The share subscription price for the Vallourec Value 10 employee share offering has been fixed by the management board. The unit price of the shares is calculated based on the reference price equal to the average opening Vallourec share price over a period of twenty trading days between 13 October 2010 and 9 November 2010. The amount is discounted by 20 % and rounded up to the next higher euro cent. This is the discounted subscription price. The opening Vallourec share price average during this period is equal to €76.42 and the discounted subscription price is equal to €61.14. The subscription/revocation period of the capital increase is open to the beneficiaries of the Value 10 offer and will take place from 12 November to 16 November 2010. Implementation of this plan may result in the issuance of a maximum number of 2,882,822 new shares and the grant of existing free shares up to a maximum of 270,000 as a substitution of the employer contribution. On 9 July 2010, Vallourec launched Value 10, a new employee share offering that allowed employees to become shareholders of the Group or increase their interest.
