Initial conversion price determined for Michelin bonds

Following Michelin’s placement on 5 January of US$500 million non-dilutive cash-settled convertible bonds due 2022, the initial conversion price of the bonds has been set at €133.9748. The initial conversion price represents a premium of 28 per cent over the share reference price for the Michelin share of €104.6678. Settlement and delivery of the bonds took place on 10 January 2017.