Vivendi: Results for the First Nine Months of 2013

  Vivendi: Results for the First Nine Months of 2013

                         Full Year Outlook Confirmed

  *Revenues^1: €16.190 billion, up 1.0% at constant currency (-1.0% at actual
    currency) compared to the first nine months of 2012. In the third quarter,
    revenues were up 3.4% at constant currency (stable at actual currency)
    compared to the third quarter of 2012.
  *EBITA^1,2: €2.121 billion, down 23.8% at constant currency (-25.7% at
    actual currency) compared to the same period in 2012, mainly attributable
    to SFR. However, Universal Music Group recorded a strong increase in EBITA
    (+46.8% at constant currency) in the third quarter 2013.
  *Adjusted Net Income^3: €1.248 billion, down 22% compared to the same
    period in 2012.
  *Adjusted financial net debt: €7.2 billion, including the disposal of the
    first tranche of the Activision Blizzard stake (completed on October 11),
    the acquisition of the Canal+ France 20% stake (completed on November 5)
    as well as the disposal of the Maroc Telecom stake, completion expected
    early 2014 upon terms announced.
  *Full Year Outlook confirmed for all the group’s activities.
  *Studies continue prior to the group’s de-merger.

Note to readers: This press release contains unaudited consolidated earnings
established under IFRS which were approved by Vivendi’s Management Board on
November 14, 2013.

Business Wire

PARIS -- November 14, 2013

Regulatory News:

Vivendi (Paris:VIV):

                       Comments on Business Highlights

                                 Canal+ Group

Canal+ Group revenues were €3,857 million, up 5.8% compared to the first nine
months of 2012. This increase was primarily due to the integration of new
activities in free-to-air television (D8 and D17) in France and to the “n”
platform in Poland.

At the end of September 2013, Canal+ Group’s total portfolio reached nearly 14
million subscriptions, compared to 13 million one year ago. This strong growth
is due to the integration of the “n” subscribers as well as the good
performances recorded in Africa and Vietnam.

The success of the free-to-air channel D8 is confirmed. Its audience share
reached 3.2% in September (+1.1 point year-on-year), ranking D8 first among
the French digital terrestrial television channels for the first time ever.

Canal+ Group’s EBITA was €675 million, excluding €28 million in transition
costs related to the integration of new businesses. The year-on-year change
mainly resulted from an increase in programming costs, due to sustained
investments in content and one additional calendar day in the French Ligue 1
soccer competition, as well as a slowdown in the economic environment which
had a negative impact on the advertising market.

In addition, on November 5^th, Vivendi acquired the 20% minority stake in
Canal + France previously owned by Lagardère for €1.020 billion,  ending all
pending litigations between the two groups.

                            Universal Music Group

Universal Music Group (UMG)revenues for the first nine month of 2013 were
€3,398 million, up 21.9% at constant currency (+17.1% at actual currency)
compared to the first nine months of 2012. At constant currency and constant
perimeter (i.e., excludingrevenues from EMI Recorded Music, acquired at the
end of September 2012), revenues increased 0.9% year-on-year for the first
nine months of 2013 and 6.7% in the third quarter alone compared to the same
quarter of the previous year. Digital sales represented 53.9% ofrecorded
music sales for the first nine months of 2013, compared to 47.6% a year
earlier.

Recorded music best sellers forthe first nine months of 2013 included artists
and bands such as Imagine Dragons, Rihanna, Robin Thicke,Drake, Taylor Swift
and France’s Stromae and Vanessa Paradis.

UMG’s EBITA of €255 million was up 12.5% at constant currency (+7.1% at actual
currency) compared to the first nine months of 2012. Excluding restructuring
and integration costs, EBITA was up 19.9%. In the third quarter alone at
constant currency, EBITA increased by 46.8% due to higher sales and strict
cost management.

The synergies related to the EMI Recorded Music acquisition are on track and
should reach the target of more than £100 million by the end of 2014.

                                     GVT

GVT revenues increased by 14.4% at constant currency (+1.2% at actual
currency) compared to the first nine months of 2012, reaching €1,297million.
This performance was achieved despite the slowdown in the Brazilian economy
and the social protests that took place in most of the country’s large cities
in June.

By the end of September 2013, GVT was operating in 149 cities, compared to 137
cities at the same time last year, and launched operations in the city of São
Paulo.

The average broadband speed provided to GVT´s subscriber base is now 13.2
Mbps, remaining the fastest one in the country according to Akamai Institute.
As a result, GVT customers enjoy speeds equivalent to those provided in
countries with the fastest broadband speed in the world.

GVT’s pay-TV service continues to perform well and generated revenues of €125
million during the first nine months of 2013. The number of subscribers
reached about 567,000 as of September 30, 2013 (+81.7% year-on-year),
representing a 22.6% penetration rate among GVT’s broadband customer base.

GVT’s EBITDA reached €531 million, a 14.0% increase at constant currency
(+0.6% at actual currency) compared to the first nine months of 2012, and its
EBITDA margin remained strong at 40.9%.

GVT’s EBITA was €298 million, a 1.1% decrease at constant currency (-12.6% at
actual currency) compared to the first nine months of 2012, due to increased
depreciation expenses related to the development in pay-TV.

On October 1^st, Vivendi and Echostar announced the start of negotiations to
create a pay-TV joint-venture in Brazil. The future entity intends to fully
benefit from the country’s fast-growing pay-TV market which would also benefit
from the expected higher demand driven by two key global events to be held in
the country: the Fifa World Cup in 2014 and the Olympic Games in 2016.

                                     SFR

SFR revenues were €7,616 million, a 10.5% decrease compared to the first nine
months of 2012 due to the impact of price cuts in response to the competitive
environment and to tariff cuts imposed by the regulators^4. Excluding the
impact of the tariff cuts imposed by the regulators, revenues decreased by
7.5%.

Mobile revenues^5 amounted to €4,758 million, down 16.5%. Excluding the impact
of regulated price cuts, mobile revenues decreased by 12.2%.

During the first nine months of 2013, SFR’s postpaid mobile customer base
increased by 1,169,000 net additions. At the end of September, SFR’s postpaid
mobile customer base reached 17.732 million, a 7.8% increase year-on-year. In
the Mass Market Postpaid Voice customer market, in the third quarter, SFR
recorded its best sales performance since the fourth quarter of 2011. The
customer mix (the percentage of the number of postpaid customers in the total
customer base) amounted to 83.5%, a 4.7 percentage point increase
year-on-year. SFR’s total mobile customer base reached 21.237 million. Mobile
Internet usage continued to progress, with 56% of SFR customers equipped with
a smartphone (47% at the end of September 2012).

Broadband Internet and fixed revenues^5 amounted to €2,953 million, a 0.2%
decrease. Excluding the impact of regulated price cuts, broadband Internet and
fixed revenues increased by 0.9%.

At the end of September 2013, the broadband Internet residential customer base
reached 5.209 million, with 134,000 net additions since December 31, 2012 and
an acceleration of fiber recruitments. The “Multi-Packs de SFR” offer reached
2.248 million subscribers at the end of September 2013, representing 43% of
the broadband Internet customer base, a rate growing over time.

SFR’s EBITDA amounted to €2,201 million, a 19.5% decrease compared to the
first nine months of 2012. Excluding non-recurring positive items^6, EBITDA
decreased by 18.0%. The pace of the decrease has slowed down: EBITDA for the
2013 third quarter was €731 million, down 12.6% compared to the third quarter
of 2012, excluding non-recurring items.

In Mobile, SFR has been accelerating the roll-out of its very high speed
network and 4G was present in 415cities by November 1^st. SFR expects to
cover at least 40% of the population (i.e., a presence in 1,200cities) with
4G, and 70% of the population with Dual Carrier^7, by the end of 2013.

On September 24, 2013, SFR launched its new 4G “Formules Carrées” mobile
subscriptions with access to high value content (iCoyote, Napster, Canalplay,
Gameloft, and SFR Presse).

In addition, SFR and Bouygues Telecom entered into exclusive negotiations in
July to reach an agreement for sharing a part of their mobile networks.

In Fixed, SFR successfully launched its 1 Gbps fiber pilot in June, and as of
now offers this download speed to its eligible fiber customers at no
additional charge.

SFR continues to implement its adaptation plan. Since year-end 2011, operating
expenditures both fixed and variable decreased by about €900 million excluding
non-recurring items^6.

              Comments on Key Financial Consolidated Indicators

Revenues were €16,190million, compared to €16,347million for the first nine
months of 2012 (-1.0%, or +1.0% at constant currency).

EBITA was €2,121million, compared to €2,854million for the first nine months
of 2012 (-25.7%, or -23.8% at constant currency). This change mainly reflected
the decline in the performances of SFR (-€610 million), Canal+ Group
(-€75million, including the increase in transition costs related to D8/D17
and “n” for -€24million), and GVT (-€43million, primarily due to the decline
in value of the Brazilian Real; stable at constant currency), offset by the
performance of Universal Music Group (+€17 million, despite the increase in
restructuring charges for -€31million and integration costs related to EMI
Recorded Music for -€9million).

Interest was an expense of €413million, compared to €406 million for the
first nine months of 2012. For the first nine months of 2013, interest expense
on borrowings was stable at €429 million, compared to €428 million for the
first nine months of 2012. This change was attributable to the increase in
average outstanding borrowings to €17.2billion (compared to €16.2billion for
the first nine months of 2012), notably reflecting the impact of the financing
of the acquisition of EMI Recorded Music on September 28, 2012 (€1.4billion),
net of the proceeds from the sale of Parlophone Label Group on July 1, 2013
(€0.6 billion), offset by the decrease in the average interest rate on
borrowings to 3.32% for the first nine months of 2013 (compared to 3.52% for
the first nine months of 2012).

Income taxes reported to adjusted net income was a net charge of €353million,
compared to a net charge of €712million for the first nine months of 2012.
This change mainly reflected the impact of the decline in the group’s business
segments’ taxable income (+€261million), primarily due to SFR, as well as the
favorable impact of certain non-recurring items (+€92million), which
reflected the change, during the period, in assessment of risks related to
previous years’ income taxes, partially offset by the decrease in the current
tax savings related to Vivendi SA’s tax group System (-€35million). The
effective tax rate reported to adjusted net income was 20.4%. Excluding the
favorable impact of certain non-recurring items, the effective tax rate
reported to adjusted net income was 25.8% for the first nine months of 2013
(compared to 29.0% for the first nine months of 2012).

Earnings from discontinued operations (before non-controlling interests)
amounted to €1,299million, compared to €1,063million for the first nine
months of 2012.

It included Activision Blizzard’s earnings (€692million for the first nine
months of 2013, compared to €608million for the first nine months of 2012)
and Maroc Telecom group’s earnings (€607million for the first nine months of
2013, compared to €455million for the first nine months of 2012). The €236
million increase in earnings from discontinued operations was notably related
to the end of the amortization of tangible and intangible assets of these two
businesses, in accordance with accounting standards (+€147million for the
first nine months of 2013).

Earnings attributable to non-controlling interests amounted to €716million,
compared to €597million for the first nine months of 2012. The increase was
mainly attributable to the impact of Activision Blizzard (+€34million) and
Maroc Telecom group (+€92million).

Adjusted net income attributable to non-controlling interests amounted to
€119million, compared to €123million for the first nine months of 2012, and
primarily included Canal+ Group’s non-controlling interests.

Adjusted net income was €1,248million (or €0.94 per share) compared to
€1,600million (or €1.24pershare) in 2012, a 22.0 % decrease.

Earnings attributable to Vivendi SA shareowners amounted to €1,411million (or
€1.06 per share), compared to €1,658million (or €1.28per share) for the
first nine months of 2012, a €247million decrease (-14.9%).

The reconciliation of earnings attributable to Vivendi SA shareowners to
adjusted net income primarily included earnings from discontinued operations
(€696million, after non-controlling interests), partially offset by other
financial charges and income (-€189million), as well as the amortization and
impairment losses on intangible assets acquired through business combinations
(-€241million, after taxes). For the first nine months of 2012, this
reconciliation primarily included earnings from discontinued operations
(€586million, after non-controlling interests), partially offset by other
financial charges and income (-€112million), as well as the amortization and
impairment losses on intangible assets acquired through business combinations
(-€301million, after taxes).

The financial net debt of  €16.4 billion in IFRS, would amount to  €7.2
billion when adjusted for the sale of the 88% stake in Activision Blizzard,
the acquisition of 20% in Canal+ France, and the anticipated closing of the
sale of the 53% stake in Maroc Telecom.

The quarterly financial information document,  containing the financial report
and the unaudited condensed financial statements for the first nine months of
the 2013 fiscal year, will be available on the Vivendi website, at
www.vivendi.com.

About Vivendi

Vivendi groups together leaders in content, media and telecommunications.
Canal+ Group is the French leader in pay-TV, also operating in French-speaking
Africa, Poland and Vietnam; its subsidiary Studiocanal is a leading European
player in production, acquisition, distribution and international film sales.
Universal Music Group is the world leader in music; it recently strengthened
and diversified its position with the acquisition of EMI Recorded Music. GVT
is a telecoms and media group in Brazil. In addition, Vivendi owns SFR, a
French leader in alternative telecoms.

www.vivendi.com

Important Disclaimers

Cautionary Note Regarding Forward Looking Statements. This press release
contains forward-looking statements with respect to the financial condition,
results of operations, business, strategy, plans and outlook of Vivendi,
including the impact of certain transactions. Although Vivendi believes that
such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance. Actual results may differ
materially from the forward-looking statements as a result of a number of
risks and uncertainties, many of which are outside our control, including but
not limited to the risks related to antitrust and other regulatory approvals
as well as any other approvals which may be required in connection with
certain transactions and the risks described in the documents Vivendi filed
with the Autorité des Marchés Financiers (French securities regulator), which
are also available in English on Vivendi's website (www.vivendi.com).
Investors and security holders may obtain a free copy of documents filed by
Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or
directly from Vivendi. Accordingly, we caution you against relying on forward
looking statements. These forward-looking statements are made as of the date
of this press release and Vivendi disclaims any intention or obligation to
provide, update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.

Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt
(ADR) facility in respect of its shares. Any ADR facility currently in
existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi
disclaims any liability in respect of any such facility.

^1 As from the second quarter of 2013, in compliance with IFRS 5, Activision
Blizzard and Maroc Telecom group have been reported in Vivendi’s Consolidated
Statement of Earnings as discontinued operations. In practice, income and
charges from these two businesses have been reported as follows:

- Their contribution to each line of Vivendi’s Consolidated Statement of
Earnings (before non-controlling interests) has been grouped under the line
“Earnings from discontinued operations”.
- In accordance with IFRS 5, these adjustments have been applied to all
periods presented to ensure consistency of information.
- Their share of net income has been excluded from Vivendi’s adjusted net
income.

^2 For more information about EBITA, see Appendix IV.
^3 For the reconciliation of earnings attributable to Vivendi SA shareowners
to adjusted net income, see appendix IV.
^4 Tariff cuts imposed by regulatory decision:

i) 33% decrease in mobile voice termination regulated price on July 1, 2012,
and a further 20% decrease on January 1, 2013;
ii) 33% decrease in SMS termination regulated price on July 1, 2012;
iii) Roaming tariff cuts on July 1, 2012, and on July 1, 2013;
iv) 50% decrease in fixed voice termination regulated price on July 1, 2012,
and a further 47% decrease on January 1, 2013.

^5 Mobile revenues and broadband Internet and fixed revenues are determined as
revenues before elimination of intersegment operations within SFR.
^6 +€51 million in the third quarter 2012.
^7 Up to 42 Mbps/s through a systematic dual connection to the network.

ANALYST AND INVESTOR CONFERENCE

Speaker

Philippe Capron
Member of the Management Board and Chief Financial Officer

Date

Thursday,November 14, 2013
6:00 PM Paris– 5:00 PM London– 12:00 PM New York
Media invited on a listen-only basis.

Numbers to dial

Number in France: +33 (0) 1 76 77 22 29
Number in UK: +44 (0) 203427 19 13
Number in the United States: +1646254 33 63
Access Code for english version: 637 37 63
Access Code for French version (simultaneous translation): 985 09 38

Replay details (replay available for 14 days (available 14 days)

Number in France: +33 (0)1 74 20 28 00
Number in UK: +44 (0)203427 05 98
Number in the United States: +1347366 95 65
Access Code for the English version: 637 37 63
Access Code for the French version (simultaneous translation): 985 09 38

Internet: The conference can be followed on the Internet at
http://www.vivendi.com/ir.

The slides for the presentation will also be available online.

APPENDIX I
VIVENDI
ADJUSTED STATEMENT OF EARNINGS
(IFRS, unaudited)

                                                Nine        Nine
                                                months      months

3rd        3rd       %                          ended       ended       %
Quarter   Quarter  Change                                          Change
2013       2012                                 September   September
                                                30,         30,

                                                2013        2012
                            
                                                                        
5,348      5,339     + 0.2%   Revenues          16,190      16,347      - 1.0%
(3,094)    (2,847)            Cost of           (9,283)     (8,825)
                              revenues
2,254      2,492     - 9.6%   Margin from       6,907       7,522       - 8.2%
                              operations
                                                                        
                              Selling,
                              general and
                              administrative
                              expenses
                              excluding
(1,483)    (1,537)            amortization of   (4,671)     (4,610)
                              intangible
                              assets acquired
                              through
                              business
                              combinations
                                                                        
                              Restructuring
                              charges and
(41)       (7)                other operating   (115)       (58)
                              charges and
                              income
                                                         
730        948       -        EBITA (*)         2,121       2,854       -
                     23.0%                                              25.7%
                                                                        
                              Income from
(1)        (6)                equity            (9)         (19)
                              affiliates
                                                                        
(137)      (130)              Interest          (413)       (406)
                                                                        
(5)        2                  Income from       21          6
                              investments
                                                         
                              Adjusted
                              earnings from
                     -        continuing                                -
587        814       27.9%    operations        1,720       2,435       29.4%
                              before
                              provision for
                              income taxes
                                                                        
(145)      (299)              Provision for     (353)       (712)
                              income taxes
                                                         
                              Adjusted net
442        515       -        income before     1,367       1,723       -
                     14.2%    non-controlling                           20.7%
                              interests
                                                                        
(39)       (42)               Non-controlling   (119)       (123)
                              interests
                                                         
403        473       -        Adjusted net      1,248       1,600       -
                     14.8%    income (*)                                22.0%
                                                                        
                                                                        
                     -        Adjusted net                              -
0.30       0.36      17.2%    income per        0.94        1.24        24.2%
                              share - basic
                                                                        
                     -        Adjusted net                              -
0.30       0.36      17.3%    income per        0.94        1.24        24.3%
                              share - diluted
                                                                        

              In millions of euros, per share amounts in euros.

Nota: As from the second quarter of 2013, in compliance with IFRS 5,
Activision Blizzard and Maroc Telecom group have been reported in Vivendi’s
Consolidated Statement of Earnings as discontinued operations. In practice,
income and charges from these two businesses have been reported as follows:

  *their contribution to each line of Vivendi’s Consolidated Statement of
    Earnings (before non-controlling interests) has been grouped under the
    line “Earnings from discontinued operations”;
  *in accordance with IFRS 5, these adjustments have been applied to all
    periods presented to ensure consistency of information; and
  *their share of net income has been excluded from Vivendi’s adjusted net
    income.

Moreover, data published with respect to fiscal year 2012 has been adjusted
following the application of amended IAS 19.

(*) The reconciliation of EBIT to EBITA (adjusted earnings before interest and
income taxes) and of earnings, attributable to Vivendi SA shareowners to
adjusted net income is presented in the Appendix IV.

For any additional information, please refer to “Financial Report and
Unaudited Condensed Financial Statements for the nine months ended September
30, 2013”, which will be released online later on Vivendi’s website
(www.vivendi.com).

APPENDIX II
VIVENDI
CONSOLIDATED STATEMENT OF EARNINGS
(IFRS, unaudited)

                                                Nine        Nine
                                                months      months

3rd        3rd       %                          ended       ended       %
Quarter   Quarter  Change                                          Change
2013       2012                                 September   September
                                                30,         30,

                                                2013        2012
                            
                                                                        
5,348      5,339     + 0.2%   Revenues          16,190      16,347      - 1.0%
(3,094)    (2,847)            Cost of           (9,283)     (8,825)
                              revenues
2,254      2,492     - 9.6%   Margin from       6,907       7,522       - 8.2%
                              operations
                                                                        
                              Selling,
                              general and
                              administrative
                              expenses
                              excluding
(1,483)    (1,537)            amortization of   (4,671)     (4,610)
                              intangible
                              assets acquired
                              through
                              business
                              combinations
                                                                        
                              Restructuring
                              charges and
(41)       (7)                other operating   (115)       (58)
                              charges and
                              income
                                                                        
                              Amortization of
                              intangible
(117)      (107)              assets acquired   (352)       (311)
                              through
                              business
                              combinations
                                                                        
                              Impairment
                              losses on
                              intangible
-          -                  assets acquired   (5)         (93)
                              through
                              business
                              combinations
                                                                        
7          4                  Other income      35          12
                                                                        
(10)       (27)               Other charges     (49)        (82)
                                                         
610        818       -        EBIT              1,750       2,380       -
                     25.4%                                              26.5%
                                                                        
                              Income from
(1)        (6)                equity            (9)         (19)
                              affiliates
                                                                        
(137)      (130)              Interest          (413)       (406)
                                                                        
(5)        2                  Income from       21          6
                              investments
                                                                        
3          5                  Other financial   47          11
                              income
                                                                        
(77)       (40)               Other financial   (236)       (123)
                              charges
                                                         
                              Earnings from
                              continuing
393        649       -        operations        1,160       1,849       -
                     39.4%    before                                    37.3%
                              provision for
                              income taxes
                                                                        
(160)      (306)              Provision for     (332)       (657)
                              income taxes
                                                         
                     -        Earnings from                             -
233        343       32.1%    continuing        828         1,192       30.5%
                              operations
                                                                        
                              Earnings from
363        347                discontinued      1,299       1,063
                              operations
                                                         
596        690       -        Earnings          2,127       2,255       - 5.7%
                     13.6%
                                                                        
(220)      (197)              Non-controlling   (716)       (597)
                              interests
                                                         
                              Earnings
376        493       -        attributable to   1,411       1,658       -
                     23.7%    Vivendi SA                                14.9%
                              shareowners
                                                                        
                                                                        
                              Earnings
                     -        attributable to                           -
0.28       0.38      25.8%    Vivendi SA        1.06        1.28        17.2%
                              shareowners per
                              share - basic
                                                                        
                              Earnings
                     -        attributable to                           -
0.28       0.38      25.9%    Vivendi SA        1.06        1.28        17.5%
                              shareowners per
                              share - diluted
                                                                        

              In millions of euros, per share amounts in euros.

Nota: As from the second quarter of 2013, in compliance with IFRS 5,
Activision Blizzard and Maroc Telecom group have been reported in Vivendi’s
Consolidated Statement of Earnings as discontinued operations. In practice,
income and charges from these two businesses have been reported as follows:

  *their contribution to each line of Vivendi’s Consolidated Statement of
    Earnings (before non-controlling interests) has been grouped under the
    line “Earnings from discontinued operations”; and
  *in accordance with IFRS 5, these adjustments have been applied to all
    periods presented to ensure consistency of information.

Moreover, data published with respect to fiscal year 2012 has been adjusted
following the application of amended IAS 19.

Please refer to the “Financial Report and Unaudited Condensed Financial
Statements for the nine months ended September 30, 2013”.

APPENDIX III
VIVENDI
REVENUES AND EBITA BY BUSINESS SEGMENT
(IFRS, unaudited)

                                                       Nine        Nine
                                                       months      months
                             % Change                                                   % Change
3rd       3rd       %        at         (in millions   ended       ended       %        at
Quarter  Quarter  Change  constant  of euros)                           Change  constant
2013      2012               rate                      September   September
                                                       30,         30,                  rate

                                                       2013        2012
                                                                                        
                                                                                        
                                                                                        
                                        Revenues
1,257     1,177     +6.8%    +7.4%      Canal+ Group   3,857       3,647       +5.8%    +5.9%
1,162     981       +18.5%   +27.7%     Universal      3,398       2,903       +17.1%   +21.9%
                                        Music Group
413       429       -3.7%    +13.9%     GVT            1,297       1,282       +1.2%    +14.4%
2,508     2,747     -8.7%    -8.7%      SFR            7,616       8,508       -10.5%   -10.5%
                                        Non-core
                                        operations
                                        and others,
8         5         na       na         and            22          7           na       na
                                        elimination
                                        of
                                        intersegment
                                        transactions
5,348     5,339     +0.2%    +3.4%      Total          16,190      16,347      -1.0%    +1.0%
                                        Vivendi
                                                                                        
                                        
                                        EBITA (*)
217       239       -9.2%    -9.3%      Canal+ Group   647         722         -10.4%   -10.5%
112       82        +36.6%   +46.8%     Universal      255         238         +7.1%    +12.5%
                                        Music Group
102       118       -13.6%   +1.9%      GVT            298         341         -12.6%   -1.1%
334       537       -37.8%   -37.8%     SFR            1,040       1,650       -37.0%   -37.0%
(14)      (25)      +44.0%   +43.6%     Holding &      (61)        (89)        +31.5%   +31.3%
                                        Corporate
                                        Non-core
(21)      (3)       na       na         operations     (58)        (8)         na       na
                                        and others
730       948       -23.0%   -20.1%     Total          2,121       2,854       -25.7%   -23.8%
                                        Vivendi
                                                                                        

na: not applicable.

Nota: Data presented supra takes into account the following changes in the
consolidation of the following entities at the indicated dates:

  *at Canal+ Group: D8 and D17 (September 27, 2012), as well as “n” (November
    30, 2012); and
  *at Universal Music Group: EMI Recorded Music (September 28, 2012).

(*) The reconciliation of EBIT to EBITA (adjusted earnings before interest and
income taxes) is presented in the Appendix IV.

APPENDIX IV
VIVENDI
RECONCILIATION OF EBIT TO EBITA AND OF EARNINGS, ATTRIBUTABLE TO VIVENDI SA
SHAREOWNERS

TO ADJUSTED NET INCOME
(IFRS, unaudited)

Vivendi considers EBITA (adjusted earnings before interest and income taxes)
and adjusted net income, non-GAAP measures, to be relevant indicators to
assess the group’s operating and financial performance. Vivendi Management
uses EBITA and adjusted net income to manage the group because they better
illustrate the underlying performance of continuing operations by excluding
most non-recurring and non-operating items.

                                                     Nine months
                                                                   Nine months
                                                     ended
3rd       3rd                                                      ended
Quarter  Quarter  (in millions of euros)          September   
2013      2012                                       30,           September
                                                                   30,
                                                     2013
                                                                   2012
                                                     
                                                                   
                                                                   
610       818       EBIT (*)                         1,750         2,380
                    Adjustments
                    Amortization of intangible
117       107       assets acquired through          352           311
                    business combinations (*)
                    Impairment losses on
-         -         intangible assets acquired       5             93
                    through business combinations
                    (*)
(7)       (4)       Other income (*)                 (35)          (12)
10        27        Other charges (*)                49            82
730       948       EBITA                            2,121         2,854
                                                                   
                                                     Nine months   Nine months

3rd       3rd                                        ended         ended
Quarter   Quarter   (in millions of euros)
2013      2012                                       September     September
                                                     30,           30,

                                                     2013          2012
                                                                   
                                                                   
376       493       Earnings attributable to         1,411         1,658
                    Vivendi SA shareowners (*)
                    Adjustments
                    Amortization of intangible
117       107       assets acquired through          352           311
                    business combinations (*)
                    Impairment losses on
-         -         intangible assets acquired       5             93
                    through business combinations
                    (*)
(7)       (4)       Other income (*)                 (35)          (12)
10        27        Other charges (*)                49            82
(3)       (5)       Other financial income (*)       (47)          (11)
77        40        Other financial charges (*)      236           123
(363)     (347)     Earnings from discontinued       (1,299)       (1,063)
                    operations (*)
                    Change in deferred tax asset
                    related to Vivendi SA's French
30        37        Tax Group and to the             61            48
                    Consolidated Global Profit Tax
                    Systems
41        9         Non-recurring items related to   84            25
                    provision for income taxes
(56)      (39)      Provision for income taxes on    (166)         (128)
                    adjustments
181       155       Non-controlling interests on     597           474
                    adjustments
403       473       Adjusted net income              1,248         1,600
                                                                   

Nota: As from the second quarter of 2013, in compliance with IFRS 5,
Activision Blizzard and Maroc Telecom group have been reported in Vivendi’s
Consolidated Statement of Earnings as discontinued operations. In practice,
income and charges from these two businesses have been reported as follows:

  *their contribution to each line of Vivendi’s Consolidated Statement of
    Earnings (before non-controlling interests) has been grouped under the
    line “Earnings from discontinued operations”;
  *in accordance with IFRS 5, these adjustments have been applied to all
    periods presented to ensure consistency of information; and
  *their share of net income has been excluded from Vivendi’s adjusted net
    income.

Moreover, data published with respect to fiscal year 2012 has been adjusted
following the application of amended IAS 19.

(*) As reported in the Consolidated Statement of Earnings.

APPENDIX V
VIVENDI
ADJUSTMENTS TO COMPARATIVE INFORMATION WITH RESPECT TO FISCAL YEAR 2012:
CONSOLIDATED STATEMENT OF EARNINGS AND ADJUSTED STATEMENT OF EARNINGS
(IFRS, unaudited)

As from the second quarter of 2013, in compliance with IFRS 5, Activision
Blizzard and Maroc Telecom group have been reported in Vivendi’s Consolidated
Statement of Earnings as discontinued operations. In practice, income and
charges from these two businesses have been reported as follows:

  *their contribution to each line of Vivendi’s Consolidated Statement of
    Earnings (before non-controlling interests) has been grouped under the
    line “Earnings from discontinued operations”;
  *in accordance with IFRS 5, these adjustments have been applied to all
    periods presented to ensure consistency of information; and
  *their share of net income has been excluded from Vivendi’s adjusted net
    income.

Moreover, data published with respect to fiscal year 2012 has been adjusted
following the application of amended IAS 19.

As a result, the Consolidated Statement of Earnings and the Adjusted Statement
of Earnings with respect to the fiscal year 2012 have been adjusted as
presented below:

CONSOLIDATED STATEMENT OF EARNINGS      ADJUSTED STATEMENT OF EARNINGS
                          Year ended     Year ended
                         December 31,   December 31,
                          2012           2012
                                                    
                                                        
Revenues                  22,577         22,577         Revenues
Cost of revenues          (12,672)       (12,672)       Cost of revenues
Margin from operations    9,905          9,905          Margin from operations
Selling, general and                                    Selling, general and
administrative expenses                                 administrative
excluding amortization                                  expenses excluding
of intangible assets      (6,469)        (6,469)        amortization of
acquired through                                        intangible assets
business combinations                                   acquired through
                                                        business combinations
Restructuring charges                                   Restructuring charges
and other operating       (273)          (273)          and other operating
charges and income                                      charges and income
Amortization of
intangible assets         (436)
acquired through
business combinations
Impairment losses on
intangible assets         (760)
acquired through
business combinations
Reserve accrual
regarding the Liberty
Media Corporation         (945)
litigation in the
United States
Other income              19
Other charges             (236)          
EBIT                      805            3,163          EBITA
Income from equity        (38)           (38)           Income from equity
affiliates                                              affiliates
Interest                  (544)          (544)          Interest
Income from investments   7              7              Income from
                                                        investments
Other financial income    37
Other financial charges   (204)          
Earnings from                                           Adjusted earnings from
continuing operations     63             2,588          continuing operations
before provision for                                    before provision for
income taxes                                            income taxes
Provision for income      (604)          (766)          Provision for income
taxes                                                   taxes
Earnings from             (541)
continuing operations
Earnings from             1,505          
discontinued operations
                                                        Adjusted net income
Earnings                  964            1,822          before non-controlling
                                                        interests
Of which                                                Of which
Earnings attributable
to Vivendi SA             179            1,705          Adjusted net income
shareowners
Non-controlling           785            117            Non-controlling
interests                                               interests
                                                        
Earnings attributable                                   Adjusted net income
to Vivendi SA             0.14           1.31           per share - basic (in
shareowners per share -                                 euros)
basic (in euros)
Earnings attributable                                   Adjusted net income
to Vivendi SA             0.14           1.31           per share - diluted
shareowners per share -                                 (in euros)
diluted (in euros)
                                                        

Contact:

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or
New York
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or
Investor Relations
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or
New York
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