6 _491 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 6 INVESTOR RELATIONS Additional share information FULFILLMENT OF PERFORMANCE CONDITIONS UNDER THE NOVEMBER 17, 2021 PERFORMANCE SHARE PLAN FOR EMPLOYEES AND THE MANAGERS Criteria Weighting Results Achievement rate 2023 vs. 2020 Share price performance Michelin share price must outperform the Stoxx Europe 600 index by at least 5 points, comparing the average closing price in 2020 and in 2023 Result calculated on a straight-line basis between the threshold of 0 and the targeted 5 points 30% -4.6 points 0% 2021 2022 2023 Average Corporate social responsibility performance Industrial-Michelin Environmental Performance – i-MEP(1) must be below 88 points in 2023 Result calculated on a straight-line basis between the threshold of 92 and the targeted 88 points 20% 92.6 points 88.8 points 83.9 points 20% Change in average employee engagement rate must exceed 1 point a year on a like‑for-like consolidated basis over the 2021‑2023 period Result calculated on a straight-line basis between the threshold of 0.0 and the targeted 1.0 point 20% -2.0 points +2.8 points +1.0 point 0.6 point (1) 11.7% Operating performance Average annual growth in revenue, excluding tires and distribution, must be at least 8% over the 2020‑2021, 20212022 and 2022-2023 periods Result calculated on a straight-line basis between the threshold of 3% and the targeted 8% 15% +7.7% +22.0% 10% 13.2% 15% Total consolidated ROCE (including acquisitions, related goodwill and equity‑accounted companies) must be at least 11% in 2023 Result calculated on a straight-line basis between the threshold of 10% and the targeted 11% 15% 10.3% 10.8% 11.4% 15% TOTAL 62% (1) Calculation based on unrounded figures Given that the performance conditions were partially met, no more than 62% of the performance shares will vest. Note that the vesting period will end in November 2025 (with no lock-up period) for all grantees.
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