ESG PRESENTATION - Michelin

ESG PRESENTATION

APRIL 09 & 10, 2020

ESG

presentation

April 09 & 10, 2020

01.Michelin sustainable development and

mobility

02. Environment

03. Employees’ well-being and development

04. Governance & Say On Pay

05. Appendices

ESG

presentation

April 09 & 10, 2020

Michelin sustainabledevelopment and mobility

April 9 & 10, 2020 – ESG presentation4

At Michelin we are convinced that mobility is a factor of human

progress but we are aware of the challenges it represents

A population growing from 7 to 9 billions worldwide

Mobility: a human right

• SAFETY

• UNIVERSAL ACCESS

• EFFICIENCY

• GREEN

&


Our response has been in our purpose for over 130 years

BECAUSE WE CARE ABOUT GIVING

PEOPLE A BETTER WAY FORWARD

&


Our growth and value creation model

Everything will

be sustainable

at Michelin


Coordinated management of the Sustainable Development and

Mobility approach

Environment Ethics Committee

Operational Committees

Human RightsEmployee Health

and Safety

Stakeholders Committee

Governancebodies

Decisions

Recommendations

Group Executive Committee

Sustainable Development

and Mobility Committee

At the corporate executive level, a

Stakeholders Committee set up in 2016

brings together 12 people representative of

the Group's leading stakeholders, including

suppliers, investors, unions, customers and

NGOs. Four continents are represented on

the Committee, which meets with the

Executive Committee for a full day at least

once per year


A constructive stakeholder dialogue


6 Group ambitions for 2020 in line with United Nations

Sustainable Development Goals

INNOVATE TO WIDEN OUR LEAD IN

PRODUCT AND SERVICE PERFORMANCE

SET THE INDUSTRY STANDARD FOR

RESPONSIBLE MANUFACTURING

MOVE FORWARD TOGETHER IN PERSONAL

WELL-BEING AND DEVELOPMENT

CONTRIBUTE TO THE DEVELOPMENT OF

OUR HOST COMMUNITIES

CONTINUOUSLY IMPROVE CUSTOMER

SATISFACTION

DELIVER A ROBUST FINANCIAL

PERFORMANCE

1

2

3

4

5

6


6 Group ambitions for 2020

2

3

4

5

6

By 2020, 100% of the targeted customer groups reach

the intended Net Promotor Score (NPS)

2019 result : 67.4%

CONTINUOUSLY IMPROVE CUSTOMER

SATISFACTION

1



MOVE FORWARD TOGETHER IN PERSONAL

WELL-BEING AND DEVELOPMENT2

1

3

4

5

6

Health & Safety : Total Case Incident Rate (TCIR) <2

2019 result : 1.4

75% of managers promoted from within

2019 result : 74%

30% women in management and supervisory roles

2019 result : 27.4%

85% of employees engaged

2019 result : 81%

80% of top managers in the growth regions were born

there

2019 result : 75%



INNOVATE TO WIDEN OUR LEAD IN

PRODUCT AND SERVICE PERFORMANCE

3

1

2

4

5

6

Save 3 billion liters of fuel over the lifespan of our

tires, representing 8 million tonnes of CO2 avoided

2019 result :

• Fuel savings estimated at 2.9 billion liters

• Avoided CO2 emissions astimated at 7.3 million tonnes

Improve the overall performance of our products by at

least 10% vs 2010, while using less raw material in

their production

2019 result : 9.9%

Use 30% renewable or recycled materials in our tires

2019 result : 26%



SET THE INDUSTRY STANDARD FOR

RESPONSIBLE MANUFACTURING4

1

2

3

5

6

Ensure that 70% of the 400 leading suppliers assessed

by EcoVadis are confirmed as compliant with Michelin

standards

2019 result : 715 suppliers assessed / 84% compliant

Reduce CO2 emissions from logistics activities by 10%

vs 2010

2019 result : -10.3%

Reduce the environmental impact of our sites

measured through Michelin Environmental footprint

(MEF) by 50%, notably by improving our energy

efficiency by 38% vs 2005

2019 result :

MEF reduction : -51.2%

Energy efficiency : +31.5%



CONTRIBUTE TO THE DEVELOPMENT OF

OUR HOST COMMUNITIES

5

2

3

4

6

Create 2,000 local jobs per year with the support of

Michelin Development

2019 result : 1,702 jobs created

Reinforce our advocacy of road safety with a strong

focus on driver education in emerging countries

In 2019 the global partnerships and local programs

deployed by Michelin with its employees and its foundation

directly benefited more than 330,000 people

Dedicate 30.000 work days per year to local

communities

2019 result : 32,850 work days

100% of Michelin plants are deploying a community

involvement program

2019 result : 110 sites



DELIVER A ROBUST FINANCIAL

PERFORMANCE6

1

2

3

4

5 €1,400M in structural free cash flow per year from 2020

2019 result : €1,615M

> 15% Return On Capital Employed (ROCE) in 2020

2019 result : 13.7%


5 commitments for Biodiversity for 2020


5 commitments relating to ethics and human rights

Act against corruption in all its forms, including the bribe and extortion of money

Contribute to the elimination of any discrimination in respect of employment and

occupation

Contribute to the effective abolition of the child labor

Contribute to the elimination of all the forms of forced or obligatory labor

Respect freedom of association and acknowledge the right of collective bargaining


Michelin ESG Roadmap

2020

AMBITIONS2050+ AMBITIONS

2020

BIODIVERSITY

COMMITMENTS

commitments relating to ethics and human rights

Environment

E&S&G

Social

2030

COMMITMENTS


New 2030 commitments to achieve ambitions by 2050+

● Reduction of the amount of energy used by

a tire in use by 20% by 2030 compared to

2010.

● Elimination of purchased steam from coal-

fired plants and of coal-fired boilers in all of

the production facilities by 2030

● As awareness of the climate emergency grew,

in 2019 it set a new, more ambitious mid-way

target of a 38% reduction of CO2 emissions

in 2030 versus 2010 and submitted it to the

Science Based Targets initiative, which was

still assessing it at year-end

● 80% of material used by the

Group will be sustainable

(recycled or renewable)

● In 2015, the Group committed

to reducing CO2 emissions

from its plants by 50% over

the period from 2010 to 2050

● Meeting this stricter target

would prepare us to aim for

carbo neutrality across our

manufacturing base by 2050.

● Do everything in

our power with

external partners

to ensure that

100% of end-of-

life tires are

recovered.

Global engagement and partnerships

20 April 9 & 10, 2020 – ESG presentation

Ellen MacArthur

Foundation

CE100 member

Entreprises pour

l’Environnement

Member

International Life

Cycle Chair

Partner

UN Global

Compact

Signatory

World Business

Council for

Sustainable

Development

Member

Global Platform

for Sustainable

Natural Rubber

Founding memberWWF

Partnership

Task Force on Climate-

related Financial

Disclosure Supporter

Science Based Targets

Committed

Tire Industry

Project

Co-chair

21

Michelin’s CSR ratings: a leading & recognized player in

sustainable mobility

CDP

2019

ECOVADIS

2019

ISS-OEKOM

2019

MSCI

2019

VIGEO EIRIS

2018

SUSTAINALYTICS

2018

Status

Rating A- 78/100 B- 7.4/10 68/100 77/100

Ranking /

Distribution of

ratings

● Major sustainability rating (As of April 2020)

Top 1%(natural rubber)Climate change

MICHELIN score

MICHELIN score

Water security 8%

21%24%

16%

24%

5%3%

CCC B BB BBB A AA AAA

1er of 31 in the sector 7ème of 54 in the

sector

-Light

manufacturingEurope Global

Average

Light

manufacturingEurope Global

Average

April 9 & 10, 2020 – ESG presentation

ESG

presentation

April 09 & 10, 2020

Environment

April 9 & 10, 2020 –ESG presentation23

Focus on climate change strategy

GreenHouse Gas emission inventory in 2018

► ~3M tons CO2 (-25% vs 2010)

88% 12%2018

► ~140M tons CO2

1.49 M

tons

CO2

1.51 M

tons

CO2

2018

CO2 emission on Scope 1 & 2

Own operations

CO2 emission on Scope 3

Activities in the value chain

Purchased goods and services_____ 54%Capital goods ________________________ 6%

Fuel and energy-related activities ________ 4%

Upstream transportation and distribution ___ 7%

Waste generated in operations __________ 3%

Business travel _______________________ 0.5%

Employee commuting___________________ 1%

Downstream transportation and distribution__ 5%

End-of-life treatment of sold products _______18%

Franchises____________________________ 1.5%

10 other value chain categories


Focus on climate change strategy

Michelin’s commitments are comprehensive and long term

Reducing CO2 emissions

from our operations as

well as from activities in

our supply chain in line

with the Paris Agreement1

Providing products,

solutions and services for

our customers that reduce

their carbon footprint2

Advocating at a

global level for the

decarbonization

of the transport sector3Supporting the

introduction of a global

pricing system4

The strategy is comprised of four areas of action:


RAW MATERIALS

Michelin is responsibly developing its natural rubber

supply and other sustainable materials.

USE OF PRODUCTS

AND SERVICES

REPRESENTS 63 to 96% OF LIFE

CYCLE IMPACTS*

Michelin’s innovations mean longer distances and higher

performance with fewer materials and a smaller carbon

footprint. Our services and solutions optimize tire use.*depending on type of vehicle and environmental impact category

LOGISTICS

Michelin applies multiple levers to reduce

its carbon footprint for transporting semi-

finished and finished products

ENERGY

RECOVERY

MATERIALS

RECYCLINGLehigh Technologies, a Michelin company,

produces high-performance materials from end-of-

life tires and other post-industrial rubber.

MANUFACTURINGMichelin strives to continuously reduce the

environmental impact of manufacturing

through its environmental management

system and performance targets.

END OF LIFEMichelin actively supports resource

recovery and recycling systems for end-

of-life tires with its stakeholders and

industry partners around the world.

Focus on life cycle impact

Actions throughout the entire life cycle of our offers

April 9 & 10, 2020 – ESG Presentation26

Focus on life cycle impact – Raw materials

RAW MATERIALS

Biodiversity

commitments

Development of

recyclable materials

Renewable materials

projects

BioButterfly

BioImpulse

Natural rubber

…

Sustainable materials

Michelin aims to use more sustainable materials: those coming from renewable resources* or

recycled feedstock**, including end of life tires. Our short term target is to reach 30% by 2020.

We are currently building our long-term road map for increasing amounts of sustainable

materials over time.


Focus on life cycle impact - Manufacturing

Coal exit strategy

Renewable energy

purchasing ramp-up

Recycle energy

Action plan under

validation by Science

Based Targets initiative

…

MANUFACTURING

Carbon footprint

Our ambition is to achieve a 50% reduction of CO2 emissions by 2050 in line with a 2°C climate

change scenario (base year 2010). We are currently revising our 2050 target in response to the

urgent need to halt global warming. CO2 emissions were reduced by close to 25% in absolute

value from 2010 to 2019.


Focus on life cycle impact - Manufacturing

Coal exit strategy

Renewable energy

purchasing ramp-up

Recycle energy

Action plan under



Biodiversity

commitments

…

MANUFACTURING

Michelin Environmental Footprint (MEF)

The MEF is an overall indicator of our most material environmental impacts represented by 6

components measured against tire production volume. In 2005 the MEF was set at 100. Since

then, Michelin has reduced its environmental footprint by 51.2%, already surpassing the initial

2020 target of a 50% reduction. We have set a more ambitious 2020 target of -52% or MEF=48


Focus on life cycle impact - Logistics

LOGISTICS

Carbon footprint

Our ambition is to achieve a 10% reduction of CO2 emissions per metric ton of tires sold by

2020 (base 2010). By end 2019, this goal was met CO2 emissions were reduced by 10.27%.


Focus on life cycle impact - Use of products

USE OF PRODUCTS

AND SERVICES

Tire performances

Services & Solutions

Hydrogen fuel cell

development

Action plan under



Creation and participation

in mobility ecosystem

Uptis & Vision projects

…

Reduce rolling

resistance

Long lasting

performance

Lighter tires

Product performance

We have improved the sustainability performance of our tires by 9.9% since 2010, as

measured by energy efficiency (reducing rolling resistance), safety (improving dry and wet

grip), road noise (reducing the noise generated by contact with the road), longevity (improving

tire wear resistance and robustness) and resource use (reducing the mass of tires). Our target

is a 10% improvement by 2020.

April 9 & 10, 2020 – ESG Presentation

* Source: Deloitte TIP 2019

31

Focus on life cycle impact – End of life

Collective approach:

collect and recover tires

Individual approach :

TIP

Regional associations

ELT companies

END OF LIFE

Recycle tires: Lehigh

Technologies

Use tires into tires:

pyrolysis R&D project,

Lehigh Technologies

Recovery rate

Michelin contributes to the collection and recovery of tires at the end of their life, in cooperation

with competitors and local stakeholders.

Michelin has the will to do everything in its power with external partners to ensure that 100% of

end-of-life tires are recovered by 2050+ .

Worldwide recovery rate of end-of-life tires *

Biodiversity

commitments

Renewable

materials projects

Vision project

….


Focus on circular economy

Tire performances

Services & Solutions

Hydrogen fuel cell development

Uptis & Vision projects

Coal exit strategy

Renewable energy purchasing

ramp-up

Global engagement & partnership

(SBTi, Movin’On…)

Biodiversity commitments

Less transport, better transport

and transport in a different way

…

BioButterfly

BioImpulse

Natural rubber

Recycle energy

Collective approach:

collect and recover

tires

Individual approach :

Vision project

…

TIP

Regional associations

ELT companies

Recycle tires: Lehigh

Technologies

Use tires into tires:

pyrolysis R&D project,

Lehigh Technologies

Repair, regroove

and retread tires

Vision project

…

https://www.youtube.com/watch?v=8NnGGTwMgfc&feature=emb_logo

ESG

presentation

April 09 & 10, 2020

Employees’ well-being and development

April 9 & 10, 2020 – ESG presentation 34

« Moving Forward Together » study

74 7780 80 80 81 85

2014 2015 2016 2017 2018 2019 Cible 2020

● Listen to employees: implementation of an annual engagement study in 2013

● 2020 ambition : reach and maintain an 85% employees’ engagement rate

● 2019 response rate to the study : 87% of the employees

● Evolution of the employees’ engagement rate:


* Manufacture Française des Pneumatiques Michelin

35

MFPM* rated 93/100 on the gender equality index

● Creation of a gender equality index by the French State Secretariat for Gender Equality and the French

Ministry of labor in 2018.

● MFPM obtains the maximum score on almost all 5 measurement indicators :

Max MFPM

Pay gap between women and men 40Gap

Rating

1.1%

38

Difference in the rate of individual salary increases (excluding

promotions) between women and men20

Variance

Rating

0.5%

20

Promotion rate gap between women and men 15Gap

Rating

3.2%

15

Number of employees of the gender underrepresented among the

ten employees who received the highest remuneration10

Number

Rating

3

5

Rate of female employees having benefited from a salary increase

in the year following their return from maternity leave15

Rate

Résultat

100%

15

Result 100 Base 100 93/100


* “Ambitions 2020” scope of reporting excluding the dealership networks and recently acquired companies and representing 93,807 employees.

36

Michelin’s employees training

4.6 million training hours in 2019, representing:

● 2.9 % of total working hours

● 49 training hours per employee per year

● 98% of employees trained*


Human Rights : identify and prevent risks

● A human rights governance at the highest level of the company

● An annual action plan

● Human rights impact assessments made in 6 countries

● 9 human rights risks identified in our Duty of Care plan 2019

● A human rights guide in preparation

● CSR risk in supply-chain integrated in 2019/2020 in internal control procedures


Participating in local community life through our employees

of volunteer work by

employees in 2019

to or invested in outreach initiatives in

the communities around the Group’s

plants and offices in 2019

education, local employment, diversity, health, road safety, environment…


Michelin makes a positive contribution towards Safe Mobility

● Each year, Michelin invests around €5 million in support of Safe Mobility through

forming global strategic partnerships

Parternships Actions

UNRSC

https://www.who.int/roadsafety/en/


Creating local jobs and businesses with Michelin

Development

● Since 1990, more than 38,000 jobs (27,000 in France)

● In France, Spain, Italy, the United Kingdom, Canada and the United States

● 2 supportive actions for SMEs:

– provides local companies with expertise and technical support in a wide variety of areas

– provides funding in the form of subsidies or five-year, low-interest, collateral-free loans,

designed to create a dynamic process of local job creation

● In France:

– 27,000 jobs created since 1990

– In 2019: 170 agreements signed to support 1,346 jobs in local companies, backed by

around €4.2 million


Since Dundee, a new 3 level approach

ESIC

ATP

RevitalisationRecreate jobs on the

territory

A professional project for

each Mi staff member

Stimulate future regional

economic growth

Economic, Social and Innovation Center

Professional Transition Workshops

MSIP | Creating a new future for people, place and planet Michelin Scotland Innovation Parc (MSIP): Creating a new future for people, place and planet.

MSIP is an ambitious joint venture between Dundee City Council, Michelin, and Scottish

Enterprise.

www.msipdundee.com

● Creation : 2014 January, under the sign of «Helping people move forward »

● Vocation : bear general interest projects in the long term in every country where the Group

is implanted, in five fields:

‒ Sustainable mobility,

‒ Sport and health,

‒ Education and the community,

‒ Protecting the environment,

‒ Heritage and the arts

● 113 projects have been backed by the Foundation in 2018 with a total budget of €16.5 M€

– Global Road Safety Partnership

– „„Croix-Rouge française

– Médecins du Monde

– Maison de la vie


Michelin Corporate Foundation

– WWF

– Yellowstone Park Foundation

– …..


● CSR assessments of suppliers:

‒ 715 suppliers assessed in 2019 (EcoVadis desktop assessment)

‒ 84% obtained a satisfactory score

‒ About 90% of Raw material spend from suppliers operating in countries at risk of human

rights are being assessed

● Mandatory training « Responsible Purchasing » for every member of

the Purchasing department

● Purchasing Principles translated in 14 languages, included in all

contracts with suppliers

● CSR criteria integrated in internal audits of suppliers

● Distinctions:

– Responsible Supplier Relations and Procurement Label : obtained again in 2019

– Certification of alignment with ISO 20400 sustainable purchasing standard

– Score of 80/100 for “responsible purchasing” by Michelin EcoVadis assessment

Supplier assessment and promotion of good practices in

the supply chain


Michelin is committed to help natural rubber supply chain

be transparent

Civil society and clients requires a clean and transparent Natural Rubber

supply chain

Michelin, as a corporate social responsible company, is committed to

zero deforestation and a supply chain without human and labor

rights violation

Michelin wishes to purchase from trustworthy sources → Improve

Supply chain transparency

Natural Rubber supply chain is highly complex, uncharted and not fully

transparent (~6M farmers, ~100 000 dealers, over 500 NR processors in tropical countries)


Natural rubber’s essential role for sustainable mobility

● Reforestation of 88,000 hectares (o/w ~ 45,000 with hevea’s tree) in Indonesia through a joint

venture with Barito Pacific Group. This project had led to the creation of some 4,500 jobs by

end-2019

● Ouro Verde Bahia, Michelin Ecological Reserve in Brazil: a nature reserve, a research center

on rubber plant varieties and a pilot project to improve living conditions for small growers

● Projects and initiatives in support of responsible natural rubber farming led by the Group or its

joint ventures to address a broad range of sustainable natural rubber production issues

● GPSNR: A Global Platform for Sustainable Natural Rubber, launched in

Singapore in October 2018

─ Project was impelled by the Tire Industry Project (TIP), which brings together Michelin and ten other

tire manufacturers under the auspices of the World Business Council for Sustainable Development

(WBCSD)

─ All the stakeholders in the natural rubber value chain were gathered for the occasion

─ The ambition is to improve the environmental and socio-economic performance of the natural rubber

industry


Rubberway: CSR risk assessment via smartphone

Factories

Intermediaries

Smallholders / Farmers

Estates / plantations >50 Ha

Comprehensive supply chain questionnaires

User friendly data collection

Automatic data compilation on web-based dashboard

Interactive map

Thai English Brazilian (Portuguese) FrenchBahasa Indonesia

ESG

presentation

April 09 & 10, 2020

Governance& Say on Pay

48

A solid governance - characteristics of a partnership limited

by shares

Michelin’s governance is robust, stable, and focused on the long-term responsibility of senior

executives. Operating as a partnership limited by shares, as defined by law, regulations and

the Bylaws, offers the Company a number of key advantages

● Meets the fundamental principle of a clear segregation of management and supervisory powers

● Offers shareholders a rarely found level of assurance that the Group is run in their medium- to

long-term interests, particularly during times of volatile markets or economic crisis. The

General Partners have unlimited personal liability for the debts incurred by Michelin

● Fosters direct and transparent ties with shareholders


A solid governance - structure of the Partnership limited by shares

Managers

• Florent Menegaux – Managing Chairman and General Partner

• Yves Chapot – General Manager

Statutory

AuditorsSupervisory Board

Compensation

and

Appointments

Committee

Audit Committee

● Unlimited joint and personal liability for the Company's debts

● Say on pay resolutions are subject to their approval (Ordinary

general meeting) as well as extraordinary resolutions

“Profit shares” allocated under the Bylaws Share of profits in the form of a dividend

● Liability limited to the amount of their investment

● Ultimate decision-making power in the event of a

disagreement between the General Partners and

the Limited Partners

Approve the appointment

of the Managers

Elect the members of the

Supervisory Board

Adopt the financial

statements approved by

Management

Appoint the Statutory

Auditors

Exercises permanent oversight of the Company’s management

and reviews the financial statements approved by Management

Reviews strategic roadmaps and advises without intervening in

management

Ensures that shareholders’ rights are respectedAdminister and manage the Company

Term:

4 years

• 9 members of which 1 Lead independent member

Term:

4 years

Compensation for serving on the Supervisory Board

(previously referred to as « attendance fees »)

SAGES - Société Auxiliaire de Gestion

General Partners Limited Partners

ShareholdersFlorent Menegaux

49 April 9 & 10, 2020 – ESG Presentation

─ Guarantees permanence and is responsible of ensuring Company’s continuity

of leadership in the position of CGEM’s manager were to fall vacant

─ In association with the Supervisory Board, ensures management continuity

through the implementation of a succession plan

─ Recommends candidates for election as Manager of CGEM at the

Shareholders Meetings, and, as applicable, submits recommendations to the

Supervisory Board for the re-election of Managers or their removal from office

50

A solid governance - the General Partners, a complementary role

A long-term Commitment

Chairman : Mr. Jacques de Chateauvieux

Shareholders: members of the founding family, current and former Michelin

executives and qualified persons from outside the Group

SAGES - Société Auxiliaire de Gestion

Non-Managing General Partner

Florent Menegaux

Managing General Partner

Unlimited joint and personal liability for the Company's debts


51

The Supervisory Board - 9 members

Independent member

Member of the Compensation

and Appointments Committee

Chairman of the Audit

Committee

Non-independent member

(non-executive)

Independent member Independent member Independent member

Independent member Independent member Independent member

Member of the

Compensation and

Appointments Committee

Chair of the

Compensation and


Senior independent

member

Member of the Audit Committee

Member of the

Audit Committee

Member of the

Audit Committee

Member of the

Audit Committee

Thierry Le Hénaff Cyrille PoughonMonique LerouxAnne-Sophie de la Bigne

Aruna JayanthiBarbara Dalibard Jean-Pierre DuprieuOlivier Bazil

Michel Rollier

Non-independent member (non-executive)

Chairman of the Supervisory Board

Member of the

Audit Committee

Member of the

Compensation and



The Supervisory Board - overview


The Group Management - internal organization


The Group Management - the Executive Committee, 10 members

● The Managers and the Executive Committee of 8 members

Managing Chairman and General partner: Florent Menegaux

General manager and Chief Financial Officer: Yves Chapot

DB1 : Executive Vice President, Automotive, Motorsport, Experiences, and Americas Regions: Scott Clark

DB2 : Executive Vice President, Road Transportation and European Regions: Laurent Bourrut

DB3 : Executive Vice President, Specialties and Africa/India/Middle East, China, East Asia & Australia Regions: Serge Lafon

DB4 : Executive Vice President, Services & Solutions, High Tech Materials: Sonia Artinian-Fredou

Executive Vice President, Manufacturing: Jean-Christophe Guérin

Executive Vice President, Research & Development: Eric Philippe Vinesse

Executive Vice President & Chief HR Officer : Jean-Claude Pats

Executive Vice President, Engagement and Brands: Adeline Challon-Kemoun


55

Say on Pay 2019 - preliminary note on compensation policies

applicable to Management in 2019

Compensation policy for 2020 will be disclosed on the 2019 URD as of April 17, 2020

Press release, April 6, 2020

The health crisis has caused a noticeable slowdown in the activities of the Michelin Group, which has led to some

employees having to undergo partial unemployment measures. In this context, and as a demonstration of solidarity with

the entire employee community, the Managers, the Executive Committee, as well as the Chairman and independent

members of the Supervisory Board are reducing their remuneration.

Florent Menegaux and Yves Chapot, the Managers of the Michelin Group, have expressed their will to give up

part of their 2019 variable compensation paid in 2020, once submitted to the vote of the shareholders at the

Annual general meeting to be held behind closed doors on June 23, 2020.

Apart from these adjustments, there are no changes in the

2019 compensation policy compared to the presentation made

on the 2018 registration document.

As a reminder, the 2019 compensation policy is applied to three

Managers during only part of the year.


Say on Pay 2019 - Florent Menegaux, Managing Chairman,

Managing General Partner

Annual variable compensation

(awarded)

Fixed compensation

(paid and awarded)

Quantifiable and qualitative

criteria:

1. Growth in the Michelin share price vs. CAC 40 (from 0 to 11 %

of Profit Shares)

2. CSR Performance (from 0 to 8 % of Profit Shares)

- MEF

- Employee Engagement

3. Growth in Segment Operating Income(3) (from 0 to 11 % of

Profit Shares)

Fringe Benefits(1) : -

0 of 4 % Profit Shares

€900,000

Annual variable compensation and the Long-term incentive bonus will be deducted from the Profit Shares(2)

Long-term incentive bonus (awarded)

Subject to performance conditions on 3 years

Quantifiable criteria:

1. Level of Consolidated net income

0 of 10 % of Profit Shares

2. Annual growth in Sales

(1) Company car

(2) Based on calculation of Annual variable

compensation and Cash-settled deferred variable

compensation: 0,6 % Group’s consolidated net income

(3) SOI : based on current business scope and

comparable accounting methods, excluding changes in

exchange rates.

-0 to 20 % of Profit Shares

4. Efficiency project SG&A/ gross margin

3. Annual free cash flow (excluding

acquisitions)

1. Digital strategy

2. CSR/Human rights

3. Group transformation support

> Cap : at 2.5x annual fixed compensation of 2019

> Profit Shares payable out of distributable income for 2021 under conditions:

- Approval of the corresponding resolutions by the Annual Shareholders

Meeting called to approve the 2021 financial statements and the

compensation concerned

- Profit Shares payable out of distributable income for 2021

- Subject to the availability and amount of Profit Shares for distribution in

2022 out of 2021 profit, after deducting annual variable compensation due

for 2021

> F. Menegaux will have to invest in Michelin shares 20% of the long-term

incentive bonus received at the end of the three-year period

-0 to 30 % of Profit Shares

6 % of Profit Shares

The following will be applied to each criterion except for the one

concerning net income:

• a trigger point below which no compensation will be due;

• an intermediate tranche between the trigger point and 100% of the objective,

with the compensation prorated to the achievement rate for the objective;

• 100% of the objective, corresponding to the level at which the maximum

compensation for the criterion would be payable.


Say on Pay 2019 - Yves Chapot, General Manager

Quantifiable and qualitative

criteria:

1. Growth in the Michelin share price vs. CAC 40

(from 0 to 35 % of criteria results)

2. CSR Performance (from 0 to 30 % of criteria results)

- MEF

- Employee Engagement

3. Growth in SOI(2) (from 0 to 35 % of criteria results)

€600,000

Quantitative criteria:

1. Growth in SOI(2)

(1) Company car

(2) SOI : based on current business scope and

comparable accounting methods, excluding

changes in exchange rates.

-based on 150% of fixed compensation

2. CSR/Human rights


> Ceiling : 120% of the annual average of the annual variable compensation

paid to Mr. Chapot for 2019, 2020 and 2021

-Based on 100 % of fixed compensation

Maximum 80 % of the base Maximum 20 % of the base



acquisitions)

4. the Efficiency project SG&A /gross margin

Fixed compensation

(paid and awarded)


(awarded)

Long-term incentive bonus (awarded)

Subject to performance conditions on 3 years

57

The following will be applied to each criterion:







1. Digital strategy


Say on Pay 2019 - JD- Senard, Managing Chairman and

General Partner (until May, 17th 2019)

-


-(prorated to the period served in 2019 on a

basis of €1,100,000)

Long-term incentive bonus

-From 0 to 18 % of Profit shares

(prorated to the period served in 2019)

Annual variable compensation and the long-term incentive bonus will be deducted from the Profit Shares(3)

(1) Company car

(2) Based on calculation of Annual variable compensation and

Cash-settled deferred variable compensation : 0,6 % of

Group Consolidated net income

Quantifiable and

qualitative criteria relative to:

From 0 to 4 % of Profit Shares

Quantitative criteria relative to:

1. Level of Consolidated net income

From 0 to 6 % of Profit Shares



acquisitions)

2. CSR/Human rights


8 % of Profit Shares

4. Efficiency project SG&A/Gross margin

Fixed compensation

(paid and awarded)


(awarded)

58

The following will be applied to each criterion except for the one

concerning net income:






1. Digital strategy


59

Say on Pay 2020 - preliminary note on Compensation policies

applicable to Management in 2020

Compensation policy for 2020 will be disclosed on the 2019 URD as of April 17, 2020

Press release, April 6, 2020

The health crisis has caused a noticeable slowdown in the activities of the Michelin Group, which has led to some

employees having to undergo partial unemployment measures. In this context, and as a demonstration of solidarity with

the entire employee community, the Managers, the Executive Committee, as well as the Chairman and independent

members of the Supervisory Board are reducing their remuneration.

Florent Menegaux and Yves Chapot, the Managers of the Michelin Group, have chosen to reduce their

remuneration by around 25% for the months of April and May 2020.

In addition, the members of the Group’s Executive Committee have voluntarily decided to reduce their remuneration by

around 10% during the same period.

Finally, the Chairman of the Michelin Group Supervisory Board, Michel Rollier, and its independent members are joining

this effort by donating 25% of their attendance fees received in 2020 to foundations in their respective countries, which

are part of the fight against Covid-19.

These reductions will be continued as long as Group employees are in partial activity due to the Covid-19 health crisis.


€1,100,000

Multi-Criteria

Annual Variable Annual Fixed

Single-Criterion

Annual Variable

€796,6218% of the Consolidated

Calculation Base**

€965,903For up to 14% of the Consolidated

Calculation Base**

3 quantitative criteria

- Annual growth in sales

volume

- Efficiency project

- Annual free cash flow

excluding acquisitions

4 qualitative criteria

- Digital strategy

- CSR/Environment &

human rights

- Manager transition

- Group organization

€1,362,465Base: €1,800,000***


- Growth in Michelin's share price

compared with that of the CAC40 index

- MEF measurement

- Employee engagement rate

- Growth in consolidated

operating income

*Company car

**Consolidated Calculation Base:

0.6% of the Group’s consolidated net income

***As increased or reduced to reflect the percentage gain or loss in Michelin’s share

price over the three-year period from 2016 to 2018, namely 10.5%

Achievement in 2018:

62.90/100


44.58/50

Fringe benefit*: €8,470

(in €, before payroll and other taxes)

Paid to the General Partners for

the risk incurred by virtue of

their unlimited joint and

personal liability for the

Company's debts

Ceiling: 150% of the average of the Annual

Variable Components paid to Jean-Dominique

Senard for 2016, 2017 and 2018, and amount

of Profit Shares available for distribution after

deducting the Variable Compensation due for

2018Achievement in 2018: 107/150,

or 87.80% of Annual Fixed Compensation

Long-term incentive

Performance conditions over 3 years

Fixed

26%

LTI

32%

Multi-Criteria

23%

Single-Criterion

19%

LTI due LTI awarded

-Base: €1,080,000

The Variable Components and the Long-term incentive are paid out of the Profit Shares allocated to the General Partners under the Bylaws,

capped at 0.6% of the Group’s consolidated net income and approved at the Annual Shareholders Meeting as part of the appropriation

of net income

Say on Pay 2018 - 2018 compensation (cash-settled and fringe benefits)

Jean-Dominique Senard, Managing Chairman (until May 17, 2019)


€554,672Base: €900,000

(Prorated to reflect the period served in 2018)

Multi-Criteria

Annual Variable Annual Fixed

Single-Criterion

Annual Variable

€312,3745% of the Consolidated

Calculation Base**(Prorated to reflect the period served in 2018)

€356,106For up to 8.50% of the Consolidated

Calculation Base**(Prorated to reflect the period served in 2018)


- Annual growth in sales

volume

- Efficiency project

- Annual free cash flow

excluding acquisitions


- Digital strategy

- CSR/Environment &

human rights

- Manager transition

- Group organization


62.90/100


44.58/50

Fringe benefit*: €5,392 The Variable Components of compensation are paid out of the Profit Shares

Paid to the General Partners for

the risk incurred by virtue of

their unlimited joint and

personal liability for the

Company's debts

Multi-Criteria

Achievement in 2018: 107/150,


*Company car

**Consolidated Calculation Base:

0.6% of the Group’s consolidated net income

Long-term incentive


LTI due LTI awarded

-Base: €720,000

-


Variable Components paid to Florent

Menegaux for 2018, 2019 and 2020, and

amount of Profit Shares available for

distribution after deducting the Variable

Compensation due for 2020

Fixed

45%

Multi-Criteria

29%

Single-Criterion

26%




- MEF measurement



operating income


Florent Menegaux, Managing General Partner(in €, before payroll and other taxes)


€372,808Base: €600,000

(Prorated to reflect the period served in 2018)

Multi-Criteria

Annual VariableAnnual Fixed

€263,763Maximum of 120% of fixed compensation(Prorated to reflect the period served in 2018)



operating income from

recurring activities

- Level of consolidated

inventories of finished and

semi-finished products

- Level of Automotive segment

tire sales volume


- Organizational transition

- Customer Service initiative/

Net Promoter Score


Yves Chapot, General Manager

*Company car

**Liability recognized for the LTI: €94,200


37.61/70


20.78/30

Fringe benefit*: €4,352

(in €, before payroll and other taxes)

Achievement in 2018: 58.39/100,


Long-term incentive


LTI due LTI awarded

-Base: €600,000

-

Fixed

59%

Multi-Criteria

41%


Variable Components paid to Yves Chapot

for 2018, 2019 and 2020




- MEF measurement


- Growth in consolidated operating income


Say on Pay 2018 - 2018 compensation (entitlement to additional benefits and other

advantages)

Jean-Dominique Senard, Managing Chairman

Florent Menegaux, Managing General Partner

Yves Chapot, General Manager

● Compensation for loss of office as a result of a change of strategy or a change of control,

subject to performance conditions decided by the Supervisory Board

● Non-compete indemnity

● No other benefits

● No stock options

● No performance shares

● No attendance fees

No additional benefits were paid in 2018


Say on Pay 2018 - 2018 compensation (supplementary pension benefits)

=> Applicable to all senior executives of the two main French companies who have served for

at least five years as a senior executive

1.5% of benefits vest each year, entitling participants to an

annuity representing a replacement rate of up to 15% of the

reference compensation

The replacement rate, including entitlements under compulsory

plans, is capped at 35%, which is well below the 45% ceiling for

fixed and variable compensation recommended in the

AFEP/MEDEF Code

Payment of a gross annual maximum annuity after 10 years of

service, conditional on participants ending their career with the

company

Estimated amount of annual income at

December 31, 2018

Mr. Senard, Managing Chairman €165,000

Mr. Menegaux, Managing General Partner €135,000

Mr. Chapot, General Manager €110,544

Mr. Senard, Managing Chairman

Mr. Menegaux, Managing General Partner

Mr. Chapot, General Manager


Attendance fees for 2018

€90,000

Individual attendance rate in 2018

100%

60% of the fee is tied to his attendance rate at

meetings of the Board and its Committees

Say on Pay 2018 - 2018 compensation

Michel Rollier, Chairman of the Supervisory Board

● No compensation is awarded to Michel Rollier aside from attendance fees, consistent

with the policy applied for the top executives of other CAC 40 companies

● Most of the fee is contingent on his attendance rate at meetings of the Supervisory Board

and the Committee of which he is a member


ESG

presentation

April 09 & 10, 2020

Appendices

XXXX67

Our growth and value creation model


Materiality matrix has revealed a general convergence among external stakeholders

and Michelin employees concerning the relative importance of the various social

responsibility issues

Our Commitments to Sustainable Development and Mobility

1 Transparency

2 Staff commitment to Sustainable Development

3 Commitment to accessible, clean, sustainable and responsible mobility

4 Sustainable, responsible governance

Ethics and compliance

5 The safety of users of Michelin products and services

6 High-performance, competitive, responsible products and services

7 Business ethics

8 Responsible purchasing

Human rights

9 Respecting human rights and duty of care

10 Diversity of teams

11 Staff development

12 Contribution to the development of local communities

13 Impact on local communities

14 Reasoned/balanced development in emerging countries

15 Dialogue with stakeholders

Employee health and safety

16 Health and well-being of staff

17 Impact of digital technologies on our working methods

Environment

18 Environment (as a Group performance indicator)

19 Energy transition and carbon reduction

20 Eco-design of our products and services

21 Sustainable, responsible operations

4

7

1

2

10

12

15

189

5

3

62119

8

16

11

14

13

20

6,5

7,0

7,5

8,0

8,5

9,0

9,5

10,0

6,5 7,0 7,5 8,0 8,5 9,0 9,5 10,0

Imp

ort

ance

fo

r e

xte

rnal

stak

eh

old

ers

Importance for internal stakeholders

Less important Important Priority

Prio

rityIm

po

rtant

Less

imp

ortan

t


Michelin, an unifying body of the Global sustainable mobility

● Some initiatives to decarbonize the transport sector:

Movin’On Summit: an ecosystem initiated by Michelin, which aims at

identifying practical solutions in order to meet major mobility challenges.

Michelin, co-founder of Paris Process on Mobility & Climate : creation of a

global macroeconomic roadmap to handle the transport sector transformation

into a « zero-emission » economy.

In 2019 October, the Global Roadmap of Action towards Sustainable Mobility

(GRA) is launched by SuM4All (group initiated by the World Bank)

Florent Menegaux : “The GRA is the first actionable toolbox for public decision makers, designed to help them identify policy measures that best apply to their

own country’s needs. As a member of the Sum For All steering committee, Michelin is proud to support the GRA, by bringing the business perspective, and

funding - through the Michelin Corporate Foundation - a GRA-based digital tool, designed to help countries take appropriate actions.”


Michelin « Supporter » of Task Force on Climate-related

Financial Disclosure

● Since 2018, the Group has applied the recommendations issued by the TCFD

organization operating under the aegis of the G20 Financial Stability Board

● A summary of Michelin’s answers is published in the Registration Document (cf.

chapter 4 of Michelin – 2019 Universal Registration Document). They relate to:

– Governance (Roles, responsibilities and control)

– Strategy (Time horizons, Main risks and opportunities, Climate scenarios used)

– Risks and opportunities (Identifying, assessing and managing risks and opportunities)

– Metrics and targets

● Further information may be found in the public answers to the CDP Climate

Change 2019 questionnaire (see https://www.cdp.net/en/responses)


Michelin is involved in TIP Tire Industry Project, a WBCSD

Sector Project

● Since 2005, TIP drives research on potential human health

and environmental impacts of tires throughout their lifecycle.

● TIP is a global CEO-led initiative undertaken by leading tire

manufacturing companies.

● Together, TIP member companies work towards solutions for

a sustainable future on topics including end-of-life tire

management, tire and road wear particles, and sustainable

natural rubber.

April 9 & 10, 2020 - ESG Presentation73

What are TRWP (Tyre and Road wear Particles) ?

● Tire and Road Wear Particles (TRWPs) are tiny debris produced by the friction

between tires and the road, ensuring grip and safety on the road

● These particles are a mixture of rubber and minerals coming from the road

● They have specific characteristics and behaviors ‒ High density: 1.8

‒ Big Diameter: average size 100 mm

‒ High degradability rate

● Scientific studies available to date have not identified risks related to TRWP on human

health and fauna/flora in fresh aquatic water

● Scientific studies made to date at the request of TIP and ETRMA found that 2 to 5% of

TRWP emitted would reach estuaries and that in the order of 1% of PM10 and PM2.5

present in the air would be issued from TRWP


The Group is strongly engaged on the topic of TRWP working

in 3 different areas

● Proactively with the industry and the TIP (Tyre Industry Project) in order to increase

the scientific knowledge and analysis of potential impacts related to TRWP

(repartition in the different environmental compartments, degradability, composition,

impact analysis, etc…). In parallel, the Group pays very close attention to all related

studies that may serve to enhance and expand current scientific knowledge.

● Alongside the rest of the industry and the European authorities to develop a

standardized test method for measuring tire abrasion rate (particulate emissions

in g/100 km).

● With our teams, to continue to develop always more performing tyres, optimizing

the use of materials and limiting the emissions.


Reminder: Scopes 1, 2 and 3

Michelin has established and regularly

updates its greenhouse gas (GHG)

inventory according to the most widely

used international accounting tool

known as the Greenhouse Gas

Protocol

(http://ghgprotocol.org/).

The inventory covers Michelin’s own

operations (Scopes 1 & 2) and the

relevant activities in its upstream and

downstream value chain (Scope 3).*

Michelin’s carbon footprint is the sum

of CO2 emissions in Scopes 1, 2 and

3.

* The inventory boundary is consistent with the scope of Michelin’s

financial reporting.

Scope 2INDIRECT

100% under Michelin

responsibility

Michelin has influence

over these activities

Scope 1DIRECT

Scope 3INDIRECT

Scope 3INDIRECT

1.

purchased

goods and

services

2. capital

goods

3. fuel and

energy

related

activities

4.

transportation

and

distribution

5. waste

generated in

operations

6.

business

travel

7. employee

commuting

8. leased assets

purchased electricity, steam,

heating & cooling for own

use

company

vehicles

company

facilities

Upstream activities Reporting company Downstream activities

9.

transportation

and distribution

10. processing

of

sold products

11. use of

sold

products12. end-of-life

treatment of

sold products

13. leased

assets

14.

franchises

15.

investments


Analyzing tire life cycles to help protect biodiversity

https://www.youtube.com/watch?v=PEIlZMcrzFc&feature=youtu.be&_sm_au_=iVV121QZHW7J6mM3KW7GvKHfWG476


Biosourced materials: with its unique expertise in materials and its culture of

innovation, Michelin is breaking new ground with BioButterfly and BioImpulse

Construction of France’s first demonstrator unit capable of producing

butadiene using biosourced ethanol

Project in partnership with IFP Energies Nouvelles and Axens

With support from ADEME*

Creation of a new adhesive resin without any Substances of Very High

Concern (SVHC)

Collaborative project coordinated by Michelin

through ResiCare, that brings together France’s FCBA**, INRA**, INSA** and Leaf, a business unit of Lesaffre.

With support from ADEME*


The BioImpulse project is giving new impetus

to the use of biotechnology in materials

● Coordinated by Michelin through its ResiCare entity, the project aims to replace Substances of

Very High Concern (SVHCs) in resins

Development and scale-up to

mass production

of a biosourced molecule

● The high-potential worldwide market targeted by the substance replacement project is

concentrated in the automotive and construction industries

years of

project work

Budget in M€

Partners

Incremental investments through

modularization and ramp-up of

processes

Design and development of a

range of non-toxic glues and

resins

Wood Insulation Tires Molding

compoundsLaminates


Michelin, IFP Energies nouvelles, and Axens give a new

dimension to the BioButterfly project

Tonnes / year of

production

capacity

Budget in €M

between

2012 and 2022

Partners

● The construction of France's first industrial demonstrator capable of producing butadiene from

ethanol, aims to replace the oil-based raw materials used in the company's tires with bio-

sourced molecules

*

* 2nd generation, non-competing with

food) made from forest or agricultural

residues (straw, woodchips, etc.)


2017: Lehigh Technologies acquisition

2018: A new plant in Europe

● Lehigh Technologies MRP

(micronized rubber powder) for

areas inside and outside of

Michelin’s applications – high

technology materials

● Research and Development to

find innovative solutions in the

form of new products, such as

roads (rubber asphalt)

● Lehigh Technologies won the

Innovation Award from the ICIS*

2018

*ICIS is the world’s largest provider of market intelligence in the fields of petrochemical, energy and fertilizer industries.


Innovation leader with Uptis: the airless concept, an

essential step towards more sustainable mobility

- From ambition to action -

Benefits for car

owner

Benefits for fleet

owners and

profesionnals

Benefits for all

More serenity during

the journeys

Material savings and

waste reduction

Co-developed

with General Motors

(Connected, Autonomous,

Shared, Electric)

Productivity optimisation


Uptis airless concept, a major advancement toward achieving

Michelin’s VISION concept, illustration of the mobility in the future

Connected

3D-printed rechargeable

Renewable

& bio-sourced materials

Airless


Ever more sustainable offers for more value with less impact

TIRES

PROVIDING LONG LASTING PERFORMANCE

MORE FUEL EFFICIENT

INVOICING PER KILOMETER TRAVELED, PER TONNE

TRANSPORTED, PER LANDING.

FULL PRODUCT LIFECYCLE MANAGEMENT

LIGHTER

SERVICES NEW PLAYGROUNDS (4R)


● By offering customers tires that deliver high performance until 1.6mm wear indicators appear

Michelin is improving consumer

purchasing power

by increasing

the time

between tire

changes

by improving, with

worn tires, the fuel

efficiency*

Michelin is improving the tire

industry’s environmental

footprint

by avoiding raw

material waste

by reducing

carbon

emissions

The European

Parliament

approves worn tire

testing

In Europe, long-lasting

performance will be a

prerequisite for every

tire

● Michelin’s approach is supported by:

‒ The automotive industry

‒ The European Parliament

20192024-2026

* Up to a 20% reduction in rolling resistance

Recognition for the economic and environmental benefits of

Michelin tires’ long-lasting performance


Tire design: a matter of choice

Technologies are available for a long lasting performance tire:


Michelin Tires : Performance over the time in every conditions

Tier 1 market portfolio by range (in %)** Performance of the MICHELIN Pilot Sport 4 SUV

tire compared with competitors

17% 14% 9%Green RR and

A-Wet portfolio*

1st

Top 6 competitors

average 6th

27%

*Range whose rolling resistance (RR) rating is A, B or C

and wet grip (WG) rating is A

**Source: Lizéo, May 2019 50

60

70

80

90

100Dry Braking

Wet Brakingnew

Wet Brakingworn

Longevity

Rollingresistance kg/T

Dry Lap time

MICHELIN Pilot Sport 4 SUVEU market averageLeading competitor in Europe


Michelin is meeting the EV chalenge

Ho• Renault Zoé – MICHELIN Energy E-V

• Tesla, en position de leader – MICHELIN Pilot Sport

• Renault Kangoo Z.E. et Z.E.H2 – MICHELIN Energy Saver

• GM Bolt / Volt

• Peugeot e-2008 – MICHELIN Primacy 4

• Mercedes EQC – MICHELIN Pilot Sport 4 SUV…

Consumer and commercial

EVsAsia

• Certified by a large number

of Chinese OEMs*

• Partnership with Hyundai for

its EV line

Ho• Formula E –

MICHELIN Pilot

Sport

Racing

* Xiaopeng, WM Motors, Human Horizons,Iconiq, SAIC, BAIC, Guangzhou Autos, FAW

Increasing rangethe major challenge for EVs

Supporting heavy

batteries

Reducing cockpit

noise

Coping with torque

By reducing rolling resistance, with the right

materials, and aerodynamic drag, with the

right tire design (Slimline)

By designing tires capable of both carrying

heavier loads and reducing rolling

resistance

By using Michelin Acoustic Technology and

adjusting tread design

By improving tread rigidity and contact patch

friction


Services & Solutions’ functional economy and pay-per-use

approach: a virtuous model

A global footprint

Connected

services

vehicles under contract

For the transportation industry and beyond

Infrastructure Insurance

* Including Truck and Mining tire maintenance

Monetization of

data analyses

Predictive

maintenance

Usage-based

billing*

SASCAR_Institucional Inglês.mp4

NexTraq_Overview_MASTER_No_Sound_LOOPABLE.mp4


2 questions about Hydrogen

● storing intermittent energies (wind,

solar…) electricity production surplus,

through electrolysis

● helping decarbonize transportation.

Hydrogen vehicles only reject water

Water electrolysis

From fossil

sources

Hydrogen mobility is the unique

solution to meet the three

challenges simultaneously :

pollution, greenhouse gases

and energy transition

● H2O & ElectricityH2

ZERO CO2 EMISSION

* To day more than 90% of the global H2 production is from Hydorcarbon

Steam reforming*H2● Hydrocarbon


3 questions about fuell cells

+ +

Electric transmission

Stack

Air system

Cooling system

+ transformer and controller

April 9 & 10, 2020 - ESG Presentation

* Estimation Michelin

91

500 km

257 km

90 km

500 km

Fill-up of hydrogen Autonomy

X2-X33min

Michelin has decided to target first

professionnal markets before

approaching passenger cars.

● A fuell cell car will be able to cover longer

distances and offer constant availabilty for a

lighter and smaller system

The hydrogen mobility, which growth perspectives are significant, a solution

particularly adapted to the professionnal needs

● 2030 market *

2million

vehicles

‒ 80% light vehicles(commercial and particular)

‒ 20% trucks and bus


Michelin has for ambition to become a world leader of hydrogen

systems

● With its expertise in the hydrogen fuel cell, notably with Symbio, Michelin is accelerating the

deployment of zero-emission mobility:

‒ by partnering with Faurecia to create a leading hydrogen fuel cell system

‒ by participating in the Zero Emission Valley project (Hympulsion) in France, involving public-private

partners

‒ by being a key stakeholder playing as a trusted third party in hydrogen mobility (Hydrogen Europe,

Hydrogen Council, MOVIN’ON…)

employees in 2020 will be engaged by

Michelin and Faurecia

industrial sites

eventually: Europe,

Asia and USA

÷the price of a battery &

components in the future,

(due to growing demand)

2030 perspectives

of market shares

of sales


Disclaimer

"This presentation is not an offer to purchase or a solicitation to recommend the purchase

of Michelin shares. To obtain more detailed information on Michelin, please consult the

documents filed in France with Autorité des marchés financiers, which are also available

from the http://www.michelin.com/eng/ website.

This presentation may contain a number of forward-looking statements. Although the

Company believes that these statements are based on reasonable assumptions as at the

time of publishing this document, they are by nature subject to risks and contingencies

liable to translate into a difference between actual data and the forecasts made or inferred

by these statements."


Contacts

Investor Relations :

Edouard de Peufeilhoux

Humbert de Feydeau

Pierre Hassaïri

Sustainable Development and Mobility

Nicolas Beaumont

Sophie Perrier

+33 (0) 4 63 21 56 90

27, cours de l’île Seguin

92100 Boulogne-Billancourt - France

[email protected]

ESG PRESENTATION - Michelin

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