3 _77 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 3 CORPORATE GOVERNANCE REPORT Administrative, management and supervisory bodies 3.1.2.2 Biographical details of the Chairman of SAGES at December 31, 2023 The Chairman of SAGES, Vincent Montagne, is its only executive director. His profile is given below. VINCENT MONTAGNE Chairman of Société Auxiliaire de Gestion (SAGES) Nationality: French Born in 1959 Business address: Média-Participations 57 rue Gaston Tessier 75019 Paris France Number of shares held at December 31, 2023: • 36 shares owned directly • 793,200 shares owned by SAGES BIOGRAPHICAL DETAILS – PROFESSIONAL EXPERIENCE Vincent Montagne holds a Master's degree in both Management and International Affairs from Paris Dauphine - PSL University. At the age of 31, he took the helm of the Média-Participations group founded by his father and became its Chairman and Chief Executive Officer. Under his stewardship, the group has become one of France's top publishing houses (and the no. 1 in Belgium) and Europe's leading publisher of comic books. In December 2017, he acquired La Martinière Groupe, including its subsidiary Le Seuil, and in July 2018, La Martinière Groupe was merged into Média-Participations. Convinced that creative content is more important than the medium on which it is presented, he led the transformation of Média-Participations into a multimedia group that is now active in video games, digital and audiovisual media, and a major producer of cartoons. Mr. Montagne has been Chairman of the Syndicat National de l'Edition since June 2012 and a director of Cercle de la Librairie since 2006. He is a descendant of Edouard Michelin, who founded the Michelin Group with his brother André. In 2009, he set up Mage-Invest, a family holding company with 300 family shareholders. He is Chairman of Société Auxiliaire de Gestion (SAGES), Non-Managing General Partner of Compagnie Générale des Établissements Michelin, alongside Florent Menegaux, General Partner and Managing Chairman. 3.1.2.3 Role and responsibilities SAGES is a Non-Managing General Partner of CGEM and has unlimited joint and several liability alongside the Managing General Partner(s) for third party claims arising from the financial consequences of the Managers' management. It initiates the Manager appointment and re-appointment process to ensure the continuity of the Company's management. Solely a decision of the shareholders in an Extraordinary Meeting may relieve a General Partner of their duties, subject to the agreement of the other General Partner. The General Partners may be shareholders but may not take part in any votes to elect Supervisory Board members or appoint Statutory Auditors. As SAGES is not a Manager, it is not authorized to play any part in the Company's management. However, if the position of CGEM's Manager(s) were to fall vacant, SAGES would take on the role of the Manager(s) for an interim period and would be responsible for calling an Extraordinary Shareholders Meeting to elect a new Manager. SAGES is a key player in the Manager succession planning and compensation processes. SAGES plays a key role, alongside the Supervisory Board and its Compensation and Appointments Committee, in the Manager succession planning and compensation processes described in section 3.1.4 below. To enable SAGES to assume its liability as Non-Managing General Partner of CGEM, at least 80% of its distributable earnings (derived mainly from the share of profits paid by CGEM in accordance with CGEM's Bylaws) is allocated to a contingency reserve fund set up purely for the purpose of covering any losses that may result from its liability as CGEM's General Partner or, on an exceptional, interim basis, as Manager. Between 10% and 30% of this reserve fund is invested in CGEM shares. In accordance with its Bylaws: ● SAGES' main corporate documents (annual reports, management reports, Statutory Auditor's reports(1), and proposed resolutions submitted to the partners, which contain information on (i) the terms of office and proposed elections of directors and (ii) the categories and breakdown of assets constituting the contingency reserve referred to above) are sent to Michelin's Managing General Partner; (1) The Statutory Auditor’s report on the annual financial statements is presented in section 5.3.3 of the 2023 Universal Registration Document and available on the Group’s website www.michelin.com. photo Vincent Montagne_NB.jpg
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