Shareholders’ Committee Meeting of September 24, 2011

Jean-Louis Erneux, Vice President for Press Relations and New Media, and Solange Maulini, Press and Shareholder Relations Director, welcomed the Shareholders’ Committee members and confirmed the renewal of each member’s term.

Review of current corporate events

Committee members were given a presentation on the latest events in the life of the group, including a summary of the June 30, 2011 results. Highlights for the previous half-year were covered, including:

– Vivendi’s acquisition of the 44% stake in SFR that it did not already own.

– The 20% adjusted increase in adjusted net income as of the first half of 2011.

-Each subsidiary’s results and strategic changes were presented.

Dialogue with Jean-Bernard Lévy, Chairman of the Vivendi Management Board

The Chairman of the Management Board reviewed the group’s position on several major current issues, including trends in the stock price, changes to the tax system, the Canal+ acquisition of a majority stake in Direct 8 and Direct Star, Bolloré’s acquisition of an initial stake in Vivendi’s equity, the French competition authority’s withdrawal of its decision on the Canal+/TPS package merger and the new notification, the distribution of free shares and the share buybacks by other groups, the continuing BBB rating, Vivendi’s debt and more.

Actionaria

The communications initiatives of companies participating in the 2012 Actionaria trade show were reviewed, and comments were made on the resources used by Vivendi.

Committee members suggested ways to familiarize people with the Committee and make the group’s businesses more visible at the Actionaria event.

Digital developments

Thu Trinh-Bouvier, Director of New Media, gave Committee members a presentation on Jean-Bernard Lévy’s new blog and the website’s upcoming overhaul.

The members were also informed of plans for a webzine (online magazine) and commented on several aspects, including the title, several English terms, the sections, the types of explanation that individual shareholders tend to appreciate and readability conditions for all types of computer and tablet.

They recommended the establishment of a reader satisfaction survey and suggested the inclusion of links to subsidiaries’ websites.

These observations and suggestions will be passed along to the relevant personnel at Vivendi’s Communications and Sustainable Development division.