SEPTEMBER LETTER 2013 TO OUR SHAREHOLDERS

THE STRATEGIC REVIEW TAKES SHAPE JEAN-FRANÇOIS PHILLIPE CAPRON ivendi has made Our leadership positions in media will DUBOS MEMBER OF CHAIRMAN OF THE THE MANAGEMENT major advances on allow us to satisfy the digital giants’ MANAGEMENT BOARD AND CHIEF its strategic review strong demand for content. We intend to BOARD FINANCIAL OFFICER Vduring the last several link Vivendi’s future to these rapidly months. We have entered into exclusive growing markets. But we are not ne - negotiations with Etisalat to sell our glecting our telecom assets where new stake in the Maroc Telecom group and opportunities are offered by the explo - we will also sell over 85% of our stake sion in data traffic and fixed and mobile in Activision Blizzard. SFR and Bouygues broadband networks. The proposal to Telecom are in talks to share a portion share part of SFR’s and Bouygues Tele - of their mobile networks. Universal com’s mobile networks is fully consistent Music Group is successfully completing with this direction. the integration of The transactions entered into during EMI Recorded Music recent months allow us to envisage new ADJUSTED and Canal+ Group growth stages. With a portion of the FINANCIAL NET DEBT* has successfully re - proceeds from the two sales, Vivendi launched channels will reduce its debt and strengthen its €6.5 billion D8 and D17. balance sheet. The Supervisory Board Taking into account the excepted proceeds from the will determine the use of the balance. disposals of the Maroc Telecom group, Activision These transactions Blizzard (over 85%) and music assets as if the sales had been completed on reflect our commit - The coming months will see the completion 30 June 2013. ment to refocus on our of these various transactions and enable us media and content operations to move forward towards new growth and maximize the value of our telecom stages with an unchanged objective: create assets. The face of Vivendi is evolving. value for our shareholders. I RESULTS 2

THE 2013 MEDIA SUBSIDIARIES FEEL OF J HALF-YEARLY WA RESULTS THE INITIAL EFFECTS OF GROWTH DRIVERS IN PLACE As of June 30, 2013, Vivendi’s revenues stood at €10.8 billion, down 1.5% compared to the REVENUES (1) first half of 2012, and EBITA amounted to €1.391 billion, down 27%. The media subsidiaries and SFR, for the most part, recorded an improvement in operating margin in the second €10.842 billion quarter of 2013 versus the first.

ivendi’s 2013 first-half and Canal+ Group successfully per IFRS 5, Activision Blizzard results were notably resisted, despite restructuring and the Maroc Telecom group affected by the deteri - charges and transition costs re - were treated as activities he ld oration of SFR’s mar - lated to the initial months of in - for disp osal – the se two pro j - (1-2) V EBITA : gin, due to a highly competitive tegration of acquisitions and ects were ann ounced on 23 and market in which the leading growth opportunities put in 26 July respectively – and were €1.391 billion concern was to win back sub - place in recent months. excluded from the first-half scribers (an additional 809,000 Moreover, the interpretation of 2013 and first-half 2012 ad - mobile customers were added Vivendi’s Consolidated State - justed income statement. How - in the first half). ment of Earnings for the first ever, they were still recognized GVT, for its part, was confronted half of 2013 requires some clar - in earnings attributable to with slower economic growth in ification. The magnitude of the Vivendi SA shareowners (€1.035 G

(2) Brazil, as well as social move - aggregates differs, in fact, from billion, down 11.2% versus the M U

FINANCIAL NET DEBT I O ments. Universal Music Group those of previous periods. As first half of 2012). T O H €6.5 billion , P adjusted for the expected proceeds from disposals in progress (3) , versus 13.4 billion euro at 31 December 2012.

uoyed by free-to-air TV chan - Bnels D8 and D17, as well as by Poland’s multichannel pack - Full year outlook age “n”, Canal+ Group’s rev - confirmed for enues rose to €2.6 billion, an Universal Music Group increase of 5.3%. The success of D8 continues unabated: as of and slightly adjusted June 30, its audience share stood for Canal+ Group, at 3.4%, versus 2.3% a year ear - GVT and SFR. lier. Shows such as Cyril Ha - nouna’s Touche pas à mon poste, Guy Lagache’s Enquêtes d’actu - 1) For th e f our companies within the alité and La were perimeter. As from the second quarter particularly well received by the A portfolio of 2013 in compliance with IFRS 5, public. Activision Blizzard and the Maroc Telecom of 14 million group have been reported as discontinued During the first half, Canal+ , TIED FOR BEST TV PRESENTER subscriptions operations and are excluded from the Group signed several agreements adjusted income statement. IN 2013, HOSTS “TOUCHE PAS À MON POSTE” NIGHTLY (2) For a definition of adjusted operating to strengthen its sports program - profit and financial net debt, consult the ming (including exclusive rights 2013 interim financial report on cluding an agreement with HBO weighed nonetheless on first-half www.vivendi.com. agreements to broadcast Eng - (3) According to the terms known to date land’s Premier League and the for the next five seasons and an 2013 EBITA, which stood at €449 and excluding the expected proceeds Formula One World Champi - agreement with A+E Networks). million (excluding transition costs froms the sale of remaining 83 million Activision Blizzard shares owned. onship), as well as series and The decline in the advertising of €19 million related to the inte - documentary programming (in - market and investment in content gration of D8, D17 and “n”). 2 3

THE ACOUSTIC VERSION OF JUSTIN BIEBER’S ALBUM WAS A RESOUNDING SUCCESS

niversal Music Group’s rev - Digital business continues to Uenues increased by 16.3% grow (e.g. songs downloaded on to €2.236 billion due to the acqui - the Internet, subscriptions to sition of EMI Recorded Music and music sites, Internet radio audi - to the success of such artists as ences, royalties, etc.) and digital Rihanna, Imagine Dragons and sales repre sented 53% of total Justin Bieber. The transaction music sales, versus 47% a year wa s completed on September 28, ea rlier. 2012. This cha ngeover from physical to G

I ts EBITA amounted to €143 mil - digital sales occurs at a time M U

O

lion, up 8.3%. Excluding restruc - when Universal Music Group has T O H

turing and integration costs, it consolidated its leadership posi - P was up by 6.2%. tion through the acquisition of EMI Recorded Music. It will thus be able to make its voice heard more forcefully in the face of Digital music competition from the Internet sales topped giants and will be in a better po - sition to benefit from the rede - 50% of total ployment of the market, hav ing G

M completed an advantageous U

O

T financial tra nsacti on. In addition O H P to synergies from the merger of

70% of the uring recent months, SFR by year-end 2013, including half population soon Dhas continued its restructur - in 4G. to have Dual Carrier ing plan and announced exclu - In the broadband Internet seg - 4G coverage sive negotiations to share a ment, SFR is investing €150

portion of its mobile network mi llion annually in fiber optics, with Bouygues Telecom. This which it has already deployed in partnership, which has yet to ov er 7 0 municipalities. Faced with a very competitive be approved by representative market and the imposition of and regulatory bodies, is a lower prices by regulators, SFR’s first in France but has already first-half 2013 revenues fell by been implemented in certain 11.3% to €5.108 billion and its European countries. EBITDA am ounted to 1.47 billion SFR has not slowed its pace of euros, dow n by 20.5%. The trend investment and the partner - is improving since the EBITDA ship with Bouygues Telecom decline was limited to 16.3 % in

R will enable it to save on cer - the second quarter. SFR slightly D

S

O tain costs and further invest in revised its 2013 EBITDA outlook T O

H very high-speed networks. In following the adverse decision P the mobile segment, the oper - of the EU Court of Justice con - For the full year, Canal+ Group ator is continuing to deploy its cerning the “Copé tax”. 2013 slightly revised its 2013 EBITA 4G network with a target cov - EBITDA is expected to be around T R V outlook to approximately €650 erage rate for 4G and Dual F €2.8 billion, with Capex esti - G S

O O T million excluding transition Carrier (LTE and DCHSPA+) of T mates unchanged at about €1.6 O O H H I P costs. I 70% of the French population P billion. 3 4

EXCLUSIVE NEGOTIATIONS OVER MAROC TELECOM As a result of its new strategic directions, Vivendi has entered into exclusive negotiations with Etisalat to sell its 53% stake in the Maroc Telecom group. The UAE operator’s offer would result in disposal proceeds in cash for Vivendi of €4.2 billion, including €310 million for the 2012 dividend. The deal would be based on an enterprise value of €4.5 billion, a multiple of 6.2 times EBITDA. In the same sector, G M

U operators in emerging countries are trading at a me -

O T dian of 4.9 times EBITDA and European operators at O H P 3.9 times.

RIHANNA WAS THE BEST-SELLING The closing of the transaction is subject to the sign - ARTIST IN FIRST HALF 2013 ing of a definitive agreement between Etisalat and Vivendi, conducting procedures with representative the two groups, the sale of with the acquisition of EMI bodies in France, the signing of certain agreements Parlophone Label Group was Recorded Music, the cash amount between Etisalat and the Moroccan government and completed under excellent condi - of the sales totals approximately the approval of regulatory authorities in the countries tions. With this transaction, €700 million. Vivendi divested in which Maroc Telecom operates. Discussions are about a third of EMI’s recorded which constitutes the last signif - also being held with a consortium of Moroccan icant sale demanded by the Euro - music business for nearly half of pean Commission in connection its purchase price. I institutional investors for the purpose of defining a potential investment. Vivendi and Etisalat aim to complete the transaction by the end of 2013.

GVT has continued to grow in 13.3% to €354 million. In the Lboth the fixed and Internet television segment, the Brazilian telephony segments, as well as operator, which has introduced in television, despite the slow - a pay television offer similar to VIVENDI SELLS down in the Brazilian economy the CanalSat offer, now has ACTIVISION BLIZZARD STAKE and social movements. about 508,000 subscribers (X2.5 GVT’s first-half 2013 revenues times year-on-year). Vivendi is selling over 85% of its current stake in and EBITDA increased, respec - For the full year, GVT now Activision Blizzard for 8.2 billion dollars (about 6.2 tively, at constant currency by expects continued revenue billion euros), to the group itself and a consortium of 14.7% to €884 million and by growth in the mid 10’sat con - investors known as ASAC II LP. This decision was stant currency and taken as Vivendi did not hold 100% of this subsidiary an EBITDA margin and did not have direct access to its cash flow, in slightly above 40%. Its EBITDA-Capex contrast with Canal+ Group and Universal Music outlook remains Group. Moreover, in the video games sector, product unchanged at close obsolescence related to the arrival of new console to breakeven. I generations is rather rapid and development costs are high. This divestment, which is expected to be completed Television revenues by the end of September, will materialize the value

T have already reached created by Vivendi since the beginning in video V G

O €81 million. games, amounting to nearly 8 billion dollars. T O H P

SHAREHOLDERS’ PAGE 5

VIVENDI TO PARTICIPATE IN A TWITTER ACCOUNT SHAREHOLDERS’ VILLAGE FOR INDIVIDUAL SHAREHOLDERS ivendi is taking part this year in Le Village des Actionnaires In October 2012, Vivendi opened a Twitter (Shareholders’ Village), an event created in 2012 for individual account for use by its individual shareholders V (@SolangeMaulini ; address of individual shareholders shareholders. This fair is being held on 27 September at the Roland manager). The group also proposes other Twitter accounts Garros Stadium (Avenue Gordon Bennet, 75016 ). Feel free to such as @Vivendi_News (official address), @SimonGillham contact us if you would like an invitation (Toll-free from a fixed line (Senior Executive Vice President Communications and phone 0 805 050 050). Public Affairs), @BarbaraWeill (topics related to Corporate This new event is based on an original concept. Le Village des Social Responsibility), @fvallois , @themediashaker , etc. Actionnaires is a communication initiative focused on informing Responsiveness and conciseness are the watchwords of and dialoguing with shareholders. You can make an appointment this social network focused on information. So it seemed now for a personalized interview with our Shareholders’ Relations perfectly natural to open an account for individual department; please indicate the topics you wish to discuss. shareholders. The information communicated via this account concerns, first and foremost, current events THIS YEAR’S THEME: INNOVATION relating to the group and its subsidiaries. In second place, Le Village des Actionnaires is also holding plenary sessions during this information concerns activities either inherent to or which leaders and experts come together to discuss this year's closely related to the group, the financial and stock market theme: innovation. In this context, Philippe Capron, Chief Financial worlds and the economy. Another focal point is culture in Officer and a member of Vivendi’s Management Board, will speak all its diversity. Finally, this account gives you the program of events for the Shareholders’ Club. at 3 pm during a conference on “Innovation in the service of busi - To keep abreast of the latest news about the group in real nesses and their partners”. time, feel free to subscribe to the Vivendi individual share - In addition, thematic workshops proposed by each company holders Twitter account! We also urge you to subscribe to participating in the fair will be organized starting at 12 noon. At a the Facebook page, Create Joy (Vivendi’s social action pro - time when Vivendi is refocusing on and expanding its media and gram), and visit the websites ww.cultureswithvivendi.com content operations, we have chosen to introduce you to the film and www.themediashaker.com , a discussion and informa - industry and Canal+ Group’s leadership position in this field. The tion platform on workshop entitled “Canal+, the film industry’s preferred partner” culture and creation You only need one share will be held at 1:30 pm and will be presented by Manuel Alduy, in the digital age. Canal+ Group’s Head of Cinema. I to join the Vivendi Shareholders’ Club . Download your application form from the Internet and return it to us or request S

A it by calling: 0805 050 050 (numero vert)

M VIVENDI PARTNERS NUMEROUS SUMMER FESTIVALS L

E toll-free from a French landline or on D

N Music is an integral part of Vivendi’s DNA, particularly with respect to its subsidiary, Universal

A +33(0)1 71 71 34 99 I T S I Music Group, the global leader in the sector. With its several dozen recording labels ranging if you are abroad R H C from classical music (Deutsche Grammophon, Decca) to French variety (Polydor, etc.) and including O T

O jazz (Verve, etc.), pop, Latin music, rock and R'n’B, Universal Music Group endeavours H P to produce and promote all musical genres by partnering numerous festivals. Vivendi has supported the International Festival of Lyric Art in Aix-en-Provence for 15 years (read the interview with Bernard Foccroulle, the festival’s President on the website www.cultureswithvivendi.fr). The group is also a partner of the “Jazz in Marciac” festival in the Gers and of such other exciting events as the La Vézère R D

Festival (classical music) in Corrèze and the Roche Bluegrass Festival O T O H

at La Roche-sur-Foron in Haute-Savoie. P This year, the Shareholders’ Club organized a contest to give its members a chance to win concert tickets. The winners were invited to attend the opera Don Giovanni (at Aix-en- Provence), a concert by violinist Nemanja Radulovic (at La NEMANJA RADULOVIC AT THE LA VÉZÈRE FESTIVAL Vézère) or an evening with Gilberto Gil and Roberto Fonseca (at Marciac) and share in beautiful summer evenings filled with delightful music!

DON GIOVANNI AT THE AIX-EN-PROVENCE FESTIVAL I read in the newspapers that you are thinking about splitting off SFR. When are you going S S to launch an IPO?

R Our priority remains the confirmation of the SFR’s recovery. The operator has put in place a plan to adapt N

E to the market’s new structure. New product offerings have been created, investments in fixed and mobile

O broadband are continuing and a proposal to share part of SFR’s mobile networks with Bouygues Telecom D I was announced. L

T We are also considering the option and appositeness of an initial public

O offering for SFR in the medium term, but so far nothing has been decided To keep up to date S by the Management and Supervisory Boards. with recent developments H

E at Vivendi, visit the website E Is it possible to buy Vivendi shares elsewhere than on www.vivendi.com U R the Paris stock exchange? and click on “Individual

Q Vivendi shares are listed exclusively on the Paris Stock Exchange A Shareholders” and then on (Euronext Paris) under the ISIN code FR0000127771. The group does

H not sponsor American Depositary Receipt (ADR) programs for its shares. “Press releases” or “Audio news” S Any currently existing ADR program is “unsponsored” and has no ties whatsoever to Vivendi. . Y Will dividends paid in 2014 be subject to mandatory withholding at the rate of 21%? B Yes. Persons belonging to a tax household whose reference income for the penultimate year preceding the payment of the income concerned is lower than €50,000 (for single, divorced or widowed persons) or €75,000 (for taxpayers filing joint returns), may, however, request to be exempted from the payment of this withholding by submitting a request to the establishment that manages their shares. For persons holding pure registered shares, a form is available on the website Planet Shares. Requests must be submitted no later than 30 November 2013.

’ I PROGRAM FOR THE COMING MONTHS Y S Vivendi organizes numerous events for its Shareholders’ Club. To participate, you must hold at least R R one share. Events include visits, shows, topical meetings and more! Discover our program and sign up! E

A You will find this program of events on our website: www.vivendi.com (click on the “Individual

I shareholders” tab and then on “Shareholders’ Club” ). D L D I CO NTACT US O For further information on Vivendi, please contact our Shareholders Information Department (IAI) by mail:

H Vivendi, Shareholders Information Department, 42 avenue de Friedland, Paris 75008 France.

E By e-mail: [email protected].

R And by telephone: (Numero vert) toll-free from a fixed line phone if you are calling from NNUMEROUMERO VVERTERT Appel gratuit depuis un poste fixe A France, or +33 (0)1 71 71 34 99 if you are calling from abroad. H The department will respond Monday through Friday from 9:00 a.m. to 6:00 p.m. (hours extended in the S event of important news).

You receive this “Letter to our Shareholders” under the terms of the French Data Protection Act of January 6, 1978, pursuant to which you may exercise your right to access, correct or contest personal data by sending an e-mail to [email protected], or by writing us at Vivendi – Shareholders Information Department – 42 avenue de Friedland – 75008 Paris, France. Should you wish to unsubscribe and cease receiving these newsletters, please contact us at the same address.

Important disclaimer: Cautionary Note Regarding Forward Looking Statements. This letter 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.