VALLOUREC

Vallourec pursues its employee shareholding policy

	Press release
	July 2014 www.vallourec.com

Vallourec pursues its employee shareholding policy

Boulogne-Billancourt, 30 July 2014 - Vallourec announces the implementation of a new employee share ownership offering for the seventh consecutive year.

This offering, called "Value 14", concerns a maximum of 1,920,000 newly-issued shares representing 1.49 % of the company's share capital on the date of this press release. It will be open to Vallourec employees in 13 countries^[1], representing approximately 94.5% of the employees of the Group.

The six previous "Value" offerings generated a high participation rate among Group employees and were all very successful. Employee shareholders today hold 6.46% of Vallourec's share capital and are represented on the Supervisory Board.

Based on the indicative calendar for the offering, the share reservation period will be open to employees from 15 September 2014 to and including 3 October 2014. The subscription price should be determined on 7 November 2014. The subscription/revocation period is scheduled to take place from 10 to 14 November 2014 inclusive and the capital increase on 16 December 2014.

Details of the "Value 14" operation are described hereafter.

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Details of the conditions for the "Value 14" employee share ownership offering

Beneficiaries
Subject to any locally required authorizations, the "Value 14" offering will be open to employees (and beneficiaries and similar parties) of Vallourec and of those of its subsidiaries over which it holds, directly or indirectly, the majority of the share capital and which have registered offices in one of the following countries: Germany, Saudi Arabia, Brazil, Canada, China, the United Arab Emirates, the United States, France, India, Malaysia, Mexico, the United Kingdom and Singapore, i.e. approximately 94.5% of the Group's current employees.

Indicative calendar for the offering

Based on the indicative calendar, the reservation period will be open from 15 September 2014 to and including 3 October 2014. The subscription price will be equal to the average opening price of Vallourec's shares on Euronext Paris during the twenty trading days preceding the date on which the subscription/revocation period is established, discounted by 20% for the classic formula and 15 % for the leverage formula, and rounded up to the nearest euro cent. The subscription price is expected to be determined on 7 November 2014. The subscription/revocation period would be open from 10 November 2014 to and including 14 November 2014. The capital increase should take place on 16 December 2014.