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Combined General Meeting of Shareholders THURSDAY 19 APRIL 2018 Paris INTRODUCTION Vincent Bolloré Chairman of Vivendi's Supervisory Board 2017 HIGHLIGHTS 2018 CHALLENGES Arnaud de Puyfontaine Chairman of Vivendi's Management Board 2015 - 2018: BUILDING A GLOBAL GROUP SPECIALIZING IN CONTENT, MEDIA AND COMMUNICATION STAKES IN ACQUISITION OF CESSIONSALE OFDE LA PARTICIPATIONOUR STAKE IN DANS STAKE IN TRANSFORMATION PLAN OF 5-YEAR DEVELOPMENT PLAN ACQUISITION OF ACQUISITION OF 2018 2017 2016 2015 POWERFUL AND COMPLEMENTARY ASSETS IN ORDER TO ENHANCE VALUE CREATION DISTRIBUTION COMMUNICATION 2017: A YEAR OF GROWTH FOR VIVENDI ,743 HIGHLIGHTS IN OUR BUSINESSES VIVENDI IN ITALY VIVENDI’S CHALLENGES FOR 2018 Make UMG increasingly strong Maintain the growth impetus Create more value for the group by using the creativity of Havas Develop the next hit mobile video game Stimulate innovation and new initiatives within the group MAKE VIVENDI EUROPE’S FIRST ENTERTAINMENT GROUP, WITH GLOBAL AMBITIONS Powerful and complementary assets representing a unique value proposition A solid financial position The support of a leading industrial shareholder PRESENTATION OF 2017 FINANCIALS Hervé Philippe Chief Financial Officer of Vivendi Member of Vivendi’s Management Board 2017 KEY CONSOLIDATED RESULTS % underlying In millions of euros 2016 2017 % Change change Revenues 10,819 12,444 + 15.0 % + 4.9 % Adjusted earnings before interest and income taxes 724 987 + 36.4 % + 23.1 % (EBITA)* Earnings before interest and income taxes (EBIT) 887 1,036 + 16.8 % Earnings from continuing operations 1,255 1,261 + 0.4 % Adjusted net income* 755 1,312 + 73.9 % *non-GAAP measures CONSOLIDATED STATEMENT OF EARNINGS (IFRS) In millions of euros– IFRS 2016 2017 % Change Revenues 10,819 12,444 + 15.0 % Income from operations* 853 1,116 + 30.9 % Adjusted earnings before interest and income taxes (EBITA)* 724 987 + 36.4 % Amortization and depreciation of intangible assets acquired through business combinations (246) (124) Reversal of reserves related to the Securities Class Action and Liberty Media litigations 240 27 in the US Income from equity affiliates(1) 169 146 Earnings before interest and income taxes (EBIT) 887 1,036 + 16.8 % Interest (40) (53) Income from investments 47 29 Other financial income and charges 438(2) (100) Provision for income taxes (77) 349(3) Earnings from continuing operations 1,255 1,261 Earnings from discontinued operations 20 - Non-controlling interests (19) (33) Earnings attributable to Vivendi SA shareowners 1,256 1,228 Adjusted net income* 755 1,312 + 73.9 % *non-GAAP measures (1) Including Vivendi’s share of Telecom Italia’s net earnings (2) Including €576M (before taxes) related to the net capital gain on the sale of Vivendi’s remaining interest in Activision Blizzard (3) Including a current tax income of €409M following the settlement favorable to Vivendi SA related to the Consolidated Global Profit Tax System of 2011, as well as a current tax income of €243M corresponding to the refund of the amounts paid under the 3% tax on dividend distributions. REVENUES % underlying In millions of euros - IFRS 2016 2017 % Change change Universal Music Group 5,267 5,673 + 7.7 % + 10.0 % Canal+ Group 5,253 5,246 - 0.1 % + 0.3 % Havas - 1,151 na na Gameloft 132 258 na - 0.1 % Vivendi Village 111 109 - 1.4 % + 4.5 % New Initiatives 103 51 ns ns Elimination of intersegment transactions (47) (44) TOTAL VIVENDI 10,819 12,444 + 15.0 % + 4.9 % EBITA % underlying In millions of euros 2016 2017 % Change change Universal Music Group 644 761 + 18.3 % + 20.6 % Canal+ Group 240 318 + 32.1 % + 31.1 % Havas - 111 na na Gameloft 7 4 na + 12.5 % Vivendi Village (9) (18) New Initiatives (56) (92) Corporate (102) (97) TOTAL VIVENDI 724 987 + 36.4 % + 23.1 % UMG: FASTER GROWTH AND INCREASING PROFITABILITY Significant increase of subscription and streaming revenue Revenue EBITA (in millions of euros) (in millions of euros) (in millions of euros) +10.0%* +4.4%* +2.7%* +35.4%* +57.9%* +43.2%* *At constant currency and perimeter CANAL+ GROUP: RECOVERY OF THE ACTIVITY IN FRANCE AND CONTINUOUS GROWTH INTERNATIONALLY Strong growth in Africa Number of subscribers EBITA before restructuring (in millions of euros/thousands of subscribers) (in millions) (in millions of euros) HAVAS: AN ACCRETIVE ACQUISITION ENHANCING THE STRATEGIC PROJECT OF THE GROUP Revenues Breakdown by activity Contribution to the Group’s EBITA in 2017 (in millions of euros) (in millions of euros) +8%* ** 37% 63% Creative + Health Media * At constant currency. ** Contribution for the 2nd half only. 18 CONSOLIDATED BALANCE SHEET ASSETS December 31, EQUITY AND LIABILITIES December 31, (In billions of euros) 2017 (In billions of euros) 2017 Goodwill 12.1 Consolidated equity* 17.9 Intangible and tangible assets 4.6 Provisions 1.9 Working capital requirements and Financial investments 9.2 3.8 other Net debt** 2.3 TOTAL 25.9 TOTAL 25.9 * Including minority interests ** New definition of the Net Debt 19 FY 2017 NET DEBT* EVOLUTION (in billions of euros) +0.4 +1.0 1.2 -0.5 -0.2 -4.1 -0.1 ज礼ख紼झ Pro forma Net Debt* Dividends to Net Cash*, Share Interest and Acquisitions and Net Debt*, including disposals Vivendi SA CFFO Other Dec. 31, 2016 repurchases taxes investments Dec. 31, 2017 realized or considered, shareholders Dec. 31, 2017 * New definition of the Net Cash/Net Debt 20 STATUTORY FINANCIAL STATEMENTS VIVENDI SA 2017 BALANCE SHEET ASSETS EQUITY AND LIABILITIES December 31, 2017 December 31, 2017 (In billions of euros) (In billions of euros) Long term investments 23.6 Equity 19.2 Receivables 2.5 Provisions 0.6 Cash and marketable securities 1.3 Liabilities 7.6 TOTAL 27.4 TOTAL 27.4 22 STATEMENT OF EARNINGS In millions of euros 2017 Operating income 83 Operating expenses - 220 Loss from operations - 137 Financial income 275 Financial provisions - 164 Other financial results 29 Financial income 140 Exceptional income from capital transactions and related to long-term investments - 14 Exceptional income from non-capital transactions and other provisions 195 Exceptional income 181 Income tax (charge)/credit 518 Earnings of the year 703 23 ALLOCATION OF EARNINGS ALLOCATION OF 2017 EARNINGS It will be proposed to the Annual Shareholders’ Meeting the payment of an ordinary dividend of €0.45 per share with respect to fiscal year 2017, i.e. +12.5% vs. 2016 Dividend per share (in euro) +12.5% 0.45 0.40 2016 2017 Retained earnings after the dividend payment would stand at 1.6 billion euros 25 — Maxime Saada Frank Cadoret Chairman of the Canal+ Group's Management Board Deputy General Manager of Canal+ France Chairman of Dailymotion Member of Canal+ Group’s Management Board AN AMBITION TO AND CREATE AND PRODUCE FRENCH AND EUROPEAN AUDIOVISUAL WORKS AND DISTRIBUTE THEM WORLDWIDE Growing the subscriber base Strengthening financial performance Creating premium, distinctive content Developing global distribution capacity GROWING THE SUBSCRIBER BASE +3,8 m subscribers 15,6 m 11,6 m 11,8 m 2014 2015 2017 +2.4 million in France +1.4 million outside France A GLOBAL SUBSCRIBER BASE AND A PIVOTAL ROLE IN THE FRENCH-SPEAKING WORLD FRANCE POLAND 8.6m subscribers 2.1m subscribers VIETNAM 0.8m subscribers MYANMAR FRENCH OVERSEAS TERRITORIES 0.6m subscribers AFRICA 3.5m subscribers STRENGTHENING FINANCIAL PERFORMANCE SAVING PLAN €359m of cumulative savings in 2017 €435m of cumulative savings in 2018 EBITA CANAL+ GROUP* 2016 2017 2019 €281m €367m €500m +30% +36% * Before restructuring PREMIUM AND DISTINCTIVE CONTENT CREATION INVESTMENTS Present in 190 countries Present in 190 countries Present in 30 countries €6,4 bn invested €3,6 bn invested €3,2 bn invested in content in content in content CREATING PREMIUM, DISTINCTIVE CONTENT CINEMA, SPORTS ET TV SERIES CINEMA 400 original films released each year €670m invested in cinema per year The leading funder of French cinema Key film agreements SPORTS … TV SERIES Key TV series agreements Original series that are very popular among subscribers CREATING PREMIUM, DISTINCTIVE CONTENT NEW PRODUCTIONS DUE IN 2018 … Baron Noir Guyane LBDL Versailles Hippocrate Season 2 Season 2 Season 4 Season 3 Season 1 … AND IN 2019 Vernon Subutex Engrenages Les Sauvages 000 AROUND 30 PROJECTS IN DEVELOPMENT FEATURING J. SFAR, B. MILLEPIED, J. DELPY, F. GASTAMBIDE, R. SATOUFF, F. BEIGBEDER, E. JUDOR, O. SY NEWNEW CHANNELSCHANNEL CREATION AND LAUNCHES 34 CREATION, PRODUCTION AND DISTRIBUTION OF CINEMA AND TV SERIES CONTENT 16 MILLION TICKETS SOLD AT THE FRENCH BOX OFFICE IN 2017 5 FILMS SELLING MORE THAN 1 MILLION TICKETS EACH IN FRANCE SAHARA (1.1m) PADDINGTON 2 (1.9m) EPOUSE MOI MON POTE (2.5m) ALIBI.COM (3.6m) L’ÉCOLE BUISSONNIÈRE (1.9m) 15 PREMIUM SERIES INCLUDING SAFE, WHICH CLOSED THE CANNESERIES FESTIVAL DEVELOPING GLOBAL DISTRIBUTION CAPACITY $225 MILLION IN GLOBAL BOX-OFFICE TAKINGS FOR PADDINGTON 2 Midnight Sun won the Export Fiction award for record sales in more than 100 countries Sold to more than 70 countries Engrenages and Audrey Fleurot at the Apple Keynote event in 2017 Almost 1m viewers per episode Canal+ International, CNEWS and Studiocanal TV on the BBC in the UK distributed in the USA by Direct TV DISTRIBUTION MODEL RECASTED ISP PARTNERSHIPS TECHNOLOGICAL PARTNERSHIPS REVAMP OF CANAL PACKAGES TURNAROUND OF CANAL’S OFFERS 6.4M 3.1M 4.1M Growth of 3.9M 3.7M 3.5M 3.3M revenues and EBITA since 3.3M3.1M 2017 2012 2013 2014 2015 2016 2017 OVERHAUL OF PACKAGES COMMITMENT No commitment 20% OF 2017 SALES 12 months offer to service 24 months offer to service 98% OF SUBSCRIPTION +149k subscribers