Vivendi's First Nine Months 2007: Revenues Up 7.9%



    Adjusted Net Income Up 6.5%

    Group Confirms 2007 Outlook

    PARIS, November 14 /CNW/ - Regulatory News:

    Note to readers: This press release contains unaudited consolidated
earnings established under IFRS, presented to Vivendi's audit committee

    First Nine Months of 2007

    --  Revenues: EUR 15,643 million, an increase of 7.9% (9.4% at constant
currency) when compared to 2006

    --  EBITA(1): EUR 3,931 million, an increase of 7.8% (8.9% at constant
currency) when compared to 2006

    --  Adjusted net income(2): EUR 2,247 million, an increase of 6.5%,
representing a net income per share of EUR 1.94

    --  Earnings, attributable to equity holders of the parent: EUR 2,104
million compared to EUR 3,423 million in 2006, which included significant one
time gains

    Third Quarter of 2007

    --  Revenues: EUR 5,420 million, an increase of 10.9% (12.1% at constant
currency) when compared to 2006

    --  EBITA: EUR 1,335 million, an increase of 2.7% (3.6% at constant
currency) when compared to 2006

    --  Adjusted net income: EUR 721 million compared to EUR 731 million in
the third quarter 2006

    --  Earnings, attributable to equity holders of the parent: EUR 578
million compared to EUR 1,561 million in 2006, which included a significant
one time gain

    2007 Outlook Confirmed: An adjusted net income above EUR 2.7 billion

    Comments on Vivendi's First Nine Months 2007 Financial Indicators

    Revenues amounted to EUR 15,643 million compared to EUR 14,499 million
for the first nine months of 2006, an increase of 7.9% (+9.4% at constant
currency).

    EBITA totaled EUR 3,931 million compared to EUR 3,648 million for the
first nine months of 2006, representing an increase of 7.8% (+8.9% at constant
currency). This strong EBITA increase reflects Vivendi's business units'
superior performance, particularly Canal+ Group (despite transition costs of
EUR 56 million), Maroc Telecom and Vivendi Games.

    This performance also includes the positive impact of the settlement of a
tax litigation (+EUR 73 million) and the sales agreement for real estate
assets in Germany (+EUR 48 million). However, EBITA for the first nine months
of 2006 also included a non-recurring gain resulting from retirement pension
obligations (+EUR 59 million), the recovery of a cash deposit from the TVT
litigation (+EUR 50 million), which was initially recognized as an expense at
UMG, the compensation received following the Napster litigation settlement at
UMG and a profit resulting from the sale of residual real estate assets in La
Defense (+EUR 32 million).

    Income from equity affiliates totaled EUR 248 million compared to EUR 245
million for the first nine months of 2006, representing an increase of EUR 3
million. The share of income from NBC Universal represented EUR 197 million
for the first nine months of 2007 compared to EUR 216 million for the first
nine months of 2006, related to the decline of the U.S. dollar.

    Interest amounted to EUR 124 million compared to EUR 161 million for the
first nine months of 2006, representing an improvement of EUR 37 million. This
improvement reflected the increase in interest income generated by cash and
cash equivalents (+EUR 35 million), offset by the increase of interest expense
incurred on loans (-EUR 23 million). Interest expense on loans rose due to the
increase in average outstanding loans (EUR 7.5 billion for the first nine
months of 2007 compared to EUR 6.4 billion for the first nine months of 2006),
despite the decrease in the average financing rate over the period (4.14% for
the first nine months of 2007 compared to 4.33% for the first nine months of
2006). Furthermore, between January 1 and May 25, 2007, the capitalization of
interest relating to the acquisition of BMG Publishing amounted to EUR 25
million in 2007.

    Provision for income taxes was a net charge of EUR 724 million compared
to a net income of EUR 518 million for the first nine months of 2006. The net
income tax profit recorded in 2006 included non-recurring items adjusting
previous years' income tax (+EUR 1,186 million income versus -EUR 30 million
charges in 2007), in particular the gain related to the settlement of the
DuPont litigation (+EUR 1,019 million). Excluding the impact of these
non-recurring items, the increase in income tax expense amounted to EUR 26
million, which reflects the improvement in earnings of the group.

    Adjusted net income totaled EUR 2,247 million (representing adjusted net
income per share of EUR 1.94), compared to adjusted net income of EUR 2,109
million for the first nine months of 2006 (representing adjusted net income
per share of EUR 1.83), an increase of 6.5%. The slight decrease of the
adjusted net income for the third quarter of 2007 (EUR 10 million) compared to
the same period of 2006 is mainly due to the increase of the interest expense
and the decline of earnings attributable to equity holders of the parent
(notably the impact of the U.S. dollar on the income from NBC Universal).

    Earnings attributable to equity holders of the parent totaled EUR 2,104
million (representing earnings per share of EUR 1.82), compared to earnings of
EUR 3,423 million for the first nine months of 2006 (representing earnings per
share of EUR 2.97), a decrease of EUR 1,319 million (-38.5%). For the first
nine months of 2006, it mainly included the gains resulting from the
settlement of the tax dispute concerning the DuPont shares (+EUR 921 million),
the capital gains generated on the sale of the Veolia Environnement shares
(+EUR 834 million) and the capital loss incurred on the PTC shares (-EUR 496
million). For the first nine months of 2007, the difference mainly included
the dilution profit realized on the sale of a 10.18% equity interest in Canal+
France to Lagardere (+EUR 239 million), the amortization and impairment losses
of intangible assets acquired through business combinations (-EUR 212 million
before tax and minority interests) and the write-off of the minority stake in
Amp'd (-EUR 65 million).

    Vivendi's Business Units: Comments on First Nine Months 2007 Revenues and
EBITA

    Universal Music Group (UMG)

    Revenues

    Universal Music Group's (UMG's) revenues of EUR 3,265 million declined
slightly compared to the same period last year with adverse currency movements
and lower product sales and license income partly offset by revenues from
recent acquisitions BMG Music Publishing (BMGP) and Sanctuary(3). Excluding
these acquisitions and at constant currency, revenues were 1.5% less than the
previous year in a difficult music market. This result reflects strong digital
sales growth and better than market performance. Digital sales of EUR 488
million grew 47% versus last year at constant currency, representing 15% of
total revenues up from 11% last year. Best sellers included albums from Nelly
Furtado, Amy Winehouse, Mika, Maroon 5, Kanye West and 50 Cent.

    EBITA

    UMG's EBITA of EUR 335 million was down EUR 98 million compared to the
same period last year, which included the recovery of a cash deposit in the
TVT lawsuit and the settlement of the Napster litigation. A difficult recorded
music market, unfavorable currency movements and an adverse sales mix offset
growth in music publishing following the acquisition of BMGP.

    Canal+ Group

    Revenues

    Canal+ Group's revenues were EUR 3,231 million compared to EUR 2,712
million for the first nine months of 2006. This represents a EUR 519 million
increase (+19.1%).

    Revenues from pay-TV operations in France were up EUR 551 million (+24%),
mainly driven by the TPS acquisition(4), subscription portfolio growth of
Canal+ and CanalSat in France and overseas territories, as well as higher
advertising revenues.

    At the end of the period, Canal+ Group's total subscription portfolio
(Canal+ France scope) reached 10.4 million, which represented a net increase
of 430,000 subscriptions compared to the combined subscriptions of Canal+
Group and TPS at the end of September 2006.

    Revenues from other operations (excluding PSG, sold in June 2006) were
slightly up thanks to continued subscription portfolio growth in Poland and
increased advertising revenues from i(greater than)TELE, which has established
itself as France's number one news network.

    EBITA

    Canal+ Group reported EBITA, excluding transition costs linked to the TPS
merger, of EUR 565 million compared to EUR 338 million for the first nine
months of 2006, a EUR 227 million increase. Including transition costs (EUR 56
million including EUR 18 million for the third quarter), EBITA totaled EUR 509
million.

    This growth was mainly driven by the strong performance of pay-TV
operations in France, which posted an EBITA growth of EUR 220 million
excluding transition costs. In addition to higher revenues thanks mainly to
portfolio growth, EBITA benefited from synergies from the TPS merger, both in
distribution costs (subscriber acquisition costs and management costs) and
programming costs.

    EBITA from other operations was also on the rise, mainly due to good
performance of Canal+ in Poland.

    SFR

    Revenues

    SFR's revenues(5) increased by 2.3% to EUR 6,647 million compared to the
same period in 2006.

    Mobile revenues increased by 1.0% to EUR 6,539 million compared to the
same period in 2006. Mobile service revenues(6) increased by 0.4% to EUR 6,254
million.

    The favorable effects of an increase in the customer base along with
growth in "voice" and "data" usage and the Enterprise segment dynamism were
largely offset by strong cuts on mobile voice termination rates (21%) as of
January 1, 2007, and on SMS termination rates (30%) as of mid-September 2006.
SFR's ARPU(7) decreased by 4.2% to EUR 443 at the end of September 2007
(versus EUR 463 at the end of September 2006). Excluding the impacts of
regulated tariff cuts, SFR service revenues would have been up by 4%, in line
with French GDP.

    For the first nine months of the year, SFR added 226,000 net new
customers, taking its registered customer base to 18.109 million(8), a 3.4%
increase on a year-on-year basis. The contract customer base grew by 5.8%
year-on-year to 11.990 million, leading to an improved customer mix of 1.5
percentage point in one year. 3G customers reached

    3.5 million at the end of September 2007, compared to 2.7 million at the
end of December 2006.

    Despite the impact of the regulator's cut on SMS termination rates, net
data revenues improved by 3.9% mainly due to interpersonal services (SMS and
MMS), content (music, TV-Videos, games) and the development of mobile Internet
and corporate segment operations. Net data revenues represented 13.2% of
service revenues at the end of September 2007, compared to 12.8% at the end of
September 2006. Number of text messages (SMS) sent by SFR customers grew by
11.7% on a year-on-year basis to 5.2 billion. Data services excluding SMS and
MMS increased by 15.4% and represent now 36% of total data revenues compared
to 32% in 2006.

    ADSL and fixed revenues(5) reached EUR 108 million, mainly reflecting the
integration of Tele2 France as of July 20, 2007. In total, SFR has 373,000
ADSL customers and 2.219 million fixed voice customers at the end of September
2007.

    EBITA

    Due to the launch of the ADSL offers and the Tele2 France integration
(since July 20, 2007), with total costs amounting to EUR 30 million, SFR's
EBITA decreased by EUR 29 million (-1.4%) compared to the same period in 2006,
for a total of EUR 2,066 million.

    SFR's mobile EBITA was stable to EUR 2,096 million. This reflects the
increase by 0.4% in mobile service revenues and the strong control of costs
(before acquisition and retention costs) which are offset by the

    1.7 percentage point in customer acquisition and retention costs to 11.1%
of mobile service revenues (due to higher volumes of post-paid recruitments
and retention initiatives and to the penetration of 3G devices among SFR's
customer base), along with the mobile depreciation costs increase by EUR 30
million following years of investments in 2G and 3G/3G+ networks.

    SFR's mobile EBITA before depreciation increased by EUR 24 million to EUR
2,746 million.

    Maroc Telecom

    Revenues

    Maroc Telecom's revenues(9) increased by 17.1% to EUR 1,819 million
compared to the same period last year (+9.0% at constant currency and at
constant perimeter(10)).

    Mobile revenues(11) grew by 23.2% to EUR 1,266 million compared to the
same period last year (+18.3% at constant currency and at constant perimeter).

    Despite increased competition, the customer base(12) (13) still
experienced strong growth and reached 12,838 million customers, up 22.3%
compared to September 2006 and a net increase of 2,131 million customers over
the first nine months, driving the sharp evolution of mobile revenue.

    With the strong increase in customer base and the decrease in access
fees, the churn rate(12) reached 26.6%, increasing by 6.2 points compared to
September 2006.

    The blended ARPU(12 14) reached EUR 9.8, down 8.1% at constant currency
compared to the same period last year, mainly due to a strong increase of the
customer base. The average price decrease of communication generated by
promotional offers, in particular unlimited offers, allowed strong customer
usage growth.

    Fixed and Internet revenues(11) grew by 5.9% to EUR 743 million compared
to the same period last year (-5.1% at constant currency and at constant
perimeter).

    Fixed customer base(12 )reached 1.279 million of lines, experiencing a
net increase of 12,650 lines over the first nine months of 2007 due to the
success of unlimited offers launched at the end of 2006. Average invoice
amount decreased by 1.7% over the same period.

    The ADSL customer base(12 )still experienced strong growth, due to the
active promotions policy. It reached 443,000 lines, displaying a net increase
of more than 59 000 lines over the first nine months of 2007 and increasing by
29.8% compared to September 2006.

    EBITA

    Maroc Telecom's EBITA increased by 23.2% to EUR 851 million compared to
the first nine months of 2006 (+25.9% at constant currency and at constant
perimeter).

    This performance is linked to the combined effect of the revenue growth,
the control of acquisition costs given the steady growth in the mobile
customer base and the control of operational expenses.

    Excluding 2006 accrual and 2007 reversal of exceptional provisions, Maroc
Telecom's EBITA increased by 19.9% at constant currency and at constant
perimeter.

    Vivendi Games

    Revenues

    Vivendi Games' revenues of EUR 716 million were 49.8% above the same
period last year (up 59.5% on a constant currency basis).

    This strong increase is primarily driven by the continued momentum of
Blizzard Entertainment's World of Warcraft, its award-winning
subscription-based massively multiplayer online role-playing game (MMORPG) and
the very successful first quarter 2007 release of World of Warcraft: The
Burning Crusade, Blizzard Entertainment's first World of Warcraft expansion.
The Chinese version was released late in the third quarter. Revenues also
included initial sales of the highly rated action-strategy game World in
Conflict from Sierra Entertainment, developed by their internal studio Massive
Entertainment and released in the third quarter.

    EBITA

    Vivendi Games' EBITA (EUR 160 million) increased 86% on the previous year
(up 104.2% at constant currency). This strong growth was primarily driven by
the continued momentum of Blizzard's World of Warcraft, including the very
successful first quarter 2007 release of World of Warcraft: The Burning
Crusade. Following the launch of the expansion pack in the first quarter of
2007, World of Warcraft's subscriber base increased to more than 9.3 million
worldwide (up more than one million subscribers since December 31, 2006).
EBITA also included continued development costs for the Sierra Online and
Vivendi Games Mobile divisions.

    Important disclaimer:

    This press release contains forward-looking statements with respect to
the financial condition, results of operations, business, strategy and plans
of Vivendi. 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 described in
the documents Vivendi filed with the Autorite des Marches Financiers (French
securities regulator) and which are also available in English on our web site
(www.vivendi.com). Investors and security holders may obtain a free copy of
documents filed by Vivendi with the Autorite des Marches Financiers at
www.amf-france.org, or directly from Vivendi. The present forward-looking
statements are made as of the date of the present 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.

    
    ANALYST CONFERENCE

    Speaker:

       Philippe Capron
       Member of the Management Board and Chief Financial Officer

       Date:   Wednesday, November 14, 2007
       6:00 PM Paris time - 5:00 PM London time - 12:00 PM New York time
       Media invited on a listen-only basis

    Numbers to dial:

       Number in France: +33 (0)1 70 99 43 00
       Number in UK: +44 (0)20 7806 1957
       Number in US: +1 718 354 1389 and +1 888 935 45 77 (toll-free)

    Replay details (replay available for 14 days):

       France: +33 (0) 1 71 23 02 48
       UK: +44 (0) 20 7806 1970
       US: +1 718 354 1112 and 1 866 883 4489 (toll-free)

    Internet: The conference can be followed on the Internet at
              http://www.vivendi.com/ir

    The slides for the presentation will also be available online.

    The quarterly financial information document, containing the financial
    report and the unaudited condensed financial statements for the first
    nine months of the 2007 fiscal year, will be available on the Vivendi
    website, at www.vivendi.com
    

    
                                  APPENDIX I
    

    (1) For the definition of adjusted earnings before interest and income
taxes see Appendix I.

    (2) For the reconciliation of earnings attributable to equity holders and
adjusted net income see Appendix IV.

    (3) UMG's first nine months and third quarter of 2007 revenues included
BMGP's revenues, consolidated since May 25, 2007, for a total of EUR 129
million and EUR 80 million, respectively and Sanctuary's revenues,
consolidated since August 2, 2007, for a total of EUR 28 million.

    (4) Canal+ Group's 2007 revenues include TPS' revenues consolidated since
January 4, 2007, when Vivendi and Canal+ Group obtained the control of TPS.
For information, TPS' revenues amounted to EUR 443 million for the first nine
months of 2006 and EUR 149 million for the third quarter of 2006.

    (5) SFR's 2007 revenues include Tele2 France's revenues, consolidated
since July 20, 2007. For information, Tele2 France's revenues amounted to EUR
103 million for the third quarter of 2006.

    (6) Mobile service revenues correspond to mobile revenues excluding net
equipment sales revenues.

    (7) ARPU (Average Revenue Per User) is calculated on a twelve-month
rolling period by dividing revenues net of promotions and net of third-party
content provider revenues, excluding roaming in and equipment sales, by
average Arcep total customer base for the last twelve months. ARPU is
calculated excluding revenues from phone directory activities (Annuaire
Express).

    (8) SFR excluding wholesale customer total base. Wholesale customer base
reached 977,000 at the end of September 2007 (excluding pre-activations). As a
reminder, as from January 1, 2007, VNO base is calculated excluding
pre-activations.

    (9) Maroc Telecom's 2007 revenues included Onatel, consolidated from
January 1, 2007, and Gabon Telecom, consolidated from March 1, 2007.

    (10) Constant perimeter illustrates the full consolidation of Onatel and
Gabon Telecom as if these transactions had occurred at the beginning of 2006
for Onatel and on March 1, 2006 for Gabon Telecom

    (11) Revenues linked to incoming international traffic towards Maroc
Telecom mobile and to outgoing international traffic from Maroc Telecom mobile
has been directly accounted for in mobile operations since January 1, 2007
whereas it was previously accounted for as transit revenue for fixed and
Internet operations. Revenue evolution rates are consistent with this new
presentation. This has no impact on Maroc Telecom global net revenues.

    (12) Concerns only Morocco.

    (13) The customer base includes prepaid customers giving or receiving a
voice call during the last 3 months and not resiliated postpaid customers.

    (14) ARPU (Average Revenue Per User) is defined as revenues from incoming
and outcoming calls and data services, net of promotions and excluding roaming
in and equipment sales, divided by average prepaid and postpaid customer base
over the period.

    
                                      VIVENDI
                         ADJUSTED STATEMENT OF EARNINGS
                                 (IFRS, unaudited)

                                                   Nine     Nine
    3rd Quarter   3rd       %                     months   months     %
       2007      Quarter Change                    ended    ended  Change
                  2006                           SeptemberSeptember
                                                  30, 2007 30, 2006
    ----------------------------------------------------------------------

       EUR         EUR              Revenues        EUR      EUR
       5,420       4,889 + 10.9%                   15,643   14,499  + 7.9%
                                    Cost of
     (2,404)     (2,185) - 10.0%   revenues ((*))   (6,910)  (6,649)  - 3.9%
    --------   --------- -------                 -------- -------- -------
                                  Margin from
       3,016       2,704 + 11.5%  operations ((*))    8,733    7,850 + 11.2%

                                    Selling,
                                   general and
                                  administrative
                                    expenses
                                    excluding
                                  amortization
                                  of intangible
                                     assets
                                    acquired
                                     through
                                    business
                                  combinations
     (1,656)     (1,435)               ((*))        (4,869)  (4,222)

                                 Restructuring
                                   charges and
                                      other
                                    operating
                                   charges and
        (25)          31              income           67       20

       1,335       1,300  + 2.7%   EBITA ((xx))       3,931    3,648  + 7.8%

                                  Income from
                                     equity
          76          90            affiliates        248      245

        (60)        (46)            Interest        (124)    (161)

                                  Income from
           1           5           investments          5       51

    --------   --------- -------                 -------- -------- -------
                                    Adjusted
                                  earnings from
                                   continuing
                                   operations
                                     before
                                  provision for
       1,352       1,349  + 0.2%   income taxes     4,060    3,783  + 7.3%

                                 Provision for
       (237)       (280)           income taxes     (769)    (743)

                                  Adjusted net
                                  income before
       1,115       1,069  + 4.3%    minorities      3,291    3,040  + 8.3%

                                    Minority
       (394)       (338)            interests     (1,044)    (931)

       EUR      EUR  731          Adjusted net      EUR      EUR
         721              - 1.4%   income ((xxx))     2,247    2,109  + 6.5%
    ----------------------------------------------------------------------

                                  Adjusted net
                                   income per
        0.62        0.63  - 1.6%  share - basic      1.94     1.83  + 6.0%

                                  Adjusted net
                                   income per
                                     share -
        0.62        0.63  - 1.6%     diluted         1.93     1.81  + 6.6%
    

    In millions of euros, per share amounts in euros.

    ((*)) As a reminder, beginning January 1, 2007, subscriber management and
acquisition costs, as well as television distribution costs incurred by Canal+
Group, are now included in administrative and selling expenses instead of cost
of revenues. In order to provide consistent information, 2006 three and nine
months amounts were adjusted as follows: the margins from operations are now
EUR 2,704 million instead of EUR 2,588 million as published in 2006 and EUR
7,850 million instead of EUR 7,515 million as published in 2006.

    For additional information, please refer to "Financial Report and
Unaudited Condensed Financial Statements for the nine months ended September
30, 2007" which will be on line after the analysts meeting.

    ((xx)) EBITA corresponds to EBIT excluding amortization and impairment
losses of intangible assets acquired through business combinations.

    ((xxx)) A reconciliation of earnings, attributable to equity holders of
the parent to adjusted net income is presented in the Appendix IV.

    
                                   APPENDIX II
                                     VIVENDI
                        CONSOLIDATED STATEMENT OF EARNINGS
                               (IFRS, unaudited)
                                                   Nine     Nine
     3rd Quarter   3rd      %                     months   months     %
        2007      QuarterChange                    ended    ended  Change
                   2006                          SeptemberSeptember
                                                  30, 2007 30, 2006
    ----------------------------------------------------------------------

         EUR       EUR              Revenues        EUR      EUR
         5,420     4,889 + 10.9%                   15,643   14,499  + 7.9%
                                    Cost of
       (2,404)   (2,185) - 10.0%   revenues ((*))   (6,910)  (6,649)  - 3.9%
    ----------   ------- -------                 -------- -------- -------
                                  Margin from
         3,016     2,704 + 11.5%  operations ((*))    8,733    7,850 + 11.2%

                                    Selling,
                                   general and
                                  administrative
                                    expenses
                                    excluding
                                  amortization
                                  of intangible
                                     assets
                                    acquired
                                     through
                                    business
                                  combinations
       (1,656)   (1,435)               ((*))        (4,869)  (4,222)

                                 Restructuring
                                   charges and
                                      other
                                    operating
                                   charges and
          (25)        31              income           67       20

                                 Amortization of
                                   intangible
                                     assets
                                    acquired
                                     through
                                    business
          (59)      (54)           combinations     (179)    (167)

                                   Impairment
                                    losses of
                                   intangible
                                     assets
                                    acquired
                                     through
                                    business
           (2)         -           combinations      (33)        -

         1,274     1,246  + 2.2%      EBIT          3,719    3,481  + 6.8%

                                  Income from
                                     equity
            76        90            affiliates        248      245

          (60)      (46)            Interest        (124)    (161)

                                  Income from
             1         5           investments          5       51

                                 Other financial
                                   charges and
         (128)       737              income         (51)      218

    ----------   ------- -------                 -------- -------- -------
                                 Earnings from
                                   continuing
                                   operations
                                     before
                                  provision for
         1,163     2,032 - 42.8%   income taxes     3,797    3,834  - 1.0%

                                 Provision for
         (248)     (133)           income taxes     (724)      518

    ----------   ------- -------                 -------- -------- -------
                                 Earnings from
                                   continuing
           915     1,899 - 51.8%    operations      3,073    4,352 - 29.4%

                                 Earnings from
                                  discontinued
             -         -            operations          -        -

           915     1,899 - 51.8%    Earnings        3,073    4,352 - 29.4%

                                    Minority
         (337)     (338)            interests       (969)    (929)
             -         -                                         -
      EUR  578     EUR             Earnings,        EUR      EUR
                   1,561          attributable      2,104    3,423
                                    to equity
                                  holders of the
                         - 63.0%      parent                       - 38.5%
    ----------------------------------------------------------------------

                                   Earnings,
                                  attributable
                                    to equity
                                  holders of the
                                   parent per
          0.50      1.35 - 63.0%  share - basic      1.82     2.97 - 38.7%

                                   Earnings,
                                  attributable
                                    to equity
                                  holders of the
                                   parent per
                                     share -
          0.49      1.34 - 63.4%     diluted         1.81     2.94 - 38.4%
    

    In millions of euros, per share amounts in euros.

    ((*)) As a reminder, beginning January 1, 2007, subscriber management and
acquisition costs, as well as television distribution costs incurred by Canal+
Group, are now included in administrative and selling expenses instead of cost
of revenues. In order to provide consistent information, 2006 nine months
amount was adjusted as follows: the margin from operations is now EUR 7,850
million instead of EUR 7,515 million as published in 2006.

    
                                     APPENDIX III
                                       VIVENDI
                        REVENUES AND EBITA BY BUSINESS SEGMENT
                                  (IFRS, unaudited)
                                                                     %
                                     3rd    3rd Quarter     %     Change
        (In millions of euros)      Quarter    2006       Change    at
                                     2007                         constant
                                                                    rate
    ------------------------------ --------------------- -----------------

             Revenues ((*))
    ------------------------------
        Universal Music Group        EUR     EUR
                                     1,170   1,096   892  + 6.8%   + 10.6%
             Canal+ Group            1,077     879 2,212 + 22.5%   + 22.2%
                 SFR                 2,311   2,196   480  + 5.2%    + 5.2%
            Maroc Telecom              654     561   245 + 16.6%   + 18.1%
            Vivendi Games              216     182  (32) + 18.7%   + 25.6%
       Non core operations and
     elimination of inter segment
             transactions              (8)    (25) 5,479 + 68.0%   + 68.0%
            Total Vivendi            EUR     EUR
                                     5,420   4,889       + 10.9%   + 12.1%
    ------------------------------ --------------- ----- -----------------

                EBITA
    ------------------------------
        Universal Music Group        EUR     EUR
                                       115     138       - 16.7%   - 13.1%
             Canal+ Group              207     148       + 39.9%   + 39.4%
                 SFR                   702     706        - 0.6%    - 0.6%
            Maroc Telecom              313     281       + 11.4%   + 13.1%
            Vivendi Games               41      24       + 70.8%   + 85.4%
         Holding & Corporate          (37)    (32)       - 15.6%   - 17.1%
         Non core operations           (6)      35           na(*)       na(*)
            Total Vivendi            EUR     EUR
                                     1,335   1,300        + 2.7%    + 3.6%
    ---------------------------------------------- ----- -----------------
    

    
                                         Nine     Nine               %
                                        months   months     %     Change
          (In millions of euros)         ended    ended   Change    at
                                       SeptemberSeptember         constant
                                        30, 2007 30, 2006           rate
    ----------------------------------------------------------------------
               Revenues ((*))
    ----------------------------------
          Universal Music Group           EUR      EUR
                                          3,265    3,298  - 1.0%    + 3.3%
               Canal+ Group               3,231    2,712 + 19.1%   + 19.0%
                   SFR                    6,647    6,497  + 2.3%    + 2.3%
              Maroc Telecom               1,819    1,554 + 17.1%   + 19.1%
              Vivendi Games                 716      478 + 49.8%   + 59.5%
         Non core operations and
       elimination of inter segment
               transactions                (35)     (40) + 12.5%   + 12.5%
              Total Vivendi               EUR      EUR
                                         15,643   14,499  + 7.9%    + 9.4%
    ----------------------------------------------------------------------

                  EBITA
    ----------------------------------
          Universal Music Group           EUR      EUR
                                            335      433 - 22.6%   - 19.6%
               Canal+ Group                 509      338 + 50.6%   + 50.1%
                   SFR                    2,066    2,095  - 1.4%    - 1.4%
              Maroc Telecom                 851      691 + 23.2%   + 25.4%
              Vivendi Games                 160       86 + 86.0%  + 104.2%
           Holding & Corporate               14     (52)     na(*)       na(*)
           Non core operations              (4)       57     na(*)       na(*)
              Total Vivendi               EUR      EUR
                                          3,931    3,648  + 7.8%    + 8.9%
    ----------------------------------------------------------------------
    

    na(*): not applicable.

    ((*)) As will be published in BALO.

    
                            APPENDIX IV
                              VIVENDI
    RECONCILIATION OF EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF
               THE PARENT TO ADJUSTED NET INCOME
                        (IFRS, unaudited)
    

    Vivendi considers adjusted net income, a non-GAAP measure, as a relevant
indicator of the group's operating and financial performance. Vivendi
Management uses adjusted net income, because it provides a better illustration
of the performance from continuing operations by excluding most non-recurring
and non-operating items.

    

                                                          Nine     Nine
       3rd      3rd                                      months   months
      Quarter  Quarter      (In millions of euros)        ended    ended
       2007     2006                                    SeptemberSeptember
                                                         30, 2007 30, 2006
    ----------------------------------------------------------------------
     EUR  578   EUR    Earnings, attributable to equity    EUR       EUR
                1,561      holders of the parent ((*))       2,104     3,423
                                 Adjustments
                         Amortization of intangible
                           assets acquired through
           59       54       business combinations           179       167
                       Impairment losses of intangible
                           assets acquired through
            2        -     business combinations ((*))          33         -
                         Other financial charges and
          128    (737)            income ((*))                  51     (218)
                         Earnings from discontinued
            -        -          operations ((*))                 -         -
                        Change in deferred tax asset
                         related to the Consolidated
            2      (3)     Global Profit Tax System            6      (10)
                       Non recurring items related to
           30    (120)    provision for income taxes          30   (1,186)
                        Provision for income taxes on
         (21)     (24)            adjustments               (81)      (65)
                            Minority interests on
         (57)        -            adjustments               (75)       (2)
     EUR  721   EUR          Adjusted net income           EUR     EUR
                 731                                       2,247    2,109
    ----------------------------------------------------------------------
    

    ((*)) As reported in the Consolidated Statement of Earnings.




For further information:

For further information: Vivendi Media: Paris Antoine Lefort +33 (0) 1
71 71 11 80 Agnes Vetillart +33 (0) 1 71 71 30 82 Alain Delrieu +33 (0) 1 71
71 10 86 New York Flavie Lemarchand-Wood +(1) 212.572.1118 or Investor
Relations: Paris Daniel Scolan +33 (0) 1 71 71 14 70 Laurence Daniel +33 (0) 1
71 71 12 33 Agnes De Leersnyder +33 (0) 1 71 71 30 45 New York Eileen
McLaughlin +(1) 212.572.8961

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