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Vivendi — FY2017 Earnings Presentation

70 slides from Vivendi's earnings presentation, Feb 15, 2018

1. Slide 1: Full Year 2017 Results

   Feb. 15, 2018 FULL YEAR 2017 RESULTS IMPORTANT NOTICE: Financial results for the fiscal year ended December 31, 2017 Financial statements audited and prepared under IFRS Investors are strongly urged to read the important disclaimer at the end of this presentation

2. Slide 2: Strategic Update

   ARNAUD DE PUYFONTAINE Chairman of the Management Board Chief Executive Officer STRATEGIC UPDATE

3. Slide 3: A Clear and Ambitious Strategy

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 A CLEAR AND AMBITIOUS STRATEGY CONTENT CONTENT CREATION COMMUNICATION DISTRIBUTION Some of our Partners NEW DEVELOPMENTS 3

4. Slide 4: We Have Set the Foundations for Achieving Our Ambition

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 WE HAVE SET THE FOUNDATIONS FOR ACHIEVING OUR AMBITION Powerful and complementary assets A solid financial situation Lead shareholder: the Bolloré Group 4

5. Slide 5: Continuous Creation of Original Content for All Audiences

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CONTINUOUS CREATION OF ORIGINAL CONTENT FOR ALL AUDIENCES, NOTABLY FOR MILLENNIALS Music world leader Mobile gaming world A rich and diverse leader in downloads audiovisual co

6. Slide 6: Building Scale to Get the Best Exposure for Vivendi Content

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 BUILDING SCALE TO GET THE BEST EXPOSURE FOR VIVENDI CONTENT In house distribution Strong partnerships with Strong local footprint through platforms global digital platforms pa

7. Slide 7: Havas Acquisition: Another Step in Execution of Strategy

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS ACQUISITION: ANOTHER STEP IN THE EXECUTION OF VIVENDI STRATEGY Large network of state-of-the-art An acquisition accretive to Vivendi’s agencies operating results and cas

8. Slide 8: Setting Vivendi Up for Future Growth

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SETTING VIVENDI UP FOR FUTURE GROWTH Intellectual New content Live & events property formats 8

9. Slide 9: Vivendi: Update on Stakes in Listed Companies

   FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 VIVENDI: UPDATE ON STAKES IN LISTED COMPANIES 9

10. Slide 10: 2017 Achievements: Vivendi Back to Growth

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 2017 ACHIEVEMENTS: VIVENDI BACK TO GROWTH UMG Havas Very solid performance fueled by streamingn Strong commercial dynamics nand successful album releases Agreements with Spoti

11. Slide 11: Proposed Ordinary Dividend of €0.45 per Share

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 DIVIDEND Proposed distribution of an ordinary dividend of €0.45 per share 11

12. Slide 12: Financials

    HERVÉ PHILIPPE Member of the Management Board Chief Financial Officer FINANCIALS

13. Slide 13: Summary

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SUMMARY 1 Disclosure 2 2017 Group Results 3 Business Unit Performances 4 Appendices 13

14. Slide 14: Disclosure

    Disclosure vivendi 14

15. Slide 15: Disclosure (1/2)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 DISCLOSURE (1/2) Main changes Changes in disclosure to ensure the consistency of the presentation of Vivendi’s Consolidated Statement of Earnings with the one prepared by Boll

16. Slide 16: Disclosure (2/2)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 DISCLOSURE (2/2) Main changes ■ Income from operations  Income from equity affiliates, excluding PPA amortization, if any, is now included in the new definition of the Income

17. Slide 17: 2017 Group Results

    2017 Group Results vivendi 17

18. Slide 18: Currencies

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CURRENCIES Main changes  In 2017, the euro strengthened against the main currencies. FY  yoy (%) USD -1.8% JPY -4.7% GBP -7.7% 18

19. Slide 19: Scope of Consolidation

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SCOPE OF CONSOLIDATION Main changes ■ Havas has been consolidated since July 3, 2017  Impacts of Havas consolidation on Vivendi’s financial statements are detailed in the not

20. Slide 20: Key Financial Metrics

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 KEY FINANCIAL METRICS Organic  yoy FY 2016 FY 2017  yoy (%) In euro millions (%)* Revenues 10,819 12,444 + 15.0 % + 4.9 % Income from operations 853 1,116 + 30.9 % +17.0% EB

21. Slide 21: Consolidated P&L

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CONSOLIDATED P&L 2016 2017  (%) In euro millions Revenues 10,819 12,444 + 15.0% Income from operations 853 1,116 + 30.9% EBITA 724 987 + 36.4% Amortization and depreciation o

22. Slide 22: Revenues

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 REVENUES Summary by business unit * At constant currency and perimeter. See details on pages 18 and 19, respectively 22

23. Slide 23: Income from Operations / EBITA

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 INCOME FROM OPERATIONS / EBITA Summary by business unit * At constant currency and perimeter. See details on pages 18 and 19, respectively 23

24. Slide 24: Cash Flow from Operations (CFFO)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CASH FLOW FROM OPERATIONS (CFFO) Summary by business unit 2016 2017  (%) in euro millions Universal Music Group 663 646 - 2.6% Canal+ Group 244 238 - 2.6% Gameloft 14 7 na Vi

25. Slide 25: Cash Flow After Interest & Taxes (CFAIT)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CASH FLOW AFTER INTEREST & TAXES (CFAIT) (in euro millions) CFFO FY 2017: 989 25

26. Slide 26: Consolidated Balance Sheet

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CONSOLIDATED BALANCE SHEET Assets Equity and Liabilities December 31, December 31, December 31, December 31, in euro millions 2016 2017 in euro millions 2016 2017 Goodwill 10,

27. Slide 27: FY 2017 Net Debt Evolution

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 FY 2017 NET DEBT* EVOLUTION (in euro billions) Of which Havas: • Acquisition of 59.2%: €-2.3bn • Simplified Public Tender Offer: €-1.4bn • Mandatory squeeze out: €-0.1bn • Pur

28. Slide 28: Business Unit Performances

    Business Unit Performances 28

29. Slide 29: Universal Music Group

    Universal Music Group vivendi 29

30. Slide 30: Universal Music Group: Revenues Evolution

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 UNIVERSAL MUSIC GROUP Revenues evolution  Sustained rise in revenues supported by continued growth of streaming services fueled by strong releases and UMG’s unique catalog Ch

31. Slide 31: Universal Music Group: Recorded Music Revenues by Format

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 UNIVERSAL MUSIC GROUP Recorded music revenues by format  In 2017 subscription & streaming represented 43% of UMG’s recorded music revenues Breakdown of recorded music revenue

32. Slide 32: Universal Music Group: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 UNIVERSAL MUSIC GROUP Key figures * At constant currency and perimeter. See details on pages 18 and 19, respectively 32

33. Slide 33: Canal+ Group

    Canal+ Group vivendi 33

34. Slide 34: Canal+ Group: Subscriber Base in Mainland France

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CANAL+ GROUP Subscriber base in mainland France  Retail subscriber base* in mainland France: good commercial trends and churn improvement Gross adds (in thousands)* Continued

35. Slide 35: Canal+ Group: Subscriber Base

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CANAL+ GROUP Subscriber base  Continued strong momentum from international operations, mainly in Africa  Stabilization of subscriber base in mainland France Subscriber base

36. Slide 36: Canal+ Group: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CANAL+ GROUP Key figures  Strong improvement of Canal+ Group results driven by sequential increase in EBITA before restructuring costs. Revenues (in euro millions) EBITA befo

37. Slide 37: Canal+ Group: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CANAL+ GROUP Key figures  (organic, 2016 2017  (%) In euro millions in %)* Revenues 5,253 5,246 - 0.1% + 0.3% TV Mainland France 3,395 3,267 - 3.8% - 3.8% TV International 1

38. Slide 38: Havas

    vivendi 38

39. Slide 39: Havas: Contribution to 2017 Operating Results

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS Contribution to 2017 Vivendi’s operating results H2 2017 In euro millions Revenues 1,151 Income from operations 135 Income from operations margin 11.7% Equity settled sh

40. Slide 40: Havas: H2 2017 vs. H1 2017 Evolution

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS H2 2017 vs. H1 2017 evolution Revenues (in euro millions) Income from operations (in euro millions) +8% at constant rate +13% Margin: 11.7% Margin: +1.0pt Margin: 10.7%

41. Slide 41: Havas: 2017 Revenues

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS 2017 Revenues Breakdown by activity Breakdown by geographical regions Breakdown by sector 41

42. Slide 42: Other Business Units

    Other Business Units vivendi 42

43. Slide 43: Gameloft: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 GAMELOFT Key figures 2016* 2017 In euro millions Revenues 132 258 o/w Advertising revenues 11 37 Income from operations 10 10 Charges related to equity-settled share-based (3)

44. Slide 44: Vivendi Village & New Initiatives: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 VIVENDI VILLAGE & NEW INITIATIVES Key figures  C. €100m investments in new activities to build new revenue streams overtime Vivendi Village New Initiatives  (organic,  (org

45. Slide 45: Corporate: Key Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CORPORATE Key figures * At constant currency and perimeter. See details on pages 18 and 19, respectively 45

46. Slide 46: Shareholding in Telecom Italia (1/3)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SHAREHOLDING IN TELECOM ITALIA (1/3)  Recovery in all main financial metrics* Revenues** (organic growth year-over-year) EBITDA** (organic growth year-over-year) +2.7% +3.8%

47. Slide 47: Shareholding in Telecom Italia (2/3)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SHAREHOLDING IN TELECOM ITALIA (2/3)  Vivendi is the single largest shareholder of Telecom Italia holding 23.94% of the ordinary shares  VIVENDI: 23.94% of the ordinary shar

48. Slide 48: Shareholding in Telecom Italia (3/3)

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SHAREHOLDING IN TELECOM ITALIA (3/3)  Accounting for the TI shares  Under equity method since December 15, 2015  Recorded in Vivendi’s EBIT with one-quarter lag Contributio

49. Slide 49: 2017 Key Takeaways

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 2017 KEY TAKEAWAYS ■ Strong financial performance in 2017  Revenues: +4.9%*; EBITA: +23.1%*; ANI: +73.9% ■ UMG, sound growth supported by streaming growth and strong release

50. Slide 50: Appendices

    Appendices Details of Business Units: slides 51-58 Detailed Financial Results: slides 59-66 Glossary and Legal Disclaimer: slides 67-69 50

51. Slide 51: Universal Music Group: Key Performance Indicators

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 UNIVERSAL MUSIC GROUP Key performance indicators  (organic, Recorded Music Revenues breakdown 2016 2017 2017 In euro millions - IFRS in %)* North America 1,806 2,090 Recorded

52. Slide 52: Canal+ Group: Key Performance Indicators

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 CANAL+ GROUP Key performance indicators December 31, December 31, Revenues  (organic,  2016 2017 In thousands 2016 2017 In euro millions - IFRS in %)* Individual subscribers

53. Slide 53: Havas: Pro-forma Figures

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS Pro-forma figures 12-month period (Pro-forma)  (organic, 2016 2017  (%) In euro millions in %)* Revenues 2,276 2,259 - 0.7% - 0.8% Income from operations 331 254 + 0.0

54. Slide 54: Havas: Key Performance Indicators

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS Key performance indicators ■ Revenue breakdown by geographical region Revenues H2 2017 2016 2017 Europe 50% 50% 50% of which France 20% 19% 20% North America 34% 36% 35%

55. Slide 55: Havas: 2017 Organic Growth by Geographical Region

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS 2017 ORGANIC GROWTH BY GEOGRAPHICAL REGION -2.1% -6.4% NORTH EUROPE AMERICA +5.6% (Ex. France) FRANCE +6.7% APAC +5.6% LATAM 55

56. Slide 56: Havas: Main Wins in H2 2017

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS Main wins in H2 2017 56

57. Slide 57: Havas Villages

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 HAVAS HAVAS VILLAGES #52 ABUJA MADRID VIENNA ALGIERS MANCHESTER VIENTIANE AMSTERDAM MANILA WARSAW BANGKOK MELBOURNE YANGON BARCELONA MEXICO BEIJING MILAN BOGOTA MONTREAL BOSTO

58. Slide 58: Gameloft: Key Performance Indicators

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 GAMELOFT Key performance indicators Revenue breakdown by geographical region Upcoming Releases* 2016** 2017 % EMEA 33% 34% Asphalt Legend Asia Pacific 28% 28% Genre: Racing No

59. Slide 59: Shareholding in Telecom Italia

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 SHAREHOLDING IN TELECOM ITALIA  Accounting for the TI’ shares  Under equity method since December 15, 2015  Accounted in Vivendi’s EBIT with one-quarter lag In euro million

60. Slide 60: Detailed Financial Results

    Detailed Financial Results 60

61. Slide 61: Revenues / Income from Operations / EBITA

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 REVENUES / INCOME FROM OPERATIONS / EBITA     (constant Revenues (constant Q4 2016 Q4 2017  (%) (organic, 2016 2017  (%) (organic, currency, In euro millions - IFRS curr

62. Slide 62: EBITDA

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 EBITDA     (constant EBITDA (constant Q4 2016 Q4 2017  (%) (organic, 2016 2017  (%) (organic, currency, (In euro millions) currency, in %)* in %)* in %)* in %)* 308 336

63. Slide 63: Interest & Income Tax

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 INTEREST & INCOME TAX 2016 2017 In euro millions (except where noted) – IFRS Interest (40) (53) Interest expense on borrowings (63) (68) Average interest rate on borrowings (%

64. Slide 64: Reconciliation of EBIT to Income from Operations

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 RECONCILIATION OF EBIT TO INCOME FROM OPERATIONS 2016 2017 In euro millions EBIT 887 1,036 Amortization and depreciation on intangible assets acquired through business 246 124

65. Slide 65: Reconciliation of Earnings to Adjusted Net Income

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 RECONCILIATION OF EARNINGS ATTRIBUTABLE TO VIVENDI SA SHAREOWNERS TO ANI 2016 2017 In euro millions Earnings attributable to Vivendi SA shareowners (*) 1,256 1,228 Amortizatio

66. Slide 66: Liquidity and Capital Resources

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 LIQUIDITY AND CAPITAL RESOURCES December 31, December 31, In euro millions 2016 2017 Cash and cash equivalents (4,072) (1,951) Cash management financial assets (998) (75) Gros

67. Slide 67: Debt Maturity Profile

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 DEBT MATURITY PROFILE  Average maturity of total debt of 5.0 years  Average interest rate on borrowings of 1.60% (2.12% in 2016) (in euro millions) * * As of Dec. 31, 2017,

68. Slide 68: Glossary and Legal Disclaimer

    Glossary and Legal Disclaimer 68

69. Slide 69: Glossary

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 GLOSSARY The non-GAAP measures defined below should be considered in addition to, and not as a substitute for, other GAAP measures of operating and financial performance and V

70. Slide 70: Important Legal Disclaimer / Contacts

    FY 2017 Results – Audit Committee - February 13, 2018 CONFIDENTIAL F Y 2 0 1 7 R e s u l t s – F e b r u a r y 1 5 , 2 0 1 8 IMPORTANT LEGAL DISCLAIMER / CONTACTS Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements with respect to Vivendi's fina

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