By subscribing to the BIB’ACTION employee share ownership plan, employees benefit again from Michelin shares at a very attractive price, because of the discount and matching contribution from the Company. It is also an opportunity for employees to balance the cost of their investment and limit their exposure to risk. By taking up the offer on a regular basis, you can buy Michelin shares at a subscription price set at the time of each plan, which may be higher or lower depending on the plan, thereby smoothing out the risk associated with an investment in shares.

No, not at all. This is an entirely free, personal decision. Subscribing to BIB’Action is completely voluntary and up to the individual. BIB’Action is an opportunity offered by the Group to its employees; in no way is it a constraint or obligation.

The number of shares offered is a percentage of the share capital, as approved at the General Shareholders’ Meeting. In 2024, 7 million shares will be offered to eligible employees.

The reference price is used to calculate the subscription price. It is equal to the average opening price of Michelin shares over the 20 trading days preceding the day on which the Group Managing Partner sets the subscription price.

The subscription price is the reference price less a discount defined in the offer for each plan.

The subscription price will be announced one day before the subscription period opens. The subscription price will be posted on Michelin’s websites and at shareaction.michelin.com

No. The subscription price, in euros or in each country’s currency, will remain the price announced (see question 3) regardless of stock market price changes and currency fluctuations.

Michelin matches your personal contribution with a company contribution to help you become a shareholder, increasing the number of shares you hold. For BIB’Action 2024, you will benefit from the following matching contribution:

• From 1 to 5 shares sunscribed : a matching contribution of 2 shares for every 1 share subscribed
• From 6 to 15 shares subscribed: a matching contribution of 1 share for every 1 share subscribed.
• From 16 to 65 shares subscribed: a matching contribution of 1 share for every 5 shares subscribed.
• Up to a maximum matching contribution of 30 shares.

*See the local supplement (except in France, see the brochure) for tax consequences of paying the matching contribution.

The BIB’Action offer is only available to employees of Group companies that have joined the Group Savings Plan (PEG) or International Group Saving Plan (PEGI). The eligible countries in the Group are those with more than 15 employees across all companies.

No, the individual must have been an employee (someone with an employment contract). For example, in France, interns who have signed an internship agreement receive an allowance that appears on a pay statement, but they are not considered employees. They are therefore not eligible.

Employees whose employment contract has been suspended* but who have at least three months of continuous or discontinuous service (since January 1 of the previous year, in accordance with French legislation) in one of the companies included in the BIB’Action plan for the current year, can subscribe to the offer.

*Examples: sickness, maternity leave, paternity leave, adoption leave, sabbatical leave, etc.

Expatriates are eligible provided they work at (or have a valid employment contract with) one of the plan’s eligible companies that has joined the PEG or PEGI. They will receive a subscription kit with information on taxation in their host country and will subscribe in the same way as local employees.Seconded employees are also eligible. They will receive a subscription kit in English and subscribe in euros through the Michelin Global Mobility (MGM) company to which they are seconded.

No, they are not eligible.

They are eligible provided that they are on the payroll of one of the plan’s eligible companies, have accumulated three months of service on the first day of the subscription period and are still employed on the day they subscribe. The three-month service is assessed as from January 1 of the previous year. Service may be continuous or discontinuous, obtained across several contracts and possibly at several Group companies.

Yes, as long as they are still employed by the Group on the day they subscribe.

Yes, employees who have given notice of their intention to leave can subscribe, as long as they are still employed by the Group on the day they subscribe.

No, this offer is strictly limited to eligible employees. It is a personal right that cannot be transferred to a third party, even to a colleague or family member.

The decision to launch BIB'Action 2024 will be final when the Manager sets the subscription price. Prior to this decision, the Manager reserves the right not to open the subscription period or to modify the terms of the offer.

Employees can subscribe in one of two ways:

• Online, by logging in to the shareaction.michelin.com, using your smartphone, tablet, or computer.
• By filling out a paper subscription form. To be valid, this form must be handed in before the end of the subscription period to a BIB’Action communications coordinator at your site.

The minimum investment is the price of one share, less the discount.

The maximum investment in BIB’Action is a percentage of your gross (net for the employees seconded from MGM) annual remuneration in the previous year, as defined by the legislation applicable in your country. For all employees, regardless of the country, the maximum investment must not exceed 2,000 shares.

All subscriptions can be amended during the subscription period, either via the online subscription tool or via a paper form given to the BIB’Action communications coordinators. At the end of the subscription period, no more changes can be made and employees must pay for all the shares allocated to them.

Yes, of course. In the case of an online subscription, confidentiality is not an issue as the subscription page is secure.

For paper-based applications, coordinators who have access to personal information about employees are subject to a confidentiality clause and must not disclose any personal information

In this case, and only in this case, the Group will initiate a “reduction” process to reduce the number of shares requested by each employee. All subscription requests will be fully satisfied up to 39 shares excluding the matching contribution (i.e. 63 shares including the matching contribution). Beyond that, subscription requests will be satisfied consecutively, one by one, and on an equal basis

If an employee’s employment contract is terminated for whatever reason (e.g. early retirement, retirement, dismissal, resignation, settlement), any outstanding amount must be repaid early. An employee who plans to leave the Group before the salary advance is fully repaid must be aware that they will have to repay the entire amount outstanding on or before the day they leave:

• either by paying the amount outstanding themselves (either from their own savings or from any compensation they receive at that time, or similar)
• or by early release of their shares after they have been allocated to them.

This depends on the legislation applicable in your country. To check, please refer to the subscription form or the local supplement available on the shareaction.michelin.com. If interest is payable, the rate used is the official interest rate set by the country for the current year.

Yes, employees may repay their employer’s salary advance early, provided that the request is made as part of an early release of their shares and in accordance with the early release rules applicable in their country.

In a number of countries, the discount and matching contribution may be considered as a benefit in kind and the subscriber must accept the financial and tax consequences at the time of subscription. Please refer to your local supplement.

The BIB’Action communications coordinators’ job is complete at the end of the subscription period. From then on, BIB’Action correspondents, working within the personnel department, will be available to employees in each country.Depending on the country, the intranet may also have pages specific to BIB’Action in the Advancing Together/My Compensation and Benefits/Share Ownership Plans section.In France, the specific page is: https://michelingroup.sharepoint.com/sites/Intranet-France-Personnel/SitePages/actionnariat-salarie-michelin.aspx.For more information, you can also contact the Michelin employee shareholder team at compte-fonction.infoshareholder@michelin.com.Lastly, for any questions relating to the management of your account, Société Générale’s Nomilia platform is available:

• +1 844 890 5676 (USA and Canada)
• +33 2 51 85 67 89 (all other countries)

Your shares are vested for a period of five years from the allocation date, except where regulations provide for early release.To find out when early release is allowed in your country, please refer to the local supplement. In France, please refer to the PEG regulations.

To take advantage of early release, employees must provide the appropriate supporting documents. No other requests will be accepted other than those provided for by law.Your shares are vested for a period of five years from the allocation date, except where regulations provide for early release.

To find out when early release is allowed in your country, please refer to the local supplement. In France, please refer to the PEG regulations.

To take advantage of early release, employees must provide the appropriate supporting documents. No other requests will be accepted other than those provided for by law.

Yes. When an employee is in a situation that allows for early release of their shares, they may choose to release all or just some of them. If an employee chooses to release some of their shares early, they will no longer be able to use the same reason to sell the remaining shares. They will only be able to release the remaining shares if they have an early release reason that is different to the first. Note: Early release can only be requested once the shares have been allocated.

Employees must contact their shareholder correspondent and provide them with the required documents. The shareholder correspondent will approve the request in accordance with the procedures adopted in that country and forward it to the bank.

Yes, but a special procedure will be set up. In fact, any event that occurs after the subscription closing date can allow the early release of the shares resulting from the BIB’Action subscription. Employees generally have a maximum of six months from the date of the reason for early release to exercise their right (no time limit if they leave the company). Requests for early release will be queued and processed from the beginning of January 2025, as stated in the letter indicating the number of shares bought through BIB’Action 2024.

No. Being a shareholder has no bearing on being an employee; each of these situations is separate and governed by its own regulations. Being a shareholder, whether you are an employee or not, gives you the right to information on the economic and financial situation of the company, the right to vote at the General Shareholders’ Meeting and the right to receive a dividend, the amount and payment of which are set in line with the company's performance and are subject to a vote at the General Shareholders’ Meeting.

Like any shareholder, an employee shareholder will benefit from a dividend paid every year for each share held. The dividend paid depends on the Group’s performance and on the decision of the General Shareholders’ Meeting. When calculating the profit, both the dividends received and any capital gain realized on the sale of the shares must be taken into account. An employee will only know at the time they sell their shares whether they have realized a capital gain. If the Michelin share price falls, an employee will only lose money if they decide to sell.

The capital gain is calculated as the difference between the sale price and the purchase price of a share. If the difference between the two is positive, the employee shareholder realizes a capital gain. If the difference is negative, they realize a capital loss.