Regulatory News: Vivendi (Paris:VIV) and Pershing Square Tontine Holdings, Ltd. (PSTH), represented by Chief Executive Officer Bill Ackman, have entered into discussions for Vivendi to sell 10% of the Universal Music Group (UMG BV) share capital to PSTH, prior to the distribution of 60% of the UMG shares and its listing. This transaction would be based on an enterprise value of EUR35 billion for 100% of the UMG BV share capital, subject to the authorization given by Vivendi shareholders at the June 22, 2021 Shareholders' Meeting, to distribute 60% of the UMG share capital and list the company. In addition, the Pershing Square funds and their affiliates have indicated that they may acquire additional economic exposure to UMG by acquiring Vivendi securities and/or by acquiring UMG securities following the distribution of UMG shares by Vivendi.