Adjusted Operating Income (Ebita)

2020 RESULTS

MARCH 4, 2021 CONTENTS

1 Summary 3 2 Business review 17 3 Appendixes 29

2 1 SUMMARY

3 SUMMARY OF 2020 EARNINGS in millions of euros 2020 2019 Change ▪ Good results for all business lines despite the Revenue 24 109 24 843 (3%) pandemic. EBITDA (1) 3 265 2 913 12% Adjusted operating income: up 25% (+23% at constant scope and exchange rates) Adjusted operating income (EBITA(1)) 2 043 1 634 25% Bolloré Transportation & Logistics 607 637 (5%) Communications 1 627 1 526 7% Electricity Storage and Systems (102) (434) 76%

▪ Net income, Group share: +79%. Net income 1 563 1 408 11% This does not include the gain on the sale of 10% of the share capital of UMG on March 31, 2020, on Net income group share 426 237 79% the basis of an enterprise value of €30 billion for 100% of UMG. The sale was recognized in equity in the amount of €2.8 billion.

▪ Continued reduction in Bolloré's debt, excluding Net debt 9 136 8 720 415 Vivendi. o/w Bolloré excl. Vivendi 4 183 4 656 -473 ▪ Continued high level of liquidity of €9.2 billion at January 31, 2021, including €2.9 billion at Bolloré Gearing 35% 34% level.

▪ Proposed dividend: €0.06 (including €0.02 interim already paid in September 2020).

(1) See glossary

4 GROUP STRUCTURE: ▪ Universal Music Group

▪ Sale of 20% of UMG to a Tencent-led consortium 10% on March 31, 2020 for €2,842 million based on an enterprise value of €30 billion for 100% of UMG and another 10% on January 29, 2021 for €2,847 million.

▪ Vivendi plans to distribute 60% of UMG's share capital to shareholders An Extraordinary General Meeting of Vivendi's shareholders will be convened on March 29th to amend the articles of association and permit such distribution. In the event of a positive vote by its shareholders, Vivendi will continue this project, with a general meeting approving the distribution that could be completed before the end of 2021.

▪ Buyback of Vivendi shares

▪ In 2020, Vivendi acquired 89.2 million of its own shares in the market for €2,157 million.

▪ Bolloré’s tender offer for Blue Solutions ▪ Completion of the public tender for Blue Solutions for €17 per share which took place from May 29 to July 8, 2020; ▪ Mandatory squeeze-out on July 15, 2020: Bolloré now owns 100% of Blue Solutions’ share capital; ▪ The value of the shares acquired is €110 million.

▪ Sale of BluePointLondon Ltd

▪ On December 31, 2020, IER entered into an agreement with Total to sell its subsidiary BluePointLondon Ltd, which has developed and operates a network of 1,600 electric vehicle charging stations in London.

5 GROUP STRUCTURE:

ECONOMIC ORGANIZATIONAL CHART AT 12/31/2020 (IN % OF SHARE CAPITAL)

Sofibol and holdings(1): 57.01% Compagnie du Cambodge(2): 19.1% 92.6% Société Industrielle et Financière de l'Artois(2): 5.6% Financière de l’Odet SE Financière Moncey(2): 4.9% (3) Imperial Mediterranean(2): 3.6% 64% Nord-Sumatra Investissements(2): 2.3% Bolloré SE

TRANSPORTATION & LOGISTICS COMMUNICATION ELECTRICITY STORAGE AND SYSTEMS

Bolloré Logistics Vivendi (27%): Brittany:

Bolloré Ports Universal Music Group Blue Solutions

Canal + Bluebus, Bluestorage, Plastic films Bolloré Railways Systems: Havas OIL LOGISTICS IER, Automatic Systems Bolloré Energy Editis, Others (Gameloft, etc.) Smart Mobility, Polyconseil, Telecoms

OTHER ASSETS (1) Directly by Sofibol and by holdings controlled by Vincent Bolloré. Shareholding Portfolio (2) Companies controlled by Bolloré SE (3) Including 0.5% held by Bolloré SE subsidiaries 6 CHANGES IN THE STOCK PRICE

PRICE ON 03/02/2021: €4.08 | MARKET CAPITALIZATION: €12.0 BILLION Since Δ (%) 01/01/21 10Y 6.0 Bolloré 20.5% 145.2% SBF 120 4.5% 52.1% 5.0

4.0

3.0

2.0

1.0

- Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Bolloré SBF 120 Indexed

Source : Thomson Reuters 7 ESG PERFORMANCE

REMINDER OF CHANGES IN GOVERNANCE IMPLEMENTED IN 2020 ONGOING DIALOGUE WITH THE RATING AGENCIES

Changes in governance in 2020: New ▪ Tighter Board of Directors (13 directors), more independent (36% independent), more female (45%). 2020 Environment & Social score = 1 2020 ESG Global score = 45/100 (High transparency close to 1) Creation of a Bolloré SE Executive Committee: ➢ vs. 31/100 in 2019 (S&P’s default rating) Governance score = 7 ▪ 14 members, including 7 women, representing 50% women. (Moderate risk close to 10) ➢ vs. Governance score = 8 in 2019 ▪ Functions represented: finance, human resources, legal, tax, procurement, ESG and compliance departments.

PRIORITY ESG COMMITMENTS IN 2021

« Climate Change » score = A 2020 SEPTEMBER 2020 Climate ➢ vs. B score in 2019 ESG Global score = 51/100 ▪ Structuring of a climate strategy at Group level: definition of « Supplier Engagement Rating » score = A- ➢ +3 points compared to the 2017 rating ➢ vs. B score in 2019 ➢ Rank in sector : 9/43 decarbonization objectives and levers.  Scale from A to D- Duty of care ▪ Implementation of the ethics system, refinement of risk identification for entities and the supply chain, definition of ESG Global score = Low Risk (14.4) ESG Global score = B objectives and appropriate corrective action plans. AUGUST 2020 FEBRUARY 2021 ➢ vs. B score in October 2020 ➢ vs. “Medium risk” score (24.2) in April 2020 MSCI rating scale: • Sustainalytics rating scale:

Commitments in line with the Signatory of the Global Compact SDGs: positive impact on 64 out of for over 15 years Communication  These scores result from a risk exposure rating and a risk the 169 targets on Progress: Advanced level management rating. 8 2020 RESULTS

SUMMARY OF THE MAIN 2020 FINANCIAL ITEMS

in millions of euros 2020 2019 Change Revenue 24,109 24,843 (3%) EBITDA(1) 3,265 2,913 12% Depreciation and provisions (1,222) (1,279) Adjusted operating income (EBITA(1)) 2,043 1,634 25.0% Amortization resulting from PPA(1) (393) (375) EBIT 1,650 1,259 31% o/w equity-accounted operating companies 39 23 Financial income 622 17 Share of the net income of equity-accounted (32) 98 non-operating companies Taxes (677) 35 Net income 1,563 1,408 11% Net income Group share 426 237 79% Minority interests 1,137 1,171 (3%)

(1) See the glossary

9 REVENUE

CHANGE IN REVENUE BY BUSINESS

Reported Organic in millions of euros 2020 2019 growth growth Transportation & Logistics 5,820 5,939 (2%) 1% Oil logistics 1,900 2,650 (28%) (29%) Communications 16,085 15,891 1% (1%) Electricity Storage and Systems 280 329 (15%) (3%) Other (Agricultural Assets, Holding) 25 34 (26%) (26%) Total 24,109 24,843 (3%) (3%)

▪ 2020 revenue: -3% at constant scope and exchange rates • Transportation and Logistics: +1% - Bolloré Logistics: up +8%, benefiting from the strong performance of air transport activities which fully absorbed the slight drop in maritime transport activities; - Bolloré Africa Logistics: down 10% as a result of the contraction of the logistics business and the impact of the end of the Douala terminal concession (DIT) in Cameroon; • Oil Logistics: -29%, due to lower oil prices and volumes; • Communications (Vivendi): down 1%, despite growth at UMG (+5%) which did not fully offset the decline in the other activities; • Electricity storage and systems: -3%, due to the decline in IER's industrial activities affected by the health crisis. ▪ On a reported basis, revenue was down 3%, which includes a €378 million change in the scope of consolidation (consolidation of Editis and M7 at Vivendi, exit of Bolloré Ports France and Wifirst), and a -€289 million foreign exchange impact (mainly reflecting the fall of the US dollar and other currencies).

10 ADJUSTED OPERATING INCOME (EBITA)

CHANGE IN EBITA BY ACTIVITY Bolloré Transport & Logistics EBITA

Reported Organic in millions of euros 2020 2019 Change by year (in millions of euros) growth growth 637 607 56 Bolloré Transportation & Logistics 607 637 (5%) (2%) 527 545 56 34 Transportation & Logistics (1) 551 580 (5%) (2%) 36 Oil Logistics 56 56 (1%) (1%) Communications 1,627 1,526 7% 4% 580 551 511 Electricity Storage and Systems (102) (434) 76% 77% 491 Others (Agricultural Assets, Holding) (1) (89) (94) 6% 6% Total EBITA Bolloré Group 2,043 1,634 25% 23% 2017 2018 2019 2020

Transp. & Logistics EBITA Bolloré Energy EBITA

▪ EBITA: €2,043 million, up 25%; (+23% at constant scope and exchange rates) • Transportation & Logistics down 2% as a result of the end of the Douala terminal concession (DIT) in Cameroon and the decline in the logistics activities in Africa, partially offset by the good performance of the freight forwarding activities, primarily air and port terminals; • Oil logistics: stable; growth in earnings from distribution and storage activities was offset by a negative inventory effect in 2020; • Communications (Vivendi): up +4% thanks to the excellent performance of UMG and the Canal+ Group; • Electricity storage and systems: a €332 million improvement compared to 2019, which included significant non-recurring impairment as part of the strategic redeployment in batteries, buses and stationary solutions.

(1) Before Bolloré trademark fees.

11 FINANCIAL AND EQUITY-ACCOUNTED INCOME

FINANCIAL INCOME ▪ Financial income primarily includes in millions of euros 2020 2019 Change (€m) €591 million generated by the revaluation of the Spotify and Tencent Net dividends and income from investments in 34 23 11 Music securities (compared to €139 marketable securities million in 2019). Net financing expenses (111) (128) 17 Other financial expenses and income 700 122 578 Financial income 622 17 606 ▪ The results of associates include: • -€172 million related to Mediobanca, corresponding to the drop in the share price, offset by financial income of €159 million corresponding to the hedges on the shares and the impact of the end of INCOME OF ASSOCIATES the equity method for the holding; • +€126m in Telecom Italia. in millions of euros 2020 2019 Change (€m)

Share in net income of non-operating companies (32) 98 (130) accounted for using the equity method

12 CHANGES IN CASH

CHANGE IN NET DEBT (MILLIONS OF EUROS)

(2,000) Vivendi Operating cash flow: €2,017 million share buybacks, (4,000) purchases (8,720) of securities (9,136) (Lagardère, of which etc.) the sale (6,000) of 10% (1,481) of UMG, 637 (404) (279) 3,265 etc. (641) (8,000) (860) (27) (3,886) (10,000) 3,260

(12,000) Net debt EBITDA Content net Change in Rentals Fin. exp. - Capex Acquisitions Disposals of Dividends Others, cap. Net debt 12/31/19 capex WC (IFRS 16) & taxes & fin. assets paid increase, 12/31/20 non cash dividends change in items received FV

13 BALANCE SHEET – LIQUIDITY (1/2)

SHAREHOLDERS’ EQUITY AND NET DEBT in millions of euros 2020 Bolloré Vivendi 2019 Bolloré Vivendi Change

Shareholders' equity 25,984 9,563 16,422 25,942 9,779 16,163 42 of which Group share 9,084 9,088 (4)

Net debt 9,136 4,183 4,953 8,720 4,656 4,064 415

Gearing (%) (1) 35% 44% 34% 48%

▪ Shareholder's equity €26 billion • Stable Group shareholders’ equity given the impact of the sale of 10% of UMG's capital to Tencent (€2.8 billion(2)) offset by the Group's share buybacks (Vivendi and Blue Solutions).

▪ Net debt: €9.1 billion • Increase in Vivendi's debt (+€889 million) before receiving €2.8 billion related to the disposal of another 10% of UMG on January 31, 2021. • Reduction of Bolloré’s debt excluding Vivendi (-€473 million).

▪ Liquidity • As of the end of January 2021, the Group’s liquidity, including undrawn confirmed credit lines and liquid investments, was €2.9 billion at the Bolloré level and €9.2 billion including Vivendi.

(1) Gearing = Net debt/Equity ratio (2) Before fees and tax 14 BALANCE SHEET – LIQUIDITY (2/2)

CHANGES IN NET DEBT (MILLIONS OF EUROS)

11000

8,720 9000 9,136

7,528

7000 7,151 6,500 January 2021

5,058 After the sale of 10% of UMG at the 5,017 beginning of 2021 (€2.8bn) and the 5000 4,656 4,471 sale of 2% of Mediobanca (€0.2bn) 4,882 4,183 4,000

3000 31/12/18 30/6/19 31/12/19 30/6/20 31/12/20

Bolloré Net debt (excl. VIV) Consolidated Net debt (BOL+ VIV)

15 DIVIDEND

2020 BOLLORÉ DIVIDEND CHANGE IN DIVIDENDS PAID (€ PER SHARE)

(1) ▪ Proposed dividend: €0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 • including €0.02 interim already paid in 2020.

0.033 0.031 0.031 ▪ General Shareholders’ Meetings: May 26, 2021 0.030

▪ Dividend detachment: June 10, 2021 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

▪ Payment of the balance of €0.04 in cash: June 14, 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Interim dividend (per share) Total dividend (per share) ▪ Annual dividend amount: €177 million

(1) Distribution proposal to be submitted to shareholders at the General Shareholders' Meeting on May 26, 2021.

16 2 BUSINESS REVIEW

17 TRANSPORTATION & LOGISTICS KEY FIGURES

MAIN 2020 FINANCIAL ITEMS

Organic in millions of euros 2020 2019 Change Growth Revenue 5,820 5,939 (2%) 1% Bolloré Logistics 3,709 3,493 6% 8% Bolloré Africa Logistics 2,111 2,446 (14%) (10%) EBITA(1) 551 580 (5%) (2%) Investments(2) 156 229 (32%)

▪ EBITA: €551 million - 2% at constant scope and exchange rates • Resilient results despite the public health crisis; • Increased earnings from the freight forwarding business thanks to the good performance of the air transport activities and cost containment; • The performance of port terminals was affected by the end of the Douala terminal (DIT) concession in Cameroon, following the contract's expiration at the end of 2019; • Excluding the effect of the end of DIT, the earnings of the port terminals improved while a decline in projects impacted the logistics activities in Africa.

(1) Before Bolloré trademark fees (2) Including the financing of the upfront fee for the Ivory Coast Terminal

18 BOLLORÉ LOGISTICS

2020 RESULTS

▪ Net revenue 2020: €3,709 million, + 8% at constant scope and exchange rates - Exceptional operations from Asia in the context of a health emergency (China, Vietnam, Korea for the most part) and the rise in air freight and sea freight prices largely offset the contraction in volumes in most areas due to the health crisis. ▪ 2020 results were impacted by: - Strong increase in earnings from Asia, driven by Greater China, Singapore and Vietnam which benefited from dynamic transit activities; - In Europe, earnings growth, driven by Germany, Switzerland and Luxembourg, all of which benefited from the rise in air freight prices against the backdrop of insufficient capacities and strict cost control. France managed to perform well despite weak aeronautical activity, which was offset by savings; - In the other regions, the slight increase in earnings in the Americas (thanks to Canada and Mexico) offset the slowdown in the Middle East (UAE, Qatar, Lebanon) region.

▪ Development of the network: - In January 2021, the Bolloré Group acquired a majority stake in Oversea, a digital freight forwarding company that harnesses technology to simplify and optimize international transport for businesses - November 2020: creation of a Task Force dedicated to the transport of Covid-19 vaccines worldwide. - September 2020: world certification issued by Bureau Veritas for all network sites - July 2020: opening of a new office in Madagascar and extension of the air bridge with Africa to ensure continuity of supplies. - In April 2020, the Group acquired a majority shareholding in Global Freight Solutions AB based in Sweden (60 employees).

19 BOLLORÉ AFRICA LOGISTICS

2020 RESULTS

▪ Net revenue 2020: €2,111 million, -10% at constant scope and exchange rates, reflecting the contraction of the logistics activities in Africa and the end of the Douala terminal (DIT) concession in Cameroon. ▪ 2020 results were impacted by: • Lower earnings from the logistics and conventional handling operations throughout Africa linked to the effects of the public health crisis (decline in projects, contraction of the wood export market, drop in the price of oil); • A performance of the Port Terminals impacted by the end of the DIT concession contract in Cameroon. Restated for the DIT effect, the results of Terminals increased, driven by higher volumes of MPS in Ghana, Abidjan Terminal, Benin Terminal and Freetown Terminal; • Income from railway activities was up thanks to Sitarail's very good container volumes in the second half of the year and very good cost control. ▪ Development of the network • October 2020: start of construction of the second container terminal of Abidjan. With an area of 37.5 hectares, this infrastructure will be able to process 1.5 million TEUs and accommodate vessels with 16m draught along the 1,100m of docks; • June 2020: commissioning of the dry port of Kagbelen by Conakry Terminal. With a surface area of 30 hectares, this infrastructure contributes to the reduction of urban congestion and fluidification; • May 2020: delivery and commissioning of the third MPS platform in Ghana; • In March 2020, start-up of the activities of Bolloré Transportation & Logistics Ethiopia, a joint-venture between Bolloré Transportation & Logistics and the Ethiopian company CLS Logistics.

20 BOLLORÉ ENERGY

2020 FINANCIAL ITEMS DISTRIBUTION AND OIL LOGISTICS NETWORK in millions of euros 2020 2019 Change Organic Growth

Revenue 1,900 2,650 (28%) (29%)

Operating income 56 56 (1%) (1%)

Investments 2 17 (86%)

▪ Revenue: -29%, mainly as a result of a steep fall in the prices of oil products, as well as in volumes. ▪ EBITA: €56 million - 1% at constant scope and exchange rates • Stable earnings in France and Europe (Switzerland and Germany) thanks to very good domestic heating oil sales volumes in an environment of falling benchmark prices for oil products. • The oil logistics business also performed well, particularly DRPC (Dépôts de Rouen Petit Couronne), operated in partnership with Total, which saw a strong increase in its capacity leasing. ▪ Development of the network • Bolloré Energy through its subsidiary SFDM, which operates the State- owned Donges Melun Metz pipeline, received a two-year extension of the authorization to operate this tool at the end of 2019. A call for tenders is currently underway for the sale of this asset by the State. • In Germany, Bolloré Energy sold its retail and trading business. On the other hand, it retained its network of service stations operated under the Calpam brand as well as its ship bunkering business.

21 COMMUNICATIONS VIVENDI

2020 RESULTS REPORTED BY VIVENDI KEY HIGHLIGHTS OF THE 2020 RESULTS in euro millions 2020 2019 Change ▪ Revenue virtually stable in organic terms (-0.6%) compared to Revenue 16,090 15,898 + 1% 2019; the increase in UMG (+4.7%) was offset by the slowdown in Adjusted operating income (EBITA) 1,627 1,526 + 7% Net Income Group share 1,440 1,583 - 9% other activities, impacted by the consequences of the health crisis, particularly at Havas Group (-10.8%) and Vivendi Village (-71.9%). Dec. 31, 2020 Dec. 31, 2019 Change Shareholders' equity group share 16,431 15,575 + 5% ▪ EBITA: €1,627 million, +7% (+4% at constant exchange rates and Net debt / (cash net) 4,953 4,064 + 22% scope), mainly thanks to the increase at UMG and Canal+ Group Market value of the listed share portfolio 5,339 3,951 + 35% partially offset by the slowdown at Havas Group and Vivendi Village. EBITA by activity 2020 2019 Change ▪ Net income, Group share of €1,440 million, -9%. Excluding current Universal Music Group 1,329 1,124 + 18% Groupe Canal + 435 343 + 27% tax income of €473 million recognized in 2019, net income increased Havas 121 225 - 46% by €330 million reflecting: i) the increase in EBITA; ii) the increase in Gameloft 38 52 - 27% the share of Telecom Italia's income accounted for by the equity Other activities(2) (296) (218) - 36% method (+€59 million), and iii) the increase in financial income from Total EBITA 1,627 1,526 + 7% the revaluation of investments in Spotify and TME (+€591 million). PPA (159) (145) - 10% These items were partially offset by the increase in taxes (€242 Total EBIT 1,468 1,381 + 6% million) mainly due to the increase in UMG's pre-tax income, and the Bolloré's PPA (235) (230) - 2% increase in the share of net income attributable to non-controlling Total EBIT Bolloré 1,234 1,151 + 7% interests (€133 million).

(1) Non-GAAP measure. See definitions on page 6 of the Vivendi 2020 financial report. (2) Gameloft, Vivendi Village, New Initiatives and Corporate costs

22 COMMUNICATIONS VIVENDI UNIVERSAL MUSIC GROUP CANAL+ GROUP 2020 RESULTS 2020 RESULTS

in euro millions 2020 2019 Change in euro millions 2020 2019 Change

Revenues 7,432 7,159 + 4% Revenues 5,498 5,268 + 4% EBITA 1,329 1,124 + 18% EBITA 435 343 + 27%

▪ Organic revenue growth: +5% ▪ Revenue: +4% (-0.9% organic) • Revenue from recorded music rose 7% organically, as the growth in • Canal+ Group’s total subscriber portfolio (individual and collective) streaming and subscription income (+16.2%) more than offset the reached €21.8 million (compared with 20.3 million in December 2019) decline in physical (-6.0%) and download sales (-19.0%). of which €8.7 million in metropolitan France, growing by 262,000 subscribers over a year; • Music publishing revenue increased by 14.4% in organic terms compared to 2019, driven by growth in streaming and subscription • Strong growth in revenues from International operations (+4.0% revenues as well as the receipt of a digital royalty settlement in the organic, +19.8% actual) driven by the outstanding year-on-year second quarter of 2020. growth in the number of subscribers (+1.2 million over a year) in all geographies (with the exception of Asia-Pacific region), which ▪ EBITA: €1,329 million, up 20% in organic growth, driven by partially offset the slight fall in revenue from television operations in revenue growth and cost control. metropolitan France (-1.6% organic), impacted by the downturn in the advertising market and the decline in revenue of Studiocanal (-17% over the period) due to the pandemic. ▪ EBITA: €435 million +27% (+5% organic) • EBITA before restructuring charges was €477 million compared with €435 million in 2019. After restructuring costs, EBITA was €435 million vs. €343 million in 2019.

23 COMMUNICATIONS VIVENDI HAVAS EDITIS(1) 2020 RESULTS 2020 RESULTS in euro millions 2020 2019 Change in euro millions 2020 2019 Change Revenues 2,137 2,378 - 10% Revenue 725 687 + 6% EBITA 121 225 - 46% EBITA 38 52 - 27%

▪ Revenue: -10% (-11% organic) ▪ Revenue +6% (-1.3% organic) Net revenue(*): €2,049 million -9,2% (-9,9% organic) • In an extremely disrupted environment in 2020, with the closure, during certain periods, of a large part of the points of sale in France • In a difficult market environment, heavily impacted by the pandemic, net (market drop of 67% in April, 25% in May, 35% in November), the revenue decreased by 9.9% in organic terms compared to 2019. All market finished down slightly by 2.7% compared to 2019 (source GfK divisions were impacted, with the exception of health communication, 2020). Editis' revenue fell slightly (-1.3%) thus demonstrating its which showed good resilience. However, activity improved in Q4 with resilience. It also reflects a lower impact of the school reform than in an organic decline in net income of 7.5% after -10.4% in Q3. 2019. • EBITA(1) amounted to €38 million vs. €43 million in 2019 (pro forma over 12 months). Good cost control did not fully absorb volatility and ▪ EBITA: €121 million (versus €225 million) the decline in activity. • This change is due to the sharp decline in activity recorded by the Media and Creation divisions, due to the pandemic. Thanks to its OTHER BUSINESS LINES (Gameloft, Vivendi Village and New Initiatives) agility, the benefits of the cost adjustment plan, initiated from the beginning of the crisis, enabled Havas Group to absorb more than half 2020 RESULTS of the decline in its revenues throughout 2020 (before restructuring

costs). in euro millions 2020 2019 Change Revenues 298 405 (26%) EBITA (296) (218) + 36% (*) See glossary for definition.

(1) Editis has been consolidated in Vivendi’s financial statements since February 1, 2019. 24 ELECTRICITY STORAGE AND SYSTEMS

2020 FINANCIAL ITEMS

Organic in millions of euros 2020 2019 Change Growth

Revenue 280 329 (15%) (3%) EBITA (102) (434) + 76% + 77%

Investments 37 82 (55%)

▪ Revenue: -3% • The decline in revenue from industrial activities (electricity storage, buses, plastic films, terminals and specialized systems) is explained by the fall in the specialized terminals and plastic films businesses, which were affected by the public health crisis despite the increase in battery sales at Blue Solutions.

▪ EBITA • The EBITA reflects an improvement in the profitability of Systems due to the impact of strategic redeployment in the battery and bus activities decided in 2019 (resizing of car sharing and electric charging activities, discontinuation of vehicle production at Bluecar) and the effect of asset write-downs recorded in 2019 (€269 million).

25 BRITTANY BLUEBUS, STATIONARY ENERGY STORAGE AND PLASTIC FILMS

KEY HIGHLIGHTS OF THE 2020 RESULTS

▪ Batteries (Blue Solutions) • Sales of 982 new-generation batteries to Daimler, Bluebus and Gaussin in 2020. Production growth of 150% compared to 2019.

▪ Bluebus • Sale of 10 buses of 6 metres, a bus of 18 metres in Rennes and delivery of 18 buses of 12 metres to RATP in 2020. RATP orders totalled 158 buses of 12 metres for 2021 delivery. This brings the number of Bluebuses sold to more than 500.

▪ Stationary • Acceptance of the system integration platform for the RINGO project by RTE started in December 2020.

▪ Plastic films • Strong demand for food packaging film offset the fall in standard film and the dielectric activity. In addition, an additional reticulated film bubble was put into operation in December to cope with this expected growth in the food market.

26 SYSTEMS

KEY HIGHLIGHTS OF THE 2020 RESULTS TECHNOLOGY

▪ IER/Automatic Systems • IER/AS results were heavily impacted by the effects of the health crisis. It delayed infrastructure deployments (access control systems, self-service terminals and ATMs), as well as those of our traceability solutions for the automotive industry; it also weakened customers operating in the airfield market. Finally, the rescale of our car sharing activities also weighed on the IER business. Innovative solutions have been developed under the PUBLIC EASIER brand to support customers seeking to be equipped with control systems that include health control ELECTROMOBI LITY PLACES features. SMART MOBILITY ▪ Polyconseil • With a good level of activity, Polyconseil, a consulting company in information systems and digital transformation, continued its repositioning towards assignments to support customers with their digital transformation as well as the development and maintenance of new mobility applications (SmartMobility, a platform for supervising and managing new urban mobility resources for municipalities). ▪ Bluecar/Car-sharing • The car-sharing services in London, Indianapolis, Bordeaux and Lyon ended in 2020 and those of Turin and Los SOLUTIONS Angeles were sold. BluePointLondon, which developed and manages a network of 1,600 charging stations for electric vehicles in the streets of London, was sold to Total on December 31, 2020. An agreement was signed in January 2021 to sell the car-sharing services in Singapore. Furthermore, the discontinuation of vehicle production at the end of 2019 at Bluecar also contributed to the significant improvement in 2020. ▪ Telecoms • Bolloré kept its investments in the telecoms sector, where it owns 3.5 GHz frequency licenses covering all of France enabling it to deploy a network. TRACK & INDESTA TRACE T

27 OTHER ASSETS

PORTFOLIO OF LISTED SECURITIES AT DECEMBER 31, 2020

▪ Value of the listed securities portfolio at December 31, 2020: €6.0 billion

▪ This portfolio includes investments held by Bolloré (Mediobanca, Socfin, etc.) for €0.6 billion and by Vivendi (Telecom Italia, Mediaset, etc.) for €5.3 billion;

▪ The Bolloré Group, which sold just over 1% of Mediobanca for €93 million in 2019, sold another 2.4% in 2020 for around €200 million, and 2.2% in January 2021 for €192 million, bringing its stake to 2.1% of the capital.

28 3 APPENDIXES

29 IMPACT OF THE COVID-19 CRISIS

▪ In 2020, the Group with its broad geographic reach has successively faced the consequences of the current health crisis in the main countries in which it operates. The Group has been able to demonstrate resilience and adapt in order to continue to best serve its customers, while reducing costs to preserve its margins.

▪ The Transportation and Logistics businesses benefited from exceptional freight rates which partially offset the slowdown in normal flows. Communication activities held up well thanks to music and pay TV, despite the contraction in other activities such as Havas Group and Vivendi Village (particularly live performances) which were more affected by the effects of the health crisis. Editis benefited from a strong rebound in its activity since June 2020 in France.

▪ The Group continuously analyses with attention the current and potential consequences of the crisis. Nevertheless, the Group remains confident in the resilience of its main businesses.

▪ In 2020, without modifying the valuation methods applied each year, the Group re-examined the value of the goodwill of its cash-generating units (CGUs) or groups of CGUs, assessing that the recoverable amount of the CGUs or groups of CGUs did not exceed their net accounting value, including goodwill. This analysis did not lead to identifying any evidence of impairment loss for the current fiscal year.

▪ As of December 31, 2020, the Group’s net debt came in at €9,136 million compared to €8,720 million as of December 31, 2019, up by €415 million, including a decrease in the net debt of €473 million for Bolloré, excluding Vivendi. As of January 31, 2021, the Group also has significant financing capacity: €2.9 billion at Bolloré level and €9.2 billion including Vivendi.

30 COMPARABILITY OF FINANCIAL STATEMENTS

▪ Performance indicators • At December 31, 2020, the Bolloré Group did not change the definition of performance indicators, particularly EBITA, which are comparable to those of 2019, and therefore include the effects of the COVID-19 pandemic; ▪ Change in the scope of consolidation • Editis has been consolidated by Vivendi since February 1, 2019; • M7 has been consolidated by Canal+ Group since September 12, 2019; • Sale of Bolloré Ports France and Wifirst in the second half of 2019; • Loss of significant influence of Mediobanca observed in the second half of 2020.

Average exchange rates 2020 2019 Change USD 1.14 1.12 (2%) GBP 0.89 0.88 (1%) PLN 4.44 4.30 (3%) JPY 121.78 122.06 0% CNY 7.87 7.73 (2%) ZAR 18.77 16.17 (16%)

▪ Presentation of content assets • Given the increasing importance of these assets in its financial statements, the Group has chosen to adopt the presentation adopted by its Vivendi subsidiary, which isolates current/non-current content assets and their monetary variation on separate lines on the assets side of the balance sheet and in the cash flow statement. These reclassifications were carried out in the 2020 financial statements, with 2019 financial statements restated to ensure comparability. The detailed impacts are presented in the notes to the financial statements.

31 2020 CONSOLIDATED BALANCE SHEET

Assets - in millions of euros 31/12/2020 31/12/2019 (1) Liabilities - in millions of euros 31/12/2020 31/12/2019 Goodwill 16,057.5 16,728.8 Share capital 471.4 471.1 Non-current content assets 7,109.6 6,410.1 Share issue premiums 1,303.9 1,303.9 Intangible assets 4,920.7 5,111.7 Consolidated reserves 7,309.0 7,313.2 Property, plant and equipment 4,064.0 4,334.7 Shareholders’ equity, Group share 9,084.2 9,088.2 Investments in equity affiliates 4,084.3 4,581.9 Non-controlling interests 16,900.1 16,853.9 Other non-current financial assets 8,650.1 6,540.9 Shareholders’ equity 25,984.4 25,942.0 Deferred tax 828.8 889.6 Non-current financial debts 7,570.6 9,293.5 Other non-current assets 107.3 140.1 Provisions for employee benefits 1,018.7 1,041.0 Non-current assets 45,822.3 44,737.9 Other non-current provisions 515.2 558.4 Inventories and work in progress 634.9 526.6 Deferred tax 2,701.5 2,714.0 Current content assets 1,345.9 1,422.7 Other non-current liabilities 2,727.3 2,172.6 Trade and other receivables 6,528.7 7,138.3 Non-current liabilities 14,533.3 15,779.4 Current tax 158.9 408.9 Current financial debts 3,834.7 2,574.2 Other current financial assets 264.1 234.5 Current provisions 695.6 497.6 Other current assets 894.9 757.6 Trade and other payables 11,570.9 12,301.6 Cash and cash equivalents 2,219.5 2,943.3 Current tax 208.0 168.9 Current assets 12,046.7 13,431.8 Other current liabilities 1,042.2 905.9 Total assets 57,869.0 58,169.7 Current liabilities 17,351.4 16,448.2 Total liabilities 57,869.0 58,169.7

(1) The Group has chosen to present content assets as published by its subsidiary Vivendi

32 2020 CONSOLIDATED INCOME STATEMENT

in millions of euros 2020 2019(1)

Revenue 24,109.4 24,843.4 Goods and services bought-in (16,030.3) (17,037.0) Staff costs (4,912.1) (4,889.6) Amortization and provisions (1,615.6) (1,654.0) Other operating income 247.5 98.6 Other operating expenses (187.9) (125.5) Share of net income of operating companies accounted for using the equity method 38.8 23.4 Operating income 1,649.9 1,259.2 Net financing expenses (111.2) (128.4) Other financial income 1,185.0 535.7 Other financial expenses (451.7) (390.6) Financial income 622.1 16.6 Share of net income of non-operating companies accounted for using the equity method (32.0) 98.0 Corporate income tax (677.2) 34.6 Consolidated net income 1,562.9 1,408.4 Consolidated net income, Group share 425.6 237.4 Non-controlling interests 1,137.2 1,171.0

Earnings per share (in euros):

in € per share 2020 2019

Group share of net income: - basic 0.15 0.08 - diluted 0.15 0.08

(1) The Group has chosen to present content assets as published by its subsidiary Vivendi 33 2020 STATEMENT OF FLOWS

in millions of euros 2020 2019(1)

Cash flow from operations Consolidated net income, Group share 425.6 237.4 Non-controlling interests 1,137.2 1,171.0 Consolidated net income 1,562.9 1,408.4

Non-cash income and expenses: 919.6 1,356.9 Other adjustments 743.9 168.1 Dividends received 88.1 72.1 Income tax on companies paid up (237.6) (446.4) Net capex on content (1,481.4) (675.5) Impact of the change in working capital requirement: 637.3 155.1 Net cash from operating activities 2,232.8 2,038.8 Cash flow from investment activities Disbursements related to acquisitions (2,043.2) (978.6) Income from disposal of assets 352.0 1,163.0 Effect of changes in scope of consolidation on cash flow (54.6) (1,887.4) Net cash from investments activities (1,745.8) (1,703.0) Cash flows from financing activities Divestitures (4,957.0) (5,553.5) Receipts 3,876.9 3,736.8 Net interest paid (108.3) (146.4) Net interest paid on IFRS 16 contrats (87.8) (89.0) Net cash from financing activities (1,276.2) (2,052.0) Effect of exchange rate fluctuations (135.6) 8.9 Other 0.9 0.0 Change in cash and cash equivalents (924.0) (1,707.3) Cash and cash equivalents at the beginning of the period 2,615.7 4,323.0 Cash and cash equivalents at the end of the period 1,691.7 2,615.7

(1) The Group has chosen to present content assets as published by its subsidiary Vivendi 34 CHANGE IN SHAREHOLDERS' EQUITY

Number of Share Share issue Actuarial Minority (in millions of euros) Treasury Fair value of financial assets Translation Reserves Shareholders’ TOTAL shares excl. capital premiums (losses) and interests shares adjustment equity, Group share treasury shares recyclable non-recyclable gains

Shareholders' equity as of 01/01/2019 2,914,246,213.0 468.7 1,265.7 (24.8) 32.2 3,448.8 (362.1) (112.1) 4,391.4 9,107.9 18,845.2 27,953.1 Transactions with shareholders 15,029,823.0 2.4 38.2 0.0 (6.4) (57.8) (18.9) (5.2) (289.2) (336.9) (3,263.0) (3,599.9) Capital increase 15,029,823.0 2.4 38.2 (0.6) 39.9 39.9 Dividends distributed (175.0) (175.0) (612.6) (787.6) Share-based payments 16.7 16.7 23.5 40.2 Change in consolidation scope (6.2) (8.8) (18.6) (5.7) (180.8) (220.0) (2,684.3) (2,904.3) Other changes (0.2) (49.0) (0.3) 0.5 50.4 1.4 10.4 11.8 Comprehensive income items 51.9 (7.1) 94.2 (59.3) 237.4 317.2 1,271.7 1,588.9 Net income for the period 237.4 237.4 1,171.0 1,408.4 Other items of net income 51.9 (7.1) 94.2 (59.3) 0.0 79.7 100.7 180.3 Shareholders' equity at 12/31/2019 2,929,276,036.0 471.1 1,303.9 (24.8) 77.8 3,383.9 (286.7) (176.7) 4,339.6 9,088.2 16,853.9 25,942.1 Shareholders' equity as of 01/01/20 2,929,276,036.0 471.1 1,303.9 (24.8) 77.8 3,383.9 (286.7) (176.7) 4,339.6 9,088.2 16,853.9 25,942.1 Transactions with shareholders 1,610,000.0 0.3 (10.0) (1.9) (45.0) (6.8) 161.0 97.6 (74.1) 23.5 Capital increase 1,610,000.0 0.3 (0.3) Dividends distributed (175.7) (175.7) (669.5) (845.2) Transactions on own shares Shares-based payments 17.9 17.9 30.2 48.1 Change in consolidation scope (9.9) (3.3) (44.8) (6.8) 325.7 260.8 563.0 823.8 Other changes (0.1) 1.4 (0.1) (6.7) (5.5) 2.3 (3.2) Comprehensive income items (40.7) (76.6) (411.9) 2.0 425.6 (101.5) 120.3 18.8 Net income for the period 425.6 425.6 1,137.2 1,562.9 Other changes in comprehensive income (40.7) (76.6) (411.9) 2.0 (527.2) (1,016.9) (1,544.1) Shareholders' equity at 12/31/2020 2,930,886,036.0 471.4 1,303.9 (24.8) 27.1 3,305.4 (743.5) (181.5) 4,926.3 9,084.2 16,900.1 25,984.4

35 GLOSSARY

▪ Organic growth: growth at constant scope and exchange rates.

▪ Net revenue (Havas Group): revenue after deduction of re-billable costs.

▪ Adjusted operating income (EBITA): corresponds to operating income before amortisation of intangible assets related to business combinations ("PAA"): Purchase Price Allocation), impairment of goodwill and other intangible assets related to business combinations.

▪ EBITDA: operating income before depreciation and amortization.

▪ Net financial debt/Net cash position: sum of borrowings at amortized cost, less cash and cash equivalents, cash management financial assets and net derivative financial instruments (assets or liabilities) with an underlying net financial indebtedness, as well as cash deposits backed by borrowings.

The measures of a non-accounting nature defined below must be considered as additional information which cannot replace any measure of strictly accounting operational and financial performance and Bolloré considers that they are relevant indicators of the Group's operational and financial performance. Moreover, it should be noted that other companies can define and calculate these indicators in a different way, and therefore the indicators used by Bolloré cannot be directly compared to those of other companies.

The percentages of change indicated in this document are calculated compared to the same period of the previous fiscal year, unless specifically stated. Due to rounding, the sum of certain data may not exactly match the total calculated and the percentage may not correspond to the calculated change.