Investing in Michelin Today, more than 240,000 individual shareholders have invested in Michelin, becoming part of an extraordinary human, technological and industrial saga and helping to enable sustainable mobility around the world. As Michelin shareholders, they are supporting a manufacturing enterprise focused on all three Profit, People and Planet bottom lines. They are also recognizing the extraordinary capacity for innovation of a more than century-old Group whose technological leadership is esteemed in the marketplace and whose All Sustainable vision is creating more value for everyone. Lastly, they are acclaiming our engaged employees and expressing their confidence in a world-renowned brand that is steadily expanding in promising, diversified end-markets around the world Nurturing trustworthy relationships In 2023, more than 240,000 individual shareholders and over 4,100 institutional investors were following Michelin’s lead. Through its insightful recommendations, the Michelin Shareholders' Committee, comprising three individual shareholders and three employee shareholders, has been steadily enhancing our communications with individual shareholders since 2003. Increasing the payout ratio Michelin is gradually increasing its dividend, so that eventually 50% of net income will be paid out to shareholders, compared with 35% before 2021. As of end-2023, for example, a shareholder who had invested €1,000 in Michelin stock in 2013 and reinvested all the dividends would have an investment worth around €2,260, for a total ten-year return of more than 125%. Michelin regularly carries out share buyback transactions to offset the dilution caused by performance share grants and employee share ownership plans. OWNERSHIP STRUCTURE AND VOTING RIGHTS (at December 31, 2023) Shares held in the same name for at least four years carry double voting rights. Number of shares: 714,958,226 Voting rights outstanding: 990,275,053 MEETING THE HIGHEST STANDARDS OF GOVERNANCE Investor relations Michelin engages closely and attentively with shareholders to share its strategy, sustainable ambitions and innovations. Shareholder communication is designed to nurture a special relationship, anchored in trust, transparency and close interaction. For example, the Group shared its strategy, sustainable vision and innovations with individual shareholders at the Investir Day event in Paris on November 28 and 29, 2023 and later at a conference in Nantes. % of shares outstanding % of voting rights Employee share ownership plan Individual shareholders French institutional investors Non-resident institutional investors 2.1% 2.3% 10.5% 11.9% 20.4% 24.0% 67% 61.8% _50 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN Investor relations
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