Vallourec : First quarter 2021 Results Presentation

Q1 2021 RESULTS INVESTOR PRESENTATION

May 20, 2021

LEGAL DISCLAIMER

Forward-Looking Statements

This presentation may include forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms as "believe", "expect", "anticipate", "may", "assume", "plan", "intend", "will", "should", "estimate", "risk" and or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, Vallourec's results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks include those developed or identified in the public documents filed by Vallourec with the French Financial Markets Authority (Autorité des marches financiers, or "AMF"), including those listed in the "Risk Factors" section of the Registration Document filed with the AMF on March 29, 2021. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Vallourec's or any of its affiliates' actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if Vallourec's or any of its affiliates' results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. .

Cautionary Statement

This presentation does not, and shall not, in any circumstances constitute a public offering or an invitation to the public in connection with any offer.

No communication and no information in respect of this transaction may be distributed to the public in any jurisdiction where a registration or approval is required. No steps have been or will be taken in any jurisdiction (other than France) where such steps would be required. The issue, the subscription for or the purchase of Vallourec's shares may be subject to specific legal or regulatory restrictions in certain jurisdictions. Vallourec assumes no responsibility for any violation of any such restrictions by any person.

This announcement is not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and the Council of June 14, 2017 (as amended or superseded, the "Prospectus Regulation").

No securities offering will be opened to the public in France before the delivery of the approval on a prospectus prepared in compliance with the Prospectus Regulation, as approved by the AMF.

In France, an offer of securities to the public may only be made pursuant to a prospectus approved by the AMF. With respect to the member States of the European Economic Area (each, a "relevant member State"), other than France, no action has been undertaken or will be undertaken to make an offer to the public of the shares requiring a publication of a prospectus in any relevant member State. Consequently, the securities cannot be offered and will not be offered in any member State (other than France), except in accordance with the exemptions set out in Article 1(4) of the Prospectus Regulation, or in the other case which does not require the publication by Vallourec of a prospectus pursuant to the Prospectus Regulation and/or applicable regulation in the member States.

This presentation does not constitute an offer of the securities to the public in the United Kingdom. The distribution of this presentation is not made, and has not been approved, by an authorized person ("authorized person") within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this presentation is directed only at (x) persons who (i) are outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (iii) are high net worth entities falling within Article 49(2) of the Order and (y) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons").

The securities are directed only at Relevant Persons and no invitation, offer or agreements to subscribe, purchase or acquire the securities may be proposed or made other than with Relevant Persons. Any person other than a Relevant Person may not act or rely on this document or any provision thereof. This presentation is not a prospectus which has been approved by the Financial Conduct Authority or any other United Kingdom regulatory authority for the purposes of Section 85 of the Financial Services and Markets Act 2000.

This presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. Vallourec shares may not be sold in the United States absent registration or an exemption from registration under, as amended. Vallourec does not intend to register in the United States any portion of the offering mentioned in this presentation or to conduct a public offering of the shares in the United States. the U.S. Securities Act of 1933

The distribution of this presentation in certain countries may constitute a breach of applicable law. The information contained in this presentation does not constitute an offer of securities for sale in the United States, Canada, Australia or Japan.

Q1 2021 Results - Investor presentation

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1 KEY HIGHLIGHTS OF THE QUARTER

KEY HIGHLIGHTS

Q1 results: Improved EBITDA at €80 million

• €702m revenue, down 18% y-o-y(-5% at constant exchange rates)
• €80m EBITDA, up 18% y-o-y, with margin up 3.4p.p. to 11.4%
• Free cash flow at (€62)m versus (€181)m in Q1 2020
• Cash position at €1,242m as of March 31st 2021

Implementation of the financial restructuring to be completed on

June 30th 2021…

• Safeguard Plan approved by the Commercial Court of Nanterre on May 19th 2021
• Launch of the €300m rights issue, backstopped by the Converting
  Creditors1, planned beginning of June
• Closing of the financial restructuring planned to take place on June 30th (including the capital increase reserved to the Converting Creditors)

Confirmed 2021 Outlook

• Increased 2021 outlook released on April 30th
• EBITDA targeted between €350 and €400m
• FCF targeted between (€340) and (€260)m
• Continuous cost savings throughout the year
• Maintained strict cash control
• • allowing the roll-out of our strategic plan
• Reinforcing the profitability of Vallourec's core business by
• • implementing additional cost savings
  • maximizing the utilization of our most competitive routes
  • continued innovation to successfully leverage market recovery
• Exploiting the full potential of our mine in Brazil with a new iron ore treatment line by the end of 2021
• Innovating in low carbon energy solutions to seize energy transition growth opportunities

1 Converting Creditors means all creditors of Vallourec S.A. Under the various Notes and RCFs except Commercial Banks (Commercial Banks means BNP Paribas, Banque Fédérative du Crédit Mutuel/ CIC and Natixis)

Q1 2021 Results - Investor presentation

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2 Q1 2021 RESULTS & OUTLOOK