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General Elec. (GEC)

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Wednesday 08 June, 2005

General Elec.

Capital Reorganisation

General Electric
                  

IAC/InterActiveCorp to Exit Vivendi Universal Entertainment; IAC and Vivendi
Universal Agree to End Litigation

IAC/InterActiveCorp, Vivendi Universal and General Electric today announced
transactions that simplify the companies' corporate and financial structures and
result in IAC's exit from Vivendi Universal Entertainment LLLP (VUE).

As a result of the transactions, VUE is now wholly owned by NBC Universal. NBC
Universal is 80%-owned by GE, with the remaining 20% controlled by Vivendi
Universal.

IAC has sold its 5.44% common interest and its preferred interests in VUE to NBC
Universal for total consideration of approximately $3.4 billion. The
consideration consists principally of 56.6 million IAC common and Class B common
shares, which had a market value of $1.4 billion, and cash (including $865
million in proceeds from the sale of U.S. Treasury bonds that secured IAC's
preferred interests). IAC and Vivendi Universal have agreed to permanently
dismiss litigation between them currently pending in the Delaware courts. All
parties have released one another from potential claims relating to IAC's
investment in VUE.

In addition, Vivendi Universal and GE agreed to defer by one year, to January
2007 and May 2010, respectively, the dates on which Vivendi Universal may first
exercise its rights to monetize its ownership interests in NBC Universal over
time at fair market value, and on which GE may exercise its call right on
Vivendi Universal's equity interest.

VUE was created in 2002 by Vivendi Universal and IAC in connection with IAC's
disposition of its entertainment assets. VUE became part of NBC Universal in May
2004.

About IAC/InterActiveCorp

IAC/InterActiveCorp (NASDAQ: IACI) operates leading and diversified businesses
in sectors being transformed by the internet, online and offline... our mission
is to harness the power of interactivity to make daily life easier and more
productive for people all over the world. To view a full list of the companies
of IAC please visit our website at http://iac.com.

About Vivendi Universal

Vivendi Universal (Paris Bourse: EX, NYSE: V) is a leader in media and
telecommunications with activities in television, film, music, interactive games
and fixed and mobile telecommunications.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and
financial services company focused on solving some of the world's toughest
problems. With products and services ranging from aircraft engines, power
generation, water processing and security technology to medical imaging,
business and consumer financing, media content and advanced materials, GE serves
customers in more than 100 countries and employs more than 300,000 people
worldwide. For more information, visit the company's Web site at www.ge.com.

About NBC Universal

NBC Universal is one of the world's leading media and entertainment companies in
the development, production, and marketing of entertainment, news, and
information to a global audience. NBC Universal owns and operates a valuable
portfolio of news and entertainment networks, a premier motion picture company,
significant television production operations, a leading television stations
group, and world-renowned theme parks. NBC Universal is 80%-owned by General
Electric, with the remaining 20% controlled by Vivendi Universal.

    CONTACT: Vivendi Universal
             Flavie Lemarchand-Wood, 212-572-1118
             or
             Antoine Lefort, +33 (0) 1 71 71 11 80
             or
             Agnes Vetillart, +33 (0) 1 71 71 30 82
             or
             Alain Delrieu, +33 (0) 1 71 71 10 86 
             or
             General Electric
             David Frail, 203-373-3387
             Cell: 203-605-7909
             or
             NBC Universal
             Kathy Kelly-Brown, 212-664-3457
             or
             Elizabeth Fischer, 212-664-4825
             or
             IAC/InterActiveCorp
             Deborah Roth, 212-314-7254
             or
             Investors:
             Vivendi Universal
             Daniel Scolan, +33 (0) 171 71 32 91
             or
             Laurence Daniel, +33 (0) 1 71 71 12 33 
             or
             Edouard Lassalle, +33 (0) 1 71 71 30 45
             or
             Eileen McLaughlin, 212-572-1334
             or
             General Electric
             Bill Cary, 203-373-2468
             or 
             JoAnna Morris, 203-373-2471
             or
             IAC/InterActiveCorp
             Roger Clark, 212-314-7400