_488 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 6 INVESTOR RELATIONS Additional share information Fulfillment of performance conditions under the performance share plan that vested in 2023 FULFILLMENT OF PERFORMANCE CONDITIONS UNDER THE NOVEMBER 15, 2019 PERFORMANCE SHARE PLAN In view of the challenging business environment in 2020, the Managing Chairman decided to replace the growth in segment operating income condition by the segment operating margin. The change is intended to attenuate the impact of the 2020 performance on the overall achievement rate of the conditions over the three-year period from 2019 to 2021. This change does not concern the Managers, for whom none of the performance criteria have been adjusted. Criteria Weighting Results Achievement rate 2021 vs. 2018 Share price performance Michelin share price must outperform the CAC 40 by at least 15 points, comparing the average closing price between the second half of 2018 and the second half of 2021 35% +9.0 points 21% 2019 2020 2021 Average Corporate social responsibility performance Average change in the Michelin Environmental Footprint – MEF (energy use, water withdrawals, CO2 emissions, volatile organic compound emissions, amount of waste produced and amount of waste landfilled) over three years (2019-2021 period) must be less than -1.5 points 15% -0.5 points +0.1 point -2.5 points -1.0 point 10% Change in average employee engagement rate must exceed 1.5 points a year on a like-for-like consolidated basis over the 2019‑2021 period 15% +1.0 point +2.0 points -2.0 points 0.3 points 3% Operating margin Segment operating margin, at current scope of consolidation, constant accounting methods and current exchange rates, of an average 12% a year over the 2019-2021 period 35% 12.5% 9.2% 12.5% 11.4% 25% TOTAL 59% Given that the performance conditions were partially met, no more than 59% of the performance shares will vest. Note that the vesting period ended in November 2023 (with no lock-up period) for all grantees.
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