Vivendi Se · EURONEXT:VIV

Vivendi — Merger or Acquisition (March 2007)

31 slides from Vivendi's merger presentation, Mar 8, 2007

1. Slide 1: Only Better

   , ONLY BETTER March 8, 2007

2. Slide 2: CANAL+ Group: a solid base of assets

   CANAL + Group: a solid base of assets m TPS merger: a value-creating combination = Additional opportunities

3. Slide 3: Multi-thématiques

   100% 65% 5.1% 9.9% 20% 65% 100% 49% 75% Multi-thématiques

4. Slide 4: 1. Content: two complementary offers

   1. Content: two complementary offers covering expectations of all audiences 2. Distribution: a leader on all platforms 3. Subscribers: a loyal and growing subscriber base, and a powerful brand 4. Organization: a management with a proven track record 5. Strong financials: | a debt-free Group, with a

5. Slide 5: !" # $ % & ' ( ) * ' + *) , $

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6. Slide 6: " . % ! " # $ & ' # ( ) * +

   " . 6 % ! " # $ & ' # ( ) * + , ! - . / 0 1/ # 12 # 3 14 # 1/ # 5 3 1/ #

7. Slide 7: " ( # # & " (+ $ # " 1997 1998 1999 2000

   " 3 ( # # 5 7 7 & " 5 (+ $ # " 8 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ( ) 9 +* ! : ; ' ' " ' ( 5 <

8. Slide 8: " . ! ! + " " 1. = ( ' # $ '

   4 " . 6 ! ! + " " 1. = ( ' # $ ' ) 9 +* ) 9 +( # " > 3? . ) 9 +* ? ) 9 +( ! ! + " & 8 # " # # 8 " ' #

9. Slide 9: " ! ! & " % + /- $ . /& $ & "

   5 " 6 7 3 ! ! & " 1 % 1 + /- 0 $ 0 0 2 . 5 /& $ & " ! . 5 / 8 & " + 6 7 ' ! 5 + 0 & $ 0 0 2 9 " +

10. Slide 10: Pro forma with TPS

    8 " 7 Pro forma with TPS 2005 2006 2006 Total subscriptions* ‘000 subscribers 8,450 8,800 10,250 Canal+ Group revenue m 3,460 3,630 4,226 EBITA CANAL+ Group ** m 202 251 294 % EBITA margin/Revenue 6% 7% 7% CANAL+ Group operating cash flow m + 284 + 261 + 297 : ; :: 9

11. Slide 11: BSkyB, Sky Italia, Sogecable comparison

    9 :# < ! " &' ( " <7 = <7 = # $% BSkyB 8.4 11.9 ! : < : < :. < Canal+ 10.2 11.4 France : < : < :2 < : < Sky Italia 4.0 8.7 : < : < :. < Premiere 3.4 21.0 ! : < : < : < Sogecable 2.0 11.5 : < : < :/ < % > $ & 7 '? + $ $ 7 : < / @ . @. 6 :. < / @ 6 @. 6 :/ < > ($ ( : ; ' ' ) ( < :2 < ; (

12. Slide 12: Additional opportunities

    VUVLAK = Canal+ Group: a solid base of assets = Additional opportunities 12

13. Slide 13: A BC 1C # A B/ C

    ! : ) * + A BC # 1C # ) 9 +* & , - . - &' ( / 0. ! + A B/ C #

14. Slide 14: ; . '/ : @ @ ) + ? , B , ! +

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15. Slide 15: Margin improvement

    MARGIN IMPROVEMENT CANALT of pay TV IN FRANCE 2006-2010 Growth in revenue 15

16. Slide 16: . '. &4 + & - E ' ) (' & ) E !

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17. Slide 17: Multi-room, PVR, HD

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18. Slide 18: ; F F % !! + & + ) , + + A +

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19. Slide 19: $ '( ' '$1 ) % '$1 '$1 '4 % / '$1 & /

    7 $ '( ' '$1 ) % '$1 2 '$1 3 '4 % / '$1 & / '4 '$1 ) 4 $') ) % $#) ') ( $ )% . %) // '$') / // % )% 0 (' ) & 5 & ( &5 & ( & &5 & #$ % $ & %' % ( ) $ ! " , - ! " * + ! "

20. Slide 20: (' ) & & ( &5 & ( & &5 & ! " ,

    7 (' ) & 5 & ( &5 & ( & &5 & ! " , ! " - + ! " /$ 5 7+ 9 % ) ( ) $') / / 6 / % '6 % ! " , - ! " * + ! " 78 * 9 5 % ) ( ) $') / 5 / 6 / % '6 %

21. Slide 21: & ' & - '0 ! & (' & ' ) (' & )

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22. Slide 22: $ $ % * % /- L3- + "' /- L3- /0$7 - "

    $ 0 0 2 $ 0 0 % * % /- 0 L3- + "' 2 /- 0 L3- /0$7 - " K /$ 0 0 L$ - 0

23. Slide 23: BC E0 C #

    . 6 '. 5 8 < 1 = F 7 ; ! 0 - 7 ( # # # = $ ; ( # = # # G # F " $ 5 " $ A < = ; 7 ! - 0 7 # F ) # F ( # # G # F ' ; 7 = # ' ' ; : @ ' 7 < BC E0 C #

24. Slide 24: BC E0 C #

    7 7 . 6 '. 5 8 . * + + 1 + + * + . + > " " + & 2 ( * BC E0 C #

25. Slide 25: . '. ) ; # " G & # G # F # #

    . 6 '. 5 8 ) ; # 7 " G 7 & # 2 0 G # F # # ( & ) + F = 5 7 8 " # G 7 82 + " # & B. E. C #

26. Slide 26: $ $ ; & % * . D - ) / ' D /$

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27. Slide 27: > B# % + . . . H G + + E " '

    > B# % + . 6 . 0 . H G + 9 + E " ' 0 0 7' 2 C 7'/ 7 94 8 " + + E

28. Slide 28: + ! ' E(8 G D

    + ! ' 8 E(8 G 5 5 8 D M9 N + % % + @ ) , ( ) 8

29. Slide 29: $ $ . /& F + /- F ; F - ?9 @ /0

    $ 0 0 2 $ 0 0 . /& 2 F + /- F ; 8 8 F - ?9 @ /0 $ - F + /

30. Slide 30: " > '! + + + ? # + ! , ! + +

    " > '! + + 8 + ? # + ! , ! + + ' ' ' " > 8 % 9 + + > + + ! , ' + " " + ! , , ' " ! + + ' ' + , + > ! + " " ! + ! + , + > ! + + I A +I ; <; + = ! + + ? + ! <! ! ! = @ " + " " " > ! + + I A +I ; ! ! ! ' " > + ! , + + > " ' " ! , '! + + ! ' + !

31. Slide 31: Investor Relations Team

    Investor Relations Team Daniel Scolan Executive Vice President Investor Relations +33.1.71.71.14.70 daniel.scolan@vivendi.com Paris 42, Avenue de Friedland 75380 Paris cedex 08 / France New York 800 Third Avenue New Phone : +33.1.71.71.32.80 York, NY 10022 / USA Fax : +33.1.71.71.14.16 Phone : +1.21

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