Mise En Page 1 26/10/12 17:16 Page1

Home , Amel Bent, Christophe Willem, Cyril Hanouna, Nouvelle Star (season 2), Nouvelle Star (season 3), Nouvelle Star (season 4)

LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page1

OCTOBER LETTER 2012 TO OUR SHAREHOLDERS

A BUSY LAST QUARTER FOR VIVENDI eptember was a busy month for Vivendi. Through these operations, Vivendi is strengthening The acquisition of EMI’s businesses was finally its leading position in media and content both in confirmed with the removal of the last regula- France and internationally, while preparing itself for Story obstacles in Brussels and Washington. the substantial digital evolution of these markets. The staff at Universal Music Group is now devoting all At the same time, we and the Supervisory Board are its energy to restoring this prestigious company to its continuing our strategic review of the Group’s assets. best and to develop its businesses, particularly in Japan JEAN-FRANÇOIS This analysis will take time, and no hasty decisions or DUBOS and Germany. announcements will be made, particularly since our CHAIRMAN OF Elsewhere, the takeover of the Bolloré channels by results are good. We will make an announcement about THE MANAGEMENT how the Group will move forward at the appropriate time. BOARD Canal+ Group, which represents a genuine opportunity for it to diversify and strengthen its free-to-air television On a day-to-day basis, our subsidiaries are concentrat- activities, was also given the last necessary green light. ing on improving their commercial performance and on This resulted in the launch of the D8 and D17 channels continuously making adjustments to their costs. This on October 7th. is particularly the case at SFR, which has just brought Last but not least, the Polish competition authorities out new, ever more innovative offers, and at Activision unconditionally approved the proposed partnership of Blizzard, which has successfully launched new video Canal+ in Poland, enabling the upcoming merger of its games. digital television platform with that of the TVN group, You can rest assured that we remain fully committed the country’s leading private free-to-air television to achieving a revaluation of our share price, increasing operator, and enabling it to become a major shareholder our adjusted net income per share and maintaining our of that company’s parent. quality credit rating. ■

RESULTS VIDEO GAMES ■ First half results confirm annual forecast ■ Exciting releases between now and year end page 2 page 6

MUSIC SUSTAINABLE DEVELOPMENT ■ EMI acquisition is now a reality ■ Culture(s) with Vivendi, a journey through cultural page 3 diversity TELEVISION page 7 ■ Canal+ Group develops its free-to-air television business page 4 SHAREHOLDERS’ PAGE ■ Four new members of the Shareholders’ Committee TELECOMS ■ Shareholder’s Booklet: Shareholders’ Club, Diary, ■ SFR confirms it leading position and breaks new ground Contact us

page 5 page 8 CONTENTS LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page2

2 GROUP

APPOINTMENTS JEAN-YVES CHARLIER JOINS VIVENDI’S GENERAL MANAGEMENT Jean-Yves Charlier has been appointed as Senior Executive Vice President in charge of Vivendi’s Telecoms activities, and as such, will contribute to the Group’s strategic review. Bertrand Meheut, Chairman of Canal+ Group, has been asked at the same time to conduct a review of content and media. JEAN-FRANÇOIS DUBOS PHILIPPE CAPRON Jean-Yves Charlier, who has been a member of Vivendi’s Supervisory Board since April 2008, and who until now was Chairman of the Strategy Committee, took up his post as Senior Executive Vice President of the Telecoms business at the end of September. His perfect knowledge of the Group and his substantial experience in telecoms on an international scale (he has held the highest positions at Fidelity International, Colt Telecom Group, BT, Equant, Wang and Promethean) will be of enormous benefit to the company. A decision was made this summer to slim down Vivendi’s Management Board so that the managers of the various subsidiaries could devote themselves entirely to their entities. It now comprises Jean-François Dubos, its Chairman, and Philippe Capron, Chief Financial Officer. Bertrand Meheut conducts a review of content and media DR The Supervisory Board has asked Bertrand Meheut, Chairman of the Management Board of Canal+ Group, JEAN-YVES CHARLIER BERTRAND MEHEUT to conduct a review of content and media, areas in which Vivendi is currently one of the world’ leaders.

FIRST HALF RESULTS CONFIRM ANNUAL FORECAST Vivendi’s results in the first half confirmed its prospects for the year. Its subsidiaries Activision Blizzard and GVT have raised their respective annual forecasts of EBITA and EBITDA margin. n line with expectations, launches under IFRS. For the rest Its target is to achieve annual In Brazil, GVT’s first half EBITA Vivendi’s adjusted net income of the year, Activision Blizzard is savings of operational costs of has increased by 19.3% (25.3% was €1.5 billion in the first very confident due to the launch about €500 million between now at constant exchange rates) to Ihalf of 2012, down 16.6% of new games. It has raised its and the end of 2014, together €223 million. The operator has compared to the first half of 2011. annual EBITA forecast to around with a significant reduction in its extended its coverage to 11 cities The Group confirmed its annual €800 million. variable costs. and has benefited from its pay-TV forecasts for 2012. Adjusted net The first half EBITA of the world’s offer. It now expects revenue income should exceed €2.5 billion number one music company, GVT RAISES ITS EBITDA growth above 30% in 2012 (at before the impact of the opera- Universal Music Group (UMG), FORECAST constant currency) and has raised tions announced in the second was €156 million, up 18.2% Maroc Telecom is facing stiffer its EBITDA margin forecast to half of 2011 (EMI, Direct 8, Direct thanks to the improvement of competition in the Kingdom of slightly above 40%. Star and ITI-TVN) and its telecoms its product mix and careful man- Morocco, but its international The first half EBITA of Canal+ restructuring costs. The total divi- agement of its costs. In the business is still very dynamic. A Group was €483 million, down dend to be paid in cash in 2013 second half, new albums are an- provision of €72 million associ- 2.4%. Canal+ France’s portfolio should be between 45% and 55% ticipated from No Doubt, The ated with a voluntary redundancy grew by 350,000 net subscrip- of the annual adjusted net income Rolling Stones, Florent Pagny, plan had a negative impact on its tions compared to the end of for 2012. and others. first half EBITA, which was down June 2011. Price reductions attributable to 12.8% at €463 million. Based on Elsewhere, in June, a jury awarded NEW LAUNCHES the competitive environment and recent developments in the mar- damages of €765 million against AT AB AND UMG to regulators’ decisions had a ket and provided that no further Vivendi in a case brought by Liberty Operational situations differ ac- negative impact on the first half major exceptional events disrupt Media. Vivendi is convinced that cording to the subsidiaries con- EBITA of the telephone operator the business, the Group main- there are numerous grounds for an cerned. The 31.3% downturn SFR, which amounted to €1,113 tains its 2012 forecasts, and ex- appeal and it will continue to use in first half EBITA for the video million, down 10.3%. In the sec- pects, excluding restructuring all avenues available to have the games publisher Activision ond quarter, SFR’s mobile tele- costs, to achieve an EBITA margin decision overturned and to reduce Blizzard (AB), to €572 million, can phone customer base returned to of about 38% and stable net op- the amount of damages. At this be explained by the unfavorable growth. The company is preparing erating cash flow in dirham com- stage, no provision has been made impact of the calendar for games a plan to adjust its cost structure. pared to 2011. in the accounts. ■ LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page3

MUSIC 3

EMI ACQUISITION IS NOW A REALITY The acquisition of EMI’s Recorded Music businesses by Universal Music Group (UMG) and Vivendi was © Benoit Peverelli / EMI Music Netherlands BV completed at the end of September. Now that it has control of the prestigious English label, UMG intends to increase investments there.

n September 21, Vivendi well as the catalogues of the and UMG received the Beatles, Beach Boys and Genesis

last regulatory green will be joining UMG. The famous / © Williams&Hirakawa Nashville Records Capitol Olight required to buy Abbey Road studios will also EMI Recorded Music, from the become part of it. New talents, European Commission and the US artists and creators should be © Franck W.Okenfels © Franck Federal Trade Commission. attracted by the diversity of talents Dukoff © Lauren While the music industry is cur- at the new, combined UMG-EMI. rently at a watershed moment, par- Artists, consumers and the cultural ticularly in the United States, this industry as a whole will benefit transaction will enable UMG to from the merger between UMG safeguard its strategy – to invest in and EMI Recorded Music. talent, while ensuring its growth and offering consumers more AN ACQUISITION choice – and Vivendi to strengthen WITH A POSITIVE IMPACT its position in content significantly. ON VIVENDI’S RESULTS (1) Thanks to this transaction, UMG will The approval of the European investment funds, have already CHARLES AZNAVOUR, KATY PERRY, increase its positions in music. It Commission was conditional upon NORAH JONES AND LADY ANTEBELLUM declared an interest. UMG will re- will be the first company in the sec- some asset sales. A certain num- ARE JOINING THE GROUP tain more than two thirds of EMI tor to exceed a market share of 30% ber of buyers, and particularly Recorded Music, which repre- and will have a significant lead over major record companies, inde- sents annual revenue of about its main competitors. In particular, pendent labels and private €750 million, compared to UMG’s it will make progress in Japan, the 2011 revenue of €4.2 billion. world’s second most important ter- The targeted synergies of £100 ritory for music in the world after THE LEGENDARY ABBEY ROAD STUDIOS million have been confirmed. the United States, where it will be Essentially, they will come from hot on the heels of Sony with a mar- Established in London in 1931, these studios have been used to general expenses and fixed ket share of 19.5%, compared to record albums by many groups and artists such as Claude François, costs (accounting, sales 15.2% previously. Pink Floyd and U2, and more recently Oasis and Radiohead. The Beatles force, etc.). The acquisition It will also increase its presence on made the majority of their songs there over a 7-year period (from 1962 to 1969), will have a positive im- the digital platforms that now form and in 1970, the studios, which were previously known as “EMI”, changed their pact on Vivendi’s results the music industry’s main distribu- name as a tribute to the album Abbey Road, the group’s most famous work. in the first year(1). tion channels. Above all, it is tak- The transaction was fi- ing control of a company that for nalized on September a long time was managed by 28, once green lights financiers, where it intends to had been received from make significant investments. the various competition UMG intends to rebuild EMI authorities. The amount of Recorded Music and bring it back the transaction (£1.2 billion) to growth. is included in Vivendi’s target Specifically, artists such as Katy to achieve a net debt of less than Perry, Robbie Williams, Norah €14 billion at the end of the year. ■ Jones and Charles Aznavour, as (1) Excluding restructuring charges LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page4

4 TELEVISION

CANAL+ GROUP DEVELOPS ITS FREE-TO-AIR TELEVISION BUSINESS In the last few weeks, Canal+ Group has received green lights from the French and Polish regulatory authorities to develop its free-to-air television business (a segment in which the company already owns i>TELE, and broadcasts some programs free-to-air). Canal+ Group, which is already a leader in pay-TV, is implementing its strategy of developing its free-to-air business, anticipating the digital transformation of the media and content industries and preparing for the arrival of new international operators.

aving been authorized television company and its leading to buy Direct 8 and Direct D8 AND D17, THE SPEARHEADS media company. Star by the French OF CANAL+ GROUP IN FREE-TO-AIR The authorization covers both HCompetition Authority on TELEVISION aspects of the partnership, the first July 23, 2012, Canal+ Group ob- involving the merger of Cyfra+ tained the authorization of the (75% owned by Canal+ Group) and French Broadcasting Authority (the the “n” channel package (owned CSA) for that transaction on by TVN) to form a major satellite September 18, in return for some television platform with a cus- substantial commitments. tomer base of more than 2.5 mil- The old Direct 8 channel, now re- lion. Synergies of more than €60 named D8, was re-launched on million should be achieved within Sunday, October 7. The aim is to 3 years. By the end of 2015, the turn it into one of the major French olds. At least 75% of its broadcast- new pay-TV platform should have broadcasting channels and to in- ing time will be devoted to music, more than 3 million customers. crease the company’s capacity to in the form of live or recorded con- Canal+ Group will own 51% of the create and finance content, by of- cert broadcasts, videos and docu- shares of the new entity, with TVN fering such content more widely mentaries, the remaining time POLAND, THE SECOND Group and UPC respectively own- after having broadcast it on the being filled with broadcasts of en- BIGGEST DEVELOPMENT ing 32% and 17%. company’s pay-TV channels. tertainment, zapping, films, televi- COUNTRY FOR CANAL+ The second aspect of the partner- As a general quality entertainment sion series, documentaries and GROUP ship relates to the acquisition by channel, D8 is aimed at the AB+ manga. The morning show with On September 14, Canal+ Group Canal+ Group of a stake of 40% in bracket. Its target is an audience Johann Lefebvre and Gérard Baste also received unconditional con- N-Vision, the company with 51% share of 4% by 2015, compared to (which already has more than sent from the Polish Competition control of TVN. Thanks to this oper- 2.3% currently. For its part, Direct 170,000 friends on Facebook) will and Consumer Protection Authority ation, Poland will become the sec- Star becomes D17 and will remain be continued, with new items, for its strategic project with ITI and ond biggest development country a music channel for 15-30 year new games and a lot of surprises! TVN, the country’s biggest private for Canal+ Group after France. ■

D8, THE MAJOR NEW CHANNEL Well-known French TV personalities such as Laurence Ferrari, Daphné Roulier, Guy Lagache and Cyril Hanouna have been given some major programs on the new channel. Laurence Ferrari presents “Le Grand 8” alongside the journalists Elisabeth Bost and Audrey Pulvar, and with Hapsatou Sy, the founder of a chain of beauty salons, and the former minister Roselyne Bachelot. Five strong personalities with different profiles, cultures and horizons, who should spice up this talk-show broadcast in the middle of the day! D8 also offers two cinema slots per week: critically-acclaimed, major independent and prize-winning films, as well as box-office hits, such as Lost in Translation, Million Dollar Baby, Forrest Gump or Le Parrain are planned. Television series such as Braquo, Pigalle, Les Borgia or The Event will also be much in evidence, not forgetting lifestyle, sport and entertainment programs. La Nouvelle Star, which discovered Christophe Willem, Julien Doré and Amel Bent, among others, will return to the screens in prime time thanks to D8. LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page5

TELECOMS 5

SFR CONFIRMS ITS LEADING POSITION AND BREAKS NEW GROUND Simplified offers for landlines and mobiles, and new, innovative services: this is the aggressive strategy announced by SFR at the end of September, in a strongly- competitive market. Europe’s leading alternative telecoms operator has confirmed its prime position, particularly as regards network coverage and performance, and has achieved yet more “firsts” in France.

FR has chosen to focus on to deploy in France, SFR the quality of service and will systematically dou- increased internet speeds ble internet speeds for Soffered to its customers to 60% of the population set itself apart against a back- between now and the ground of a price war. The operator end of the year. With the will commercially open its latest latest iPhone 5 launched generation 4G network in Lyons on by Apple in September, November 28, backed by a com- along with other termi- plete range of compatible termi- nals, very high speed in- nals and the simplified and more ternet, which is essential comprehensive offers and tariffs for a growing number of launched at the end of September, ever more complex applications, PayPass, a prepaid contactless pay- home visits and priority access to the new “Formules Carrées”. Very is a reality even before the 4G ment and withdrawal card. As the SFR stores. high speed mobile is, however, al- networks are widely deployed. first telecoms operator in France to As Stéphane Roussel, SFR’s ready available to a large number In terms of innovation, SFR will market such an offer, SFR is taking Chairman and CEO, said, in an in- of people. Using the Dual Carrier not be outdone. In partnership a first step that will not go unno- terview available on the website technology which it was the first with MasterCard, it is launching a ticed before the integration of www.vivendi.com/individual or on payments from mobile telephones. request, “we must reinvent SFR”. In particular, this transformation SIMPLIFICATION OF will be achieved by overhauling the THE «FORMULES CARRÉES» customer experience across all dis- From October, SFR customers will tribution channels. In fact, we now also be the first to be able to make use landlines as much as mobiles, their purchases using the Google and our screens are those of a tel- Play Store platform, without having to provide their bank de- tails; such purchases will immediately ap- pear on their SFR bill. The new Formules Carrées, tailored for internet use, will now be available at six price levels. For the first time on the telecoms market, a new “made-to-measure” customer support policy has been evision, computer or tablet. In order set up. Depending on the price to keep in step with these new level chosen, customers will have modes of use of communication the benefit of a range of unparal- tools, SFR will adapt. The process leled services, including rapid is already well underway. ■ LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page6

6 VIDEO GAMES

EXCITING RELEASES BETWEEN NOW AND YEAR END Three new video games from Activision Blizzard are eagerly cess a brand- awaited by players throughout the world. These highly new class, the anticipated titles are expected to be released before the end monk, as well as a of the holiday season. new playable race—the pandaren. Players will also explore a huge, WORLD OF ollowing the record-breaking online gaming. World of Warcraft, mystical new land that was previ- WARCRAFT: release of Diablo® III on May which is published in 11 languages, ously hidden from the rest of MIST OF PANDARIA 15, the company launched is played on PC and Mac, and as of WAS RELEASED Azeroth—the continent of Pandaria. ON SEPTEMBER 25. World of Warcraft®: Mists June 30, 2012 had 9.1 million sub- Call of Duty is a first-person action A NEW RACE RELATED TO THE PANDA F MAKES AN APPEARANCE of Pandaria™, the new expansion scribers throughout the world. franchise that can be played in single pack for World of Warcraft, on Set in the imaginary world of or multi-player modes. The newest September 25. Azeroth, World of Warcraft is a fan- game in the franchise will be Call of embraced by parents and kids. Additionally, Activision Blizzard ex- Duty: Black Ops II, which is the se- Skylanders Giants builds upon the pects to release a new game in the quel to the best-selling first-person breakthrough fundamentals of the Skylanders franchises, Skylanders action game, Call of Duty: Black Ops. first game and features a variety of Giants™, on October 19 and an all Set in the near future of 2025, Black new characters, new challenges, a new Call of Duty® game, Call of Duty: Ops II propels players into global con- thrilling new story-driven adven- Black Ops II, on November 13. flict featuring advanced weaponry, ture, and advanced integration Originally launched in November robotics, and drone warfare in a new across console, handheld, mobile 2004, World of Warcraft is the #1 Cold War scenario whose seeds are and online platforms. Through an subscription-based massively multi- being sown in today’s headlines. innovative use of technology, player online role-playing game. The THE SKYLANDERS SAGA CONTINUES Additionally, this holiday season, Skylanders Giants allows players to first expansion pack, World of WITH SKYLANDERS GIANTS Activision Publishing expects to re- transport real-world toys into vir- Warcraft: The Burning Crusade®, was tasy game that lets players choose lease Skylanders Giants, the fol- tual worlds of adventure by placing launched in January 2007. A second their character from among several low up to Skylanders Spyro’s the toy figurines on a small expansion pack, World of Warcraft: races, which are divided into two Adventure™, the #1 kids game of pedestal (the Portal of Power™), Wrath of the Lich King®, followed factions: the Alliance and the Horde. 2011 in the U.S. and Europe (1). which is connected to the video in November 2008, and the third Players also select from a number of Skylanders Spyro’s Adventure game by a small USB/wifi adapter expansion, World of Warcraft: different character classes, such as uniquely combines collectible real- inserted in the console. ■ Cataclysm®, launched in December paladin, druid, and rogue, to define world toys with an epic virtual 2010. Mists of Pandaria is the fourth (1) Based on revenue across all platforms, including their play-style. In World of Warcraft: game world, creating a new plat- sales from accessory packs and figures, according to expansion to this venerable staple of Mists of Pandaria, players can ac- form for communal play that was NPD, Gfk Charttrack and Activision internal estimates.

■ ACTIVISION BLIZZARD ■ SFR ■ GVT Activision Blizzard and Tencent, a major SFR and RATP have just signed an agreement GVT’s pay-TV offer includes a new functionality, Internet supplier in China, entered into to deploy 3G and 4G in the metro and on the RER called “Another Chance”, which allows pro- a long-term agreement to launch the in Île-de-France. SFR is the first operator to sign grams to be seen again. This catch-up televi- online version of Call of Duty in that such an agreement. The roll-out will be gradual sion was launched in June with more than country. and all RATP stations will be equipped between 100 hours of programs from the Fox, Bem now and the end of 2015. Simples and NatGeo channels. ■ UNIVERSAL MUSIC GROUP In the year of the fiftieth anniversary of The ■ MAROC TELECOM ■ CANAL+ GROUP Beatles’ first single Love Me Do (issued in Maroc Telecom now offers Finja, a mapping and StudioCanal acquired 100% of Hoyts Distribution, 1962), and of Paul McCartney’s 70th birth- localisation service. The customer can find his loca- a company specializing in the distribution of fea- day, the Decca label pays tribute to those tion, addresses and places of interest (pharmacies, ture films in Australia and New Zealand. Hoyts artists by releasing a double album of 45 restaurants, banks, etc.). Finja has the addresses Distribution was formed ten years ago, and dis- classic arrangements. of more than 170,000 locations in 84 towns. tributes a wide selection of 120 films. IN BRIEF LAA Vivendi GB 10-2012 JM2_Mise en page 1 26/10/12 17:16 Page7

SUSTAINABLE DEVELOPMENT 7

CULTURE(S) WITH VIVENDI, A JOURNEY THROUGH CULTURAL DIVERSITY www.cultureswithvivendi.com Who inspires the Lebanese British pop singer-songwriter Mika, the French pianist Hélène Grimaud or the Malian artist Salif Keita? What is the connection between pop rock and the cinema? Why should we be interested in discovering the cultures of other countries? How can I become a film restorer? What is a video games developer? The answers to all these questions can be found on a website that Vivendi has just launched.

he “Culture(s) with Vivendi, adapt the internet to the needs of a journey through cultural young Europeans. Indeed, the diversity” website offers Commission is calling on the gov- Tunparalleled access to the ernments of Member States and in- world of creation and provides the dustrial companies to work together answers to these questions. It forms to offer online content that is cre- an integral part of Vivendi’s sustain- ative and of high quality. This is the able development policy, whose purpose of our “Culture(s) with “Culture(s) with Vivendi” was nership with UNESCO. This online ambition is to facilitate access to Vivendi” website: to enable every- launched online on May 21, 2012, on campaign calls on everyone to knowledge, to encourage the ex- one to discover repertoires of music the World Day for Cultural Diversity do one thing to promote cultural pression of talent and participation and film, to have a better under- for Dialogue and Development de- diversity and to celebrate May 21 in cultural life and to promote a standing of the cultural industry clared by the United Nations. in that way. ■ spirit of openness. It is in three value chain, and to inspire them to Vivendi has associated itself with parts, each with a specific objective: become open to other cultures and the Do One Thing for Diversity and (1) See the European Commission press release en- titled “Digital Agenda: New strategy for safer in- - The section “Artists’ inspira- to share their artistic experiences Inclusion campaign launched by ternet and better internet content for children and tions” facilitates internet users’ and emotions. the Alliance of Civilizations in part- teenagers” dated May 2, 2012 access to diverse and sometimes little-known music or film repertoires, through the discovery ■ Europe is taking action to create on November 14, 15 and 16, 2012. This forum, of artists’ sources of inspiration, more interesting internet content which will demonstrate the connection particularly those found in the cat- for young people. between businesses’ responsibility and prof- alogues of StudioCanal and For several years, Vivendi has supported the itability, will deal, in particular, with the Universal Music Group. Thus, there European Commission’s “Safer Internet” agenda, responsibility of media businesses. It will are links from the various “Artists’ and on October 18 and 19, 2012, will participate provide an opportunity to recall the guidelines contained in the Global Reporting Initiative Inspirations” profiles and subjects in the annual Safer Internet Forum, where indus- (GRI), which included a media sector supple- to sites that offer free listening or try representatives, public authorities and non- governmental organizations will meet. ment in May 2012 to which Vivendi actively viewing of extracts of music or On previous occasions these meetings have been contributed. films on each subject; attended not only by the Member States of the - The section devoted to “Creative European Union but also by representatives from ■ Vivendi partners National Youth Day Jobs” provides a glimpse of jobs in Australia, Brazil and the Russian Federation. This in Paris on November 30.

the cultural and creative industries, IN BRIEF year, the theme of the Forum will be “Creating to- On this day of national interest sponsored explained by the professionals gether a better internet for children and young by Jean-Paul Delevoye, Chairman of the themselves; people”. Vivendi will set out the actions it is tak- Economic, Social and Environmental Council, ing to offer quality content and to associate young all private and public stakeholders are invited - The section called “Intercultural people with its sustainable development policy. to demonstrate their intention to assist young Dialogue” offers videos and inter- people to take a positive and constructive views illustrating the connection ■ The responsibility of the content approach to their future. between culture and mutual under- industries is on the agenda for the World Vivendi will host a number of classes to standing. Forum for a responsible economy. present them with jobs in the cultural and creative industries, and will take part in the This site makes a contribution to the Vivendi will take part in the next World Forum for a responsible economy to take place in Lille “Let’s dare together” seminar. digital strategy of the European Commission(1) which aims to better LAA VivendiGB10-2012JM2_Miseenpage126/10/1217:16Page8 to Vivendi. Vivendi disclaimsany liability inrespect ofany suchfacility. Unsponsored ADRs.Vivendi doesnotsponsor anAmericanDepositaryReceipt(ADR)facility inrespect ofitsshares. Any ADRfacility currently inexistenceis“unsponsored” andhasnotieswhatsoever any intentionorobligationtoprovide, updateorrevise any forward-looking statements,whether asaresult ofnew information directly from Vivendi. Accordingly, we cautionyouagainstrelying onforward lookingstatements.These forward-looking are madeasofthedatethispress statements release andVivendi disclaims Vivendi’s website (www.vivendi.com). Investors andsecurityholders may obtainafree copy Autorité ofdocumentsfiledby Vivendi desMarchés Financiers withthe atwww.amf-france.org, or Liberty Medialitigationaswell astherisksdescribedindocuments Vivendi filedwiththeAutorité (French desMarchés securities regulator), Financiers whichare alsoavailable inEnglishon control, includingbutnotlimitedtotherisksrelated toantitrustandotherregulatory approvalstransactions andany inconnectionwithcertainpotentialconsequences thatmay arisefrom the are notguarantees offuture performance. Actualresults may differ materiallyfrom theforward-lookingof anumberrisksanduncertainties,many ofwhichare statementsasaresult outsideour plans andoutlookofVivendi, includingtheimpactofcertaintransactions. AlthoughVivendi believes thatsuchforward-looking Cautionary NoteRegarding Forward LookingStatements.This press release containsforward-looking financialcondition,results ofoperations, statementswithrespectbusiness,strategy, tothe Important disclaimer Actionnaires Individuels, 42,avenue deFriedland, 75008Paris, France. If you wish tomake anapplication for a future appointmenttothe Committee,pleasecompletethedownloadable form andreturn it toInformations A warm welcome to all of them! Martial CocagneandLudovic Robin . Following thedeparture ofDianeEnoutor, ChristophePayret and LionelMasini,we have therefore appointed AgnèsUmmenhoven, Wi point ofview, was alsorespected. Similarly, there are three women onourCommittee. giving preference to provincial shareholders. The diversity of Vivendi’s shareholders from a geographical, socio-professional generational and ber of candidates. Having regard to the number of applicants of a high standard, we have increased the numbertoten, of members from nine Vivendi’s Communication andSustainableDevelopment Departmentreceived andexaminedanumber ofapplications andinterviewed anum- work on the Individual Shareholders pages of Vivendi’s website). At itsmeetingonSeptember 21,2012,Vivendi’s Shareholders’ Committeewelcomed four new members (you canfindareport onthe Four new members oftheShareholders’ Committee THE SHAREHOLDER’S BOOKLET of importantannouncements). The ServiceisavailablefromMondaytoFriday, from9a.m.to6p.m.(withextendedhours intheevent - Bytelephone:tollfreeon0805050(callsfromaFrenchlandline)or+33(0)1713499 - Bye-mail:[email protected]. - Byletter:Vivendi, ServiceInformationsActionnairesIndividuels, For anyinformationonVivendi, pleasecontacttheIndividualShareholders’InformationService: ■ at the SentierdesHalles. December 17,Paris. “Wild party” December 8,Paris. Screening of Verdi’s ”Un Ballo in Maschera” live from the Metropolitan Opera. December 3, Orléans. November 15,Paris. October 27, Paris. Screening ofVerdi’s ”Otello”live from theMetropolitan Opera. of theManagementBoard. October 16,Marseille. Here istheschedulefornextfewmonths: Every month, not toreceiveourletters,pleasecontactusatthesameaddresses. to Vivendi ServiceInformationsActionnairesIndividuels,42avenuedeFriedland,75008Paris.Ifyouwish tounsubscribeand and youcanexerciseyourrighttoaccess,rectifyobjectbysendingan [email protected],orbywriting You receivethelettertoshareholdersinaccordancewithLawondataprocessingandcivil liberties ofJanuary6,1978, which isregularly updated. This canbefound ontheindividualshareholders’ pages. If you are already amember, visittheVivendi website todiscover theClub’sscheduleofevents, form downloadable from thewebsite. 0805 050 You onlyhave toown oneshare tobecomeamemberoftheClub. You canjoinby calling or toOpéra Garnier, participation in television broadcasts, etc. Vivendi”), training provided by the ”Ecole de la Bourse”, film previews, visits to the Olympia members such as financial information meetings or meetings on particular topics (”Jeudi, c’est if youareabroad. CONTACT US 42 avenuedeFriedland,Paris75008,France Vivendi’s Shareholders’ Club (toll free from a French landline) or by sending us the membership application “Jeudi, c’estVivendi” conference: “The new activities ofticketing”. Financial information meeting. Financial information meetingwithPhilippeCapron, ChiefFinancial Officerandmember organizes anumberofevents for its statementsare basedon reasonable assumptions,suchstatements , future events or otherwise. lliam Adam, morning’s

This Letter to Our Shareholders is produced by Vivendi’s Corporate Communications Department. It is printed by Kossuth, an “Imprim’Vert” (green-label) printer, on paper comprising 40% FSC-label virgin fiber and 60% recycled pulp.