Michelin Investor Presentation — July 2021

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Fisrt-half 2021 Results -July 26, 2021

* Return on Capital Employed (definition on slide 57),

Segment Operating Income

in 2023 SALES GROWTH

TIRESCAGRFisrt-half 2021 Results -July 26, 2021●In an environment shaped by an enduring health crisis, the robust market recovery was tempered by major disruptions in

the global supply chain.

●In this context, Michelin teams’ commitment helped deliver a 19.6% increase in sales and €1,421m in SOI (2)for the

‒a 22.8% increase in tire volumes, adding €1,195m to SOI and reflecting market share gains in every segment, especially 18 -inch a nd

larger tires, and a 4.6% increase in non -tire activities sales;

‒a €126m increase from positive net price -mix/raw materials effect, as a 1.4% gain from responsive pricing management and a 1.0%

increase from favorable mix offsetting the rise in raw material procurement costs;

‒an unfavorable currency effect, stemming primarily from US dollar’s weakness against euro, which reduced SOI by €150m.

●Free cash flow excluding M&A(3)came to €361m, reflecting growth in SOI and still low inventory levels.

●Gearing stood at 27%, attesting the Group’s financial position strength, as confirmed by rating agencies.

●2021 full -year guidance raised (1): SOI at constant exchange rates > €2,800m, structural free cash flow (4)> €1,000m.

(1)Barring any new systemic effect from Covid -19: deeper supply chain disruptions or tighter restrictions on freedom of movement t hat would result in a significant drop in the tire markets.

(2)Segment operating income.

(3)Freecash flow before acquisitions, which includes JV financing flows ( seeslide 12).

(4)Seeslide 57 for structural free cash flow definition .Fisrt-half 2021 Results -July 26, 2021

(1) Total Case of Incident Rate