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Notice of Meeting 2021 Contents 2021 NOTICE OF MEETING Ordinary and Extraordinary Shareholders’ Meeting ALERT In light of the current global public health crisis, the shareholders of Compagnie Générale des Établissements Michelin are hereby informed that the Annual Shareholders Meeting will exceptionally be held behind closed doors and without shareholders in physical attendance, at 9:00 am on Friday, May 21, 2021 at the Company’s headquarters: 23, Place des Carmes-Déchaux, Clermont-Ferrand (Puy-de-Dôme), France. OPT FOR THE E-NOTICE OF MEETING + PRACTICAL + TIME-EFFECTIVE + SECURE + ECO-FRIENDLY Together, we can help reduce paper and ink consumption and save on postage costs. In line with our sustainable development drive, thousands of shareholders have already agreed to receive their Notice of Meeting by email. WE ARE WAITING FOR YOUR AGREEMENT TO SIGN UP FOR THIS SUSTAINABLE APPROACH Connect to your Société Générale Sharinbox account: https://sharinbox.societegenerale.com with your username and password. or To receive your Notice of Meeting by email, simply fill out the slip below and return it to us with the voting form in the enclosed, reply-paid envelope. Société Générale Id: ................................................................................................................................................................................ LAST NAME: ............................................................................................................................................................................................. First name: ................................................................................................................................................................................................. Town/city: ................................................................................................................................................................................................... Postal code: ............................................................................................................................................................................................... Phone: ......................................................................................................................................................................................................... I hereby authorize Compagnie Générale des Établissements Michelin to send my Notice of Meeting and any documents concerning the Annual Shareholders’ Meeting of Compagnie Générale des Établissements Michelin to the following email address: (in CAPITAL) ...............................................................................................@........................................................................... At ....…………………………….............…., Date …..........…………….. Signature Notice of Meeting sent to joint owners of shares Pursuant to the provisions of Article R. 225-68 of the French Commercial Code (Code de commerce), the Notice of Meeting must be sent to all joint owners of our Company’s shares. Please note that since, pursuant to the provisions of Article L. 225-110 of the French Commercial Code, the joint owners are to be represented by a single person, the proxy form and the mail voting form for the Meeting will be sent to the appointed representative of the joint ownership, whose name is carried in our register. 2 MICHELIN NOTICE OF MEETING 2021 CONTENTS AGENDA 4 MESSAGE FROM THE MANAGING CHAIRMAN 6 KEY DATES 7 HOW TO PARTICIPATE IN THE SHAREHOLDERS’ MEETING 8 BUSINESS REVIEW 13 REPORT OF THE MANAGING CHAIRMAN AND PROPOSED RESOLUTIONS 30 REPORT OF THE SUPERVISORY BOARD 41 STATUTORY AUDITORS’ REPORTS 45 FIVE-YEAR FINANCIAL SUMMARY COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN 47 REQUEST FOR ADDITIONAL DOCUMENTS 49 MICHELIN NOTICE OF MEETING 2021 3 AGENDA · (The proposed resolutions are presented on pages 30 to 40). Report of the Managing Chairman Report of the Supervisory Board ORDINARY RESOLUTIONS Report of the Chairman of the Supervisory Board prepared in accordance with Article L. 226-10-1 and L.22-10-78 of the French Commercial Code Statutory Auditors’ reports on the Company financial statements and the consolidated accounts for the year ended December 31, 2020 Statutory Auditors’ special report on the agreements governed by Article L. 226-10 of the French Commercial Code and the Statutory Auditors’ report on the Company’s internal control and risk management procedures Approval of the Company financial statements for the year ended December 31, 2020 Appropriation of net income for the year ended December 31, 2020 and approval of the recommended dividend Approval of the consolidated financial statements for the year ended December 31, 2020 Related-party agreements Authorization for the Managers or any one of them to put in place a share buyback program, except during a public offer period, based on a maximum purchase price per share of €180 Approval of the Compensation Policy applicable to the Managers Approval of the Compensation Policy applicable to members of the Supervisory Board Approval of the disclosures concerning the compensation packages of the corporate officers Approval of the components of the compensation paid or awarded to Florent Menegaux for the year ended December 31, 2020 Approval of the components of the compensation paid or awarded to Yves Chapot for the year ended December 31, 2020 Approval of the components of the compensation paid or awarded to Michel Rollier for the year ended December 31, 2020 Ratification of the appointment of Jean-Michel Severino as a member of the Supervisory Board Election of Wolf-Henning Scheider as a member of the Supervisory Board 4 MICHELIN NOTICE OF MEETING 2021 Agenda Extraordinary resolutions EXTRAORDINARY RESOLUTIONS Special report of the Statutory Auditors Authorization for the Managers or any one of them to reduce the Company’s capital by canceling shares Amendments to the Bylaws concerning the financial rights of the General Partners Amendments to the Bylaws concerning the terms of the General Partners’ compensation Powers to carry out formalities MICHELIN NOTICE OF MEETING 2021 5 MESSAGE FROM THE · MANAGING CHAIRMAN “With your support, Michelin is continuing to grow, extend its leadership and deploy its sustainable growth strategy.” Dear Michelin Shareholder, The Annual Shareholders its expansion in high-tech materials and services & Meeting will take place at solutions. We are also continuing to expand our 9:00 am (CEST) on May 21, 2021 business in new areas of growth, such as metal 3D at the Company’s headquarters printing, hydrogen mobility and, more recently, new in Clermont-Ferrand, France. recycling technologies. In order to protect everyone’s Dear shareholder, I would also like to thank you for health, and in compliance your loyalty and your commitment to our Group. With with government measures to your support, Michelin is continuing to grow, extend its prevent the spread of Covid-19 (Decree n°2021-255 leadership and deploy its sustainable growth strategy. du 9 mars 2021), the Meeting will again be held The Michelin Group is continuing to take all of the behind closed doors. Michelin is inviting you to follow initiatives required to attenuate as much as possible the proceedings live via video conference on the the negative impact of Covid-19 on segment operating dedicated website www.michelin.com, and interact income and free cash flow. It has the financing sources with management during the discussion session. Note and mechanisms in place to deal with the uncertainty that you will have until 3:00 pm (CEST) the day before surrounding the crisis. For this reason, the Group is the Meeting to cast your vote electronically. recommending that you approve a dividend of €2.30 As demonstrated by our 2020 financial results, per share in 2021, compared with €2.00 in 2020, to Michelin has successfully weathered an unprecedented be paid on May 27, 2021. crisis. The Group has protected its employees and You will find in the following pages an explanation of maintained business continuity, while supporting its how to take part in the Annual Shareholders Meeting, host communities as well as its customers, suppliers the agenda of the Meeting and the text of the resolutions and partners. submitted for your approval. Thank you in advance for Once again, I want to emphasize the remarkable taking the time to read this document. commitment of the Michelin teams. We rise the challenge Sincerely yours, together. The Group is pursuing competitiveness programs and continuing to shift its production toward Florent Menegaux premium and specialty tires, while also stepping up Managing Chairman of the Michelin Group 6 MICHELIN NOTICE OF MEETING 2021 KEY DATES · KEY DATES TO SAVE FOR THE SHAREHOLDERS’ MEETING Friday, April 16, 2021 at 9:30 am Opening Société Générale voting site (Voxaly) https://michelin.voteassemblee.com Wednesday, Tuesday, May 18, 2021 May 19, 2021 Deadline for receiving reply Deadline to be recorded envelopes (paper format). in the Company’s share register (as a shareholder). Wednesday, May 19, 2021 Deadline for receiving Thursday, May 20, 2021 written questions. at 3:00 pm Deadline for electronic vote (the voting site will be closed). Friday, May 21, 2021 at 9:00 am General Meeting of the Compagnie Générale des Établissements Michelin, broadcast live on www.michelin.com Thursday, May 27, 2021 Address to send questions Dividend payment. live on the day of the event (from 9 a.m.): [email protected]
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