=

P
PRESS RELEASE
E

Miche
elin and its
s subsidiaary Tigar TTyres signn a memorrandum off understa anding
with Serrbian authorities an d the Cityy of Pirot to expand capacity
at the
e Tigar Tyrres plant tthat produ
uces entry y-level carr tires.

(Clermont--Ferrand, April
A 12) - The Michelin Group
2, 201 G and its Tigar TTyres subsiidiary have e
announced ng today of a memoran
d the signin ndum of und derstanding
g with Serbiian authorities and the
e
City of Pirrot to expand producttion capacitty at the Tigar
T Tyres plant in P irot, which is 300 kmm
southeast of Belgradee.

The memo orandum off understan nding calls for increas sing production capaccity at the plant from m
8 million tirres in 2012
2 to 12 millio on tires at yyear-end 20016. The pla ant producees and will continue to o
produce exxclusively entry-level
e tiires that are
e sold undeer the Tigar, Kormoran and Riken brands, alll
of which arre in the Michelin Grou up brand po ortfolio. Worrk to expand d the plant iis expected
d to begin in
n
early 2013 3 and the firrst tires shoould roll off tthe new prooduction lines in the mmiddle of 2015. Most off
the tires p
produced wiill supply th he fast-grow wing Russia an and CIS S markets, as well as markets in n
Central an nd Eastern Europe, Africa and th he Middle East. Overall, the prooject will re epresent an n
investmentt of 170 million
m for the period 20 012-2016. Over
O the lon
ng term, thee new unit will lead too
the creatio
on of 700 job bs in Pirot.

This invesstment project is in line with M ichelins grrowth strate egy as it eenables the e Group to o
strengthenn its offering
g of entry-level tires. Ovver the next ten years, this markeet segment is expectedd
to grow byy 30% worldwide. The e production n capacity to
t be added in Pirot w will enable Michelin to
o
bolster its positions in this prom mising marrket segment, thereby y helping thhe Group to attain itss
objectives..

The memo orandum of understand ding was si gned todayy in the Tiga
ar Tyres plaant in Pirot.. The eventt
was attend
ded by Borris Tadi, President of the Repub blic of Serbia, Nebojaa iri, Minister of the
e
Economy, Vladan Vassi, Mayor of
o Pirot, and
d Eric Faidy
y, Chairmann of the Boaard of Tigar Tyres.

About Tigarr Tyres, Mich

helins subsid
diary in the R
Republic of Serbia
A Michelin Group subsiidiary since 2005
2 and wh holly owned since 2009, Tigar Tyress produces mainly
m entry--
level car tires under the
t Tigar, Kormoran
K an
nd Riken brrands at its plant in Piirot. The co ompany also o
manufacture es Michelin-brand tires for
f two-whee eled vehicles
s at the Pirott site and innner tubes at its facility in
n
Babunica. Most of the e products manufactured
m d on the two o sites are intended for markets in Central and d
Eastern Europe, Africa and the Mid ddle East, wwith Russia and
a the CIS countries aaccounting fo or a growing g
percentage of sales. Tig
gar Tyres currrently emplooys 2,000 peeople in Serbia.

Media Re
elations De
epartment: +33 1 45
5 66 22 222