Committee meeting minutes

The Committee meets three times per year. One meeting is held after the first half-yearly results and another before the General Shareholders’ Meeting, an occasion devoted to dialogue between the group and its individual shareholders. The Committee also attends the General Shareholders’ Meeting.

SHAREHOLDERS’ COMMITTEE MEETING ON DECEMBER 10, 2021

Discussion with Hervé Philippe, member of Vivendi’s Management Board and Vivendi’s Chief Financial Officer

At the beginning of the meeting, Hervé Philippe, member of Vivendi’s Management Board and Vivendi’s Chief Financial Officer (CFO), welcomed the Committee and talked about the Group’s latest developments, strategic moves and outlook.

He reminded the successful distribution on September 21 of 60% of Universal Music Group’s (UMG) share capital to Vivendi’s shareholders. UMG has a capitalization of approximately €45 billion.

Vivendi’s CFO noted that in addition to the shareholder distribution, Vivendi sold an aggregate of 30% of UMG’s share capital to a consortium led by Tencent and to Pershing Capital Group, providing Vivendi with significant cash for other transactions such as Lagardère. Vivendi now owns 10% of UMG for at least two years.

Hervé Philippe concluded the discussion by answering various questions from the Committee on the reactions of major investors following the listing of UMG, as well as on Gameloft, Telecom Italia, the dividend and share buyback policy (share buybacks and OPRA), the amounts dedicated to Vivendi’s growth and on the Lagardère group’s various activities.

Review of Vivendi’s third quarter 2021 revenues

Solange Maulini, Vivendi’s VP Shareholders Relations and Press Director, then took over and informed the Committee of the strong increase in the Group’s revenues in the third quarter of 2021 (10.3% at constant currency and perimeter, and 14.1% as published).

She presented the performance of each of Vivendi’s business units quarter by quarter, as reported and at constant currency and perimeter, before explaining Vivendi’s acquisition of the Lagardère shares held by Amber Capital.

Update on the CANAL+ brand and its new visual identity

Emilie Pietrini, Chief Communication & Brand Officer for CANAL+ Group, gave a presentation to the Committee on the work being done to revamp the group’s visual identity and promote the brand in France. She showed the Committee the videos produced for the brand’s new campaigns, highlighting the creative performances developed by her teams and by BETC and the involvement of many well-known actors in the advertising campaign.

Then she reminded the Committee of the ambition, strategy and characteristics of the CANAL+ Group in France and abroad. In particular, she emphasized the importance of its know-how and its films and series financing. She also presented the activities and ambitions of Studiocanal.

Emilie Pietrini finished by answering the Committee’s questions on various points such as the importance of Canal+ Group within Vivendi, its relationship with the BETC agency and the growth of subscribers in France and abroad.

Review of the 2021 shareholders’ meetings

Christine Pigeyre, Vivendi’s VP External Relations and CEO of Vivendi Africa, outlined the particularities of the shareholders’ meetings Vivendi held in2021 Shareholders’ Meeting compared to the meeting held in 2020, under the influence of the health context, the observations of a benchmark carried out beforehand, and the importance of Corporate and Social Responsibility.

Patrick Cunin, a member of the Committee, also presented his observations and points of vigilance on the various General Shareholders’ Meetings he attended in Paris 2021.

Following this session, the Committee members shared a convivial lunch.