SHAREHOLDER POLICY Does Michelin plan to grant free shares? Granting free shares is a traditional practice among some CAC 40 companies, but not at Michelin, where our aim is to increase the overall value of the company. Issuing free shares automatically leads to a reduction in the price per share and dilutes the value of the shares if the total market capitalization of the company remains the same. We prefer to increase the value of the Michelin share by raising the pay-out ratio or buying back shares. Some companies issue a supplementary dividend to their most loyal shareholders. Is this the case for Michelin? We are very concerned about treating our shareholders equally. A legal limit prohibits us from allocating a supplementary dividend to shareholders that hold over 0.5% of the capital. This means that many of our shareholders in France and around the world would not be eligible for a supplementary dividend if we had one. And that would be unacceptable. Are Michelin shares an ethical investment? In all our host countries, we are deeply committed to conducting our business with integrity. Results are not the only thing that matters; we also care about how they are achieved. The Michelin Code of Ethics is based on the Core Values expressed in the Michelin Performance and Responsibility Charter, namely respect for customers, people, shareholders, the environment and facts. Embracing these Core Values is the best way of ensuring the future success of our employees and our Group. SHAREHOLDER = CUSTOMER OR CONSUMER What is your policy for recycling tires? As a tire manufacturer, it is our responsibility to implement effective solutions for recycling our end‑of‑life products. This involves either recovering energy from used tires or reusing the basic components after suitable treatment.We work with the tire industry as a whole to offer sustainable, economical and logistically viable solutions to ensure our products are recycled to the greatest extent possible. We do this through shared organizations that take into account country-specific regulations and the existence and maturity of various processes.Our goal is to become a leader in this crucial area. Why is it sometimes hard to buy a new vehicle with Michelin fitments? This question relates to original equipment passenger car tires; that is, tires equipping new vehicles. Tire manufacturers such as Michelin work in concert with carmakers to address the technical demands of future vehicles and thereby offer the best possible product. The carmaker is then free to choose one or more suppliers for one or more tire sizes. This sometimes results in several tire manufacturers being approved for the same vehicle, making it hard for consumers to choose or even know which brand of tire will be fitting their new vehicle when it leaves the assembly plant. As a shareholder, do I receive a discount on Michelin tires? We do not offer discounts to shareholders.This practice would carry a tax risk for the shareholder because the government could well consider the discount to be a dividend in disguise, leading to a possible tax reassessment.In addition to this risk, there are also the following issues to consider:How to distinguish between loyal shareholders and opportunists who only hold a small number of shares until they receive their discount.How to ensure fair treatment of shareholders who do not own a car and cannot benefit from this "loyalty bonus". The impact of the product mix is often cited as an important factor for Michelin. What does this term cover? Michelin sells thousands of products worldwide at varying margins. Improving the product mix means selling a greater number of more profitable tires.