June 29, 2005.




Vivendi Universal's appeal against the decision of the AMF's Sanctions Commission

In its judgment dated June 28, 2005, the Paris Court of Appeals, ruling on Vivendi Universal's appeal, overturned the November 3, 2004 decision of the Sanctions Commission of the Autorité des Marchés Financiers (AMF) against Vivendi Universal. The Paris Court of Appeals also reduced the amount of the penalty imposed by the AMF against Vivendi Universal from €1 million to €300,000.

The Paris Court of Appeals validated Vivendi Universal's and auditors’ accounting treatment of its investment in Elektrim Telekommunikacja.

It has also overturned the decision of the Sanctions Commission regarding the conditions of access to Cegetel’s cash balances, and has recognized that Vivendi Universal could not be held responsible for the oral communication of its then Chief Executive Officer, Mr. Jean-Marie Messier. On the other hand, it has upheld the complaints with respect to the communication regarding indebtedness at the end of 2000 and the level of cash flows in September 2001.