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Report of the month

November 2010

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Michelin Clermont-Ferrand, France Report Facts Company name: Michelin Fiscal year end: December 31, 2009 Report title: 2009 Annual and Sustainable Development Report – Michelin Performance and Responsibility Managing Partner: Michel Rollier Number of books: 2, incl. Registration Document Report length: 116 pages + 260 pages Auditors: PricewaterhouseCoopers Design: W & CIE E-mail: investor-relations@fr.michelin.com	Report Rating 4/5 (Rating scale below) Profile-Products (Excerpts, as from the report) Michelin’s mission is to enhance the mobility of people and goods...Michelin holds forefront positions in every tire market as well as in travel-related services... Our product and service offering is deeply rooted in a commitment to... improving our tires, to make them safer, more durable and more fuel efficient... Brands include: Michelin, BFGoodrich, Uniroyal, Michelin Guide, Tigar... (Source: Annual Report) (Italics are own company’s words) Key Figures Net sales: EUR 14,807 million Operating income: EUR 450 million Net income: EUR 104 million Earnings per share: EUR 0.71 Dividend per share: EUR 1.00 Net debt to equity: 55% Operating margin: 5.8% Number of employees: 10,193 (Source: 2009 figures sourced from the annual report) Competitors and Peers Bridgestone Goodyear Continental Pirelli Sumitomo Yokohama ...

Triple A > Very strongly and efficiently branded from the covers on: the company’s widely know character is shown in action and appears a number of times inside. Stands among those reports conveying the corporate image and personality. > High read appeal here: numerous tables of contents, modern typefaces, short paragraphs, “active” (sub)headings, use of colors are among the ingredients that make it a very pleasant read. > Explanatory diagram about Delivering excellence at each of the five stages in a tire’s life. > Challenges and Strategy chapter sets forth the issues strongly, substantially and extensively (e.g. competition, mobility, raw materials...°. > Richly illustrated, with pictures telling about the business and its impact that liven up the report.

Double A > Worthwhile efforts to integrate corporate responsibility in day-to-day business (sustainable mobility, tire design and production...) and as a report component. Employee matters and data reviewed in depth. > Well structured operating and financial performance reporting, built directly around financial statements. > Contrary to the thousands of tedious 10-Ks or 20-Fs, the official Registration Document is made very legible.

Simple A > Efficiently Managing Risk as one of the strategic challenges: 11 classes of operating risks are identified.

B Sides > Major share indicators are far from within quick reach. > No medium-term targets, whether on financial performance or on responsibility. > A relatively heavy Registration Document is required to get the full picture, especially the financials. > A number of governance issues are not fully addressed. Remuneration details lie in but compensation principles are not developed or difficult to reach.

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Selected Page (pp 90-91 of Michelin Annual and Sustainable Development Report 2009)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.