Boulogne-Billancourt, December 16, 2008 – the
Board of Directors of Vallourec, at its meeting on December 15, 2008, examined
the AFEP-MEDEF recommendations dated October 6, 2008 concerning the
compensation of executive directors of listed companies.
The Board considers that these recommendations
are in line with the corporate governance principles of Vallourec.
In accordance with the Act of July 3, 2008
which implements the European Union directive 2006/46/EC of June 14, 2006, the
AFEP-MEDEF corporate governance code amended by the above-mentioned
recommendations is Vallourec’s reference for the preparation of the report
provided for in Article L225-68 of the French commercial code.