Subsea 7 — Major Shareholding Notification 2017

Mar 8, 2017

threshold was crossed or reached Position of previous notification (if applicable)

ANNEXE A: Standard form for notification of major holdings

Form to be used for the purposes of notifying a change in major holdings pursuant to the modified law and grand-ducal regulation of 11 January 2008 on transparency requirements for issuers of securities (referred to as "the Transparency Law" and "the Transparency Regulation")

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the CSSF) 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached^*: Subsea 7 S.A. Société anonyme Registered office: 412F, Route d'Esch, L-2086 Luxembourg R.C.S. Luxembourg B 43 172 2. Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights $\boxtimes$ An acquisition or disposal of financial instruments An event changing the breakdown of voting rights $\Box$ Other (please specify)*: 3. Details of person subject to the notification obligation": Name: City and country of registered office (if applicable): Credit Suisse Group AG Zurich, Switzerland 4. Full name of shareholder(s) (if different from 3.)^v: 5. Date on which the threshold was crossed or reached": 23-02-2017 6. Total positions of person(s) subject to the notification obligation: % of voting rights % of voting rights Total number of through financial Total of both in % attached to shares voting rights of instruments $(7.A + 7.B)$ (total of 7.A) issuer^wi $(total of 7.B.1 + 7.B.2)$ Resulting situation on the date on which 2.330% 3.421% 5.751% 327,367,111

1. Notified details of the resulting situation on the date on which the threshold was crossed or reached^vil:

Class/type of shares ISIN code (if possible)	Number of voting rights "		% of voting rights
	Direct (Art 8 of the Transparency Law)	Indirect (Art 9 of the Transparency Law)	Direct (Art 8 of the Transparency Law)	Indirect (Art 9 of the Transparency Law)
ISIN: LU0075646355		7,627,757		2,330%
SUBTOTAL A (Direct & Indirect)	7,627,757		2,330%

Type of financial instrument	Expiration date x	Exercise/ Conversion Period"	Number of voting rights that may be acquired if the instrument is exercised/converted.	% of voting rights
Right to recall	n/a	anytime	10,690,133	3,265%
				%
				$\%$
		SUBTOTAL B.1	10,690,133	3,265%

B 2: Financial Instruments with similar economic effect according to Art. 12(1)(b) of the Transparency Law
Type of financial instrument	Expiration date x	Exercise/ Conversion Period v	Physical or cash settlement xi	Number of voting rights	$%$ of voting rights
ISIN: NO0010661168	05-10-2017	n/a	Physical	14,089	0.004%
Equity SWAP	03-03-2017	n/a	Cash settled	11,308	0,003%
Equity SWAP	01-06-2017	n/a	Cash settled	134	0,000%
Equity SWAP	02-10-2017	n/a	Cash settled	117,010	0.036%
Equity SWAP	03-11-2017	n/a	Cash settled	224.211	0,068%

du Secleur Financier

06-11-2017	n/a	Cash settled	81,042	0,025%
31-05-2018	n/a	Cash settled	2,346	0,001%
15-06-2018	n/a	Cash settled	13	0,000%
02-08-2018	n/a	Cash settled	57,623	0,018%
04-09-2018	n/a	Cash settled	397	0,000%
		SUBTOTAL B.2	508,173	0,155%

1. Information in relation to the person subject to the notification obligation: (please tick the applicable box)

□ Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer.**

$\boxtimes$ Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity** (please provide a separate organisational chart in case of a complex structure):

$N^{\circ}$	Name w	% of voting rights held by ultimate controlling person or entity or held directly by any subsidiary if it equals or is higher than the notifiable threshold	% of voting rights through financial instruments held by ultimate controlling person or entity or held directly by any subsidiary if it equals or is higher than the notifiable threshold	Total of both	Directly controlled by (use number(s) from 1 st column)
	See Appendix

9. In case of proxy voting:
The proxy holder named	will cease to hold	$%$ and	number of voting rights
as of

1. Additional information^™: Appendix 1. Organisational chart.

Done at	Zurich		02-03-2017
				Footbolo Kaminghade

Appendix No 1. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity

		% of voting rights
	% of voting rights if	through financial	Total of both if it
	it equals or is higher	instruments if it equals or	equals or is higher
	than the notifiable	is higher than the	than the notifiable
Name	threshold	notifiable threshold	threshold
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse AG, Dublin Branch
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Asset Management International Holding Ltd.
Credit Suisse Holding Europe (Luxembourg) S.A.
MultiConcept Fund Management S.A.
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Asset Management International Holding Ltd.
Credit Suisse Funds AG
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Asset Management International Holding Ltd.
Credit Suisse Holding Europe (Luxembourg) S.A.
Credit Suisse Fund Management S.A.
Credit Suisse Group AG
Credit Suisse AG
Credit Suuisse Investments (UK)
Credit Suisse Investment Holdings (UK)
Credit Suisse Securities (Europe) Limited
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Holdings (USA), Inc.
Credit Suisse (USA), Inc
Credit Suisse Securities (USA) LLC
Credit Suisse Group AG Credit Suisse AG
Credit Suisse AG, Guernsey Branch
Credit Suisse International
Credit Suisse Group AG
Credit Suisse AG
Credit Suisse Assets Management (UK) Holding Limited
Credit Suisse Quantitative and Systematic Asset
Management Limited

CREDIT SUISSE