Vallourec — Share Issue/Capital Change 2011

Sep 6, 2011

vallourec

French limited liability company (société anonyme) with a Management Board and a Supervisory Board with share capital of € 238,168,840

Registered office: 27, avenue du Général Leclerc, 92100 Boulogne-Billancourt, France

Registered on the Nanterre Trade and Companies Register under no. 552 142 200

Boulogne-Billancourt, September 6, 2011

Monthly information relating to the total number of voting rights and shares comprising the share capital

Article 223-16 of the General Regulations of the Autorité des Marchés Financiers (AMF)

Date	Total number of shares in issue	Theoretical total number of voting rights*	Net total number of voting rights
31 August 2011	119 084 420	119 414 046	118 610 734
31 July 2011	119 084 420	119 407 976	118 891 062
30 June 2011	117 944 082	118 306 884	117 863 696
31 May 2011	117 944 082	118 147 254	117 704 066
30 April 2011	117 944 082	118 139 227	117 652 655
31 March 2011	117 944 082	118 137 617	117 614 539
28 February 2011	117 944 082	118 137 283	117 607 205
31 January 2011	117 944 082	118 135 045	117 608 967
31 December 2010	117 944 082	118 133 247	117 578 133

• The theoretical, (or gross), number of voting rights is used as the basis for calculating the crossing of thresholds: it includes voting rights stripped from shares that do not have the right to vote (own controlled shares, liquidity contract, etc...). See the AMF memorandum dated 17 July 2007 and article L.233-7 of the French Commercial Code.

The by-laws of Vallourec contain a provision imposing an obligation to declare crossing thresholds in addition to those relating to legal thresholds.

This information is also available on the Vallourec website under "Capital & shareholding" or "information réglementée": http://www.vallourec.fr/uk/actionnaires/actionnariat.asp