Michelin completes tender offer for Stomil-Olsztyn shares

May 6, 2003

Groupe Michelin owns 98.99% of Stomil-Olzstyn following the completion of a public tender offer for the eight million outstanding Stomil shares the company did not own.

Michelin owned more than 70% of Stomil-Olzstyn, the Polish tiremaker, prior to the offering.

Ownership of the 7.8 million tendered shares will be transferred upon settlement of the tender offer transaction tomorrow, May 7. The cost of the acquired shares is 363.7 million Polish zlotys, or approximately 84.8 million euros at current exchange rates.

(Based on today's exchange rate, the cost totaled $95.6 million.)

Michelin says the acquisition of the minority shares of Stomil-Olsztyn is part of a process "to optimize and simplify Group structures" that was initiated last October.