Michelin Asia-Pacific clarifies

I am writing to clarify some points in your article published on May 15 regarding the agreements between Michelin and PT Gajah Tunggal (GT).

There were in fact two different agreements signed between Michelin and GT.

The first is a manufacturing agreement, where GT will be producing Michelin Group associate brand tires (Michelin and BFGoodrich) for export to Michelin markets outside Indonesia. The Michelin purchase of the 10 percent GT shares was made in the context of the manufacturing agreement.

The second is a distribution agreement where GT will distribute selected Michelin and BFGoodrich tires in Indonesia as part of a multi-brand approach. These tires that will be distributed will not be produced by GT but will be imported.

REBECCA LEE
Head of Communications
Michelin Asia-Pacific Pte Ltd
Singapore

Note: Thank you for your clarification, The article was based on Gajah Tunggal's report to the Jakarta Stock Exchange.

--Editor