VALLOUREC

Vallourec pursues its employee shareholding policy

	Press release
	July 2015 www.vallourec.com

Vallourec pursues its employee shareholding policy

Boulogne-Billancourt, 30 July 2015 - Vallourec announces the implementation of a new employee share ownership offering for the eighth consecutive year.

This offering, called "Value 15", concerns a maximum of 2,000,000 newly-issued shares representing 1.50% of the company's share capital on the date of this press release. It will be open to Vallourec employees in 12 countries^[1], representing approximately 95% of the employees of the Group.

The seven previous "Value" offerings generated a high participation rate among Group employees and were all very successful. Employee shareholders today hold 6.53% 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 14 September 2015 to and including 2 October 2015. The subscription price should be determined on 9 November 2015. The subscription/revocation period is scheduled to take place from 11 to 16 November 2015 inclusive and the capital increase on 15 December 2015.

Details of the conditions for the "Value 15" employee share ownership offering

Beneficiaries
Subject to any locally required authorizations, the "Value 15" 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, Brazil, Canada, China, the United Arab Emirates, the United States, France, India, Malaysia, Mexico, the United Kingdom and Singapore, i.e. approximately 95% of the Group's current employees.

Indicative calendar for the offering

Based on the indicative calendar, the reservation period will be open from 14 September 2015 to and including 2 October 2015. The subscription price will be equal to the average opening price of Vallourec's shares on the 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 9 November 2015. The subscription/revocation period would be open from 11 November 2015 to and including 16 November 2015. The capital increase should take place on 15 December 2015.