Vivendi Universal, S.A.

On January 12, 2004, the SEC obtained permanent injunctions and other relief against Vivendi Universal, S.A., Jean-Marie Messier, and Guillaume Hannezo in connection with fraudulent conduct committed at Vivendi. As part of the settlement, the defendants will pay civil penalties and disgorgement of more than $51 million. The defendants are required to pay this amount over the next year into the registry of the Court. For more information about the SEC's action, you can read Litigation Release Nos. 18352 (Sept. 16, 2003), 18373 (Sept. 29, 2003), and 18523 (Dec. 24, 2003).

Under the terms of the settlement, the SEC may submit a proposed distribution plan to the District Court. Investors who believe they may be eligible to participate in the distribution plan need not do anything at this time. Please be aware that investors who join a class action against any of the defendants may still be able to participate in the SEC's plan.

Investors should check this web page for news of further developments. Investors who have further questions concerning these matters may contact Doreen Mosaphir, Investor Assistance Specialist, in the SEC's Southeast Regional Office, at (305) 982-6301 or miami@sec.gov.

http://www.sec.gov/divisions/enforce/claims/vivendi.htm