Division by 4 of the nominal value (also called "Split") of the Michelin share on June 16, 2022.

On May 13, 2022, the Michelin Shareholders' Meeting voted to split the nominal value of the Michelin share by four, has been implemented on June 16, 2022

What is a stock split ?

The split consists in increasing the number of Michelin shares in circulation, which mechanically decreases the share price.

In the case of the Michelin split, on 16 June 2022, at the opening of the Stock Exchange, you have received, in exchange for each of your current shares, 4 new shares with a value divided by 4.

This decision follows the significant increase in the Michelin share price, which rose from €86.70 on 31 December 2018 to €144.15 on 31 December 2021 (an increase of 66%).

What are the consequences for you as a shareholder ?

Only your number of Michelin shares will change, the value of your portfolio will remain the same. Example: you bought a share with a value of €100 before 16 June 2022. After the transaction, you will have 4 shares with a value of €25 each. The value of your portfolio will remain unchanged, always equal to €100.

Will this operation incur any costs and/or require any special actions on your part ?

No. This operation will be carried out without any costs or formalities. It will have no impact on your tax situation or your shareholder rights. It will not affect your double voting rights attached to your shares under the conditions defined in the Company's articles of association.

Why does Michelin want to split its share value ?

Through this operation, proposed for the first time to shareholders, Michelin wishes to make the share price more attractive to any new shareholder and thus diversify its shareholder base.

As a reminder, Michelin's share price reached its highest level at €155 in mid-January 2022.

Will the split impact Michelin's stock market valuation ?

The valuation of the company, after the split, is not impacted. It is a neutral mechanical operation. Only the share value will change.

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