07 Annual Shareholders Meeting of May 16, 2025 Report of the Managing Chairman and proposed resolutions The objectives of the share buyback program are as follows: n to purchase shares for sale or allocation to employees of Group companies in accordance with the conditions set down by law, including (i) on exercise of stock options, (ii) under performance share plans and (iii) by way of transfer and/or employer matching contributions, directly or indirectly, in connection with employee rights issues; n to maintain a liquid market for the Company’s shares through a liquidity contract with an independent investment services provider, using the market practices authorized by the AMF on June 22, 2021; n to purchase shares for allocation on exercise of rights attached to securities redeemable, convertible, exchangeable or otherwise exercisable for shares of the Company; n to purchase shares to be held and subsequently sold, exchanged or otherwise transferred in connection with external growth transactions. The maximum number of shares purchased for the purpose of being held and subsequently sold or exchanged in connection with a merger, de-merger or asset contribution shall not exceed 5% (five percent) of the Company’s share capital; n to implement any other market practices that may be authorized in the future; n to acquire shares for cancellation under a shareholderapproved capital reduction. The purchase, sale or transfer of shares may be effected at any time, except during a public offer period, and by any method, on the basis and within the limits prescribed by the laws and regulations in force on the transaction date(s), via regulated markets, multilateral trading facilities, systematic internalizers or over-the-counter, including through (i) block purchases or sales, (ii) public offers of purchase or exchange, (iii) the use of options or other forward financial instruments traded via regulated markets, multilateral trading facilities, systematic internalizers or over-the-counter, or (iv) the allocation of shares on conversion, redemption, exchange or exercise of securities carrying rights to the Company’s shares or by any other means, either directly or via an investment services provider. The entire buyback program may be implemented through a block trade. The Managers, or either of them, shall have full powers – which may be delegated – to (i) place buy and sell orders, (ii) enter into any and all agreements, (iii) make any and all filings, (iv) carry out all other formalities, (v) allocate or reallocate the purchased shares to any of the various purposes of the program and (vi) generally, do everything necessary to carry out the share buyback program. This authorization shall be valid for a period of 18 months from the date of this Meeting. 6th and 7th resolutions - EXPLANATORY STATEMENT n 2025 Compensation Policy for the Managers and the Supervisory Board members The General Partners and the Supervisory Board, based on the recommendation of its Compensation and Appointments Committee, will ask the Annual Shareholders Meeting of May 16, 2025 to approve the 2025 Compensation Policy applicable to (i) the Managers and (ii) the Supervisory Board. The 2025 Compensation Policy is described in the Corporate Governance Report presented in section 2.3 of the 2024 Universal Registration Document. The Compensation Policy applicable to the Managers and the Supervisory Board is determined and revised in accordance with the relevant laws and regulations. Sixth resolution n (Approval of the Compensation Policy applicable to the Managers) Having noted the agreement of the General Partners and considered the report of the Supervisory Board, the Annual Shareholders Meeting, in application of Article L. 22-10-76 II of the French Commercial Code, approves the Compensation Policy applicable to the Managers, as presented in the Corporate Governance Report set out in sections 2.3.1 and 2.3.2 of the Company’s 2024 Universal Registration Document. Seventh resolution n (Approval of the Compensation Policy applicable to members of the Supervisory Board) Having noted the agreement of the General Partners and considered the report of the Supervisory Board, the Annual Shareholders Meeting, in application of Article L. 22-10-76 II of the French Commercial Code, approves the Compensation Policy applicable to the members of the Supervisory Board, as presented in the Corporate Governance Report set out in sections 2.3.1 and 2.3.3 of the Company’s 2024 Universal Registration Document. 495 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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