Vivendi : Shareholders newsletter – March 2021

TOGETHER

RESULTS P. 3

NEWS P. 4

- 2020 annual results

- Universal Music Group opens its share capital

DIARY P. 8

- Shareholders' diary Vivendi and you

VIVENDI, as dynamic as ever

Photos/DR

Yannick Bolloré, Chairman of the Supervisory Board, and Arnaud de Puyfontaine, Chairman of the Management Board

Dear Shareholders,

2020 was a year rich in initiatives for Vivendi. The group successfully opened up the share capital of Universal Music Group (UMG). A consortium led by Tencent acquired 10% of the music major's share capital in March 2020, and an additional 10% in December 2020, based on an enterprise value of €30 billion (for 100% of UMG). We want to thank the Vivendi teams who achieved these transactions amid the health crisis and those at Tencent for their confidence and this partnership.

Building on this success, the Management Board is currently working on a plan to distribute 60% of UMG's capital to the group's shareholders. The listing of UMG's shares on the Amsterdam Stock Exchange by the end of the year is also being considered. This transaction should allow us to reduce the discount that has affected Vivendi's share price for many years.

Vivendi will also be able to accelerate its ambition of creating a leader in content, media and communications. The last few months have provided the opportunity to pursue several initiatives in the media sector in France and Spain. In December 2020, Vivendi signed a put option agreement to acquire 100% of Prisma Media from Gruner + Jahr - Bertelsmann. With its 20 flagship brands, Prisma Media is the French leader in magazine press, both printed and digital. One month later, in January 2021, Vivendi acquired 9.9% of Prisa, the leading media and education group in the Spanish-speaking world.

In parallel with these major transactions, the group has taken time to reflect, defining its raison d' être and redefining its corporate social responsibility (CSR) approach. Its raison d' être, Creation Unlimited, reflects the group's desire to unleash creativity by revealing all talents, valuing all ideas and all cultures, and sharing them with as many people as possible. Vivendi's new CSR program, Creation for the Future, directly ties in with this raison d'être, putting the group's social, societal and environmental impacts into perspective and setting a first milestone for 2025, especially in terms of carbon neutrality.

We hope you enjoy reading this letter and thank you for your continued support.

RESULTS

2020 ANNUAL RESULTS

In 2020, Vivendi demonstrated resilience and agility in the face of the health crisis. Revenues remained almost stable compared to 2019 (-0.6% at constant currency and perimeter (1)), amounting to €16.09 billion. After strong growth in the first quarter (+4.4% at constant currency and perimeter (1)) and a decline in the second (-7.9%), revenue growth recovered in the third and fourth quarters (both +0.7%).

EBITA was €1.63 billion, up 6.6% compared to 2019, driven by growth at Universal Music Group and Canal+ Group, and moderated by downturns that primarily impacted Havas Group and Vivendi Village.

Earnings before provision for income taxes and minority interest, the metric that is most comparable to the performance recorded in 2019, increased by 47.7% compared to 2019, amounting to € 2.18 billion.

Earnings attributable to Vivendi SE shareowners amounted to €1.44 billion, compared with €1.58 billion in 2019. Excluding the current tax income of €473 million relating to the utilization of foreign tax receivables in respect of the group's exit from the consolidated global profit tax system recorded in 2019, net income, group share would have increased by 29.7%.

As for 2021, Vivendi is continually analyzing the current and potential consequences of the health crisis. It is difficult at this time to determine how it will impact Vivendi's results this year. Businesses related to advertising and live performance are likely to be more affected than the others. Nevertheless, the group remains confident in the resilience of its core businesses.

It continues to make every effort to ensure the continuity of its activities and to best serve and entertain its customers and audiences while complying with the authorities' 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 BY ACTIVITYREVENUES

EBITA

EARNINGS BEFORE PROVISION

€16,090 M

FOR INCOME TAXES AND MINORITY INTERESTPROPOSED DIVIDEND FOR THE FISCAL YEAR

€15,898 M

€2,182 M

€1,627 M

€1,526 M

€1,477 M

€ 0.60

€ 0.60(2)

2019

2020

2019

2020

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

2019

2020

2019

2020

MARCH 2021 LETTER TO OUR SHAREHOLDERS - 3

UMG opens its share capital

Vivendi has opened the share capital of Universal Music Group (UMG), the world leader in recorded music. After the sale of 20% of UMG's capital, Vivendi contemplates the distribution of 60% of the music major's share capital to its shareholders.

T he opening of UMG's capital, announced several months ago, is being carried out in several stages. First, a consortium led by Tencent bought 10% (transaction finalized on March 31, 2020) and an additional 10%

(transaction finalized in January 2021) of UMG's capital. The acquisitions were made based on an enterprise value of €30 billion for 100% of UMG.

The presence of Tencent and its co-investors in UMG's share capital will allow UMG to accelerate its development in Asia. On its side, Vivendi announced that it would use the cash from these two transactions to buy back its own shares, reduce its financial debt and finance acquisitions.

Vivendi is now considering the distribution of 60% of UMG's share capital to Vivendi shareholders. Vivendi's institutional shareholders have been pressing for a number of years for a split or the distribution of UMG to reduce Vivendi's discount. Prior to considering a favorable response to this request, the Management Board wished to obtain a fair value for UMG to better serve the interests of its shareholders and therefore

Vivendi invests in media

NEWS

ince 2014, Vivendi has had the ambition Sof creating a world-class leader in content, media and communications. At the end of last year, the group, whose media activities have up to now mainly involved television, decided to invest in the magazine press. Thus, in December 2020, it signed a put option agreement to acquire 100% of Prisma Media from Gruner + Jahr - Bertelsmann. The latter is the leading French press group in the sector, with 20 flagship brands (Femme actuelle, GEO, Capital, Gala, Télé-Loisirs, etc.).

More than 42 million French people connect with a Prisma Media brand every month. This acquisition, which is perfectly in line with Vivendi's strategy,

accelerate its ambition to create a global leader in content, media and communications. The sale of 20% of the share capital to the Tencent-led consortium has allowed us to crystalize the fair value given that other investors have expressed interest in investing at potentially higher prices. A Vivendi Extraordinary Shareholders' Meeting has been convened for March 29, 2021, to modify the company's by-laws and make this distribution possible.

Subject to a positive shareholder vote, another shareholders' meeting will be convened before the end of 2021 to vote on the distribution. This distribution, exclusively in kind, would take the form of an exceptional distribution ("special dividend"). The exchange ratio between UMG and Vivendi shares is currently under review.

The listing of UMG's shares would be applied for on the market of Euronext NV in Amsterdam, in a country that has been one of UMG's historical homes.

TheWeeknd- BlindingLights /DRUMG

will also provide Prisma Media with some interesting collaborative opportunities with the group's entities.

The proposed acquisition remains subject to the information and consultation process with Prisma Media's employee representative bodies, the authorization from the competition authorities and finalization of the legal documentation.

In addition to Prisma Media, Vivendi acquired 9.9% of Prisa in January 2021. Prisa is the leading media and education group in the Spanish-speaking world and owns El País, Santillana, Cadena SER, Radio Caracol, AS and Los 40 Principales.

The acquisition of a stake in Prisa will enable Vivendi to strengthen its position as a global media group and to expand its access to Spanish-speaking markets in Europe, Latin America and the United States. Vivendi already has a strong presence in these areas. In Spain, it owns in particular the television production company Bambú Producciones, a large video game creation studio, as well as advertising and communication activities.