Page 366 - 2012 Annual Report

SECTION 1 RECENT EVENTS
Significant events that occurred between December 31, 2012 and the date
of filing of the Document de référence (the French version of this Annual
Report) with the AMF (the French stock exchange regulatory authority)
are described in the following chapters of this report:
✱ Chapter 1: “Highlights”, “Group’s profile - Activities” and “Litigations”;
and
✱ Chapter 4: “Annual Financial Report” and “Consolidated Financial
Statements for the year ended December 31, 2012”, as approved
by the Management Board of Vivendi on February 18, 2013.
Since February 18, 2013, the main events are as follows:
✱ on March 4, 2013, Moody’s rating agency confirmed Vivendi’s
long-term senior unsecured debt at Baa2 and changed the outlook
to negative;
✱ on March 4, 2013, in connection with its appeal of the verdict
rendered in the Liberty Media Corporation litigation, Vivendi delivered
a letter of credit issued by Bank of America for the benefit of Liberty
Media Corporation, for €975 million (damages and interest, as well
as legal costs);
✱ on March 5, 2013, Vivendi announced that a Federal Court in New York
City rendered a decision on March 1, 2013 in which it dismissed all of
the securities fraud claims made by GAMCO Investors, Inc. and related
entities. GAMCO had alleged that Vivendi concealed an alleged
liquidity risk in 2001 and 2002. In the claims process that is now
underway in the class action, Vivendi may make similar challenges to
the claims of individual shareholders as appropriate; and
✱ on March 11, 2013, SFR took note, with interest, of the French
Competition Authority’s notice by which it affirmed its commitment
to the network infrastructure competition model, which assumes
that each operator relies on its own network, and also indicated the
conditions under which network sharing could be permitted without
undermining the principle of network infrastructure competition.
SECTION 2 OUTLOOK
The group’s businesses 2013 outlook, as published on February 26, 2013,
are described in Chapter 4, of the 2012 Financial Report, under Section 6.
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RECENT EVENTS – OUTLOOK – STATUTORY AUDITORS’ REPORT 5 SECTION 1 - RECENT EVENTS