Vivendi: Growth In 2010 Earnings

Regulatory News:

Note to readers: This press release contains audited consolidated earnings established under IFRS which were approved by Vivendi’s Management Board on February 22, 2011 and reviewed by the Supervisory Board on February 28, 2011. They will be submitted for approval at Vivendi’s Annual General Shareholders’ meeting on April 21, 2011.

• 6.2% growth in EBITA
• 4.4% growth in Adjusted net income
• Proposed €1.40 dividend per share

• Revenues: €28,878 million, up 6.4%
• EBITA ¹: €5,726 million, up 6.2% in particular due to Activision Blizzard and GVT
• Adjusted Net Income ²: €2,698 million, up 4.4%
• All businesses achieved their targets
• Vivendi controls all of its assets and maintains a strong balance sheet

Comments by Jean-Bernard Lévy, CEO of Vivendi

“Vivendi achieved good results in 2010. All indicators improved compared to 2009. This performance was driven by our growth investments, particularly in video games, Brazil and broadband in France. Despite difficult economic conditions, and regulatory and tax measures weighing heavily on our investment, 2011 should see slight growth in our earnings at constant perimeter and the maintaining of a high cash dividend.

Following the sale of our stake in NBC Universal and the favorable settlement of the litigation in Poland, Vivendi controls alone all of its assets. More than ever, customers of digital content and services lie at the heart of our focus. We will combine our investment in networks, platforms and content with sustained efforts to develop projects, to share expertise between our divisions and stimulate innovation to enhance our organic growth.”

Vivendi Business Units: Comments on Revenues and EBITA for 2010

Activision Blizzard

Activision Blizzard’s revenues reached €3,330 million, a 9.6% increase compared to the same period in 2009, and EBITA reached €692 million, a 43% increase. These results were determined using the accounting principles requiring revenues and related cost of sales associated with online component games to be deferred over the estimated customer service period. The balance of deferred operating margin was €1,024 million as of December 31, 2010, compared to €733 million as of December 31, 2009.

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