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Implementation of a partial share buyback management agreement

Compagnie Générale des Etablissements Michelin has called on the assistance of an Investment Services Provider for the implementation of its Share Buyback Program as authorized by the Annual Shareholders Meeting of May 16, 2014.

Under the terms of the Agreement signed on April 24, 2015, the parties agree that the Investment Services Provider will sell a certain number of Compagnie Générale des Etablissements Michelin shares, representing a maximum of €175,000,000, to Compagnie Générale des Etablissements Michelin, which undertakes to buy them, between April 27, 2015 and September 30, 2015, at an average price to be determined objectively and independently by the market over the duration of the Agreement, less a guaranteed discount. The price may not exceed the maximum purchase price approved by the Annual Shareholders Meeting of May 16, 2014 or, if the shareholders adopt the fifth resolution to be tabled at the Annual Shareholders Meeting of May 22, 2015, the maximum purchase price specified in said resolution.

All of the shares bought back under the Agreement will be cancelled.


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