Shareholders’ Committee Meeting of April 1, 2011

Established in 2009, the Shareholders’ Committee comprises a representative panel of Vivendi shareholders, with nine members (four women and five men), of all ages and professions from every region of France, who serve renewable two-year terms. There is one employee shareholder each from SFR and Canal+ on the Committee.

The Committee serves as a liaison between Vivendi’s management and its individual shareholders, with whom it helps Vivendi enhance communication. Thanks to the Committee, the group has a closer relationship with its shareholders and a better understanding of their needs, expectations and thoughts.

Review of new developments over recent months and presentation of the 2011 annual results

Antoine Lefort, Assistant Director of Communications, presented Vivendi’s consolidated 2010 results and the industrial and financial developments at its six subsidiaries (Activision Blizzard, UMG, SFR, Maroc Telecom, GVT and Canal+). The Committee members then asked questions about the impact of higher VAT rates on SFR, Vivendi’s position on the request for a public offering by Canal+ France, the group’s priorities, the announced launch of Canal20 (a planned free channel from Canal+), the violence that could be perceived in the video games developed by Activision Blizzard, the outcome of the PTC dispute (a telecom operator in Poland) and Vivendi’s exposure to certain political and geographic risks (in Japan, North Africa and so on).

Interview with Jean-Bernard Lévy, Chairman of the Management Board

Jean-Bernard Lévy reviewed the outlook for the French telecommunications market, the weight Vivendi places on purchasing minority stakes in its French subsidiaries and the importance of acquiring Vodafone’s stake in SFR. This transaction, which will increase the group’s stake from 56% to 100%, will have a significant impact on Vivendi’s earnings per share and on the dividend distributed. Jean-Bernard Lévy also explained the very promising prospects for Brazilian operator GVT, which is wholly owned by Vivendi.

Presentation by External Relations Manager Agnès Vétillart on Vivendi’s new signature: “Vivendi: the best emotions, digitally”

The Committee members listened to the reasons behind the group’s new signature (“Vivendi: the best emotions, digitally”) and the media and locations where it will be disseminated (online and via the Canal+ channels). They gave their opinion on the signature’s new audio and visual elements as well as the various changes made to Vivendi’s signature.

Work on the General Shareholders’ Meeting with Solange Maulini, Press and Shareholder Relations Director

Presentation of the new Ecole de la Bourse module on General Shareholders’ Meetings:
the Committee noted how important it is to hold a meeting like this to explain the role of general shareholders’ meetings, and learned about the conditions and dates for offering the module.

Analysis of feedback from the satisfaction survey on General Shareholders’ Meetings, the Individual Shareholder Relations department, the Shareholders’ Club and the Shareholders’ Committee, sent to members of the Shareholders’ Club based in Paris and the Ile de France region

The Committee noted the positive results earned by the group’s various shareholder relations departments. Suggestions were made on how to make the Committee’s work more visible (by publishing its minutes online) and to create stronger ties between the Committee and shareholders in general (by including meeting dates on the calendar in the Letter to Shareholders).

March 2011 Letter to Shareholders

The Committee examined the most recent Letter to Shareholders and made suggestions, which included creating a special section for the Committee and reviewing the contents of the calendar printed in the newsletter.