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March 11, 2008Bear Stearns 21st AnnualMedia ConferenceJean-Bernard LévyChairman of the Management Board &Chief Executive OfficerIMPORTANT NOTICE:Financial results for the fiscal year ended 31st December 2007Financial statements audited and prepared under IFRSInvestors are strongly urged to read the important disclaimer at the end of this presentation

Vivendi: A new dimension2007-2008:2007 Adjusted Net Income up 8.3%and proposed dividend up 8.3%Above initial targetClosed or announced several strategic transactions to strengthenour businessesIncreasing revenues from 20Bn in 2006to approximately 30Bn in 2009In 2008, focus on execution to generate maximum value2

2007: Strong year for VivendiRevenues: 21,657m ; 8.0%EBITA: 4,721m ; 8.0%Adjusted Net Income: 2,832m ; 8.3%Cash Flow From Operations: 4,881m ; 9.3%Dividend proposal: 1.30 per share, up 8.3%53.5% distribution rate of theadjusted net income, 2.44 per share3

Vivendi: A leader in digital entertainmentand a leader in all its businesses100%#1 Worldwide in music56%100% / 65%#1 in pay-TV inFrance and Poland# 2 among mobile operators#1 in 3G services in France40% of neuf cegetel53%# 1 in fixed-line,mobile and internetin Morocco100%# 1 Worldwide in onlinegaming20%World leader inentertainmentCapitalize on consumer demand for mobility and broadband to drive new servicesand new revenue streams in the world of digital entertainment4

A strategic transaction in each of our businessesOver the last 12 months, the following transactions were finalized:UMG:Acquisition of Bertelsmann Music PublishingAcquisition of SanctuaryCanal Group:Acquisition of TPS and creation of Canal FranceMaroc Telecom:Acquisition of 51% of Onatel in December 2006 (Burkina Faso)Acquisition of 51% of Gabon TelecomAnd at the end of 2007 two transforming deals were announced:Vivendi Games:Proposed merger* of Activision and Vivendi Games to create ActivisionBlizzard, the world’s largest, most profitable Pure-Play Video GamePublisherSFR:Signed agreement with Groupe Louis-Dreyfus to acquire its 28% stake inNeuf Cegetel*, followed by a tender offer for the remaining shares* Subject to approval by the competition authorities5

Vivendi Games and Activision to createActivision Blizzard: a worldwide leaderStrategic rationaleInvestment in a high growth sector with excellent marginsLeading and complementary businessesUnique portfolio of franchises on Consoles, PC, subscription-based online gamesWorld class management teamCompelling financial rationaleRealization of Blizzard and Vivendi Games’ valuesExpected closing in H1 2008US antitrust approval9EU antitrust approvalActivision shareholder votePost-closing tender offer6

Activision Blizzard Earnings PowerCalendar 2009*Operating Margin :25% Revenue : 4.3 BillionOperating Income : 1.1 BillionEPS : 1.20 Activision Blizzard businessgrowth of 14% with 3-4 points ofmargin expansionover 2 yearsImprove Sierra’s operatingperformance by 160 million,delivering 3-4 margin pointsIncludes 50- 100 million in cost synergies*CY09 Projections are proforma non GAAP excluding equity-basedcompensation and impact of purchase price accounting7

SFR / Neuf Cegetel:A leading Internet playerStrategic rationaleCreate a real competitor to France Telecom in all market segmentsOffer a complete service to meet customers’ changing needs (incl. enterprise)Change in scale justifies fiber optic network investmentAccelerate convergence opportunitiesEnhance SFR’s growth profileRight time: mobile Internet is taking offExpected closing in 2008Consultation of Works Councils9French Finance Ministry approval, filed in February 2008Close the acquisition of Groupe Louis-Dreyfus’ stakeTender to the Neuf Cegetel minority shareholders8

French Telecom market growthdriven by mobile and Internet2007Market total value: 39bn2012Market total value: 41bnFixed / mobilesubstitutionFixed voice accessMobilevoice& data /InternetInternet /fixed dataFixed voice accessMobileVoice& data /InternetAccess Fixed /VoIP substitutionInternet /fixed dataTwo growing segments: Internet and Mobile representing 5bngrowth in 5 yearsSource: Idate SFR estimates9

Vivendi: 2008 goalsDeliver a strong operating performance in its current perimeter, with2008 profit growth expected to be similar to 2007:Driven by Canal , Maroc Telecom and Vivendi GamesRenewed mobile momentum for SFRUMG leading transition towards digital and new revenue modelsComplete the Activision Blizzard and SFR / Neuf Cegetel deals whichwill further enhance Vivendi’s position as a global leader in digitalentertainmentMaintain a distribution rate of at least 50% of Adjusted Net Income10

Vivendi: Exceptionally well positionedGrowth dynamics:Strong customer demand for content distributed through fixed and mobile broadband networksCreative talents and innovation drive market share gainsInvestment in fastest growing segments: videogames, on-line content, 3G, fixed broadband Penetration of developing markets: videogames in Asia, telecommunications in AfricaResistance to market volatility:Non-cyclical revenues through subscriptions with high visibilityContinuous cost managementLow sensitivity to dollar10% dollar depreciationÆ only -0.6% impact on Vivendi revenues, no impact on EBITHeadcount costs: 11% of revenuesGood cash conversion providing strong dividend distribution to shareholders11

Appendices12

Vivendi: 2007 Adjusted Statement of Earnings20072006In euro millions – IFRS1 RevenuesChangein m %21,65720,0441,613 8.0%4,7214,370351 8.0%37333736 10.7%(166)(203)37 18.2%654(48)- 88.9%(881)(777)(104)- 13.4%7 Minority interests(1,221)(1,167)(54)- 4.6%8 Adjusted Net Income2,8322,614218 8.3%2 EBITA3 Income from equity affiliates4 Interest5 Income from investments6 Provision for income taxes13

UMG:Revenues evolution 4,955m 229mDigital 4,870m- 283mPhysicalSales- 81m 9%15.0%720-22.4%4,8704,955Restructuring costs(67)(15)EBITA62412.8%559Margin %up 3.0% at constant currencyConstantcurrency2006Revenues- 235mGrowth2007in euro millions - IFRSCFFO2007Increased market share in all major marketsUnderlying EBITA performance comparable to 2006EBITA reported down due to FX impacts, 2007 restructuring costs and 2006 legal settlementsBMGP* performance in line with plan: 54m EBITA before restructuring cost of 17m* Consolidated since May 25, 200714

UMG: digital revenuesincreased by 51%* to 676m in 2007Digital revenues account for 14% of total revenues and 22% of North America recordedmusic revenuesAchieved 6 out of the top 10 digital albums, including the top 4and 8 out of the top 10 digital tracks including the top 6 in the U.S. **Digital Revenues20062007 42%* 52%* 58%* 57%*NA OnlineNA MobileInt'l On-lineInt'l Mobile* At constant currency** Per Soundscan15

Universal Music Group strengthens its global leadershipIntegration of BMGP on trackThe acquisition of BMGP enhances the strategic position and value ofUniversal Music Group as the world’s leading recorded music companyand music publishing company 1,639 million paid in December 2006Unique, irreplaceable catalog in an attractive low risk, high margin businessAccretive to Vivendi’s Adjusted Net Income 12 months from closing**Closing in May 200716

Canal Group: overview100%65%5.1%9.9%20%Pay TV in France (CANAL France)65%100%Other activities49%Multi-thématiques75%17

Two complementary offers“Expect more from TV”“The experts of all your passions”5 general-interest premium channelswith a pick-of-the-best content300 channels covering all themesRecent and exclusive programsA selection of the best channels, including58 exclusive onesA unique modelA wide-spread modelCANAL Group’s flagship offerA complementary offerOver 2Bn invested in content18

Canal Group:Canal Group 2007 revenues: 20.2%Canal France revenues: 24.9%Integration of TPS4% organic growth*:3% subscription base1% ITA excluding transition costsTransition costsEBITA490(90)400252(177)7594.4%EBITA margin excl. transition costs11.2%6.9% 4.3 pts31726121.5%in euro millions - IFRSRevenuesCanal FranceCFFOx5.3Other activities: 4%**driven by revenue growth in PolandIncrease in subscription base***EBITA up 238m excluding transition costs:200710,544K 150m synergies achieved in 2007 relatedto the TPS acquisitionIncreased investment in content 280k200610,264K330k net additionsand a negative adjustment of 50k* For the full year 2006, TPS revenues amounted to 596m** Excluding sold in PSG in 2006: contribution of 37m*** Individual and collective subscriptions at Canal , CanalSat and TPS (in 2006 and 2007) in metropolitan France, overseas territories and Africa19

Focus on the TPS integration: 150m synergies already achieved in 2007In euro millions2010TargetRealizedin 2007To be 7050-752030-35 350150 200ContentTechnology, broadcasting & structureThe successful outcome of the French “Ligue 1” broadcasting rights bidding process at 465m/year compared to 600m/year will contribute to achieve 2010 targetTransition costs in line with plan200620072008CanalSat/TPS integration process nearly completedLaunch of the new CanalSat OfferVoluntary redundancy plan finalized17790 80Launch of the technical migration of TPS subscribersContracts renewed with leading thematic channels(Disney, Turner)350Rationalization of satellite broadcasting20

Canal Group: 2010 objectives are confirmedRobust growth in projected revenues: 5 billion in annual income11.5 million subscriptions to CANAL France2010 EBITASignificant cost synergies projected: 1 billion 350 million euros21

SFR:SFR: #1 in net adds in metropolitan France in 200720072006Revenues9,0188,6783.9%EBITDAMobile EBITDAEBITAMobile 0.4%-2.6%-0.6%CFFO2,5512,4305.0%in euro millions - IFRSReturn to growth in mobile revenues:Mobile revenues: 1.6%Mobile service revenues 0.9%, 4.4% excluding the impact of regulated tariff cutsGrowthData revenues: 8.1%,non-messaging data revenues 21.4%Enterprise revenues: 11%Highest mobile EBITDA margin in France: 39.6%Mobile capex down 15.2%,from 12.9% of mobile revenues to 10.8% in 2007Fixed activities* in investment phase* Revenues of fixed activities amount to 233m and EBITA to (64)m.Includes fixed and DSL activities of Télé2 France consolidated since July 20, 2007.Strong recruitment with improved customer mixMobile customer base aid65.0%20052006 883k18,766kPrepaidPostpaid65.5%200722

SFR: Confirmed leader in mobile broadbandSFR leader in 3G/3G Successful mobile Internet access offers:250,000 “Illimythics” customers to date40,000 3G USB modems for laptops since July 2007More than 350,000 mobile TV subscribers at the end of 2007SFR: #1 music platform in France for downloads in Q4 2007More than 400,000 Happy Zone customers at the end of 2007SFR #1 in network quality in 2007 ARCEP survey for the 4th consecutive yearStrong increase in 3G/3G subscribers1.0m2.7m200520064.1m200723

SFR: Operational excellenceSFR: leader in Margins2007 Mobile EBITDA marginSFROrangeBouygues39.6%38.6%27.8%SFR: leader in value per client2007 Mobile EBITDA share - 3 1%37.3%35.9%44.5%42.4%46.4%15.4%20.3%17.7%2007 Mobile EBITDA per client /yearSource : Operator publications, ARCEP18515914424

Maroc Telecom:Mobile customer base up 30%, to 15.3mMaroc Telecom:13.3m customers: 24.5% vs. 2006Mauritel:905k customers: 50% vs.2006Onatel:564k customers: x2.3 vs.2006Gabon Telecom:386k customers: 60.3% 191219.6%22.0%36325542.4%1,0019436.2%in euro millions - IFRSCapex, NetCFFOMobisud: 160k customers in 2007Mobile revenues: 27.3% vs 2006 ( 21.4% at constant currency and constant perimeter*)Fixed revenues: 5.7% (-6.0% at constant currency and constant perimeter*)EBITA: 19.6% ( 23.3% at constant currency and constant perimeter*)Mobile EBITA increased by 29.9% vs 2006Fixed and internet EBITA declined by 6.5% vs. 2006 to 239mStrong cost managementCFFO: 6.2% 60% traffic growth drives 42% capex increase*Constant perimeter illustrates the consolidation of Onatel as if this transaction had occurred from January 1, 2006, and the consolidation GabonTelecom as if this transaction had occurred on March 1, 200625