1. Employee & shareholder,
a lasting
commitment
MOVING FORWARD TOGETHER

2. 4/5
6/7
8/9
10/11
Why become
a shareholder
in the
Michelin
Group?
Employee
shareholding
in the MICHELIN
Group
How to
become a
shareholder
in the Michelin
Group?
HOW
TO SUBSCRIBE?
CONTENTS

3. 2/3
MESSAGE FROM
THE MANAGING PARTNER
Dear Sir or Madam,
The members of the Group Executive Committee (CEG) and I would like
to give you the opportunity to subscribe to BIB’Action 2013, the Michelin
Group’s fourth employee shareholder plan.
Investing in Michelin shares is a vote of confidence in the durability and
strength of our Group.
Employee shareholders share the ambition of making Michelin the
innovative, high-performance, responsible leader in sustainable mobility.
Also, becoming an employee shareholder shows confidence in our many
strengths: technological advance, quality of products and services, brand
attractiveness, dynamic growth, operational efficiency and financial strength.
Finally, it is a way of renewing our mutual commitment, because offering
you a subscription on preferential terms demonstrates our gratitude and
is a way of involving you even more closely in the development of our
Group.
We hope that you will join the 64,200 employees that are already
Michelin shareholders.
Jean-Dominique SENARD
Managing Partner

4. A technological leader
in sustainable mobility
An innovative Group
From the very beginning, research and development have
driven growth at Michelin. Today, more than ever, innovation
is the driving force of the Group. The work performed on
the materials, conception, design, and industrialization of
tires are key to being able to meet customer expectations and
maintain an edge on its competitors.
MICHELIN Total Performance
The Michelin product strategy simultaneously delivers high-
level performance for different parameters in a single tire,
thanks to innovation and use of cutting-edge technology,
thereby combining safety, fuel savings, strength, longevity,
comfortandmanyotherfeatures.ThisiswhatwecallMICHELIN
Total Performance. In each market segment, Michelin meets
the full range of customer expectations, innovating on a daily
basis to provide safer, more environmentally friendly and
efficient tires for more comfortable travels. The research and
development work carried out enables performances to be
combined that are normally, by their very nature, antagonistic.
Since 1889, the Michelin Group has been innovating to facilitate the mobility of both people and goods.
It is now a benchmark player in the tire and mobility-related service market. Michelin is pursuing a
worldwide, sustainable and profitable growth strategy that is based on innovation and performance,
by fulfilling its responsibilities and respecting its values.
6,600
people
are employed
in the Research &
Development sector
622
million
euros
are invested each
year in Research
& Development
Worldwide
R&D
at 25 sites
on three continents
1
global
Technology Center
located on three continents
(North America, Asia
and Europe)
1
complete around-
the-world tour
approximately every 12 minutes
in road longevity
and endurance tests
Key innovation figures
Why become
a shareholder
in the
Michelin
Group?
A global player:
• 184 million tires produced at 69 sites worldwide.
• Sales operations in 170 countries.
• A varied range of products and services, including tires, distribution and services, assistance, maintenance and
fleet management, Michelin maps and guides, ViaMichelin mobility aid services and Michelin Lifestyle products.
• 3 integrated distribution networks: Euromaster (Europe), TCi (North America) and TYREPLUS (Asia and Africa).
• 3,400 service and distribution centers in 29 countries.
• 10 million Michelin maps and guides published worldwide and 950 million routes calculated by ViaMichelin.
• A complete portfolio of brands (MICHELIN, BF Goodrich, KLEBER, Kormoran, UNIROYAL, RIKEN, TAURUS, TIGAR).

5. A high-performing Group
A dominant position in key markets
The Group is a global player, number one in all specialty
markets, with a 14.8% value-based worldwide market
share:
• No.1 worldwide for high-performance car tires and
radial tires for trucks, civil engineering machinery and
aircraft.
• No.1 in Europe for motorcycle and agricultural
machinery tires.
Within a highly unstable economic context, Michelin’s
net sales have been steadily increasing since 2009 and
are evenly distributed between the various Geographic
Zones.
Strong growth potential
Over the coming years, the Michelin Group aims to
grow by an average of 5% per year. Between 2012 and
2015 the Group is targeting to make 2 billion euros of
investment per year to boost production capacity in
growth markets, while adapting industrial sites to product
developments and strengthening their competitiveness
in mature countries.
Financial strength
Financial performance is essential to ensure the
independence and long-term future of the Group.
Operating income stood at 2.4 billion euros in 2012, an
increase of more than 24% on the previous year. The
power of the MICHELIN brand name, together with the
price policy pursued and an improvement in the product
mix, played a significant role in this result. Since 2008, the
Group’s debt, expressed as a debt-to-equity ratio, has also
undergone a very positive change, regularly reducing to
reach 12% in 2012.
A responsible Group
Climate change, pollution, city congestion and depletion
of natural resources are immense challenges to mobility.
Michelin works on a daily basis to make travel safer, more
efficient, more comfortable and more environmentally
friendly. This commitment to sustainable mobility,
combined with an ongoing determination to respect
the communities surrounding the sites and protect
everyone’s work conditions, is expressed in the Group’s
sustainable development policy: Michelin Performance
and Responsibility (PRM).This approach was first launched
more than 10 years ago and it’s the ambitions for 2020
have been deployed to further increase its ability to meet
the requirements of the Company.
Moving forward together
More than 113,000 people of 120 different nationalities
work within the Group. Their development, personal
fulfillment and commitment are at the center of Michelin’s
concerns and at the core of the Company’s performance.
Working within the Michelin Group involves a mutual
commitment between each employee and the Company
so that we can move forward with confidence, seeking
performance. It is in this spirit of confidence and
commitment that the Michelin Group is now inviting its
employees to subscribe to an employee shareholder plan
on preferential terms. Under this plan, all employees have
an opportunity to decide to be more closely linked to the
economic performance and development of the Group,
both today and in the future.
employee shareholder, a lasting commitment
32% Other zones
84%
55%
20% 22%
12%
12/31/08 12/31/09 12/31/10 12/31/11 12/31/12
16,408
14,807
17,891
20,719
21,474
12/31/08 12/31/09 12/31/10 12/31/11 12/31/12
Net sales increase
(in millions of euros)
Percentage change in net
debt-to-equity ratio
Net sales per zone
in 2012
North
America
34%
34%
Western
Europe
4/5
Source: Individual shareholder guide 2013.

6. Employee
shareholding
in the MICHELIN
Group
Since 2002, under the worldwide employee shareholder plan, the Michelin Group has offered its
employees an opportunity to purchase shares on preferential terms and join the 202,000 Group
shareholders.
The rights of shareholders
As co-owners of the Company in which they hold shares,
shareholders have rights:
• The right to information: they are regularly kept updated as
to the economic and financial results of the Group.
• The right to vote in shareholder meetings: this right is
proportional to the number of shares held. All holders of
Michelin shares benefit from this voting right.
• The right to receive a dividend: if the financial situation so
allows, shareholders may receive a proportion of the profits
made by the company, pro-rated to the number of shares
held, known as a dividend. Each year at the Shareholders
Meeting, and at the proposal of the Company’s Managing
Partner, shareholders decide the proportion of the profits
that may be distributed to them and the proportion to be
reinvested to ensure the Group’s development.
Payment of dividends
Each year, depending on the results, shareholders may receive
a dividend for each share held. Recent Group policy has been
to gradually increase the per-share dividend with an aim to
raising and then maintaining the distribution rate at around
30%, excluding exceptional items.
02 03 04 05 06 07 08 09 10 11 12
0.93 0.93
1.25
1.35
1.45
1.60
1.00 1.00
1.78
2.10
2.40*
*Payment in 2013 of the dividend for FY 2012.
Source: Michelin.
Important: past performance is not indicative
of future performance.
Dividend history (in euros)

7. 1.6%
11.2%
26.2%
61%
Employees - company saving plan
Individual shareholders
French institutional
Non-resident institutional
Market capitalization of 12.374 billion euros on 05/31/2013
Composition of shareholding on 12/31/2012
Share performance since 2008
MICHELIN shares
The shares are listed on the Paris stock exchange (NYSE Euronext Paris). They are included in the CAC 40 index, the
leading French stock market index, comprised of 40 stocks chosen from among the 100 top market capitalizations
according to specific criteria and listed on the regulated markets of Euronext Paris.
After a decline in 2008, the share price has generally been rising since 2009 in an economic and financial context
marked by uncertainty and the financial crisis. Between 2009 and May 2013, the share price has outperformed its
benchmark index, the CAC 40, with a share performance higher than the average.
6/7
employee shareholder, a lasting commitment
Source: NYSE Euronext.
Source: Individual shareholder guide 2013.
140
130
120
110
100
90
80
70
60
50
40
06.02.08
09.02.08
12.02.08
03.02.09
06.02.09
09.02.09
12.02.09
03.02.10
06.02.10
09.02.10
12.02.10
03.02.11
06.02.11
09.02.11
12.02.11
03.02.12
06.02.12
09.02.12
12.02.12
03.02.13
05.31.13
g54.69 Michelin
CAC 40
g67.78

8. How
to become a
shareholder
in the
Michelin
Group?
WHAT IS BIB’Action 2013?
WHAT ARE THE ADVANTAGES OF
THE BIB’Action 2013 OFFER?
Discount: shares are being offered to you with a 20%
discount.
Employer matching contribution: you benefit from
a matching contribution on the first 15 shares that you
purchase.
Management and subscription fees: are also paid
in full by Michelin.
Taxation: the discount is tax free, the CSG (generalised
socialtax)andtheCRDS(socialdebtrepaymentcontribution)
owed for the contribution are paid by Michelin and the
potential capital gains when the shares are sold are tax free
but are subject to social security contributions (15.5% as of
January 1, 2013), according to current taxation rules that
are likely to change over the next five years.
The fourth Group employee shareholder plan, BIB’Action 2013 allows employees to purchase Michelin
shares on preferential terms. By subscribing to BIB’Action 2013, you will purchase and hold Michelin
shares that will be registered in your name in a registered account opened with a bank chosen by
Michelin. The value of your investment follows the price of Michelin shares, both up and down.
As an example:
• 5 Michelin shares for the price of 1
• 10 Michelin shares for the price of 3
• 15 Michelin shares for the price of 6
• 20 Michelin shares for the price of 10
The employer matching contribution conditions for BIB’Action 2013
Michelin matches your personal contribution with an employer’s contribution to help you become a shareholder, thus increasing
the amount of your investment. Under BIB’Action 2013, you benefit from the following employer matching contribution amounts:
The employer matching contribution percentages detailed above (75%, 50% and 25%) apply to the purchase price of the Michelin shares.
1/5
shares
6/10
shares
11/15
shares
16 and +
shares
20% of the share value
paid by the employee
75% employer
matching contribution
40% of the share value
paid by the employee
50% employer
matching contribution
60% of the share value
paid by the employee
25% employer
matching contribution
80% of the share value
paid by the employee
no employer
matching contribution
a20%discount

9. employee shareholder, a lasting commitment
8/9
WHAT ARE THE RISKS?
There are three main types of risk: variations in the share
price, variations in the currency exchange rate for those
subscribing outside of the Eurozone and variations in tax
regulations depending on the country.
For people subscribing outside of the Eurozone, the
currency exchange rate risk may be in their favor if
the euro gains in value in relation to local currency, or
disadvantageous if the euro loses value.
This is why the Group offers an employer matching
contribution in addition to the discount, thus limiting the
risk of loss.
Lastly, there are tax and legal implications and cost,
depending on the tax regulations applicable to you at the
time of subscription, during the investment and when
you sell.
IN EXCHANGE FOR
THESE ADVANTAGES
Your shares are locked in for a period of 5 years, except
in the case of early release pursuant to the French Labour
Code (Art. R.3324-22) as of 31 December 2012:
• Marriage or entering into a PACS (civil partnership).
• The birth or adoption of a third or subsequent child for
the household.
• Divorce, separation or dissolution of a PACS with at
least one dependent child.
• Purchasing, building or extending a primary residence.
• Termination of an employment contract.
• The employee, his/her children, spouse or partner
bound by a PACS becoming disabled.
• Death of the employee, his/her spouse or partner
bound by a PACS.
• The employee, his/her children, spouse or partner
bound by a PACS starting or taking over a business.
• The employee accumulates excessive debts, as determined
by the excessive debt commission or by a judge.
A simulator is provided on the Internet
site www.bibaction2013.com
INFO
WHAT HAPPENS AT THE END OF THE FIVE-YEAR LOCK IN PERIOD?
Your shares become available. Their value depends on the Michelin share price at the end of this
period. You then have the choice between:
• keeping your shares in the bank chosen by Michelin,
• selling your shares in full or in part.

10. WHO CAN SUBSCRIBE?
Employees with service of more than three months as of
November 18, 2013, in any of the companies that are
more than 50% owned by the Compagnie Générale des
Etablissements Michelin (CGEM) and that have joined the
Michelin Group Saving Plan (PEG).
French retirees who still hold, in the Group Savings Plan,
shares issued from the previous employee shareholder plans.
HOW MUCH CAN I INVEST?
The minimum investment is one share. The maximum amount
of your personal investment in BIB’Action 2013 is equal to
10% of your gross annual pay, and no more than 25% of all
your personal annual investments in employee savings plans
(PEE [company savings plan], PERCO [group pension plan]
and GSP).
A simulator is provided on the Internet site
www.bibaction2013.com
HOW DO I SUBSCRIBE?
Log on to the subscription area via www.bibaction2013.com
using your personal identification (login and password) that
have been sent to you. If you subscribe online, you will
immediately receive confirmation of your subscription by
e-mail.
You can also subscribe by filling in a subscription form. To
be valid, the form must be received by a correspondent
before the end of the subscription period.
HOW
TO SUBSCRIBE?
3MONTHS OF SENIORITY
10%oF YOUR annual GROSS PAY
october 24 2013: sUBSCRIPTION PRICE SET
from november 4 to 18 2013: subscription period
SCHEDULE

11. FOR MORE
information
www.bibaction2013.com
YOUR BIB’ACTION 2013
CORRESPONDENT
CGEM, in its capacity as data controller, will be processing personal data for the
purpose of managing an international employee shareholder plan. In accordance
with the French Data Protection and Freedom of Information (Informatique et
Libertés) law of 6 January 1978, modified, you have the right to access, correct
and object, for legitimate reasons, to information relating to you. You can exercise
this right by writing to the Human Resources Department of the relevant country.
employee shareholder, a lasting commitment
10/11
WHAT METHODS OF PAYMENT
ARE AVAILABLE?
You have the choice between:
• a one-time salary deduction,
• a salary deduction in 12 monthly instalments subject to
the payment of a legal annual interest rate of 0.04%
(each monthly payment must be less than or equal to
10% of your gross monthly pay).
Retirees must pay for their subscription in full and by
bank check only.
THE SUBSCRIPTION SCHEDULE
The subscription price:
will be set on October 24, 2013
Register now on www.bibaction2013.com and you
will be notified of the subscription price by e-mail or text
message as soon as it is announced.
The subscription price is equal to the “reference price”
of the share minus the 20% discount (the reference price
is the average of the opening price of the Michelin share
on the 20 trading days preceding the day on which the
subscription price is set by the Company’s Managing
Partner).
The subscription period:
from November 4 to 18, 2013
WHAT HAPPENS IF THE SHARES
ARE OVER-SUBSCRIBED?
A maximum of 1.5 million Michelin shares will be offered
to eligible employees.
In the event that the number of subscriptions exceeds
the maximum number of shares on offer, the number
of shares allocated to each subscriber will be reduced as
follows:
• all subscription requests for up to 15 shares will be met,
• over and above 15 shares, shares will be allocated
one by one to subscription requests, successively and
equitably.

12. BRO-FR_GB13
The Michelin 2012 Annual Report, the June 30, 2013 half-year report and other regularly published documents, including financial reports, are available in English and in French on the Company’s website
(www.michelin.com). We encourage you to read these documents. They contain important information regarding the Company’s business, strategy and goals and financial results, together with a description
of certain risk factors inherent in the Company and its business. These risks may have an influence on the future value of the Michelin share.
All details contained in this brochure are supplied for information purposes only. It is entirely up to you whether you subscribe to BIB’Action 2013. The decision whether or not to participate in this plan is
entirely voluntary and personal. Your decision will have no effect, either positive or negative, on your employment with any Michelin Group company. The documents sent or provided under BIB’Action 2013
do not in any way change your employment terms and conditions. Any advantages received as a result of this offer are not deemed part of your compenation for the purposes of calculating any future rights
or benefits. The opportunity to participate in the 2013 offer does not in any way presuppose the existence of any future offers or the opportunity to participate in them.
MOVING FORWARD TOGETHER
Please visit www.bibaction2013.com

13. GLOSSARY
AMF (Autorité des Marchés Financiers, Financial
Markets Authority)
Independent French administrative authority whose mission is
to protect savings, ensure the proper operation of the financial
markets and to provide information for investors.
Capital gain/Capital loss
A financial gain or loss resulting from the sale of a share. The
difference between the sale price and the purchase price of the
share results in the gain or loss.
Contribution
A sum paid by the company (the employer) on top of the amounts
invested by its employees as part of an employee shareholding plan.
Payments can be contributed in accordance with the rules set by the
Group Savings Plan (GSP) regulations and within the upper limits
specified by the law.
Debt to equity ratio
A ratio that measures a company’s debt level in relation to its
equity. The higher the ratio, the higher the company’s debt.
Discount
20% reduction on the reference price granted to employees as
part of the BIB’Action 2013 offer.
Dividend
A part of the net profits of a company paid to the shareholders.
When a company makes a profit, it can distribute part of it to its
shareholders if so decided by the General Meeting of Shareholders.
GSP (Group Savings Plan)
A plan offering employees the possibility of building up a portfolio
of securities with the help of their company. Any sum paid into
the plan is blocked for five years, except for cases of early release
provided for by French law.
holding period
A five-year period during which the shares purchased by the
employee may not be released, except for cases of early release.
Operating income
This is income from current activity before taxes and financial
expenses.
Over-subscription
Demand that is higher than the number of shares available for the
employee shareholder plan.

14. Paris Stock Market (NYSE Euronext Paris)
The Paris Stock Market, which is now NYSE Euronext, is the official
market for shares in France. The NYSE Euronext group was created
from the 2006 merger between the New York Stock Exchange and
Euronext, the European financial market that includes the Paris,
Amsterdam, Lisbon, Porto, Brussels and LIFFE (London International
Financial Futures and Options Exchange) stock markets. The group
organizes, manages and develops the securities market on these
stock markets.
Price of a share
Value of a share quoted on the Stock market at a given time. The
share price is determined by a comparison between demand for
and supply of the share.
Reference price
The average of the last 20 stock market opening prices preceding
the day on which the Group Managing Partner determines the
subscription price.
Share
A financial instrument representing a fraction of a company’s
capital and giving its owner the right to vote at shareholders’
meetings, the right to receive information and the right to receive
profits, the distribution of which is decided by the General Meeting
of Shareholders (dividend). All of the shares issued by a company
form the company’s share capital.
Shareholder
A natural or legal person who holds shares in a company. In this
capacity, the shareholder has the right to receive any dividends
distributed if so decided by the shareholders at the General
Meeting, and the right to vote at the General Meeting of
Shareholders.
Stock market capitalization
Stock market capitalization is the valuation of a company’s equity
through its stock market share price. It is calculated as follows:
number of shares making up the capital multiplied by the stock
market share price.
Subscription price
This is equal to the reference price minus the 20% discount offered
as part of the BIB’Action 2013 offer.