Forward-Looking Statements

The foregoing letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “optimism”, “expect”, “expected”, “will”, “believe” and similar expressions are intended to identify forward-looking statements.

Despite the company’s expectations of the continued recovery of our markets, our achievement of our goal to have 40% of sales from valves, valve automation and measurement and control products and improved revenue and profitability, these are only MRC Global’s expectations regarding these matters. Actual results could be materially different based on various factors. These factors include factors that generally impact our business as described in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the (“SEC”) and any later filings that we make with the SEC. A copy of this report accompanies this letter as part of our annual report to shareholders. For a discussion of key risk factors, please see the risk factors disclosed in the company’s SEC filings, including the Form 10-K, which are available on the SEC’s website at www.sec.gov and on the company’s website, www.mrcglobal.com.

Undue reliance should not be placed on the company’s forward-looking statements. Although forward-looking statements reflect the company’s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company’s actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.

Non-GAAP Measures

The foregoing letter to shareholders contains references to adjusted gross profit percentage, adjusted EBITDA and adjusted gross margins. These are all non-GAAP measures, which are not necessarily better than the related GAAP measure. For a discussion of the differences between these non-GAAP measures and the related GAAP measure and a reconciliation between each, please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s Annual Report on Form 10-K for the year ended December 31, 2018, a copy of which is included in the annual report to shareholders to which the letter is included.