6 08 00 13 85 (cell)
valerie.magloire@fr.michelin.com	corinne.meutey@fr.michelin.com
Matthieu Dewavrin	Individual shareholders
+33 (0) 4 73 32 18 02	Jacques Engasser
+33 (0) 6 71 14 17 05 (cell)	+33 (0) 4 73 98 59 08
matthieu.dewavrin@fr.michelin.com	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 www.michelin.com.

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.