Paris, January 24, 2005.

Vivendi Universal initiates a liquidity contract

Vivendi Universal announced today that in connection with the implementation of its latest share buyback program, registered by the AMF (Autorité des Marchés Financiers) on January 21, 2005 as no 05-032*, it has asked Rothschild & Cie Banque to implement a liquidity contract starting on January 24, 2005 for a period of one year with tacit renewal. This contract is compliant with the Business Ethics Charter of the AFEI (French Association of Investment Firms).

Vivendi Universal has assigned €76 million to the liquidity account for implementation of this contract.

This contract does not constitute an offer for the purchase or sale of securities in the United States of America, nor is it intended for residents of the United States of America. The ordinary shares of Vivendi Universal listed in the United States of America and Vivendi Universal ADRs are in no way concerned by this contract.


* The corresponding prospectus is available on the AMF website (www.amf-france.org) and on the company’s website (http://www.vivendiuniversal.com)