Michelin Asia-Pacific clarifies

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