Joint Venture Precedent

Selected Precedent

United Launch Alliance
Lockheed Martin / Boeing - Formation

50%/50% joint venture - formation of new company

Combines US government rocket launch businesses

Expected to save US $100-$150 million per year
Eliminates money-losing rivalry
Lockheed had sued Boeing over theft of proprietary information

Announced 5.02.05

Joint press release

Regional Programming Partners
Cablevision Systems / News Corp - Unwinding joint venture

Unwinding joint venture 2005

Cablevision to own 100% of Madison Square Garden Properties and FSN New York
News Corporation to own 100% of Fox Sports Net, FSN Ohio and FSN Florida
Cablevision announcement 2.17.04
News Corp announcement 2.22.05

Formation 1997

60% owned by Cablevision

Reynolds American, Inc
R J Reynolds / British American Tobacco - Formation

Combines respective US tobacco businesses

Creates new publicly traded holding company
To be 42% owned by BAT; 58% owned by RJR shareholders
Jones Day / Cravath

Announced 10.27.03

Completed 7.30.04

Agreements

Proxy Statements

Amendment #4 6.23.04

Form S-4

Amendment #3 5.18.04

Amendment #2 4.22.04

Form S-4

Amendment #1 3.08.04

Form S-4

Initial filing 1.16.04

Corporate Documents

NBC Universal
General Electric / Vivendi Universal - Formation

Joint venture - formation of new company

To be 80% owned by GE / 20% by VUE
VUE shareholders to receive $ 3.8 b
from monetizing GE commitment to issue GE stock
Weil Gotshal / Debevoise

Settlement with IAC/InteractiveCorp 2005

Announced 9.02.03

Announces letter of intent for exclusive negotiations
Press release
Form 6-K - Vivendi

Completed 5.12.04

Investor presentations

Vivendi 12.10.03
Investor summary - GE

Agreements

Regulatory approvals

FTC clearance

Cingular Wireless, LLC
SBC Comm / BellSouth - Partners funding AT&T Wireless acq.

Funding of JV's acquisition of AT&T Wireless 2004

Investment agreement 2.17.04

Formation agreements 2000

Two Flags
Cendant / Marriott Int'l - Partner exercising right of redemption

Cendant exercises right of redemption 2004

Form 8-K 4.02.04

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