Michelin: Implementation of a partial share buyback management agreement

PRESS RELEASEClermont-Ferrand, January 7, 2020

COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN

Implementation of a partial share buyback management agreement

Compagnie Générale des Établissements Michelin has called on the assistance of an Investment Services Provider for the implementation of its Share Buyback Program as authorized by the Annual Shareholders Meeting of May 17, 2019.

Under the terms of the Agreement signed on January 7, 2020, the parties agree that the Investment Services Provider will sell a certain number of Compagnie Générale des Établissements Michelin shares, representing a maximum of €100,000,000, to Compagnie Générale des Établissements Michelin, which undertakes to buy them, between January 8, 2020 and November 19, 2020, at an average price to be determined objectively and independently by the market over the duration of the Agreement, less a guaranteed discount. The price may not exceed the maximum purchase price approved by the Annual Shareholders Meeting of May 17, 2019 or by the corresponding resolution to be approved by the Annual Shareholders Meeting to be held on May 15, 2020.

All of the shares bought back under the Agreement will be cancelled.

Relations Investisseurs Édouard de Peufeilhoux+33 (0) 4 73 32 74 47+33 (0) 6 89 71 93 73 (mobile)edouard.de-peufeilhoux@michelin.com Humbert de Feydeau+33 (0) 4 73 32 68 39+33 (0) 6 82 22 39 78 (mobile)humbert.de-feydeau@michelin.com Pierre Hassaïri +33 (0) 4 73 32 95 27+33 (0) 6 84 32 90 81 (mobile)pierre.hassairi@michelin.com

Relations Presse Corinne Meutey +33 (0) 1 78 76 45 27 +33 (0) 6 08 00 13 85 (mobile) corinne.meutey@michelin.com Actionnaires individuels Clémence Rodriguez +33 (0) 4 73 98 59 25clemence.daturi-rodriguez@michelin.com Isabelle Maizaud-Aucouturier +33 (0) 4 73 98 59 27isabelle.maizaud-aucouturier@michelin.com

DISCLAIMER

This press release is not an offer to purchase or a solicitation to recommend the purchase of Michelin shares. To obtain more detailed information on Michelin, please consult the documents filed in France with Autorité des Marchés Financiers, which are also available from the www.michelin.com/eng website.

This press release may contain a number of forward-looking statements. Although the Company believes that these statements are based on reasonable assumptions as at the time of publishing this document, they are by nature subject to risks and contingencies liable to translate into a difference between actual data and the forecasts made or inferred by these statements.

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