6 _489 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 6 INVESTOR RELATIONS Additional share information Fulfillment of performance conditions under the performance share plan in effect in 2023 FULFILLMENT OF PERFORMANCE CONDITIONS UNDER THE NOVEMBER 13, 2020 PERFORMANCE SHARE PLAN FOR EMPLOYEES Criteria Weighting Results Achievement rate 2022 vs. 2019 Share price performance Michelin share price must outperform the Stoxx Europe 600 index by at least 15 points, comparing the average daily closing price in 2019 and in 2022 Result calculated on a straight-line basis between the threshold of 0 and the targeted 15 points 30% -1.7 points 0% 2020 2021 2022 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 (2020-2022 period) must be less than ‑1.5 points Result calculated on a straight-line basis between the threshold of 0.5 and the targeted 1.5 points 15% +0.1 point -2.5 points -1.3 points -1.2 points 11% Change in average employee engagement rate must exceed 1.5 points a year on a like-for-like consolidated basis over the 2020‑2022 period Result calculated on a straight-line basis between the threshold of 0.1 and the targeted 1.5 points 15% +2.0 points -2.0 points +3.0 points +1.0 point 10% Operating performance Average annual growth in revenue, excluding tires and distribution, must be at least 8% over the 2019-2021 and 2021-2022 periods(1) Result calculated on a straight-line basis between the threshold of 3% and the targeted 8% 13%(1) factored out -4.0% +22.0% +9% 13% Total consolidated ROCE (including acquisitions, related goodwill and equity‑accounted companies) must be at least 11% in 2022 Result calculated on a straight-line basis between the threshold of 10% and the targeted 11% 20% 6.0% 10.3% 10.8% 10.8% 16% TOTAL 50% (1) Given the impact of Covid-19 on the business environment, the 2020 result has been factored out of this indicator so that it remains attainable. As a result, the indicator’s achievement rate has been capped at 13%, instead of 20%, to reflect its assessment over two-thirds of the period. Given that the performance conditions were partially met, no more than 50% of the performance shares will vest. Note that the vesting period will end in November 2024 (with no lock-up period) for all grantees.
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