Capital Rights Structure

At December 31, 2013, Michelin’s share capital amounted to € 371,579,286

Capital rights structure

at December 31, 2013

Voting rights structure

at December 31, 2013

Changes in share capital

TRANSACTION Number of shares Par value €2 per share (in €)
Capital at December 31, 2013 185,789,643 371,579,286
Conversion of OCEANE bonds 6 12
Dividend reinvestment 4,467,601 23
Share cancellation - 1,809,260 - 3,618,520
Exercise of stock options 574,583 1,149,166
Capital at December 31, 2012 182,556,713 365,113,426
Conversion of OCEANE bonds 0 0
Dividend reinvestment 1,883,606 3,767,212
Augmentation de capital résultant de l'exercice d'options de souscription d'actions 654,210 1,308,420
Capital at December 31, 2011 180,018,897 360,037,794
Conversion of OCEANE bonds 14 28
Dividend reinvestment 3,128,066 6,256,132
Exercise of stock options 282,972 565,944
Capital at December 31, 2010 176,607,845 353,215,690
Conversion of OCEANE bonds 346 692
Dividend reinvestment 1,735,759 3,471,518
Exercise of stock options 275,507 551,014
Share issue with pre-emptive subscription rights 27,159,876 54,319,752
Capital at December 31, 2009 147,436,357 294,872,714
Conversion of OCEANE bonds 0 0
Dividend reinvestment 2,371,623 4,743,246
Exercise of stock options 67,312 134,624
Capital at December 31, 2008 14, 997,422 289,994,844