BETTER SERVING OUR CUSTOMERS 2,400 LOCATIONS ACROSS NORTH AMERICA EXPANDED GEOGRAPHIC FOOTPRINT Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 50-50 joint venture agreement on Jan. 3, 2018. As part of the agreement: TCi and Carroll will be combined forming the second-largest player in the wholesale tire distribution market in the United States. Both companies will operate under a new brand NTW. Michelin North America will take a 50 percent stake in Sumitomo Corporation of Americas’ TBC, one of the nation’s largest vertically integrated marketers of tires for the automotive replacement tire market. TBC is the 4th largest retailer of tires in the U.S. through recognized brands such as Tire Kingdom, NTB, Merchant’s, Big O Tires and Midas. TBC Brands represents 15 proprietary brands that specialize in passenger, commercial, farm and specialty tires. TBC proprietary brands: Sumitomo, Sailun, Multi-Mile, Eldorado, Delta, National, Vanderbilt, Cordovan, Solar, Doral, Crosswinds, Power King, Harvest King, Towmax and Towstar. A best-in-class tire distributor formed by combining TCi and Carroll Tire, NTW will better serve customers with faster product delivery and a wide variety of tire options at all price points and product segments. FASTER PRODUCT DELIVERY AND SERVICE BETTER SERVE CONSUMERS THROUGH RETAIL, WHOLESALE AND E-COMMERCE 144 TCi AND CARROLL TIRE DISTRIBUTION CENTERS IN THE U.S. AND 43 DISTRIBUTION CENTERS IN MEXICO EXPANDED PRODUCT OFFERING DRIVE OPERATIONAL EFFICIENCIES TO BETTER SERVE CUSTOMERS JV AT A GL ANCE BRANDS INCLUDED IN THE JOINT VENTURE: THE PARTNERSHIP JOINS TWO COMPLEMENTARY COMPANIES TO BETTER SERVE CUSTOMERS WITH: + = RETAIL AND SERVICE PROPRIETARY BRANDS

JV AT A GLANCE THE PARTNERSHIP JOINS TWO …BETTER SERVING OUR CUSTOMERS 2,400 LOCATIONS ACROSS NORTH AMERICA EXPANDED GEOGRAPHIC FOOTPRINT Michelin North America and Sumitomo Corporation

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BETTER SERVING OUR CUSTOMERS 2,400

LOCATIONSACROSS NORTH AMERICA

EXPANDEDGEOGRAPHIC FOOTPRINT

Michelin North America and Sumitomo Corporation of Americas combined their respective North American tire distribution and related service operations in a 50-50 joint venture agreement on Jan. 3, 2018. As part of the agreement:

TCi and Carroll will be combined forming the second-largest player in the wholesale tire distribution market in the United States. Both

companies will operate under a new brand NTW.

Michelin North America will take a 50 percent stake in Sumitomo

Corporation of Americas’ TBC, one of the nation’s largest vertically

integrated marketers of tires for the automotive

replacement tire market.

TBC is the 4th largest retailer of tires in the U.S. through recognized brands such as Tire Kingdom, NTB, Merchant’s, Big O Tires and Midas.

TBC Brands represents 15 proprietary brands that specialize in passenger, commercial, farm and specialty tires.TBC proprietary brands:Sumitomo, Sailun, Multi-Mile, Eldorado, Delta, National, Vanderbilt, Cordovan, Solar, Doral, Crosswinds, Power King, Harvest King, Towmax and Towstar.

A best-in-class tire distributor formed by combining TCi and Carroll Tire, NTW will better serve customers with faster product delivery and a wide variety of tire options at all price points and product segments.

FASTER PRODUCT DELIVERY AND SERVICE

BETTER SERVE CONSUMERS THROUGH RETAIL, WHOLESALE AND E-COMMERCE

144 TCi AND CARROLL TIRE DISTRIBUTION CENTERS IN THE U.S. AND 43 DISTRIBUTION CENTERS IN MEXICO

EXPANDED PRODUCT OFFERING

DRIVE OPERATIONAL EFFICIENCIES TO BETTER SERVE CUSTOMERS

JV AT A GLANCE

BRANDS INCLUDED IN THE JOINT VENTURE:

THE PARTNERSHIP JOINS TWO COMPLEMENTARY COMPANIES TO BETTER SERVE CUSTOMERS WITH:

+ =RETAIL AND

SERVICEPROPRIETARY BRANDS