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Vivendi Announces First Quarter 2011

Revenues from other Canal+ Group activities reflected strong growth, mainly driven by the good performance of StudioCanal, which had successful theatrical releases such as “Unknown” and “Ma Part du Gateau”, and video releases. Canal+ in Poland and i>Télé also made a positive contribution to revenues.

Canal+ Group’s EBITA was €265 million, compared to €230 million for the first quarter of 2010. This growth was partly driven by a favorable shift at Canal+ France in the Ligue 1 football broadcasting schedule, with two fewer match days, compared to the same period last year. After neutralization of this temporary effect, EBITA’s growth was 6.5% year-on-year.

In addition, on April 15, 2011, Lagardère Group informed Vivendi about its intention to exercise its liquidity right for 2011 regarding its 20% stake in Canal+ France. As a result, this terminates the process initiated in 2010.

Comments on Vivendi’s First Quarter 2011 Financial Indicators

Revenues were €7,184 million, compared to €6,924 million for the first quarter of 2010, an increase of 3.8% (+2.5% at constant currency).

EBITA was €1,705 million, compared to €1,590 million for the first quarter of 2010, an increase of 7.2% (+6.1% at constant currency). This increase reflected the operating performance of Activision Blizzard (+€125 million), GVT (+€47 million) and Canal+ Group (+€35 million).

Income from equity affiliates was a net charge of €2 million, compared to a net income of €15 million for the first quarter of 2010. This decrease was due to the sale of interest in NBC Universal completed in January, 2011.

Income from investments amounted to €71 million for the first quarter of 2011, which was attributable to the balance of the contractual dividend paid by GE to Vivendi on January 25, 2011, as part of the completion of the sale by Vivendi to GE of its interest in NBC Universal.

Other financial charges and income were a net income of €808 million, compared to a net charge of €69 million for the first quarter of 2010. For the first quarter of 2011, they primarily included a net gain of €1,255 million related to the final settlement on January 14, 2011 of the litigation over telecommunication assets in Poland, partially offset by the capital loss incurred on the sale of Vivendi’s remaining 12.34% interest in NBC Universal (-€421 million, of which -€477 million which represented a foreign exchange loss attributable to the decline in value of the US dollar since January 1, 2004) completed on January 25, 2011.

Income taxes reported to adjusted net income was a net charge of €291 million, compared to a net charge of €298 million for the first quarter of 2010. This improvement mainly reflected the €64 million increase in current tax savings under the Consolidated Global Profit Tax System, which notably anticipated the impact as of January 1, 2011 of the acquisition of Vodafone’s 44% interest in SFR (€71 million) subject to the Competition Authority approval. This increase was partially offset by the impact of the increase in the taxable income of business segments, particularly Activision Blizzard, GVT and Canal+ Group.

Adjusted net income attributable to non-controlling interests amounted to €432 million, compared to €453 million the first quarter of 2010. This change was mainly attributable to the decrease in adjusted net income of non-controlling interests in SFR (-€28 million).

Adjusted net income was €950 million (or €0.77 per share), compared to €736 million (or €0.60 per share) for the first quarter of 2010. This increase of 29.1% (€214 million) resulted notably from a €115 million increase in EBITA, the impact of SFR integration at 100% 3 as of January 1, 2011 for Consolidated Global Profit Tax System purposes (€71 million) and contractual dividends received from GE at the sale of the 20% stake in NBCU (€70 million).

Earnings attributable to Vivendi shareowners amounted to €1,734 million (or €1.40 per share), compared to €598 million (or €0.49 per share) for the first quarter of 2010, an increase of €1,136 million (+190.0%).

About Vivendi

The best emotions, digitally

Vivendi is at the heart of the worlds of content, platforms and interactive networks.

Vivendi combines the world leader in video games (Activision Blizzard), the world leader in music (Universal Music Group), the French leader in alternative telecoms (SFR), the Moroccan leader in telecoms (Maroc Telecom Group), the leading alternative telecoms provider in Brazil (GVT) and the French leader in Pay TV (Canal+ Group).

In 2010, Vivendi achieved revenues of €28,9 billion and adjusted net income of €2.7 billion. With operations and representatives in 77 countries, the Group has about 51,300 employees.

www.vivendi.com

Important Disclaimers

Forward Looking Statements. This press release contains forward-looking statements with respect to the financial condition, results of operations, business, strategy, plans and outlook of Vivendi, including expectations regarding the payment of dividends as well as the anticipated 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 regarding regulatory approvals as well as the risks described in the documents Vivendi filed with the Autorité des Marchés Financiers (French securities regulator) and which are also available in English on Vivendi's web site ( 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. 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 such facility.

ANALYST CONFERENCE

Speakers:

Philippe Capron

Member of the Management Board and Chief Financial Officer

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