02 Corporate governance report Financial authorizations 2.12 FINANCIAL AUTHORIZATIONS The information presented in the following tables, in particular the number of shares, the share price and the maximum purchase price, has been adjusted to take into account the four-for-one stock split and reduction in the par value of Michelin shares from €2 to €0.50, decided on May 16, 2022 and effective on June 16, 2022. 2.12.1 GRANTED BY THE ANNUAL SHAREHOLDERS MEETING OF MAY 13, 2022 Issuance of shares and share equivalents with pre-emptive subscription rights Corporate action Resolution Duration (expiration date) Maximum issue amount, based on a share price of €32(1) (in €) Maximum aggregate par value of shares (in €) Utilization during the year Issuance of shares and/or securities carrying rights to shares 19th 26 months (July 2024) n €8 billion (ordinary shares) n €2.50 billion(4) (securities carrying rights to shares) €125 million(2)(3) (less than 35% of issued capital) None Issuance of new shares by capitalizing reserves 24th 26 months (July 2024) €5.120 billion €80 million None (1) CGEM share price at December 31, 2024, rounded up to the nearest whole number. (2) With the aggregate par value of shares issued in connection with all of the authorized transactions not to exceed €125 million, excluding any shares issued under the 24th and 26th resolutions (27th resolution). (3) This amount may be raised by up to 15% if the issue is oversubscribed, subject to the ceilings set respectively in the 19th, 20th and 21st resolutions (23rd resolution). (4) With the aggregate nominal amount of all debt securities, with or without rights to shares, authorized by the 19th, 20th, 21st and 23rd resolutions not to exceed €2.5 billion (27th resolution). 147 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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