MERGER ARBITRAGE 25 February 2016 VI. TECHNICALS DESCRIPTION COMMENTS COMPLETED LAST UPDATED 40 INDEX IMPACT Too early to comment on this. YES 25/02/2016 41 RISK TO TIMING NA YES 25/02/2016 42 TENDER &  The Offer is scheduled to open on 3 March and is YES 25/02/2016 SETTLEMENT expected to close on 21 April. PROCESS  On 26 April, the AMF are expected to publish the results of the offer.  Settlement of the Offer is expected to take place on 29 April.  If the Offer is successful, the offer is expected to re- open on 2 May and close on 16 May.  The results of the re-opened offer are expected on 19 May with settlement expected on 24 May. 43 FINANCIAL NA YES 25/02/2016 ADVISORS 44 LEGAL ADVISORS NA YES 25/02/2016 45 FINANCING BANKS NA YES 25/02/2016 46 RELATED NA YES 25/02/2016 SECURITIES 47 SQUEEZE OUT AND If Vivendi reach 95% of outstanding shares they can initiate a YES 25/02/2016 DELISTING squeeze-out proceeding within 3 months of the Offer closing. 48 DERIVATIVES NA YES 25/02/2016 49 BORROW Not relevant YES 25/02/2016 50 PRORATION AND Not relevant YES 25/02/2016 ELECTION 15 | P a g e