Michelin PPT JPMorgan

June 22,
2021
PC/LT: +27% TRUCK: +26% SPECIALITIES*: +8 à +12%
2020 2021 2021 2020 2021 2021 * estimated full-year market growth in 2021
vs 2019 vs 2019
+81 +42
+53 +30 +32
-5 -12 -22 -46 -39 +2 +4 +27 -4 +11 2
-11 -22 -20 -24 -20 +21
Jan Jan Feb Mar Apr May Jan Feb Mar Apr May YTD
YTD
Feb Jan
Feb Mar Apr May
Mar
May
Apr
+90 +57 +86

+40 +48
-1 -4 -24 -51 -43 -5 -7 +28 -7 -5 -6 -19 -46 -35 +6 +11 3
Jan Feb Jan Mar Apr May Jan Feb Jan Feb Mar Apr May YTD
Feb YTD
Mar
Mar
May
Apr Apr
May
Apr
+179 +70 +80

+107
+14 +23 13
-5 -2 -18 -60 -52 +4 -7 +26 1 -3 -3 -8 -27 -37 +6
Jan Feb Jan Mar Apr May YTD Jan Feb Jan Feb Mar Apr May YTD
Feb Mar
Mar Apr
May
Apr May
+182 +272
+24 +51 +28
+9 +51 11
-17 -70 -36 -8 0 -4 -3 +9
-18 -60 -26 +4 -3 -8
May Jan Feb Mar Apr May YTD
Apr Apr May Jan Feb Mar Apr May YTD
Jan Jan
Mar Mar
Feb Feb
Source: Michelin. Tire market data are regularly adjusted and may be updated following their initial publication
* Including Central America for OE
European Automotive Conference - June 22, 2021

Q1 2021 vs. Q1 2020 sales
(in € millions and %)
+8.3%
+45 0 5,769
+402
Non-tire businesses
Price-mix
(0.0%) -321
(+0.9%)
o/w mix +0.6% 5,448
5,327 -5 Currency effect

(-6.0%)
Scope* Volumes
(-0.1%) (+7.5%)
Q1 2020 Q1 2021 Q1 2021

at constant
* Deconsolidation of printing, publishing and marketing of Maps & Guides for France (Michelin Editions) , effective February 1, 2021 exchange rates

(in € millions) Q1 2021 Q1 2020 Change
RS1 sales 2,694 2,597 +3.7%

Volumes +7.8%
RS2 sales 1,388 1,360 +2.1%

+8.1%
Volumes
RS3 sales 1,366 1,370 -0.3%

Volumes +6.2%
TOTAL 5,448 5,327 +2.3%

Volumes +7.5%
● RS1: despite the adverse price impact of indexation clauses, sales rose over the period, lifted by the sharp increase in
volumes and the steady upmarket enhancement in the product mix.
● RS2: sales gains reflected robust volume growth in every Group market, disciplined price management and the Michelin
brand-driven upmarket shift in the product mix.
● RS3: a favorable price effect and strong volume growth offset a negative business mix.

● Michelin has opened up the capital of its subsidiary
Solesis, valued at $475m
Michelin Altaris
● A governance system capable of supporting 49% 51%
Solesis’ rapid expansion in very fast-growing markets
● An R&D agreement between Solesis and Michelin to

develop biocompatible, bioresorbable polymers
IMPACTS FOR MICHELIN
● No cash impact for the Group

● The cash contributed by Altaris will remain with Solesis to
finance its growth
• Impact on 2021 net income estimated at around €130m (below * Altaris Capital Partners, LLC is an investment firm focused exclusively on the healthcare industry. It has significant experience in the life
sciences and medical technology sectors, and a track record of working successfully to grow companies alongside corporate partners.
SOI) Altaris has $5.2 billion in equity capital under active management and is headquartered in New York, NY.

PC/LT: : +6% / +10%* TRUCK: +4% / +8%* SPECIALITIES: +8% / +12%*
● OE: strong recovery expected ● OE: strong rebound in H1 ● Mining: demand recovery
driven by inventory build up and demand in every region which penalized by a slowdown in coal
incentives, but threatened by should attenuate in H2 due to extraction
chips shortage tougher comps ● Beyond road: acceleration in
● RT: despite remaining uncertainty ● RT: strong rebound in demand demand recovery boosted by
around pandemic impacts, driven by freight activity in every upcycle trend
rebounding demand worldwide, region
● Two-wheel: sustained growth
not yet coming back to pre crisis
level ● Aircraft: growing demand on
very low basis
* vs. 2020

2021
Volumes In line with markets
Net price-mix/raw materials effect Slightly Positive
Cost impact of raw materials prices and customs duties Strongly Negative
Currency effect* Strongly Negative
* See slide 42

2021
Segment Operating Income

at constant exchange rates > €2,500m
Structural Free Cash Flow** ~ €1,000m
* Restrictions on freedom of movement that would result in a significant drop in the tire markets, or any significant supply chain disruption.
** Structural Free Cash Flow definition on slide 73

SUSTAINABLE GROWTH
&
By 2030, Michelin generates sustainable growth, creating
balanced value between People, Profit and Planet
UNIQUE CAPABILITIES
Through our unique capabilities…
Strong Technical Customer

Brand Innovations
Value expertise expertise
DIFFERENTIATED PRODUCTS & SERVICES

…we develop differentiated mobility and high-tech material-
based products & services along with travel
recommendations, that improve life in motion for individuals,
businesses and external stakeholders

STRATEGY SALES TARGETS*
SUBTANTIAL • Strong sales growth by 2030 notably driven by new ~5%

GROWTH growth avenues, +5% CAGR from 2023 to 2030 ~5%
• New growth avenues to account between ~20-30%
of sales by 2030
~20-
• Consistent growth in tires in line with historical
30%
FOCUS ON
VALUE- performance and market forecasts
ACCRETIVE
€24bn ~€24.5bn
MARKETS • Reinforced development into high-growth markets
~5%
in which our expertise can deliver significant
synergies
INCREASING
OUR • Build a richer products and solutions portfolio
RESILIENCE ~70-
• Improved mix between cyclical and stable markets
~95% 80%
• More balanced geographic exposures
FINANCIAL
VALUE
CREATION • Value creation with ROCE at >+10.5% at Group level 2019 2023 2030
• Significant improvement in tire margins
Tires Non-Tires
* Sales excluding joint-ventures

In € billion, unless otherwise stated
GROWTH PROFITABILITY CASH GENERATION RETURN ON INVESTMENTS

Sales Segment Operating Income* Structural FCF Group Target ROCE
including M&A (%)
o/w % margin
CAGR 2020-2023 ~
on non tires segments
~3.3
CAGR
~3.0 >10.5%
~24.5 >3.3 10.0%
24.1
3.0
Covid-19
Impact
20.5 Covid-19 Covid-19 Impact
Impact
6.0%
1.9 1.6
2019 2020 2023 2019 2020 2023 2019 ∑ 2020- 2022- 2019 2020 2023
Target Target 2021 2023 Target
Cost ~€6.3bn cumul. Net working capital
Exiting the structural FCF
competitiveness and improvement and EBIT
crisis over 4 years
price mix growth
€100m inventory
European Automotive Conference - June 22, 2021 * At constant forex based on Jan 21 average forex reduction / year
KEY HIGHLIGHTS CAPEX* AND JVs FINANCING VS. DEPRECIATION
(in € billion)
• Reducing CAPEX on core-business towards
2.5
depreciation level
− Marginal low-cost investments first
2.0
− MICHELIN brand focused
− Optimized maintenance CAPEX & molds
• Reinforcing Michelin footprint where the growth is 1.5
− with a CAPEX/unit back to best market practices

• Allowing CAPEX growth in Specialties businesses 1.0
• Developing new growth avenues: fleet management

solutions & High-Tech Materials
0.5
• Speeding up a comprehensive digitization plan
• Investing in sustainable materials rate and low-carbon
operations -
2019 2020 2021 2022 2023
Capex core business Historical perimeter
Capex new growth avenues
* Excluding M&A and IFRS 16 JV foundings
D&A
• Constantly exploring M&A opportunities in both core and new growth avenues
• Value-accretive acquisitions
• Open to partnerships to boost our venture potentials
• Delivering growth and significant synergies
• Very strong execution track record
Financial discipline: Strong financial position and ratings

2023-2030 ROCE >+10.5% (A- at both Fitch and S&P)

HISTORICAL PAYOUT RATIO FUTURE PAYOUT RATIO
Before non-recurring items
Dividend (€ p.s.) €2.50 €2.85 €3.25 €3.55 €3.70 €2.00 €2.30
47%
50%
41%
37% 37% 36% 36%
20%
2014 2015 2016 2017 2018 2019 2020

From 2021
(except in 2020 due to the pandemic)
Anti-dilutive / opportunistic share buyback program

6 1
2
5
4 3

AMBITION METRICS 2030 SUCCESS
Be world-class in employee engagement Engagement rate >85%
Be world-class in employee safety TCIR <0.5
People Be a reference in diversities and inclusion of teams IMDI 80 points over 100
+10 and +5 pts
Be best-in-class in value created for customers NPS partners and NPS final customers
respectively
Deliver substantial growth Total sales 5% CAGR 23-30
Deliver continuous financial value creation ROCE >10.5%
Profit Maintain Michelin brand power Brand vitality quotient +5 pts vs 2021
Maintain best-in-class innovation pace in products and
Offers vitality index >30%
services
Reach carbon neutrality by 2050 (manuf. and energy) CO2 emissions scopes 1&2 (50%) vs. 2010
Contribute to reaching carbon neutrality (usage) Products energy efficiency (scope 3) +10% vs. 2020
Be best-in-class in environmental footprint of
Planet i-MEP -1/3 vs. 2020
industrial sites
Reach full circularity of products by 2050 Sustainable Material Rate 40%
TCIR = Total Case Incident Rate ; IMDI = Inclusion and Diversities Management Index; NPS = Net Promoter Score ; ROCE = Return on Capital
Employed ; i-MEP = industrial Michelin Environmental Performance
WITH
TIRES
CUSTOMER PREFERENCES
E-commerce and
Health and safety Environmental awareness
last-mile delivery
Opportunities
for the tire industry
REGULATIONS
• Longer-lasting sustainable
Protectionism Regulatory pressure CO2 emissions targets
products
ENVIRONMENT • EV highly demanding for tires

Circular economy Zero-waste trend Green energy • Passenger cars and 2-wheels
usage on the rise
TECHNOLOGY • Connected solutions
Reliable and efficient
Electric-vehicle Data-driven mobility
products • Digital and local distribution
• Manufacturing 4.0
INDUSTRIAL SET-UP
Qualified workforce and digitally
Disrupted supply chain Local-to-local footprint
enabled workplace

GROWING GLOBAL POPULATION MILES DRIVEN ON THE RISE
World population (billion) Miles driven – Car Global Driven (billion miles)
8.5
in global population between 2020 and 2020-2030E CAGR 13.2
2030 12.0
8.2 11.3
9.8
7.9
7.8
2020 2022 2025 2030 2020 2022 2025 2030
INCREASING URBANIZATION AND GLOBAL WEALTH TIRE MARKET MID-TERM GROWTH POTENTIAL
+10pt Tire market estimated long-term growth potential:
+0% to +2% per year in mature markets
2050
+2% to +4% per year in emerging markets
World ~+2%
GDP increase
Urbanisation rate
/year until 2030
Sources: Michelin estimates, United Nations – 2018 Revision of World Urbanization Prospects
PASSENGER CAR MARKETS TREND PASSENGER CAR MARKET BY RIM DIAMETER
Original Equipment World Market (unit) Original Equipment + Replacement Market by Diameter (unit)
102
Base=100 2019-23E CAGR
83 98 169
93 2019-23E CAGR
19" and +
2019 2020 2021 2022 2023 146

18" 2019-23E CAGR
Replacement World Market (Unit) 17" and -

Base=100
103 90
Base=100 95 2019-23E CAGR
89
101
2019 2020 2021 2022 2023
2019 2020 2021 2022 2023
GROWTH SIMPLEXITY MARGIN
Significant increase in 19”+ Cost optimization and Strong and sustained mix enrichment
tires demand simplification of Michelin’s catalog
3x more SKUs 19” by 2025 Late differentiation in the
production process

New Challenges Ahead Fueling Growth
TRUCK TIRE MARKET TREND Opportunities on Value Creative Markets
Worldwide market (units)
Fleets in search Sascar

Connected solutions Masternaut
of increased focused on efficiency
102 efficiency Michelin Connected Mobility
2019-2023E CAGR
Base=100
100
98 Rolling resistance
Sustainable
Solutions to improve Long-lasting tires
transportation
environmental footprint Retreading
acceleration
Michelin Green Mobility
93
“Last mile Offer renewal

Targeted offers for “last-
delivery”
2019 2020 2021 2022 2023 mile” fleets Bespoke solutions
acceleration

Product Differentiation Service Differentiation
• Performance and braking
• On-site auditing
• Wet grip, new and used
• Tire resistance • On-site inspections and connected preventive

• Connected tire (e.g., MEMS or TPMS) maintenance
• Real time monitoring of mining and agricultural

• Increase in charges carried and driving speeds
tires
• Reduction of compaction of agricultural soils
• Engineering (e.g., conveyors)
• Lower energy and CO2 consumption
• Mass efficiency • End-of-life products management
• Recyclable products
MICHELIN MICHELIN
XDR – 63” CEREXBIB 2 ON-SITE INSPECTION
AND MAINTENANCE RECYCLING

MANUFACTURING SG&A
million / year
million / year
in SG&A Tires
Financing non tire businesses ramp up

Financing mix enrichment -5 pts
Improving operating leverage 58%

53%
48%
2019 2023 2025
Group SG&A as a % of Gross Margin

AROUND BEYOND
TIRES TIRES
CONTRIBUTION TO
ECOSYSTEMS PROMISING BUSINESSES RATIONALE
PROFITABLE GROWTH
• Mobility services and

SERVICES & Innovate to capture every new
digitization: key focus
TECH opportunity in IoT and emerging for all Michelin LEADERSHIP
SOLUTIONS technologies customers POSITION
Leverage our core business...

...to develop other areas in which we can play
HIGH-TECH an important role • A solid basis to target SIGNIFICANT
HIGH-TECH MATERIALS
FLEXIBLE attractive and synergetic GROWTH

COMPOSITES markets
Medical
Early-maker in Medical, Hydrogen, FINANCIAL
and 3D Metal Printing... VALUE CREATION
• Three promising
Hydrogen ...with ESG focus and transition ecosystems
towards carbon-free operations
3D Metal
Printing

Digital Services IoT & Data
Tire as a Service Fleet Management Other Fleet Services
Platform (DSP) Businesses
Providing a one-stop- Monetizing specialized

Offering bespoke tire- Optimizing fleets Supporting fleets in
shop service platform mobility-related
related services operations their daily needs
dedicated to fleets insights
Tire as a Service (Tire activity) €0.4bn in 2019 €0.4bn in 2023

New growth avenues (Non tire activities) €0.2bn in 2019 €0.3bn in 2023
Steel Monomer Latex
Textile Oil/Resins
Sustainable Yarn Steel Wire Synthetic
Raw Fillers Natural
Materials Elastomer Rubber
Fabric Steel
Cords Compounds
Cords
Semi
Finished
Calendered Shaped ...IN WHICH WE CAN PLAY AN

OTHER AREAS... tissus compounds
IMPORTANT ROLE
Green Tire
Finished
Product

Conveyors
Coated Fabrics &
Reinforcements
Belting Products High-End
& Solutions Polymers
Hoses
Dynamic Market with Numerous Sales 2019

Attractive Segments
Higher
Sales 2023
€0.9bn cash conversion
>~5% CAGR by 2030 €1.1bn
MARKET POTENTIAL AMBITIONS 1
Cell & gene therapy Cardio medical devices Becoming a leading innovation Being the trusted contact
and manufacturing partner manufacturing operator
+20% >10% Cell Therapy
CAGR 2020-2030 CAGR 2020-2030 Bioresorbables
Regenerative medicine
Note 1: Michelin holds a 49% stake in Solesis (consolidation based on equity method)

+40% €6.5bn Becoming a leader in fuell cell stack systems
+35% CAGR
CAGR
€1.3bn €0.2BN €1.5BN
€0.3bn
sales in 2025 sales in 2030
2020 2025 2030 Note 2: 100% of Symbio - Michelin holds a 50% stake in Symbio
(consolidation based on equity method)

Medical & aerospace are the most industrial-scale end markets
+23% ~$13bn €100M >€500M
CAGR 2020-2030 in 2030 sales and breakeven sales by 2030
by 2023
Note 3: 100% of AddUp
Michelin holds a 50% stake in AddUp
European Automotive Conference - June 22, 2021 (consolidation based on equity method)
Scopes
definition
Direct emissions
1 sources owned or controlled
CO2 CO2 by the company
~€330m scope 1&2 Scope 3*
Water VOC**
Indirect emissions
2 Purchase of energy for the
VOC** company
Digitize Deploy
Reduce energy Transport
consumption best Indirect emissions
Water Better practices 3 All other emissions
related to the company’s
Less Reuse activities and the use of
CO2 the finished products
Scope 3* Shift towards Diffe
Product /
clean energy -rently
Recycle Process
adapta-tion
~€300m
CO2
Scope 1&2
2019 2023
* Only transport and distribution upstream and downstream of Natural Rubber, semi-finished and finished goods
** Volatile organic components
Reducing impact
Sustainable natural rubber supply
Reduction of carbon footprint
Recycling systems /
Circular economy
63% to 96% of the life cycle impact
Low rolling resistance –

reduce CO2 emissions
Safe when new, safe when worn
Substantial savings in raw materials

**
** *
In 2021, we will race with a Moto E tyre

* European project funded by Horizon 2020, project number: 82068
made of 40% sustainable materials
** With the support of ADEME (ADEME: French Environment & Energy Management Agency)

A dedicated page has been created for the event on
the www.michelin.com website. It features a number of
replayable videos that review the day’s presentations and
offer insight into the following themes, which are going to
drive the Group’s sustainable growth:
● Michelin’s Environmental Leadership: Focus on the Automotive segment

● Industry 4.0: a key lever to improve our industrial efficiency
● Services and Solutions: understanding customer needs and how our products are used enables us to
develop and offer high value-added solutions
● High-Tech Materials: leveraging our R&D expertise in materials, to develop new growth avenues
● Metal 3D Printing: a unique offering in a very high-potential market
● Hydrogen: becoming a global player in hydrogen mobility

PASSENGER CAR TIRE MARKETS, Q1 2021
(% change YoY, in number of tires)
Eastern Europe
Western & Central
North & Central Europe - 8%
America
- 4% - 1%
- 8%
China
+ 8%
+ 10%
+ 80%
Global market +36%

Africa, India,
+ 10% Middle East
+ 9% South America + 2%
Asia (excl. China and India)
- 5% - 3%
- 5%
+ 8%
+ 4%
Source : Michelin.
OE RT

TRUCK TIRE MARKETS, Q1 2021
(% change YoY, in number of tires)
Eastern Europe
Western & Central
North & Central Europe 0%
America
+ 21% + 2%
+ 10% China
+ 17%
+ 11% + 48%
Global market +57%

Africa, India,
+ 28% Middle East
+ 18% South America + 7%

Asia (excl. China and India)
+ 18% + 2%
- 8%
+ 14%
- 2%
OE RT
Source : Michelin.

YoY CHANGE, BY QUARTER
(in %)
Volumes Price-Mix Currency effect
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2019 2020 2021 2019 2020 2021

7.5
2.9
2.0 2.4 2.0 2.1
2.0 1.7 1.7
1.4 1.3 0.9 1.4
0.0 0.3
-0.5 -0.6
-1.4 -1.2
-2.2
-5.4 -4.1
-6.7 -5.1
-6.0
-11.7
-32.5

(as of April 26, 2021)
VIGEO EIRIS
SUSTAINALYTICS MSCI CDP ECOVADIS ISS-OEKOM
Moody’s
(risk rating) 2020 2020 2020 2019 2020
2020
Status
Rating 15.2 8.4/10 A- 78/100 B- 68/100
Top 1% (natural rubber)

Climate change
Ranking / 28%
59%
37%
26%
18%
21% 18%
Light
manufacturing
Europe Global Average MICHELIN
score
2nd of 40 in the
sector
26%
Water security
Distribution of
19%
15% 15% 10%
0% 1% 1% 5%
3%
* corporate rating 2018
Severe High Medium Low Negligible CCC B BB BBB A AA AAA
ratings
Light Europe Global Average MICHELIN score
manufacturing
Auto Components (Industry Global universe
Group)

Q1 2021 Q1 2021
% of sales Dropthrough % of sales Dropthrough
€ change vs. € change vs.
(2020) sales / SOI* (2020) sales / SOI*
currency currency
CLP 1% -1% 80%/85%

USD 36% +9% 35% / 45%
MXN 1% +12% 25%/30%
EUR 32% - -
THB 1% +6% -130%/-100%
CNY 6% +2% 25%/30%
TRY 1% +32% 80%/85%
AUD 3% -7% 80%/85%
SEK 0.8% -5% 80%/85%
GBP 3% +2% 25%/30%
TWD 0.6% +2% 80%/85%
BRL 3% +35% -30%/-20%
ZAR 0.4% +7% 80%/85%
CAD 3% +3% 25%/30%
ARS 0.3% +57% 80%/85%
RUB 1% +23% 25%/30% COP 0.2% +11% 80%/85%
JPY 1% +6% 80%/85% Autres 5.7% - -
* Dropthrough depends on export base/production/sales

RAW MATERIAL PURCHASES IN 2020 (€3.8bn)
in USD/kg
300
7% €/$ exchange rate: 250
Textiles RSS3
200
Q1 2020 average: 1.104
11 %
150
25 % +9%
Steel cord Natural rubber 100
50 TSR20
Q1 2021 average: 1.207
0
2016 2017 2018 2019 2020 2021
15 %
Chemicals
in index
100 280
260
80
240
19 %
220
23 %
60
200
Filer Synthetic rubber 180
40
160 Synthetic rubber
20 Brent, in USD 140 Manufacturing BLS
120
0
2016 2017 2018 2019 2020 2021 100
2016 2017 2018 2019 2020 2021

AT END OF MARCH 2021
(per kg, base 100 in Q2 2018)
TSR20 in $ RSS3 in $ Quarterly average TSR20 in $ & quarterly change in %
1.4 1.3 1.3 1.4 1.5 1.3 1.4 1.3 1.1 1.3 1.5 1.7
160 - -5 % -5 % +10 % +8 % -11 % +2 % -2 % -17 % +16 % +21 % +8 %
140
120
100
80
60
40
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21
Source: SICOM
Brent in $ Quarterly average Brent in $ & quarterly change in %
75 76 68 64 68 62 63 51 33 43 45 61
- +1 % -10 % -6 % +7 % -9 % +1 % -18 % -35 % +30 % +4 % +35 %
170
150
130
110
90
70
50
30
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Butadiene Europe Quarterly average Butadiene in € & quarterly change in %
1,037 1,142 1,058 865 900 790 740 727 392 382 543 715
- +10 % -7 % -18 % +4 % -12 % -6 % -2 % -46 % -3 % +42 % +32 %
160
140
120
100
80
60
40
20
0
Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21

Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie Compagnie
Générale Générale Générale Générale Générale Générale Générale Générale Générale Générale Générale
Issuer des des des des des des des des des des des
Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements Etablissements
MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN MICHELIN
Issue Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note Senior Note
Type Convertible Bond Convertible Bond Bond Bond Bond Bond Bond Bond Bond
$500 mn + TAP
Principal amount €300 mn $600 mn €750 mn €300 mn €500 mn € 1'000 mn €500 mn €750 mn €500 mn €302 mn
$100 mn
100% &
Offering price 99.97% 95.500% 99.10% 99.081% 99.89% 99.262% 99.54% 99.363% 99.46% 98.926%
103.85%
Corporate rating A- (S&P) BBB+ (S&P) A- (S&P) A- (S&P) BBB+ (S&P) A- (S&P) A- (S&P) A- (S&P) A- (S&P) A- (S&P) A- (S&P)
at issuance date A3 (Moody's) A3 (Moody's) A3 (Moody's) A3 (Moody's) A3 (Moody's) A- (Fitch) A3 (Moody's) A- (Fitch) A3 (Moody's) A- (Fitch) A3 (Moody's)
Current corporate
A- (S& P); A3 (Moody's); A- (Fitch)
rating
ZERO ZERO
Coupon Conv premium 1.125% p.a Conv premium 0.875% p.a 1.750% p.a 0.000% p.a 1.750% p.a 0.250% p.a 2.500% p.a 0.625% p.a 3.250% p.a
128% 130%
Jan.10, 2017 Sept. 30, 2015
Issue date May 28, 2015 Jan. 10, 2018 Sept. 3, 2018 May 28, 2015 Nov.2, 2020 Sept. 3, 2018 Nov.2, 2020 Sept.3, 2018 Nov. 2, 2020
& May 5, 2017 & Sept. 30,2016
Maturity Jan. 10, 2022 May 28, 2022 Nov. 10, 2023 Sept. 3, 2025 May 28, 2027 Nov.2, 2028 Sept.3, 2030 Nov. 2, 2032 Sept.3, 2038 Nov. 2, 2040 Sept.30, 2045
Annual Annual Annual Annual Annual Annual Annual Annual Annual
Interest payment N/A N/A
May 28 Sept. 3 May 28 Nov. 2 Sept. 3 Nov. 2 Sept. 3 Nov. 2 Sept. 30
ISIN FR0013230745 XS1233732194 FR0013309184 FR0013357845 XS1233734562 FR0014000D31 FR0013357852 FR0014000D49 FR0013357860 FR0014000D56 XS1298728707
$ 200,000 with
€ 1,000 with min. $ 200,000 with min. € 100,000 with min. € 1,000 with min. € 100,000 with min. € 100,000 with min. € 100,000 with min. € 100,000 with min. € 100,000 with min. € 1,000 with min.
min.
Denomination tradable amount tradable amount tradable amount tradable amount tradable amount tradable amount tradable amount tradable amount tradable amount tradable amount
tradable amount
€ 1,000 $ 200,000 € 100,000 € 1,000 € 100,000 € 100,000 € 100,000 € 100,000 € 100,000 € 1,000
$ 200,000

DEBT MATURITIES AT DECEMBER 31, 2020
(carrying amount, in € millions)
8,000 Loans from financial institutions
Securitization
7,000
Bond
6,000 CP
Derivatives and leases

5,000
Cash and cash equivalents
Cash management Financial Assets

4,000
Confirmed Back-up Facilities
3,000
2,000
1,000
0
Treasury 2021 2022 2023 2024 2025 2026 2027 and beyond
and
Back-up lines

Free cash flow* and CAPEX 2007 - 2020
(in € millions)
2,500 120%
1,996 1,980
2,000 1,883 1,804 100%
1,811 1,801
1,711
1,771
1,500 1,340 1,271 1,669 80%
1,221
1,507
1,000 2,010 60%
672 1,100
1,509 1,615
1,274
500 961 40%
749 717 833
-359 517 599
433 426
0 20%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018* 2019* 2020*
-500 0%
FCF** CAPEX
* Reported FCF from 2007 to 2010, Structural FCF from 2011 onwards

a legacy of trust
The first Éclair, the first car The radial tire The “green tire” Uptis
removable tire with pneumatic tires
1891 1895 1946 1992 2019

Serving customers and respecting the environment
of employees say they are proud

and happy to work at Michelin
* In 2020, up 2 points compared with 2019

Digital: Winner in the Transformation of Customer Since 1989, Michelin has been awarded
Relations category at the 2020 Digital Acceleration 97* awards out of the 119 given for OE
Awards (BFM Business) customer satisfaction
Connected tires: Winner of the Tire
Manufacture Producers award at the J2A2020*
Awards(European Rubber Journal*)
* Source: 2021 J.D. Power U.S. OE Tire Customer Satisfaction Study
MICHELIN e.Primacy: Green innovation
awards ”Best tire of the year” and ‘Jury’s favorite”
* Journey to Automation 2020 Award of the 2020 automobile Awards (Motul)
Global Brand Power Score*
17 sell-side analysts S&P Fitch
Buy 11 Long term A- A-

* Top 5, as a % of the total number of consumers in 2020. BCM study conducted by
Hold 6 Outlook Stable Stable market research institute Millward Brown, based on the reduced brand list of 8 brands
SUSTAINALYTICS 2020 Low risk

(risk rating) ECOVADIS 2019 GOLD
MSCI 2020 AA ISS-OEKOM 2020 PRIME
European Automotive Conference - June 22, 2021CDP 2020 LEADERSHIP VIGEO EIRIS 2018 A1+
Sales contribution of each
segment*
Automotive :
Replacement
Original equipment
Road Transportation :
Specialties :
* 2019 sales
is present in
In € billion, unless otherwise stated
CASH RETURN ON
GROWTH PROFITABILITY GENERATION INVESTMENTS
Sales Segment Operating Structural FCF After-tax ROCE* (%)
Income
% margin % of EBITDA
24.1 ~15%
13.7%
21.2
3.0 12.2% On track to
>€3bn deliver in 2020,
excl. COVID-19
2.6 impacts
1.6
0.8 >€1bn
2015 2019 2015 2019 2015 2019 2015 2019

* For a definition of the 2016-2020 plan ROCE see chap. 5 of the Universal Registration Document CAGR (%) / Delta 2020 target as announced
(bps) 2015-2019 in “2016-2020 Ambitions”
European Automotive Conference - June 22, 2021 Plan
TIRES SERVICES MATERIALS EXPERIENCES
Organic volume growth: Successful M&A strategy Acceleration in our Repositionning and
outperformed the market to build a strong asset High-Tech Materials enrichment of our
basis to address B2B development customers experience
market growth customers businesses
Develop-
Acquisition
of ment
of
External growth vehicles under of
and successful contract
integration
Numerous incubators
around
Renewable/Recycling
Partnership
* CAGR 2015 - 2019

WITH
TIRES
STRONG GROWTH IN ELECTRIC-VEHICLE5 MARKET SHARE

C.A.S.E1 MOBILITY TRENDS IN THE GLOBAL NEW VEHICLE MARKET
AUTONOMOUS 50%
ELECTRIC Next major mobility
~50% share of EV2 challenge in the 32%
sales, new mid-term future
vehicules, in total
market in 2030 12%
Value creation opportunities for Michelin
2020 2025 2030
CONNECTED ELECTRIC MOBILITY IS THE MAJOR TREND DRIVING

By 2030, 45% of PASSENGER CARS MARKET GROWTH
global new-car
sales could be at
level 33 or above in
connectivity4
Charging infrastructure
SHARED Improving spread
10% of cars sold in
2030 being a shared battery
vehicle5
2025
2025 207 2030
2030 Purchasing incentives
New emissions
Notes: 1 C.A.S.E: Connected, Autonomous, Shared, Electric
2 EV: Electric Vehicle (hybrid, battery-powered and fuel cell-powered) standards
3 All occupants enjoy personalized controls, their own infotainment content and targeted contextual advertising
4Source: McKinsey, The future of mobility is at our doorstep
5 Source: McKinsey, Automotive revolution - perspective towards 2030

WITH
TIRES
VEHICLE ELECTRIFICATION CHALLENGES OFFER FULLY ALIGNED WITH OPPORTUNITY
Range Michelin EV Original

the major challenge for EVs
Equipment share / Total
ORIGINAL EQUIPMENT share
Interior noise
Torque
ICE2
Battery weight
time EV Original
Equipment/Replaceme
3.1 nt loyalty rate
TIRES FOR EV: INCREASE DEMAND FOR PERFORMANCE
for battery times
electric-vehicles
Interior noise
High-
performance
Rolling
resistance
Wear
HL TIRES ACOUSTIC
solutions (High Load) TECHNOLOGY
aligned
Road handling Endurance with EV 1st tires
needs in the coming weeks
External noise
Notes: 1 EV: Electric Vehicle (hybrid, battery-powered and fuel cell-powered)

2 ICE: Internal Combustion Engine

WITH
TIRES
A VALUE ORIENTED CUSTOMER SEGMENTATION LEVERAGE ALL THE GROUP’S B2C ASSETS
Lifestyle
Focus on 4W Original
valuable Equipment
4W Bicycle
consumers Replacement
Striver
= x5 of “Lifetime
Value” Distribution Motorcycle
Energica Ego
Corsa
Explorer + vehicles
+ income Services New
Powersports
& solutions Adjacencies
+ branded
+ environmental Catering Michelin Lifestyle
Other consumers ~5x Limited
Experiences
Activate all group assets to increase customers retention and lifetime value
Develop the potential of “Data-Driven Marketing”: Leverage segmentation attributes
and statistical analysis to “profile” and better target consumers
WITH
TIRES
MINING MARKETS MOTO LEISURE & COMMUTING MARKETS

Worldwide market/underground mining (tonnes) Worldwide market (units)
~35% ~7%
of SR3 of SR3
sales*
112
sales* Volume and value
2019-2023E CAGR
100 2019-2030 growth: use of
CAGR: 2019-2023E CAGR
bicycles and
Base=100 c. +3% 105 scooters to increase
94 Base=100 up to 10% by 2030
89 98
84
90
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
AGRICULTURE MARKETS CONSTRUCTION MARKETS

Worldwide* market (units tires & tracks) Worldwide market(units)
~12% ~12%
of SR3 of SR3
sales** Long-term sales** Recovery
CAGR: following
108 106
c. +3% adverse cycle in
2019-2023E CAGR 108 2019-2023E CAGR construction
106
103
Base=100 100
Base=100 100 93
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023

WITH
TIRES
SEIZING EMERGING MARKETS POSITIVE MOMENTUM

(% of Industrial Capacities)
2020 2023
Increase local-to-local ratio

Reducing stock and C02 emissions
Best-in-class supply chain
WITH
TIRES
DIGITAL MASSIFYING
FLAGSHIP
MANUFACTURING
PLANTS
Automation
Reactivity
Artificial
Intelligence productivity Cost optimum
In 2025, 16 sites will
gains /year have a production
net of capacity above 100Kt
with average capacity of
OPERATIONAL inflation MATERIAL COST 140Kt
EXCELLENCE 2020-2023 REDUCTION
Flexibility
Design to cost
Simplexity
Scrap reduction
Process
Upstream gains
Standardization

WITH
TIRES
INCREASING
PRODUCTIVITY
Leveraging new SG&A tire SIMPLIFYING
PROCESSES
technologies (AI) gains by Standardizing best
Digitalizing 2023 practices
activities
net of Decision making
Optimizing inflation closer to customer
footprint
Developing shared
service centers
Reengineering end
to end processes

AROUND
TIRES
Knowledge of tire usage

and roads
Leveraging data Customer intimacy
science for… Increasing
understanding of
actionable insights
vehicle usage and
new offers
maintenance, and of
improved products
drivers
performance
Connecting… Addressing
Fleets customer needs
Drivers with Around Tire
Service
providers services

AROUND
TIRES
Unique and differentiated experience for all type of fleets Mobility operators, infrastructure managers, OEMs, insurers...
Customized solutions to transform data into insights
Digital Service Platform IOT & Data Businesses
Fleet Services
Tires Mainte-nance New
Drivers and Lead
Fleet & (incl. service Road Diagnosis …
TaaS Other service
predictive) mobility advice generation
Mgt Parts providers
auto-suppliers Insurers
Hydrogen
mobility
oil & gas providers Insights for
company offer design
Car repairs,
accessories and
parts Electric mobility
providers
IOT = Internet Of Things

AROUND
TIRES
Number of vehicles under 2019 2023

contract: CAGR by
FLEET SERVICES 2030 Tire as a Service
€0.4bn €0.4bn
(Tire activity)
New growth avenues

€0.2bn €0.3bn
(Non tire activities)
transactions per
DIGITAL SERVICES year
PLATFORM service providers
Sales 2023
€0.7bn
Sales 2019
offers launched per
€0.6bn
IOT & Data year
businesses

BEYOND
TIRES
CURRENT ACTIVITIES TARGET POSITIONING
Recovered Sustainable monomers

Accelerator of differentiating
materials and
technologies for tires and Incubation of
polymers
‘rubber goods’, in the field of
Sustainable new businesses
bio-sourced materials and
Raw
Materials recycling
Partnerships &
acquisition of
Special Compounding start-ups
Adhesives Reference actor in the field of
special adhesives
Semi
and tailor-made polymers
Finished
Coated High-End Conveyors Global leading player with Synergetic M&A

fabrics & Polymers significant position (in top 3) on to accelerate growth in
Reinforcements targeted segments, requiring high value-added markets
Finished high level of technicity and
Product Belting products demanding balance of
& solutions performance

BEYOND
TIRES
CURRENT EXPERTISE AMBITIONS
25 years+ of expertise as a manufacturer and distributor catering to the BECOMING A LEADING INNOVATION AND
blood, biotech, and regenerative medicine industries
MANUFACTURING PARTNER
Designs, develops and manufactures next-generation, high-performance Cell Therapy Bioresorbables Regenerative
material solutions for clients in the life sciences and various industrial medicine
industries
Provides contract manufacturing and medical device processing services

Capabilities include finishing and assembly, packaging and labeling, and
sterilization management BEING THE TRUSTED CONTRACT
MANUFACTURING OPERATOR
MARKET POTENTIAL DEVELOPING NEW BUSINESSES
CELL & GENE CARDIO MEDICAL

THERAPY DEVICES
Bio-materials innovation with
Michelin R&D
Partnerships with customers to
CAGR 2020-2030 CAGR 2020-2030 co-develop
Manufacturing quality

BEYOND
TIRES
CURRENT EXPERTISE AMBITIONS1
20 YEARS OF ADVANCED R&D ON STACKS AND FC

SYSTEMS BECOME A LEADER IN
FUEL CELL STACK SYSTEMS
• Full range of stack powers sales in 2025 sales in 2030

• System integrations
capabilities
MARKET POTENTIAL KEY LEVERS
€6.5bn
Strong complementaries with
CAGR Faurecia
CAGR
Strong leverage of Michelin
€1.3bn R&D
€0.3bn
Customer intimacy and
2020 2025 2030
innovative business model
Note: Symbio is present in Fuel Cell Stack system (bipolar plates, MEA, endplace, etc.) and Auxiliaries (Interfaces, Electric & Electronics, supply unit, etc.)
1: 100% of Symbio
Michelin holds a 50% stake in Symbio (consolidation based on equity method)

BEYOND
TIRES
CURRENT EXPERTISE AMBITIONS 1
• Complete offer of consulting, parts design and

production and machines in 3D metal printing
sales and breakeven by sales by 2030
2023
• Ability to address diverse customer needs

and to provide tailor-made solutions A COMPREHENSIVE
to accelerate technology adoption OFFER
• Health and safety solutions
MARKET POTENTIAL KEY LEVERS
MEDICAL & AEROSPACE ARE THE MOST

INDUSTRIAL-SCALE END-MARKETS Strong complementaries with
Fives
Leverage digital
Customer centric
CAGR 2020-2030 in 2030
Note: Michelin holds a 50% stake in AddUp (consolidation based on equity method)
1: 100% of AddUp

Shifting Reduction -50%
Scope Carbon
towards clean in energy CO2 emissions
1&2 energy consumption Neutrality
vs 2010
Less, better and differently

Scope 3 -15% Carbon
logistic CO2 emissions Neutrality
vs 2018
70% Carbon
Scope 3 of suppliers having
supply chain Neutrality
science-based targets
Suppliers setting ambitious reduction targets

● TRWPs are tiny debris produced by the friction between tires and the road; this friction is what
ensures grip and safety on the road
● TRWP: ● Microplastics :
‒ Characteristics: mixture of rubber TRWP
Microplastics
‒ Characteristics: bits of plastics
and road surface minerals floating / suspensed in water
‒ High density: 1,8 ‒ Diameter: ~ 5mm
‒ Diameter : ~100 mm
‒ Degradability rate: High
≠ ‒ Degradability rate: very low
50% of TRWP disappeared

in 16 months
● Scientific studies conducted to date by the TIP*, the ETRMA** and l’EAA*** suggest that:
‒ 2% to 5% of TRWPs reach estuaries
‒ TRWPs represent only a minor fraction of airborne particule matter (PM10 and PM2.5)
* TIP - Tire Industry Project
** ETRMA – European Tyre & Rubber Manufacturers Association
*** Agence Européenne de l’Environnement EEA report 10/2019

"This presentation 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 http://www.michelin.com/eng/ website.
This presentation 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."

Edouard de PEUFEILHOUX
Humbert de FEYDEAU
Pierre HASSAÏRI
27, cours de l’île Seguin

92100 Boulogne-Billancourt – France
23, place des Carmes Dechaux

63040 Clermont-Ferrand Cedex 9
investor-relations@michelin.com

IoT
Internet of Things
Structural free cash flow
It corresponds to free cash flow before acquisitions, adjusted for the impact of changes in raw material costs on trade payables, trade receivables
and inventories
ROCE
In the 2016-2020 Plan, ROCE was calculated as
• Net operating profit after tax (NOPAT), calculated at a standard tax rate of 25% in 2020 and 26% in 2019, corresponding to the Group’s
average effective tax rate;
• Divided by the average economic assets employed during the year (excluding equity-accounted companies), i.e., all of the Group's
intangible assets (excluding acquired intangible assets), property, plant and equipment, loans and deposits, and net working capital.
As from 2021, ROCE will be measured by the Group by adding back
• Amortization of acquired intangible assets and profit from equity-accounted companies to the numerator and
• Goodwill, acquired intangible assets and investments in equity-accounted companies to economic assets in the denominator.
Tire Sales
Correspond to sales related to the core activity of Michelin including Tire as a Service (TaaS) and Distribution
Non Tire sales
Correspond to Services and Solutions sales (excl. TaaS and Distribution), and High-Tech Materials activities sales excluding JVs

Michelin PPT JPMorgan

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June 22,

+90 +57 +86

+179 +70 +80

European Automotive Conference - June 22, 2021

5,327 -5 Currency effect

Q1 2020 Q1 2021 Q1 2021

European Automotive Conference - June 22, 2021

RS1 sales 2,694 2,597 +3.7%

RS2 sales 1,388 1,360 +2.1%

RS3 sales 1,366 1,370 -0.3%

TOTAL 5,448 5,327 +2.3%

European Automotive Conference - June 22, 2021

● An R&D agreement between Solesis and Michelin to

IMPACTS FOR MICHELIN

● No cash impact for the Group

European Automotive Conference - June 22, 2021

European Automotive Conference - June 22, 2021

Volumes In line with markets

Net price-mix/raw materials effect Slightly Positive

Currency effect* Strongly Negative

European Automotive Conference - June 22, 2021

Segment Operating Income

Structural Free Cash Flow** ~ €1,000m

European Automotive Conference - June 22, 2021

Strong Technical Customer

DIFFERENTIATED PRODUCTS & SERVICES

European Automotive Conference - June 22, 2021

SUBTANTIAL • Strong sales growth by 2030 notably driven by new ~5%

* Sales excluding joint-ventures

GROWTH PROFITABILITY CASH GENERATION RETURN ON INVESTMENTS

− with a CAPEX/unit back to best market practices

• Developing new growth avenues: fleet management

• Open to partnerships to boost our venture potentials

• Delivering growth and significant synergies

• Very strong execution track record

Financial discipline: Strong financial position and ratings

European Automotive Conference - June 22, 2021

2014 2015 2016 2017 2018 2019 2020

(except in 2020 due to the pandemic)

Anti-dilutive / opportunistic share buyback program

European Automotive Conference - June 22, 2021

European Automotive Conference - June 22, 2021

Be world-class in employee engagement Engagement rate >85%

Be world-class in employee safety TCIR <0.5

Deliver substantial growth Total sales 5% CAGR 23-30

Deliver continuous financial value creation ROCE >10.5%

Reach full circularity of products by 2050 Sustainable Material Rate 40%

ENVIRONMENT • EV highly demanding for tires

European Automotive Conference - June 22, 2021

2020 2022 2025 2030 2020 2022 2025 2030

+10pt Tire market estimated long-term growth potential:

+0% to +2% per year in mature markets

2019 2020 2021 2022 2023 146

Replacement World Market (Unit) 17" and -

GROWTH SIMPLEXITY MARGIN

European Automotive Conference - June 22, 2021

Fleets in search Sascar

“Last mile Offer renewal

European Automotive Conference - June 22, 2021

• Tire resistance • On-site inspections and connected preventive

• Real time monitoring of mining and agricultural

European Automotive Conference - June 22, 2021

Financing non tire businesses ramp up