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LETTER TO OUR SHAREHOLDERS TOGETHER MARCH 2021 RESULTS P. 3 P. 4 DIARY P. 8 — 2020 annual results — Universal Group — Shareholders’ diary opens its share capital and you

© P. Aventurier/Abacq/Icon Sport 2 — LETTER TO OUR SHAREHOLDERS TO 2 — LETTER 2 We hope you enjoy reading this letter and thank you for your continued support. continued your for you thank and letter this reading enjoy you We hope neutrality. carbon of terms in especially 2025, for milestone a first setting and perspective into impacts environmental and group’s the social, societal putting d’être Creation raison this for theFuture, in with program, ties CSR new directly Vivendi’s possible. as people many as with them sharing and valuing all all and cultures, ideas Unlimited, Creation d’être raison its defining reflect, to time taken has group the transactions, major these with parallel In world. Spanish-speaking in the group education and media leading the , of 9.9% acquired 2021, Vivendi later, in January month digital. One and printed both press, magazine in leader French the Media is Prisma brands, flagship 20 its With –. +Jahr Gruner from Media Prisma of 100% acquire to agreement option aput signed Vivendi 2020, December In . and in sector media in the initiatives several pursue to opportunity the provided have months few last The communications. and media in content, aleader creating of ambition its will accelerate able to also be Vivendi years. many for price share Vivendi’s affected has that discount the reduce to us allow should transaction This isconsidered. also being year the of end the by Exchange Stock Amsterdam the on UMG’s of listing shares The group’s the shareholders. to UMG’sof capital 60% distribute a plan to on working is currently Board Management the Building success, this on Shareholders, Dear and this partnership. this and confidence their for at those crisis and health amid the transactions these achieved who teams Vivendi the thank to We want UMG). of 100% (for billion €30 of value enterprise an on based 2020, 10% inadditional December an and 2020, in March capital music major’s 10% share the of Tencent acquired by led A consortium (UMG). Music Group Universal of capital share the up opened successfully group The Vivendi. for in initiatives rich ayear was 020 raison d’être, raison Its approach. (CSR) responsibility social corporate its redefining and and Arnaud de Arnaud Puyfontaine, reflects the group’s desire to unleash creativity by revealing all talents, talents, allrevealing by creativity group’sunleash to the desire reflects Yannick Bolloré, as dynamicas ever as VIVENDI, Chairman of the Supervisory Board, Supervisory the of Chairman Chairman of the Management Board Management the of Chairman

Photos / DR ,

MARCH 2021 RESULTS 2020 ANNUAL RESULTS

In 2020, Vivendi demonstrated resilience Earnings attributable to Vivendi SE REVENUES and agility in the face of the health crisis. shareowners amounted to €1.44 billion, BY ACTIVITY Revenues remained almost stable compared with €1.58 billion in 2019. Excluding compared to 2019 (–0.6% at constant the current tax income of €473 million relating currency and perimeter (1)), amounting to the utilization of foreign tax receivables to €16.09 billion. After strong growth in respect of the group’s exit from the in the first quarter (+4.4% at constant consolidated global profit tax system CANAL+ GROUP currency and perimeter (1)) and a decline recorded in 2019, net income, group share €7,432 M €5,498 M in the second (–7.9%), revenue growth would have increased by 29.7%. recovered in the third and fourth quarters As for 2021, Vivendi is continually analyzing (both +0.7%). the current and potential consequences EBITA was €1.63 billion, up 6.6% of the health crisis. It is difficult at this time to compared to 2019, driven by growth at determine how it will impact Vivendi’s results Universal Music Group and Canal+ Group, this year. Businesses related to advertising and moderated by downturns that and live performance are likely to be more ELIMINATION GROUP primarily impacted Havas Group and affected than the others. Nevertheless, OF INTERSEGMENT €2,137 M Vivendi Village. the group remains confident in the resilience TRANSACTIONS Earnings before provision for of its core businesses. €(60) M NEW INITIATIVES €725 M income taxes and minority interest, It continues to make every effort to ensure the €65 M the metric that is most comparable to the continuity of its activities and to best serve VIVENDI VILLAGE performance recorded in 2019, increased and entertain its customers and audiences €40 M €253 M by 47.7% compared to 2019, amounting while complying with the authorities’ to € 2.18 billion. guidelines in each country where it operates.

(1) Constant perimeter particularly reflects the impacts of the acquisition of M7 by Canal+ Group (September 12, 2019), the acquisition of the remaining interest in Ingrooves Music Group, which was consolidated by Universal Music Group (March 15, 2019) and the acquisition of Editis (January 31, 2019).

REVENUES EBITA EARNINGS BEFORE PROVISION PROPOSED DIVIDEND FOR INCOME TAXES AND FOR THE FISCAL YEAR €16,090 M MINORITY INTEREST €15,898 M

€2,182 M €1,627 M €1,526 M €1,477 M

€ 0.60 € 0.60(2)

2019 2020 2019 2020 2019 2020 2019 2020

(2) Subject to approval at the Annual General Shareholders’ Meeting on June 22, 2021.

MARCH 2021 LETTER TO OUR SHAREHOLDERS — 3 4 — LETTER TO OUR SHAREHOLDERS TO 4 — LETTER NEWS S UMG T share capitaltoitsshareholders. the distributionof60%musicmajor’s 20% ofUMG’s capital,Vivendicontemplates leader inrecordedmusic.Afterthesaleof of UniversalMusicGroup(UMG),theworld Vivendi hasopenedthesharecapital serve the interests of its shareholders and therefore and therefore shareholders its of interests the serve better to UMG for value afair obtain to wished Board Management the request, this to response a favorable to reduce Vivendi’s discount. Prior to considering Prior to considering discount. Vivendi’s reduce to UMG of distribution the or asplit for years of number a for pressing been have shareholders institutional Vivendi’s shareholders. Vivendi to capital share UMG’s of 60% of distribution the considering is now Vivendi acquisitions. finance and debt financial its reduce shares, own its back buy to transactions two these from cash the use would it that announced Vivendi side, its On in Asia. development its accelerate to will UMG allow capital share in UMG’s co-investors its and Tencent of presence The UMG. of 100% for €30 billion of value enterprise an on based made were acquisitions The capital. UMG’s of January 2021) in finalized (transaction which is perfectly in line with Vivendi’s strategy, strategy, Vivendi’s in line with is perfectly which acquisition, This month. every brand Media Prisma a with connect people million 42 French than More Gala, Télé-Loisirs, ( brands 20 flagship with sector, in the group press French leading is the latter The –Bertelsmann. +Jahr Gruner from Media Prisma of 100% acquire to agreement option aput signed it 2020, in December Thus, press. magazine in the invest to decided , in media in Vivendi activities have up to now mainly involved involved mainly now to up have activities media whose group, year, the last of end the At communications. and media in content, leader aworld-class creating of ambition the had has Vivendi 2014, ince on March 31, 2020) and an additional 10% 10% additional an and 31, 2020) March on finalized 10% (transaction bought Tencent by led aconsortium First, stages. several in out carried is being ago, months several announced capital, UMG’s of opening he opens its share capital share its opens etc.). etc.). invests Femme actuelle, GEO, Capital,Femme

as advertising and communication activities. communication and advertising as well as studio, creation game video a large Producciones, Bambú company production television the in particular owns it Spain, In areas. in these presence astrong has already Vivendi States. United the and America Latin in , markets Spanish-speaking to media group and to expand its access access its expand to and group media aglobal as position its strengthen to Vivendi will enable in Prisa astake of acquisition The Principales. 40 Los and AS Caracol, Radio El País, Santillana, owns and SER, Cadena world Spanish-speaking in the group education and media leading is the Prisa 2021. in January Prisa of 9.9% acquired Vivendi Media, Prisma to addition In documentation. legal the of finalization and authorities competition the from authorization the bodies, representative Media’s employee Prisma with process consultation and information the to subject remains acquisition proposed The entities. group’s the with opportunities collaborative interesting some with Media Prisma provide will also country that has been one of UMG’s historical homes. historical UMG’s of one been has that country in a in Amsterdam, NV Euronext of market the on for applied be would shares UMG’s of listing The review. under is currently shares Vivendi and UMG between ratio exchange The dividend”). (“special distribution exceptional an of form the take would kind, in exclusively distribution, This distribution. the on vote to 2021 of end the before convened will be meeting shareholders’ another vote, shareholder apositive to Subject possible. distribution this make and by-laws company’s the modify to 2021, 29, March for convened been has Meeting Shareholders’ Extraordinary Vivendi A prices. higher potentially at investors have interest expressed in investing other that given value fair the crystalize to us allowed has consortium Tencent-led the to capital share the of 20% of sale The communications. and media content, in leader aglobal create to ambition its accelerate

MARCH 2021

The Weeknd – Blinding Lights/ DRUMG C anal+ Havas Group provides complete continues its strategy coverage of Ligue 1 of targeted acquisitions

In recent months, Havas Group has strengthened its Uber Eats 2020-2021 presence in the United States, Israel and Singapore, consolidating its presence in growth markets. Ligue 1 Uber Eats matches will join the major sports competitions that Canal+ already offers to its subscribers. HAVAS GROUP CSR COMMITMENTS n February 4, 2021, to the delight of its In the third quarter soccer-fan subscribers, Canal+ Group of 2020, Havas and the French professional soccer Group launched league announced a global agreement Havas Positive Impact (Impact+), for the audiovisual rights for Ligue 1 Uber an umbrella brand OEats and Ligue 2 BKT for the 2020-2021 season. that brings together all of the group’s

Every day, from day 25 of the competition, © Camp + King 2021 Canal+ Group has exclusive audiovisual rights CSR initiatives and actions from around for the full live coverage of all Ligue 1 Uber Eats the world. matches and for eight of the ten Ligue 2 BKT This operation aims avas Group continued its acquisitions in the second matches, as well as all magazine rights. Also in to maximize and half of 2020 and into early 2021. In September, soccer, Canal+ broadcasts the entire Premier promote the impact following the acquisition of Hyland media agency in League, the two premium packages of the of its sustainable at the end of August 2020, Havas Group development Champions League, as of the 2021-2022 season, approach. It is acquired a majority stake in Camp + King in the and the French women’s soccer league, based on three key HUnited States, an independent creative agency voted D1 Arkema. components: the four times “Small Agency of the Year” by Advertising Age. As for other sports, Canal+ holds the rights to environment, talent Camp + King has the distinctive feature of combining brand and responsible Top 14, Pro D2, Formula 1, Moto GP, WRC and the communication. storytelling with expertise in digital, social and content most prestigious golf competitions, not to mention In the same quarter, development to make brands more engaging. its partnerships with RMC Sport and beIN Sports. Havas Group also Thanks to the cutting-edge expertise and renowned audacity This sports offer is rounded out with the best rolled out its of Camp + King, this acquisition strengthens the creative Commit to Change of French and international cinema and the initiative in the power of Havas Group in North America. It also develops best series, thanks in particular to the unique United States, with its presence in the region alongside its Havas Villages and savoir-faire of the Création Originale label the implementation agencies such as Battery and Arnold. In February 2021, (The Bureau, Spiral, Validé, etc.). of an action plan Havas Group also announced the acquisition of Israeli agency to promote greater The various agreements entered into in recent diversity within Inbar Merhav G. This is an advertising agency specializing months allow Canal+ Group to bring together, its agencies. in marketing strategy, consulting and creation (offline and under a single subscription, the richness of Canal+ To drive this digital), and media services. content and the best channels and applications initiative, Havas The acquisition of Inbar Merhav G follows the 2017 acquisition from partners around the world, including Netflix, has created of Blink, an Israeli social media agency. As a world leader a DE&I committee Disney+ and, most recently, Starzplay. (Diversity, Equity in innovation and entrepreneurship, Israel is home to many and Inclusion), startups, making it a country with great potential. whose members Finally, just recently, Havas Group announced its acquisition represent the of a majority stake in the Singaporean creative agency African American, Hispanic, Asian BLKJ. Set up in late 2016, BLKJ has quickly established and LGBTQ+ itself as the fastest-growing independent agency in communities. Singapore. Its strong performance is the result of creations The Commit to that are turning the industry on its head. Change initiative is gradually being With over 650 million inhabitants and strong economic rolled out to other growth, Southeast Asia is a highly strategic market

A. Dibon / Icon Sport markets. for the entire Havas Group.

MARCH 2021 LETTER TO OUR SHAREHOLDERS — 5 Gameloft increases its collaborations within the group

Editis / DR In recent months, Gameloft has taken full advantage of group synergies, developing several projects with other subsidiaries. Editis, the French leader or its 20th anniversary, Gameloft published a beautiful book with GAMELOFT Le Cherche midi (an Editis publishing STRENGTHENS house). It also collaborated with in bestseller sales in 2020 Vivendi Village. ITS POSITION IN THE NARRATIVE FAfter joining forces last July for the first virtual Editis should be proud of its achievements in 2020, across edition of the Junction 2 festival, U-Live (Vivendi all book categories. It has nine titles in the French top 20 GAMES INDUSTRY In September 2020, Village) and Gameloft for Brands – Gameloft’s bestseller list. Gameloft announced entity specialized in the creation of gaming the acquisition experiences for brands – took the experience of The Other Guys, ditis coped very well despite the severe restrictions the creative studio a step further in January 2021 by directly imposed in 2020. It performed better than the market behind the narrative livestreaming the second edition, Junction 2: average in terms of revenues (–1.3% at constant currency game Linda Brown Connections into the games 8: Airborne and perimeter compared to 2019), against a –2.7% market and the Journeys and Asphalt 9: Legends. This collaboration interactive series average compared to 2019, according to GfK 2020. platform. Founded attracted 546,000 unique participants and EWith a total of nine titles, Editis is the best-represented in 2013, The Other 1.8 million clicks to the festival platform. publishing group in France’s top 20 bestseller list for 2020. Guys is an expert in Gameloft for Brands also developed The winning titles were hardbacks: The Evening and the Morning, producing compelling a partnership with Pioneer DJ for this festival, interactive series. by Ken Follett (Robert Laffont publishing house) and Marc It is a unique hybrid which had branded billboards displayed in Lévy’s C’est arrivé la nuit (Robert Laffont/Versilio); cookbooks: of mobile application the games Asphalt 8: Airborne and Asphalt 9: volumes 1, 2 and 3 of Fait maison, by Cyril Lignac; non-fiction: developer and TV Legends. Toujours plus, by the influencer Léna Situations (Robert Laffont); production studio, In addition, in March 2021, UMG and Gameloft comic books: volume 5 of L’Arabe du futur, by Riad Sattouf bringing together launched the first official mobile video game more than 30 talented (Allary); and young people’s literature: L’Agenda scolaire, writers capable featuring the rock band Queen, Queen: Rock by Roxane (Solar). of creating more Tour, which allows fans of the mythical band to Things are also looking good for 2021: in February, Michel Bussi than one interactive play along with their emblematic hits or to relive (Presses de la Cité) released Rien ne t’efface, his thirteenth episode per day. the band’s concerts from around the world. The studio currently thriller, and in January, Raphaëlle Giordano, another star novelist, offers more than published her fourth novel, Le Bazar du zèbre à pois (Plon). 2,300 episodes In addition, several of Editis’ new releases have won literary across 119 seasons prizes: La Grâce, by Thibault de Montaigu (Plon), was awarded and boasts over

37 million cumulative Gameloft / DR the Prix de Flore; Apeirogon, by Colum McCann (Belfond), received downloads. This the best foreign book award; and the Prix Renaudot paperback acquisition adds to was awarded to Charles de Gaulle, by Éric Roussel (Perrin). Gameloft’s expertise Editis’ partner publishers were not left out, receiving the in narrative games and enriches its Prix Interallié for Un crime sans importance, by Irène Frain (Seuil), catalog with a new the Prix Médicis for French literature for Le Cœur synthétique, genre of audiovisual by Chloé Delaume (Seuil), the Prix Médicis for a foreign book entertainment. published in translation for To Walk Alone in the Crowd, by Antonio Muñoz Molina (Seuil), and the Prix Femina Étranger for foreign novels for Deborah Levy’s autobiographical diptych (Sous-sol).

6 — LETTER TO OUR SHAREHOLDERS MARCH 2021 i com Vivend mitm en Vivendi Village ts monetizes its virtual concerts Vivendi Village’s various teams have been imaginative and innovative in offering virtual concerts and events.

lympia Production co-produced M Pokora and Jenifer concerts in December 2020, and the New Live Experience event with and Vivendi defines Slimane, , , Amel Bent and Franglish in February 2021. These livestream broadcasts Owere much more than just a concert without an audience. For example, Jenifer’s fans could enjoy her concert live its raison d’être, from the from any of four different camera angles (and choose the one they preferred), observe the singer and her musicians in the minutest detail, share messages Creation Unlimited in a chat room, vote for their favorite song (played again at the end of the concert), and visit the backstage ivendi offers a perfect environment for all types of talent in the of the venue. creative industries, and the group wants its raison d’être to Other unique events included the all-virtual techno music reflect this approach. Therefore, it has defined itsraison d’être festivals J2v and Junction 2: Connections, organized through the tagline Creation Unlimited, meaning to unleash by another Vivendi Village entity, U-Live, in July 2020 creation by revealing all talent, valuing all ideas and and January 2021, respectively. Junction 2: Connections, Vcultures and sharing them with as many people as possible. There are for example, broadcast six hours of live DJ sets from three dimensions to this raison d’être: London, Berlin and Detroit on three 3D digital stages. • implementing all means necessary to promote diverse, inclusive and Some 3 million people tuned in live to the festival. original creation; Gameloft participated in both of these Junction 2 concerts • guiding new talent and supporting established talent in an artistic (see page 6). Gameloft for Brands, which specializes in and professional approach; creating gaming experiences for brands, boosted the event’s • making the most beautiful content and talent shine as widely publicity and audience through in-game advertising and as possible. by the use of tracks in its games Asphalt 8: Airborne and In 2020, Vivendi also redefined its CSR program, setting a first milestone Asphalt 9: Legends. for 2025. The new program, which is entitled “Creation for the Future”, These various initiatives are a natural complement to directly ties in with the group’s raison d’être. It consists of three pillars: Vivendi Village’s live performance activities and may well • C reation for the Planet, “Innovating to preserve the planet”, shapes generate additional and sustainable revenues in the future. the group’s commitment to addressing the climate emergency and to protecting the environment. Vivendi has defined its 2020-2035 climate strategy, which is in line with the 2015 Agreement and the Science-Based Targets initiative. However, the group’s objective is to take things even further by reaching net zero carbon emissions by 2025. Some entities are already carbon neutral; • C reation for Society, “Imagining tomorrow’s society”, reflects the group’s commitment to social responsibility through the content it produces and distributes. Vivendi is particularly committed to fostering open societies, by making culture and education more accessible; and • C reation with All, “Working together to build a responsible world”, formalizes Vivendi’s ambition to involve its in-house and external stakeholders in building a more inclusive and responsible world. Finally, the year 2020 was also marked by the accelerated integration of environmental, social and governance criteria (ESG) into Vivendi’s financial communications. This process was initiated by the Chairman of the Supervisory Board, Yannick Bolloré, at the Annual General Shareholders’

Olympia Production/DR Meeting on April 20, 2020.

MARCH 2021 LETTER TO OUR SHAREHOLDERS — 7 CONTACT US For further information on Vivendi, please contact SHAREHOLDERS’ the Shareholders Information department: — by mail: VIVENDI Vivendi, Shareholders Information department, 42, avenue de Friedland, 75008 Paris, France DIARY AND YOU — by e-mail: [email protected] — and by phone: 0 805 050 050 toll-free from a fixed line phone if you are calling from France, or +33 (0)1 71 71 34 99 if you are calling from abroad. The department will QUESTION FROM A SHAREHOLDER respond Monday through Friday from 9:00 am to 6:00 pm (hours extended in the event I’m a little confused. Given the planned distribution of 60% of the shares of important news). of Universal Music Group (UMG), how many shareholders’ meetings will you hold this year? What is the proposed dividend for 2020? In order to carry out this planned distribution of 60% of UMG’s share capital to IF YOU OWN shareholders, Vivendi SE’s by-laws require amendment. An Extraordinary General Meeting of Vivendi SE shareholders has been convened for March 29, 2021, AT LEAST ONE at 3 pm (public notices of February 19, 2021 and March 10, 2021) in order to vote VIVENDI SHARE on the amendment to the by-laws and enable this distribution in kind of UMG You can join the Vivendi Shareholders’ shares to take place. Given the current health situation, this meeting will be held Club. Send us your membership form behind closed doors and broadcast live, and a recorded version will be made downloadable from the Internet or sent on available on the website www.vivendi.com and www.dailymotion.com. request by the Shareholders Information If shareholders return a favorable vote on March 29, 2021, Vivendi will continue department. to pursue the project, and another general shareholders’ meeting would be held www.vivendi.com to vote on the distribution. This distribution could be completed before the end of 2021. In addition, the Combined General Shareholders’ Meeting (annual and extraordinary), which will be held on June 22, 2021, will, among other things, vote on the approval 2021 FINANCIAL AGENDA of Vivendi’s 2020 financial statements. The Management Board will propose March 29 at 3 pm: an ordinary dividend of €0.60 per share for 2020. Extraordinary General Shareholders Meeting This dividend represents a yield of more than 2% (as of March 11, 2021). The ex-dividend (“behind closed doors”) date will be June 23, 2021, with payment on June 25, 2021. April 22 after the close of trading Publication of the revenues

of the 1st quarter . VIVENDI SHARE PRICE June 22: Stock price/reinvested dividends Combined Annual General Shareholders +108.3% Meeting 210 July 28: 200 Publication of first-half 2021 earnings 190 180 170 +53.6% You are receiving this Letter to our Shareholders 160 under the terms of the French Data Protection 150 Act of January 6, 1978, pursuant to which 140 you may exercise your right to access, correct 130 or contest personal data by sending an e-mail 120 to [email protected], or by writing us at Vivendi – Shareholders Information department 110 – 42, avenue de Friedland – 75008 Paris – France. 100 90 Vivendi CAC 40 80 06-2014 12-2014 06-2015 12-2015 06-2016 12-2016 06-2017 12-2017 06-2018 12-2018 06-2019 12-2019 06-2020 01-2021

Important disclaimer: forward-looking statements. This Letter to our Shareholders contains forward-looking statements concerning Vivendi’s financial condition, results of transactions, businesses, strategy and prospects, including issues regarding the impact of certain transactions and the payment of dividends and distributions, as well as share repurchases. Although Vivendi believes that such statements are based on reasonable assumptions, they do not constitute guarantees of future performance by the company. Actual results may differ materially from forward-looking statements because of a number of risks and uncertainties, many of which are beyond our control, in particular risks related to obtaining the consent of competition authorities and other regulatory authorities, as well as all other authorizations that may be required in conjunction with certain transactions and the risks described in the documents Vivendi has filed with theAutorité des marchés financiers. Also available in English on our website (www.vivendi.com). Investors and securities holders may obtain free copies of the documents filed by Vivendi from theAutorité des marchés financiers (www.amf-france.org) or directly from

Vivendi. This Letter to our Shareholders contains forward-looking statements that can be assessed only as of the date of its dissemination. Vivendi makes no commitment to supplement, update or alter these forward-looking statements as a and Corporate Department Vivendi’s to our Shareholders is produced by Letter result of new information, future events or any other reason. Unsponsored ADRs. Vivendi does not sponsor American Depositary Receipt (ADR) programs for its shares. Any currently existing ADR program is “unsponsored” and has no connection

of any kind with Vivendi. Vivendi disclaims all responsibility for such programs. This