Providing services to the EC

All,

Please find our in-depth analysis and model of Vallourec here

We remain positive on the underlying performance of Vallourec but the macro environment is not conducive to taking a long position at this time. The Company continues to make great progress back towards Net FCF neutral but leverage will still remain high into year end FY2020, just prior to the need to refinance/extend its banking facilities.

Please do not hesitate to call me to discuss.

Tomas